Do people have to pay taxes on Bitcoin? - page 2.

coin-investor

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Quote from: imrul5 on June 28, 2018, 12:41:32 AM

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?

It's a bad decision for me, it's a currency for me and it was made intended to be an online currency where you will pay someone with no third party involved, this is debatable, it seems your IRS does not know what Bitcoin is intended for, they think its like gold.

Daveprofile

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Exactly, taxing is done by the exchanges in my opinion and when the fund gets credited in your Bank account, they bank takes subtle charges which the customer will in many cases be unaware of or in most cases know.However, taxing is important for the development of every society.

Falgorn

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Some participants in this forum deny the need to pay taxes on cryptocurrency to the state, explaining that the cryptocurrency is decentralized and no state has the right to interfere with its existence. we still need to pay taxes because for the further development of the cryptocurrency needs to be legalized by the states. Without legalization of cryptocurrency, it is impossible to develop the infrastructure for its circulation as a means of payment. therefore, so that the state does not restrict or even prohibit the circulation of cryptocurrency, we will need to pay state taxes on this type of activity.

DoublerHunter

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Well, this is a case to case basis. Bitcoin taxation will depend on what country you are living in. You can't deny if your country having implemented taxation on crypto because usually bitcoin holder now will submit KYC/AML verifications through their wallet. But we are so lucky here in our country, so far Bitcoin has non-taxation to the government here in we are enjoyed cash in cash out without deducting tax.

hen cet

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Quote from: goaldigger on January 14, 2019, 07:07:08 PM

Honestly, i dont want to pay taxes. Who wants to give the government the money who you hard earned for? Its just an extra income and a digital currency and maybe taxing it isnt necessary. But anyways, if the government told you to do that, you should do it. Tax is based on the percentage of your earnings. The higher the earnings, the higher the tax and vice versa. Gladly we dont have to pay taxes in the country.

In conducting transactions through cyberspace, the government cannot impose taxes, because everything is internet, bitcoin transactions are one of them.
The government is looking for loopholes that can attract bitcoin ownership taxes, including through bitcoin exchanges when withdrawals become cash. Because all bitcoin owners must show KYC when withdrawing for administration.

treslebres

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In Brazil, we need to declare Bitcoin and other cryptocurrencies as properties as well. We only pay taxes if we sell more than 35k BRL in profit. If we have 30,000 BTC for example and sell less than 35k BRL per month, we are free to pay taxes. Cheesy

BeGoods

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Quote from: goaldigger on January 14, 2019, 07:07:08 PM

Honestly, i dont want to pay taxes. Who wants to give the government the money who you hard earned for? Its just an extra income and a digital currency and maybe taxing it isnt necessary. But anyways, if the government told you to do that, you should do it. Tax is based on the percentage of your earnings. The higher the earnings, the higher the tax and vice versa. Gladly we dont have to pay taxes in the country.

it is not wise thinking, if you do not pay taxes, your country will not be able to get income and certainly they will not be able to move the wheels of government to build infrastructure, help the poor, and other countries interests. if the rules have been applied in bitcoin, then I will pay taxes

olliecrypto

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just curious, why you feel paying tax is always a good decision.
I have not seen many people into bitcoin sharing that sentiment, so i am curious about your outlook.

Quote from: batang_bitcoin on June 29, 2018, 09:17:30 PM

Quote from: imrul5 on June 28, 2018, 12:41:32 AM

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.

jakezyrus

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Quote from: Script on March 23, 2019, 03:41:02 PM

The payment of taxes from BTC depends on the laws of the country in which the owner of BTC lives. It is logical that if Crypta is legitimate and you have a cryptocurrency income, then you have to pay the tax.

I agree on it . i hear that some countries are not force to pay you taxes especially if you are only working from home . most have been taxed are the ones that own a business and a business establishment on public places . unfortunately here on our country , there is a law about taxing in which people that work online are now not exempted to tax . idk exactly how it works and how i can be charged by tax , maybe its a self serve .

Script

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The payment of taxes from BTC depends on the laws of the country in which the owner of BTC lives. It is logical that if Crypta is legitimate and you have a cryptocurrency income, then you have to pay the tax.

