Do people have to pay taxes on Bitcoin? - page 10.

richardsNY

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Quote from: onrise on July 14, 2018, 12:15:55 PM

And if you fail to do it then you will be liable to he punishment which they have it in the law.

Then make sure the government won't find out that you own Bitcoin or gained whatever profit. If you avoid centralized exchanges and not openly talk about your holdings and profits, which seems to be a trend amongst those who entered the crypto space recently, you'll be fine largely. I made a mistake by completely verifying myself at Bitstamp which made me donate them all information they need when it comes to the coins I bought and traded there. That's why I don't have any option other than to pay taxes where due. I'm however glad that the majority of my coins are stored offline and haven't been bought through Bitstamp, and thus aren't 'affected' and I can manage to keep that part of my wealth under the radar.

Argoo

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Quote from: imrul5 on June 27, 2018, 11:41:32 PM

Tax law is dependent on your country and locality. Recently in the United States, the IRS has declared that Bitcoin is to be treated as property, not currency, for tax purposes. All income in the US is taxed, regardless of what form it takes. If you’re paid in bitcoins, you’re supposed to pay taxes on your earnings at the BTC/USD exchange rate when you receive payment.

Is it a good decision or bad?

In principle, nothing wrong with the fact that in the United States recognized bitcoin as property and tax it as a property, I do not see it. In any case, the tax must be paid, since if the state bodies see that people do not pay taxes from the crypto currency, then additional restrictions on the crypto currency may be introduced.

onrise

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Quote from: ?? on ??

Bitcoin is not made for taxes to be paid on it. but i beleive that the best for government maybe to ask bitcoin operators to pay tax and there will help to make the bitcoin popular Just that the charges should be considerate and moderate

In our country it is mandatory to pay taxes on any income earned and if you fall in the category prescribed by the government then accordingly the % has to be given. And if you fail to do it then you will be liable to he punishment which they have it in the law.

Hughes_Ryan

member

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If my country legalised Bitcoin and cryptocurrency, then surely the government would force people to pay taxes. And of course, I will agree and pay a full tax if Bitcoin was accepted in my country.

delphic

full member

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The regulations governing the taxation of bitcoin and other crypto-currencies differ significantly in different countries. In some jurisdictions (EU), bitcoin is considered a currency, others (the US and Australia) regard it as an asset. Some countries (Japan) adhere to the intermediate approach, defining bitcoin as "equated to assets carrier value." In many other countries, the system of regulation and taxation has not been developed yet, and the representatives of the financial sector consider them to be high-risk speculative investments.
Initially, I think it's still necessary to fix the official status and fix the attitude in the state to the crypto currency, and then demand taxes for it. And do not forget that the idea was about anonymous operations in the first place. And the taxation system oppresses this idea.

BitHodler

legendary

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Quote from: imrul5 on July 13, 2018, 03:54:29 AM

But I am talking about bad effect on cryptocurrency market. Don't you think it is bad for the bitcoin

It shouldn't be. In the end people will just look for ways to conveniently cheat the system, which has been happening for decades in the regular market. The wealthy elite doesn't do anything other than that to preserve wealth.

Local crypto markets around the world have been exploding due to all the regulations that people are sick and tired of, and I'm happy that the regular people with crypto have another option now.

I think that eventually when crypto becomes more mainstream than it is right now, that we'll see lower tax rates in an attempt to lower the bar for people to report their holdings and gains. It's only a matter of time.

AudreyAllison

newbie

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It depends on the government rules and regulation. If government accepts bitcoin then i think they will charge some taxes for every transaction and investors must pay those taxes.

imrul5

newbie

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Merit: 0

Quote from: AudreyAllison on July 12, 2018, 02:43:28 PM

It depends on the government rules and regulation. If government accepts bitcoin then i think they will charge some taxes for every transaction and investors must pay those taxes.

Yes,it is depend on government rules and regulations. But I am talking about bad effect on cryptocurrency market. Don't you think it is bad for the bitcoin

imrul5

newbie

Activity: 56

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Quote from: ?? on ??

Bitcoin is not made for taxes to be paid on it. but i beleive that the best for government maybe to ask bitcoin operators to pay tax and there will help to make the bitcoin popular Just that the charges should be considerate and moderate

But we should keep it in our mind that cryptocurrency market is in initial stage. To add tax on this sector may have a bad effect.

freaker

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Bitcoin is stored in your private wallet or at exchange wallet where government can't track the records of your saving which means that if government doesn't know about your money then why will you pay taxes on that service on the other hand if you withdraw the money into your bank account then you may need to pay taxes according to laws in your country as laws for taxes are quite different in every country.

