Topic: do i have to pay tax on bitcoins ? - page 7. (Read 28295 times)
I think if our government does not declare bitcoins as a legal property then we do not need to pay tax on it.
Bitcoin is not a fiat currency with legal tender status in any jurisdiction, but often tax liability accrues regardless of the medium used. There is a wide variety of legislation in many different jurisdictions which could cause income, sales, payroll, capital gains, or some other form of tax liability to arise with Bitcoin.
That's a good answer. Bottom line, there is a near certainty that whatever government you live under you owe taxes. The only exception I am aware of is only a maybe. Maybe if you live in Dubai you can be tax free, MAYBE. Reading most of these responses it is clear that most people haven't a clue about what taxes are or how they work.
Bitcoin is not a fiat currency with legal tender status in any jurisdiction, but often tax liability accrues regardless of the medium used. There is a wide variety of legislation in many different jurisdictions which could cause income, sales, payroll, capital gains, or some other form of tax liability to arise with Bitcoin.
Here in my country still their is not law for Bitcoin but still i just show all transaction and pay tax the way stock exchange trading tax law is their . In some situation i just use it as investment returns and pay tax according to it.
No we dont pay tax here even we do a lot of transaction i think no government regulate the digital money here.See the blockchain transaction day by day the transaction is so fast but you need to pay a fee but no tax history.Even we dont have tax we can continue like this because its good now
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 ?
Without knowing your specific jurisdiction, all that I can say is that some places tax bitcoin and that you should look at your home locations regulations.
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 ?
Without knowing your specific jurisdiction, all that I can say is that some places tax bitcoin and that you should look at your home locations regulations.
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.
If you earned something from bitcoin once you converted it to your own currency then it will be considered as an income and is subject to government taxes.
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.
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.
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.
No. i don't have to pay any taxes in every time i earn of bitcoin because we know that bitcoin is a decentralized system so no third party involve therefore no taxation can be collected, and besides bitcoin is not yet fully accepted by our country and there is no any legalities for them to collect any tax out of it. 
Unless there is zero income tax in your country, you will have to pay taxes on your profits from Bitcoin. Now the question is whether these profits are treated as regular income or as capital gains. If your trades could qualify as long term capital gains, then you can pay a lower rate of taxes, when compared to that on regular income.
I think that in the near future, local governments will impose taxes on the currencies.
Quote
do i have to pay tax on bitcoins ?
YES
How many times does this need to be explained?
Tax has nothing to do with acceptance as a currency or who controls bitcoin. In the U.S. (and almost everywhere on the planet) you owe tax when you profit. <----That's a period.
You pay property tax right? Is property money? Put your head in the sand if you must, but one day the tax man will come with your tax bill + interest + penalties + possible jail time. You will then have turned the easiest, most profitable investment of your life into an expensive disaster.
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 ?
No we do not need.to pay tax on bitcoin when we are transacting we pay some charges and fees that our wallet need thats like tax that we pay every withdraw in bitcoin.As long this is not legalize the government and other authorities has no power to imposed tax on bitcions. 
No we dont have tax here but i think the transaction fees here is the tax in some way because its really big if you think or do transact here.Try to do trading there always a fee if you withdraw your money and its really high like tax.I think if you add more tax in bitcoin transaction some people all over in different country will angry in that but i think we need tax here
No you don't need to pay tax on bitcoin, the fee applicable is very low for transaction, this is a great point for the attraction of investors, the more people invest here because they do not need to pay high taxes and get a high output, the output received then should be either reinvested or used in making property as an asset. These all reasons are making bitcoin more worthy and its demand is increasing 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 ?
Bitcoin has no tax because we pay here charges when we cashout our bitcoins turn to fiat.Government and banks has no authority to imposed tax on it,we only have the control on our transactions.
No need to pay tax in bitcoin because it has no connection with the governments and banks. Governments have no control on it. This is the good thing in investing bitcoin because it has no tax. You will only pay when you turn your bitcoin into fiat and cash it out, you will be deducted with small amount by the banks.
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 ?
i think bitcoin is more like money than actual properties like houses or businesses, so i think the government will not charge you taxes just because you have some bitcoins on you. Jump to: