Do people have to pay taxes on Bitcoin? - page 3.

Siren

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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?

I believe that being a person living in one state or country has rhe obligation to pay taxes when we gain profit by any means,and that includes cryptocurrency..we are entitled for our freedom to find ways of income but we have no freedom to not pay for taxes,and even in caesar’s time according to bible all the people live in rome required to pay taxes,so what more in our time that infrastructures and building are being built continuously to help us,and become comfortable

goaldigger

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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.

primejia

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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?

very good, because if you want bitcoin to be advanced and recognized throughout the world, one of the best ways is to apply a tax, taxes can be of various kinds, one of which is income tax, entrance tax, buying and selling taxes and various kinds of taxes, but basically tax will make an item considered legal, and things like this do not need to be confused, we just follow the existing system.

imstillthebest

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Quote from: KorakPawon on December 20, 2018, 06:05:45 PM

Quote from: angeltee on June 29, 2018, 07:29:39 PM

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.

Where is you position actually? You said bitcoin isn't designed to pay tax, but the best way is applying tax. Do you agree or disagree about taxing? If it's best way for government to apply tax for bitcoin just to make it popular, bitcoin should be legalized first. When it's legal, it becomes similar to other currency. Then, perhaps people will sell their coins because they get no plus point from bitcoin, it will lead to the end of bitcoin, I guess.

so do you think all the time that bitcoin is an illegal type of currency ? not it is not . bitcoin or cryptocurrency in general is already legal although some countries are restricting the use of it maybe because they have other reasons but not because cryptos are illegal and should be avoided . and speaking of legality , you dont need for a thing to become legal if you really want to pay for tax because even illegal things like drugs are have been already taxed and lastly its all up to you if you will pay tax just to support your country or not .

KorakPawon

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Quote from: angeltee on June 29, 2018, 07:29:39 PM

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.

Where is you position actually? You said bitcoin isn't designed to pay tax, but the best way is applying tax. Do you agree or disagree about taxing? If it's best way for government to apply tax for bitcoin just to make it popular, bitcoin should be legalized first. When it's legal, it becomes similar to other currency. Then, perhaps people will sell their coins because they get no plus point from bitcoin, it will lead to the end of bitcoin, I guess.

jonaire99

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It depend on what country you are residing. Some governments required their citizens to pay tax if the bitcoin transactions is already taxable. Here in my country, the government has not yet legalized the bitcoin and other cryptocurrencies but we are free to use it without tax. Government usually legalized cryptocurrency first then imposes regulation before imposing taxes.

KorakPawon

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Quote from: kulsuma on June 29, 2018, 07:18:15 PM

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.

I partly disagree. It's not depend on country, bitcoin is designed not to pay tax because it's decentralized. If government make bitcoin legal, of course it will have impact that is taxes because tax is how they interfere on bitcoin. So, it sounds egoist, but if government accepted bitcoin, I hope it wouldn't have to pay tax in return, and bitcoin remain the same, that's decentralized and free from such kind of duties. Why? because bitcoin, as you said have good future and it offers many things come with ease.

Brasch

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TheBlock

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the law says that all incomes should be taxed specially the big incomes, but as you guys say its not easy for the government to determine if you have funds and how much you have, but when you use it tho they might have a clue

KorakPawon

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Quote from: angeltee on June 29, 2018, 07:29:39 PM

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.

I agree that bitcoin is not designed to pay tax but can it make bitcoin really populer because of tax? Paying tax makes decentralized system owned by bitcoin lose, it won't be your own again because the government interfere on your 'room', so that bitcoin will not be fully under your control again, it's with government's interference.

primejia

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Quote from: roadwell890 on June 29, 2018, 07:49:01 PM

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

actually with the state implementing a tax on bitcoin this is a strong signal that bitcoin is recognized by the state, this can have a very good effect because the bitcoin traders will feel safe and unlike prohibited businesses, I personally strongly support it if the government wants to register and start implementing taxes, if this happens then in the future bitcoin can become an alternative currency in the world, and we can be separated from the bondage of the world currency now, namely the dollar.

Runbitup

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Quote from: candra raditya on November 09, 2018, 02:23:19 PM

I think there is no need to pay taxes because bitcoin has not been legalized by the government. And when the government has legalized bitcoin and bitcoin is used as a means of payment, then new taxes can be applied to bitcoin.

yes, for now Bitcoin is still used as an investment tool, only a few countries have legalized Bitcoin so I think Bitcoin is still tax free. except if Bitcoin is legal and has been managed by the government, Bitcoin can be taxed.

Flor1982

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I see nothing wrong of paying Bitcoin tax to the govermment except is that your income will going to ne reduce but still its ok as long as the government will use it for the benefits of the country not by corruption. Bitcoin is also a currency like fiat therefore it is right for the government to collect tax from Bitcoin earnings as they are the same currency but only not the same appearance.

Tanya12356

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Quote from: 1BTC EQUALS 1CAR on November 07, 2018, 01:08:34 AM

I asked an attorney in my country and he said that anything that we make profit from is subject for tax and trading cryptocurrency is included. I was scared when I knew that but I know there isn't a clear law about so I'm still not going to pay my taxes.

Why don't you want to pay taxes in digital currencies? Why are you so critical? Thanks)

candra raditya

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I think there is no need to pay taxes because bitcoin has not been legalized by the government. And when the government has legalized bitcoin and bitcoin is used as a means of payment, then new taxes can be applied to bitcoin.

Patient_Zero

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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?

With the tax imposed on Bitcoin, the state indirectly recognizes bitcoin and is not an illegal item, about the bitcoin tax which is usually subject to buying and selling taxes or property taxes, but in my opinion the tax that will be worn is a positive thing, it is for obedient people law.

basyang

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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?

If you will ask me about if its good or bad to pay taxes, well it is good if in your country bitcoin is legal and all of your paid taxes will go to a government funds that will helped your country to their needs. Bad if at the first place it is not legal its just a waste of money to pay then they will not allowed you to happened. Hopefully, some countries are getting an idea on how or ways to accept bitcoin.

logisticalmother

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Quote from: gayletot on November 08, 2018, 02:38:17 AM

knowing that there is no tax deduction for bitcoin use, and I also know this is a reason for the goverment of another country that bitcoin is not yet acceptable in their area.

Transaction tax is automatically imposed on every transaction from your local exchanger, because they already have official regulations that require this.

But this tax is still minimal and has not touched a larger tax regulation, I will continue to adhere to the rules that apply as long as it is positive for the development of the country.

gayletot

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knowing that there is no tax deduction for bitcoin use, and I also know this is a reason for the goverment of another country that bitcoin is not yet acceptable in their area.

Steinway-Bobb

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At present, an investor does not describe a tax for his transactions, and that may happen in the future because the government wants to control it.

Topic: Do people have to pay taxes on Bitcoin? - page 3. (Read 17804 times)