Kingofbitcoin12345

full member

Activity: 462

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Quote from: darkangel11 on July 06, 2018, 07:50:46 AM

Quote from: Kingofbitcoin12345 on July 05, 2018, 03:23:26 PM

Quote from: darkangel11 on July 05, 2018, 02:58:38 PM

Quote from: Kingofbitcoin12345 on July 05, 2018, 12:12:06 PM

I’m not surprised by the United state to implement taxation on bitcoin and I’m not against this as a matter of fact I’m supporting this actions for helping our countries economically..

So you're naive enough to believe that the taxes they pay on crypto transactions are supporting the country.
If they would really want thriving economy they wouldn't impose income taxes in the first place as people's gains end up boosting the economy anyway. To make it simple: wealthy people buy a lot of expensive things, they like to spend. They eat in restaurants, buy cars, houses, alcohol, jewelry. They go to the cinema, theatre, concerts.
Poor people who are drained by taxes don't do that. They buy cheapest food, walk or use public transport, and spend their free time at home, watching tv.

So you mean that all our taxes goes to corrupt officials then I’m not the one being naive and it’s you.. You being harsh to someone’s opinion is giving me the perception that all legendary member are like you,, generalisation is your end game..

Now if you totally disagree about a law in taxation then better not paying them and let see if BIR might knock in your door.. Don’t buy goods that has tax on it as a way of protest.. I know you can’t..

Where did you see the word "all" in my sentence? Maybe a small amount is, but it's so insignificant and laughable that it doesn't really justify the system.
Taxes that you'll pay on your crypto gains won't help the country in any way, thinking that is naive and I'm sorry that you felt offended by this or that I was being harsh. Think about what I wrote again and decide whether that was really offensive or that it had anything to do with generalization.
I also see that you don't see the difference between income/capital gains taxes and the rest of it like VAT excise, duty, and so on. I'm against the former and believe that it doesn't do anything good for the economy, on the contrary, it slows it down.

Let me paraphrase your last sentence: It doesn't matter if you disagree with government's policy. Better shut your mouth or they will knock on your door and threaten you. Is that really your attitude?

Your talking about government officials having a lavish lifestyle and think that those taxes goes there and that’s loud and clear.. Unless your living in a communist country then that sad because I’m not.. We elected representatives to decide and vote for our laws and following it is our responsibility as a citizen..

Let me end this here.. I’m not perfect,, same with our government and its people,, but if a hundreds of them voted by million of our people think and decide that this policy//taxation is right to help my country then who am I to oppose it..

akila1994

newbie

Activity: 7

Merit: 0

I don't think have to pay taxes on Bitcoin. In our country no need to pay taxes on Bitcoin.

imrul5

newbie

Activity: 56

Merit: 0

Quote from: MoonJeina on July 06, 2018, 08:51:27 AM

Quote from: imrul5 on June 27, 2018, 11:41:32 PM

Tax law is dependent on your country and locality. Recently in the United States, the IRS has declared that Bitcoin is to be treated as property, not currency, for tax purposes. All income in the US is taxed, regardless of what form it takes. If you’re paid in bitcoins, you’re supposed to pay taxes on your earnings at the BTC/USD exchange rate when you receive payment.

Is it a good decision or bad?

Yes , many countries which has legalized bitcoin and other crypto currencies has also regulated it in a way of imposing a tax on the transactions just like fiat .
This is a policy that government has to follow to maintain the flow and record of the money an individual is making .
Moreover , it is just a way of acceptance by the authorities which is needed .

Paying tax on BTC, is a win win situation for us. There are some countries which do not want to legalise the bitcoin. So, they are deprived of getting tax. If they want to get more tax then they can legalise the BTC also BTC will get new market.

MoonJeina

sr. member

Activity: 652

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Quote from: imrul5 on June 27, 2018, 11:41:32 PM

Tax law is dependent on your country and locality. Recently in the United States, the IRS has declared that Bitcoin is to be treated as property, not currency, for tax purposes. All income in the US is taxed, regardless of what form it takes. If you’re paid in bitcoins, you’re supposed to pay taxes on your earnings at the BTC/USD exchange rate when you receive payment.

Is it a good decision or bad?

Yes , many countries which has legalized bitcoin and other crypto currencies has also regulated it in a way of imposing a tax on the transactions just like fiat .
This is a policy that government has to follow to maintain the flow and record of the money an individual is making .
Moreover , it is just a way of acceptance by the authorities which is needed .

darkangel11

legendary

Activity: 2478

Merit: 1360

Don't let others control your BTC -> self custody

Quote from: Kingofbitcoin12345 on July 05, 2018, 03:23:26 PM

Quote from: darkangel11 on July 05, 2018, 02:58:38 PM

Quote from: Kingofbitcoin12345 on July 05, 2018, 12:12:06 PM

I’m not surprised by the United state to implement taxation on bitcoin and I’m not against this as a matter of fact I’m supporting this actions for helping our countries economically..