Iqra.s

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Quote from: imrul5 on June 28, 2018, 12:41:32 AM

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?

I have never paid the tax of BTC ever
But I guess in most countries BTC get taxes

sijonru

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Quote from: BLAST2MARS on February 17, 2019, 01:43:07 AM

In stock trading, people already pays their taxes when they put their buy and sell orders so I think it should be also that way when it comes to btc. Now on the services and business that accepts btc, I agree that there should be taxes on their profits.

All people who enjoy the benefits of a trade transaction must pay taxes, including the owners of bitcoin. Because taxes are used for the country's prosperity and the country's operational costs.
So, more and more users of bitcoin will also have more tax revenues for the country so the role of bitcoin for the country's progress is very real.

Carrelmae10

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..the implementation of tax payee depends on the government you belong,,many countries threated bitcoin as assets,,so that they can impose tax to those people who uses Bitcoin,,but other countries dont accept bitcoins,,but instead threated it as a crypto currencies,,so they are not imposing taxes to those people who are earning in crypto..But in my opinion,,Bitcoin is not an asset to pay taxes on it,,so there is no need for you to pay your tax while you have Bitcoin,,because it is decentralized that can never halt in earning on it.

Ozero

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If the tax on profits from operations with cryptocurrency will be established in our country of residence, we will have to pay taxes, although it is possible that we will not be able to pay it due to the fact that these operations cannot be traced. Taxes must be paid so that the state does not take retaliatory measures aimed at restricting circulation, or even prohibiting cryptocurrency. If a profit is marked from the circulation of a cryptocurrency in a state, this will facilitate its speedy legalization and the emergence of an infrastructure for the development of its function as a means of payment.

BLAST2MARS

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In stock trading, people already pays their taxes when they put their buy and sell orders so I think it should be also that way when it comes to btc. Now on the services and business that accepts btc, I agree that there should be taxes on their profits.

Snaic

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Quote from: imrul5 on June 28, 2018, 12:41:32 AM

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?

Taxes for holders of cryptocurrency need to be paid so that the cryptocurrency can develop further. The state will only accept the cryptocurrency and will take measures to its use by citizens if it sees that the cryptocurrency brings income to the treasury. If citizens evade paying taxes, states will be forced to retaliate
and limit the circulation of cryptocurrency.

jhon15

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if it's legal in your country, and it's regulated in government, that might be a good thing because it only sets aside a part of your money to pay for it and that has become a law in your country, so it's impossible to avoid or violated.
if in my country, the Crypto currency is not legal, so what will happen in the future is unknown, if it is legal and there are tax rules it might be the best and I will follow it.

mornabo

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Quote from: goaldigger on January 14, 2019, 07:07:08 PM

Honestly, i dont want to pay taxes. Who wants to give the government the money who you hard earned for? Its just an extra income and a digital currency and maybe taxing it isnt necessary. But anyways, if the government told you to do that, you should do it. Tax is based on the percentage of your earnings. The higher the earnings, the higher the tax and vice versa. Gladly we dont have to pay taxes in the country.

when it has become a rule, we are obliged to obey the rule, if you hear the income in crypto is given a tax, then you must pay it. whatever your purpose is like a side income or whatever, You must pay it. but if there are no rules, then you have no requirement to pay

alina345

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Hello =)

It depends on the law of a country, and most of the countries haven't imposed any kind of taxes on Bitcoin. Many people are afraid to take the risk but the reality is that Bitcoin is free from government taxes.

btc78

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Quote from: goaldigger on January 14, 2019, 07:07:08 PM

Honestly, i dont want to pay taxes. Who wants to give the government the money who you hard earned for? Its just an extra income and a digital currency and maybe taxing it isnt necessary. But anyways, if the government told you to do that, you should do it. Tax is based on the percentage of your earnings. The higher the earnings, the higher the tax and vice versa. Gladly we dont have to pay taxes in the country.

Ofcourse all of us don’t want our earned money in crypto to he taxed since many of us are just doing this for extra income and not as main sources.but it wasnt possible if the government requires us to pay so,and even if we are not convinced yet we are obliged but lets hope with reasonable percentage and not more than 20% i guess?what you think guys?

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