Do people have to pay taxes on Bitcoin? - page 13.

tegarp90

full member

Activity: 546

Merit: 100

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 Indonesia bitcoin is banned but there are a regulation for paying tax from earning bitcoins, but the government can't track em, so people mostly not paying tax and hiding their wealth to bitcoin.

crypto_nd

jr. member

Activity: 140

Merit: 1

Less troubles

The whole need for bitcoin is to be task free. Government will always find a way to task everything you own.
For all i know is that you can only be task on things that are ascribed to you.
IMO task or no task it doesn't matter, the fact is cryptocurrency is not design to be tasked.

batang_bitcoin

hero member

Activity: 3080

Merit: 603

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

Is it a good decision or bad?

Taking part of the economy by paying tax is always a good decision. Why would you evade your tax if you are earning good with bitcoin?

There are countries has no clear regulations about bitcoin but they don't ban it so you can voluntarily declare your tax income to the government and tell them that it came from bitcoin.

Declare how much you've earned and they'll calculate the tax.

Limar0

newbie

Activity: 154

Merit: 0

We don't pay taxes in every transactions made here in our country.I believe service charge were only taken during transactions made.I don't think in some countries if bitcoin is taxable or not but I guess some countries are already paying taxes on bitcoins.

Sihab76

full member

Activity: 1302

Merit: 100

No. Bitcoin taxes depends on government permission and legality. Some countries don't permit bitcoin as legally so there taxes not count.

roadwell890

member

Activity: 490

Merit: 11

I never pay taxes using Bitcoin, here the cryptocurrency assets have not been set in the law
although it has value, but it is what makes people in Indonesia afraid of the risks of bitcoin that could make a person poor quickly
Essentially, I have not paid taxes using Bitcoin

angeltee

newbie

Activity: 34

Merit: 0

Bitcoin is not designed for taxes to be paid on it. I beleive the best for government maybe to tax bitcoin users and make it more popular. Just that the charges should be considerate and proportional to the excesses.

kulsuma

newbie

Activity: 476

Merit: 0

Mainly it deepens but for online goods you don’t need to pay taxes based on this btc is increasing day by day also many govt. are accepting this coin warmly also this have good future value and pay lots of profit to their customers and we can do many things with this currency.

imrul5

newbie

Activity: 56

Merit: 0

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?

Topic: Do people have to pay taxes on Bitcoin? - page 13. (Read 17807 times)