do i have to pay tax on bitcoins ? - page 6.

Abubakaradam

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Quote from: mabell943 on January 21, 2018, 09:48:35 AM

Yes if you are oblige to pay it so. Generally all incomes come from bitcoin are considered passive income therefore all income will be subjected to final tax.
All earnings that you will receive are net by tax, usually it range 2-15% it depends on the country on what percent they imposed.

If it was to smooth the bitcoin industry in different countries why not. because tax is an absolute obligation.

mabell943

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Yes if you are oblige to pay it so. Generally all incomes come from bitcoin are considered passive income therefore all income will be subjected to final tax.
All earnings that you will receive are net by tax, usually it range 2-15% it depends on the country on what percent they imposed.

akmittal

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Quote from: omer_parvez on September 30, 2016, 12:11:44 PM

so i wanna know do i realy have to pay taxes on bitcoins and does my gov recognize bitcoins as my property and do i have to care about any legal action by gov on my bitcoin property ?

There is no tax on bitcoin in the world because it is Block-chain currency. But when you sell bitcoin and withdraw amount to your account than it is taxable as per your country's income tax rules.

Budugbass

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If our bitcoin income was already hight, I think it's good we try to pay for it as can as possible although it's not legal yet, just like we have a company at home and pay taxes on the government from business incomes that we earn.
In my place also no bitcoin taxes and haven't been applied yet, but I'm trying to pay taxes from bitcoin incomes after I sell it to local currency.

codered000

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Taxes is not applicable to bitcoin that's why some countries don't recognize bitcoin and therefore making it illegal - like in Venezuela. Bitcoin transactions are hard to track making the government suspicious about money laundering or illegal acts. The government will not interfere with virtual currency exchanges unless money laundering or terrorist financing is suspected. Even though bitcoin have no tax you still need to pay a small amount in every transaction you make like converting it to fiat money.

Prinox2

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Quote from: omer_parvez on September 30, 2016, 12:11:44 PM

so i wanna know do i realy have to pay taxes on bitcoins and does my gov recognize bitcoins as my property and do i have to care about any legal action by gov on my bitcoin property ?

for now no tax attached....who know if gov. finally adopt the usage of bitcoinBTC, they might attach tax into it as her terms and and condition for acceptance.

coin_1122

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Off course many government have not recognize the Bitcoin so there is no need of paying taxes. Once they start legalizing they will start sending notices to us, so it is always good to pay taxes before only in order to be free from the government.

barbenoire123

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Solution for reliable global money transactions

No, there is no tax to pay a transaction between two bitcoin ports but you pay transaction fees which will be different from one port to another

FlatTime

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Its not legal in the UK but pretty sure you have to pay tax on it just like any other asset. Please correct me if im wrong.

hassan.shakeel.rajpoot

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Quote from: omer_parvez on September 30, 2016, 12:11:44 PM

so i wanna know do i realy have to pay taxes on bitcoins and does my gov recognize bitcoins as my property and do i have to care about any legal action by gov on my bitcoin property ?

There's no such tax applicable on bitcoin as if now. Since this cryptocurrency is still unknown to many and not used by many, and also, it has not caught up by the sites of governments or law. It may have, since it is emerging and the rise in price of BTC. Only transaction charges are applicable on bitcoin of you are selling it or buying it. Online wallets don't charge transaction fees.

officerpants

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If you're in the US, you have to be careful about all your trades, from USD to BTC and back, as well as between altcoins (and from BTC -> altcoins, basically, every transaction could be tax-liable in the US).

The IRS is wishy-washy on what BitCoin is, and both considers it a security and a property, and could decide to tax as both, depending on what you do with it. If you hold onto it for > 1 year, you could pay capital gains taxes when you cash out. If you trade it on exchanges, you could be liable for each gain/loss from each trade. If you use it to buy property (order a pizza) it could be considered basic income.

https://turbotax.intuit.com/tax-tips/tax-payments/tax-tips-for-bitcoin-and-virtual-currency/L1ZOgU00q

https://www.investopedia.com/university/definitive-bitcoin-tax-guide-dont-let-irs-snow-you/

https://www.irs.gov/newsroom/irs-virtual-currency-guidance

RodeoX

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Quote from: Coinbeauty on November 23, 2017, 03:17:40 AM

I think if our government does not declare bitcoins as a legal property then we do not need to pay tax on it.

Quote from: BlackRock on November 27, 2017, 08:24:59 AM

You only have to pay tax on Bitcoin when it's legalized in your country or atleast holding notcoin or the bitcoin transactions are not termed as illegal. As in my country, Bitcoin is not legalized but still not banned so I still can exchange Bitcoin into cash and don't have to pay tax,if I am not selling bitcoin and making profit. But now I still have to exchange Bitcoin into cash if I wanna buy anything so I hope that Bitcoin will be legalized in my country that I can easily use Bitcoin to buy everything I want online directly

Quote from: gurdeep4chat on November 27, 2017, 10:41:21 AM

The concept of Bitcoin was to tell the world loud n clear that we do not require regulatory bodies to curtail our wish to transact with one another. If Bitcoin comes under the ambit of taxation then the basic purpose of cryptocurrency gets defeated !!

