Topic: do i have to pay tax on bitcoins ? - page 8. (Read 28170 times)
i think there is no tax that we should paid on bitcoin because bitcoin is not the same like fiat and i think bitcoin is like paypal and we only pay the fee of transaction. even if bitcoin is accepted on the country, how the government applied the tax for bitcoin user? the government needs to make regulation about paying tax for bitcoin user and they need to make their calculation to be applied to the transaction or when the amount of money is receive into our bank account. and if the government is agree to make tax then they should ask the question to bitcoin user how the tax will be apply.
We don't pay tax here for bitcoin but only transaction fees. Bitcoin in our country is not yet considered a legal currency so i think that is why there is no tax.
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 ?
You should know the answers to those questions. It's easy to acquire informations in the internet and with just one click, you will get what you need. Find a local reputable site that has anything related to crypto and I'm sure you will find the answers.
For me bitcoin is virtual money no one can say he/she own a bitcoin in personal figure therefore it is not necessary to pay tax with bitcoin no one can control it even the government itself. unless you encash and cash-in into your web wallet the deduction of every transaction is your tax.
Even though if the government does not regulate Bitcoin but you need to pay for the transaction you are doing with your bank account. They can easily identify from where the transaction is being so it is always better for you to pay taxes on Bitcoin transactions.
Yes, if your country has a regulation about it. You'd want to avoid an accumulated tax, worst thing of all
Obviously, a country which has regulations regarding bitcoin and tax it as capital gains, such as in US. https://www.investopedia.com/university/definitive-bitcoin-tax-guide-dont-let-irs-snow-you/
On the other hand, in a country where people could easily use bitcoin in daily transactions in Japan, there is no tax for trading bitcoin. https://cointelegraph.com/news/its-official-japan-has-eliminated-tax-on-bitcoin-rise-in-trading-expected
But in most countries that don't have any fixed regulations, you are free to trade bitcoin and don't have to pay tax, but only fees to exchanges.
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.
Yes, if your country has a regulation about it. You'd want to avoid an accumulated tax, worst thing of all
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 ?
This will depend upon the country that you belong, if the bitcoin will declared a legal in your country of course you need to abide of your country policies or face the consequences. If the government required you to pay the bitcoin tax then you should pay the taxes so that the government can earn and improve their services in which this is the one of the advantages that bitcoin can give to country once they legalized it.
Yes, any income generated by the business or work is entitled for tax in most of the countries and people should pay such tax honestly. So if you are earning in bitcoins then you have to disclose your income and pay appropriate tax to the authorities.
What may be tripping people up is that there is no "bitcoin tax". But capitol gains tax applies to ANYTHING you buy then sell at an appreciated price. It could be dog food or toenail clippings. It does not matter what it is, it matters that you sold it for a profit. All profits are taxable and the IRS is not going to entertain some sophomoric argument like the examples here. If you fail to pay tax you risk turning the investment of a lifetime into a jail sentence.
Absolutely not !! Bitcoin is not a centralized currency so there are no taxes associated with bitcoin .
The key feature of bitcoin states that there will be no regulations , taxes etc. on it .
But the use of bitcoin can be limited by the government of your country . But no government can ever influence bitcoin's sole feature of decentralization.
The key feature of bitcoin states that there will be no regulations , taxes etc. on it .
But the use of bitcoin can be limited by the government of your country . But no government can ever influence bitcoin's sole feature of decentralization.
If what you say is going to happen then no country government will support or Make Bitcoin as legal, until their is not any income source from bitcoin no other country will try to legalize bitcoin. So i think before legalizing and implementing tax on it they have to first make rules and regularize its uses on taxation.
Absolutely not !! Bitcoin is not a centralized currency so there are no taxes associated with bitcoin .
The key feature of bitcoin states that there will be no regulations , taxes etc. on it .
But the use of bitcoin can be limited by the government of your country . But no government can ever influence bitcoin's sole feature of decentralization.
The key feature of bitcoin states that there will be no regulations , taxes etc. on it .
But the use of bitcoin can be limited by the government of your country . But no government can ever influence bitcoin's sole feature of decentralization.
Dammit boy read the thread.
That is 100% incorrect in every country I am aware of. In the U.S., for example, you owe capitol gains and ALWAYS have. All money is taxable, that is the end of discussion. Please refrain from boldly commenting on something you have no experience with.
Absolutely not !! Bitcoin is not a centralized currency so there are no taxes associated with bitcoin .
The key feature of bitcoin states that there will be no regulations , taxes etc. on it .
But the use of bitcoin can be limited by the government of your country . But no government can ever influence bitcoin's sole feature of decentralization.
The key feature of bitcoin states that there will be no regulations , taxes etc. on it .
But the use of bitcoin can be limited by the government of your country . But no government can ever influence bitcoin's sole feature of decentralization.
Yes. Tax is applicable on bitcoin income. Bitcoin is an asset and Income is applicable on the profit earn from bitcoin trading. Check more - https://finasko.com/question/taxes-applicable-buying-selling-bitcoin-india/
Just enjoy not paying tax on bitcoin for now and don't stressed yourself out because I know that sooner, government will tax your btc when they find out how to regulate it but just in case there's already a law then pay the tax.
In Germany you have to hold 1 year your btcs or pay 25% tax
This is sort of the long term and short term concept. If you do sold within a year it is a short term and will have to pay tax and holding above a year means it becomes long term and have to pay no tax. Some country treat 1 year as short term while some does it with 2 years of holding as a short term.
Bitcoin is according to the law a commodity and not a currency.
The transaction fees are also transferred to the tax being paid by the operators. However, we still need to pay income tax for Bitcoin as our country is concerned. But I am sure only few are doing this because the government can not track the Bitcoin earnings especially that the addresses are anonymous. And I think that the government is not really foccusing on Bitcoin as it also not totally accepts it yet.
we don't have to pay tax on bitcoin, we only need to pay the fee for making a transaction. maybe your mean is when we decide to exchange our bitcoin to fiat and sending the money to bank account, then we have to pay tax but as far as i know, we only need to pay that tax is for monthly. beside that, that tax is for the banks only although we know that the banks finally send that tax to government for our country. so i think it is different between paying tax and paying the fee on bitcoins.
The transaction fees are also transferred to the tax being paid by the operators. However, we still need to pay income tax for Bitcoin as our country is concerned. But I am sure only few are doing this because the government can not track the Bitcoin earnings especially that the addresses are anonymous. And I think that the government is not really foccusing on Bitcoin as it also not totally accepts it yet.
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