do i have to pay tax on bitcoins ? - page 9.

roddy5

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Quote from: qwertyup23 on October 14, 2017, 11:00:58 PM

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 ?

The answer is no. Since bitcoin's decentralized nature provides anonymity when transacting, the government of each country cannot regulate its transactions thus invalidating tax implementation on it. The government also does not own bitcoin, as it is a separate entity distinguished from other types of currencies and services and internationally recognized as an investment due to its volatile nature. In the Philippines, the government said that they see bitcoin as property, therefore not subject to legal tender (payment of debts etc.).

I agree on this and also disagree.

Yes bitcoin is not subject to any taxes from any country. How are you supposed to pay your tax through satoshi or mBTC per coin? but
once you converted your coin to a fiat or your currency then it will become an income and will be subject to applicable taxes.

I know you heard how taxation on company shares goes. Same thing should apply.

apex944

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a tricky thing to consider is if you're a business. Declaring income on bitcoin and alts will be interesting. Anyone know a good bitcoin accountant? Cheesy

ferdaus

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Since Bitcoin is not yet approved by the government, tax is not levied on it. But if this bitcoin is funded in some other way then it must be paid on the money.

qwertyup23

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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 ?

The answer is no. Since bitcoin's decentralized nature provides anonymity when transacting, the government of each country cannot regulate its transactions thus invalidating tax implementation on it. The government also does not own bitcoin, as it is a separate entity distinguished from other types of currencies and services and internationally recognized as an investment due to its volatile nature. In the Philippines, the government said that they see bitcoin as property, therefore not subject to legal tender (payment of debts etc.).

Harlot

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Quote from: Palmerson on October 14, 2017, 05:46:39 AM

Quote from: olliepearl on October 13, 2017, 10:56:49 PM

You don't need to pay a tax while using bitcoin unless your country is imposing that you need to pay a tax. Here in my country bitcoin is not known and I don't need to pay tax. Governments should not do a law that bitcoin users need to pay tax because it will affect the bitcoin communities. But that's only my opinion.

Governments around the world don't want a large amount of money which is wrapped in the bitcoin economy has not expanded budget. They don't want to allow citizens to use bitcoin directly, therefore, will never accept the bitcoin currency. But they found a solution for myself and want to accept bitcoin as means of payment in order to take his taxes but the users were obliged to change bitcoin to Fiat. It's just a matter of time when this happens.

A usage of a currency does not automatically impose you with tax, because it wouldn't make sense as it is unjust using your own money for buying things. What is deemed to be taxable are income that is received in Bitcoin because even though it is not your local Fiat currency it is also counted as income which is also taxable. The bad thing about this is people does not make their Bitcoin earnings counted in their annual income earnings because it is not traceable. An abused of this way might make the government take action.

Palmerson

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Live cams shows pimped with cryptocurrency

Quote from: olliepearl on October 13, 2017, 10:56:49 PM

You don't need to pay a tax while using bitcoin unless your country is imposing that you need to pay a tax. Here in my country bitcoin is not known and I don't need to pay tax. Governments should not do a law that bitcoin users need to pay tax because it will affect the bitcoin communities. But that's only my opinion.

Governments around the world don't want a large amount of money which is wrapped in the bitcoin economy has not expanded budget. They don't want to allow citizens to use bitcoin directly, therefore, will never accept the bitcoin currency. But they found a solution for myself and want to accept bitcoin as means of payment in order to take his taxes but the users were obliged to change bitcoin to Fiat. It's just a matter of time when this happens.

maxlimux

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In Germany you have to hold 1 year your btcs or pay 25% tax

olliepearl

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You don't need to pay a tax while using bitcoin unless your country is imposing that you need to pay a tax. Here in my country bitcoin is not known and I don't need to pay tax. Governments should not do a law that bitcoin users need to pay tax because it will affect the bitcoin communities. But that's only my opinion.

gutshot5820

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In the US, you can only get taxed when you cash out. But always do small amounts. Less than $5000.

blueteam09

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📱 CARTESI 📱 INFRASTRUCTURE FOR SCA

You will not pay any tax for bitcoin, if according to the information I have tracked, no country has forced you to pay taxes for bitcoin but every transaction you have. Pay a small fee depending on the type of wallet you are using but coinbase then all your transactions that come with the coinbase wallet will not lose any transaction fees and some types of wallets. Otherwise, I have not tested it yet. Or fee per transaction on the floor polo is 10ksts per transaction ....

IAMYOURLEADER

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I think no. In my country, only a small percentage knows bitcoin so that means the sum of bitcoins we hold is also just a small amount so if I don't pay taxes, it won't result any legal actions against me.

snedyolo

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I don't think that we have to pay tax for bitcoins. However, some country governments are trying to impose that bitcoin should be taxable. For me though, this should not happen because the bitcoin community will be greatly affected.

Agostosmori

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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 ?

If your country doesn't recognize BTC yet they can't tax you for that. And as long as it is still in BTC not yet converted to fiat they won't be able to tax you for anything since it is not a real money. If exchanges report it after you convert maybe that is the only time that you will have an income and will be subject for taxes.

But I think as long government don't recognize the currency they can't charge you for anything. how are they going to compute for your net income if rates keeps on changing every sec. Maybe in the future this will be taxable.

TheKeyLongThumbI

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If you are very active in the bitcoin world then you should try reading articles pertaining to taxing owners with their btc on your country. I know governments releases news or they have plans about that so if they are not making any actions until now, you are currently free from paying taxes on btc.

RodeoX

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Quote from: Emmami@758 on October 06, 2017, 02:53:46 AM

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 ?

no bit coins and tax has no relation so nothing to worry. actually in some country's court did not given stay for paying to tax, so nothing to worry. actually bit coins are not visible and it is completely online transactions so we have to no pay for tax.

Almost everything you said is completely wrong. Including the word bitcoin.

Emmami@758

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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 ?

no bit coins and tax has no relation so nothing to worry. actually in some country's court did not given stay for paying to tax, so nothing to worry. actually bit coins are not visible and it is completely online transactions so we have to no pay for tax.

Granxis

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If you are have a bitcoin company, you have to pay tax, some small countries may not ask you for tax. But there is no connection between using bitcoins and tax. Nobody gets taxes so you're using bitcoin.

sanjeev8320

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Is bitcoin taxable in India?

kimochidesh

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It depends upon the law in your country. Most of the countries govt. still not able to take any stand on bitcoin. In general No Tax for now. But you need to pay taxes on the capital gain(profit) the investment made in Bitcoin at the time of the conversion from BTC to USD/or any other currency. Until you remain invested in BTC...No taxes.

savushkinTA

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No you do not pay tax on bitcoin

Topic: do i have to pay tax on bitcoins ? - page 9. (Read 28295 times)