Nope. These are these are all wrong. Bitcoin is fair money but absolutely subject to taxation. It does not matter if your gov "recognizes" bitcoin. it does not matter if they have never heard of bitcoin. Taxes are leveled on ANY GROWTH IN VALUE.
If you don't like taxes then petition your government. Bitcoin is not party to the laws of your jurisdiction but like everything else if you fail to pay tax then you are sticking the bill to your neighbor and should be prosecuted.

gurdeep4chat

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The concept of Bitcoin was to tell the world loud n clear that we do not require regulatory bodies to curtail our wish to transact with one another. If Bitcoin comes under the ambit of taxation then the basic purpose of cryptocurrency gets defeated !!

Macadonian

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Quote from: BlackRock on November 27, 2017, 08:24:59 AM

You only have to pay tax on Bitcoin when it's legalized in your country or atleast holding notcoin or the bitcoin transactions are not termed as illegal. As in my country, Bitcoin is not legalized but still not banned so I still can exchange Bitcoin into cash and don't have to pay tax,if I am not selling bitcoin and making profit. But now I still have to exchange Bitcoin into cash if I wanna buy anything so I hope that Bitcoin will be legalized in my country that I can easily use Bitcoin to buy everything I want online directly

You should probably consult a lawyer/accountant about this depending on the country you live in then you might find that gains are indeed taxable just like the others who have said this previously in the thread. It's better to check than to find out later down the line and you could face some big fines.

Zedpastin

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Quote from: BlackRock on November 27, 2017, 08:24:59 AM

You only have to pay tax on Bitcoin when it's legalized in your country or atleast holding notcoin or the bitcoin transactions are not termed as illegal. As in my country, Bitcoin is not legalized but still not banned so I still can exchange Bitcoin into cash and don't have to pay tax,if I am not selling bitcoin and making profit. But now I still have to exchange Bitcoin into cash if I wanna buy anything so I hope that Bitcoin will be legalized in my country that I can easily use Bitcoin to buy everything I want online directly

That's entirely false. It doesn't have to be legalized if you are earning a regular income through bitcoin or any other digital goods then you are susceptible to capital gains which you need to declare. Depending on the governments view on Bitcoin as it's different in many countries depends on whether you need to pay tax or not.

Some countries only tax it once it's been converted to fiat currencies.

BlackRock

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You only have to pay tax on Bitcoin when it's legalized in your country or atleast holding notcoin or the bitcoin transactions are not termed as illegal. As in my country, Bitcoin is not legalized but still not banned so I still can exchange Bitcoin into cash and don't have to pay tax,if I am not selling bitcoin and making profit. But now I still have to exchange Bitcoin into cash if I wanna buy anything so I hope that Bitcoin will be legalized in my country that I can easily use Bitcoin to buy everything I want online directly

smith136

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Quote from: Laland on November 20, 2017, 07:07:48 AM

Quote from: cotton ball on November 20, 2017, 05:38:16 AM

Quote from: Agostosmori on November 20, 2017, 05:22:40 AM

Quote from: superjeyy on November 09, 2017, 08:04:04 PM

Here in the Philippines, the government does not hold any control over Bitcoin which is why it is not taxable. The wallet that I also use does not have a transaction fee when I want to send Bitcoin to someone who has the same wallet. When I want it converted to fiat however, a minimal fee applies but I noticed that it is just this certain bank that requires that fee. Other banks that is in partnership with the app does not have any transaction fee for withdrawing.

It is not because the government does not control Bitcoin that you are not liable for any taxes it is because Philippines has a weak taxation system. Once you converted your bitcoin into a fiat currency that should be considered as an income and is subject to income tax, if you are going to declare in on your income tax return then you need to pay for the taxes but since Philippines has a weak monitoring on income taxes you can just avoid declaring it.

Income taxes in online business can not be accurately measured, but are still under study in many countries. The only thing that can be imposed is a transaction tax of each crypto currency linked to fiat. they will not be able to impose a tax on the circulation of transactions between cryptocurrency because it has nothing to do with fiat activity.

It would also depends on which country you are. And i think taxes are just charged when you convert it to your own currency. Transaction fee be the tax but i guess that is just for the miners to deal with your transaction.

Agreed, buying bitcoins most probably only cost you some fees but when you exchange the bitcoins into fiat and there is a gain between the purchase date and sold this is when the tax comes in.
Not all countries taxed the bitcoins yet so for OP you should go to your local tax branch or authority to ask questions regarding tax laws on bitcoin in your country.

Alexoxyevwii

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In our country bitcoin is not taxed. People just do the mining at home. Before imposing operations with bitcoin tax, it is necessary to give this crypto currency some official legal status in our country.

Megavolt220

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Quote from: Alwaysbitcoin on November 23, 2017, 04:47:32 AM

Yes, It is possible to pay tax on bitcoins if it is legally authorized by the government of your country.

Even if allowed, I think it all depends on the person to pay him or not. There are many ways how not to pay taxes with cryptocurrencies.

Alwaysbitcoin

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Yes, It is possible to pay tax on bitcoins if it is legally authorized by the government of your country.

Topic: do i have to pay tax on bitcoins ? - page 6. (Read 28295 times)