So you're naive enough to believe that the taxes they pay on crypto transactions are supporting the country.
If they would really want thriving economy they wouldn't impose income taxes in the first place as people's gains end up boosting the economy anyway. To make it simple: wealthy people buy a lot of expensive things, they like to spend. They eat in restaurants, buy cars, houses, alcohol, jewelry. They go to the cinema, theatre, concerts.
Poor people who are drained by taxes don't do that. They buy cheapest food, walk or use public transport, and spend their free time at home, watching tv.

So you mean that all our taxes goes to corrupt officials then I’m not the one being naive and it’s you.. You being harsh to someone’s opinion is giving me the perception that all legendary member are like you,, generalisation is your end game..

Now if you totally disagree about a law in taxation then better not paying them and let see if BIR might knock in your door.. Don’t buy goods that has tax on it as a way of protest.. I know you can’t..

Where did you see the word "all" in my sentence? Maybe a small amount is, but it's so insignificant and laughable that it doesn't really justify the system.
Taxes that you'll pay on your crypto gains won't help the country in any way, thinking that is naive and I'm sorry that you felt offended by this or that I was being harsh. Think about what I wrote again and decide whether that was really offensive or that it had anything to do with generalization.
I also see that you don't see the difference between income/capital gains taxes and the rest of it like VAT excise, duty, and so on. I'm against the former and believe that it doesn't do anything good for the economy, on the contrary, it slows it down.

Let me paraphrase your last sentence: It doesn't matter if you disagree with government's policy. Better shut your mouth or they will knock on your door and threaten you. Is that really your attitude?

DeadCoin

sr. member

Activity: 1246

Merit: 261

★ Investor | Trader | Promoter

Paying tax is depends upon the country which you resides. Bitcoin has been legalized by many countries recently. But they are allowed people to use bitcoin in their without any tax. At the same time few countries accept bitcoin as legal but with some rules and regulations. So in your country your government ask to pay tax means then you have to pay it. No wrong in that, i think most countries accept bitcoin as legal but without any tax only.

imrul5

newbie

Activity: 56

Merit: 0

Quote from: ahmadbhatti on July 01, 2018, 03:33:12 AM

No Bitcoin is independence currency and many countries considered it an illegal so Bitcoin taxes depends on government permission and legality. Some countries don't permit bitcoin as legally so there taxes not count.

It is true that there are many countries where BTC is not legal yet. So, users of that countries don't have to pay tax. But there are lots of countries where bitcoin is legal and still they don't need to pay taxes on BTC as well as other cryptocurrency. My question, should we pay tax on BTC transactions in the countries where BTC is legal?

Kingofbitcoin12345

full member

Activity: 462

Merit: 102

Quote from: darkangel11 on July 05, 2018, 02:58:38 PM

Quote from: Kingofbitcoin12345 on July 05, 2018, 12:12:06 PM

I’m not surprised by the United state to implement taxation on bitcoin and I’m not against this as a matter of fact I’m supporting this actions for helping our countries economically..

So you're naive enough to believe that the taxes they pay on crypto transactions are supporting the country.
If they would really want thriving economy they wouldn't impose income taxes in the first place as people's gains end up boosting the economy anyway. To make it simple: wealthy people buy a lot of expensive things, they like to spend. They eat in restaurants, buy cars, houses, alcohol, jewelry. They go to the cinema, theatre, concerts.
Poor people who are drained by taxes don't do that. They buy cheapest food, walk or use public transport, and spend their free time at home, watching tv.

So you mean that all our taxes goes to corrupt officials then I’m not the one being naive and it’s you.. You being harsh to someone’s opinion is giving me the perception that all legendary member are like you,, generalisation is your end game..

Now if you totally disagree about a law in taxation then better not paying them and let see if BIR might knock in your door.. Don’t buy goods that has tax on it as a way of protest.. I know you can’t..

darkangel11

legendary

Activity: 2478

Merit: 1360

Don't let others control your BTC -> self custody

Quote from: Kingofbitcoin12345 on July 05, 2018, 12:12:06 PM

I’m not surprised by the United state to implement taxation on bitcoin and I’m not against this as a matter of fact I’m supporting this actions for helping our countries economically..

So you're naive enough to believe that the taxes they pay on crypto transactions are supporting the country.
If they would really want thriving economy they wouldn't impose income taxes in the first place as people's gains end up boosting the economy anyway. To make it simple: wealthy people buy a lot of expensive things, they like to spend. They eat in restaurants, buy cars, houses, alcohol, jewelry. They go to the cinema, theatre, concerts.
Poor people who are drained by taxes don't do that. They buy cheapest food, walk or use public transport, and spend their free time at home, watching tv.

Greenkarki

member

Activity: 420

Merit: 19

It purely depends upon your countries laws. Many countries now accepted bitcoin as legal but without taxes. Only trading exchanges collect the transaction charges from the people who change the bitcoin to local fiat or buying bitcoin. According to my knowledge there is no tax collect for bitcoin, maybe iam not aware of this rules. In my country people are using bitcoin without any tax.

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