Do people have to pay taxes on Bitcoin? - page 6.

Temujhin

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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?

As long as I use bitcoin I have never paid taxes, because in my country there are no regulations or tax collection on cryptocurrency, because the government still has not adopted and legalized the crypto currency therefore I hope to process digital currency because economic and development benefits will be good for country

MinxCryptoAtty

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Depends on the government but in the United States, the IRS treats virtual currency as property for federal tax purposes. General tax principles that apply to property transactions apply to transactions using virtual currency. It would also be prudent to check state income tax regulations.

Huong Lam, Esq.
http://www.attorneybitcoin.com/

fnamcma879

newbie

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I think it is good. It is not a simple matter to legalize Bitcoin. So the government to impose a tax on Bitcoin is the right thing to do.

Posteruma

jr. member

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PAying taxes is not a bad choice. İf goverment legally require tax from earned profit citizen should pay. It is my opinion. Most of countries not accepted crypto legally yet. So paying tax for BTC is not necessary issue right now.

Saveplus

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Bitcoin was decentralized no law that bitcoin imposing tax on every transactions we've made.If bitcoin was in legal there is a possibilty that government can impose tax on it and if we have rules and regulations on crypto.

cryptocity90

newbie

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Before paying taxes the government should give some clarity on Bitcoin is legalised in those countries.Some countries don't permit bitcoin as legally so there taxes not count.

Togacity

jr. member

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Bitcoin is Not Money for Tax Purposes. Although Bitcoin can be used like money, they are not considered to be money (legal tender) by the IRS or any other country. Instead, they are personal property, much like gold or corporate stock.

maarx

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cloverdex.io

Need to accept when the government offers other things to its citizen on its cost. Hence citizens have to contribute to the growth of its nation as well. But the percentage can be considered and looked at. i am sure earning bitcoin is not going cost the government. So the earnings come through without nation’s intervention on employment. Even one percent of tax paid to the government on bitcoin earning is a good revenue for the government. Hence if your government asks for tax , please pay it considering the percentage.

onebtcforlife

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Before paying taxes the government should give some clarity on Bitcoin is legalised in those countries. If you pay taxes on Bitcoin buying and selling then it is always good that you will never face any problems with the government, so paying taxes to the government will give us the opportunity to get loans from the banks even though they didn't legalise the bitcoin.

richardsNY

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Quote from: jhongzjhong on July 29, 2018, 03:28:02 PM

It is not forcing us to pay tax even country implementing tax like the US there is an alternative way you can't pay tax.

I don't see how you can legally avoid paying tax over your gains in the US. The only thing I can think of is that you spend your coins instead of cashing out to fiat, which makes sure that tax doesn't apply, but once you have cashed out to fiat there is no escape. If people think they can safely trade on centralized exchanges without being noticed they are delusional. Coinbase has been a warning sign that people should be really careful about how they use exchanges. I seriously wouldn't be surprised to see authorities force exchanges to hand over user information every month in order to see what everyone is doing. If people don't pay their due taxes, authorities will come and take it from them.

7Dyoknga5

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dApps Development Automation Platform

I don't think government will have that kind of technology yet to keenly monitor online assets. Specifically, bitcoin prices moves every seconds.

Maybe they'll record the amount you purchased the bitcoin. It's quite too early to say it yet.

adzino

copper member

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www.Crypto.Games: Multiple coins, multiple games

Personally i would say it is both a good and a bad decision based on how the tax is treated. In the US, you have to file your tax report and everything related to crypto currencies. You don't only have to report when you receive bitcoin as payment (income tax report), but also all the gains you get from the rise of the price of bitcoin (property tax report, not sure though). This surely sucks and is not actually a good thing.

terrific

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Catalog Websites

Quote from: BitHodler on July 31, 2018, 09:36:59 AM

Quote from: terrific on July 31, 2018, 06:35:03 AM

Most countries haven't assessed it yet that they can tax bitcoin but it will come so why they aren't doing it, enjoy.

May I ask how old you are? I'm asking this because if you have ever paid tax, you know that there isn't anything in the world the government can't tax you for. Even if it concerns your shoelaces, taxation applies.

I however do believe that governments will rewrite certain areas of their tax brackets to make it easier for average joes to understand. Even the people buying and selling Bitcoin in 2011 we're legally obliged to pay tax.

Most of them probably didn't bother to pay tax, which is entirely up to them and perfectly understandable, but there is just no way to get around it. The government is everywhere with their taxes.

I've been a tax payer since then, all of my properties and even my salary were taxed. Yes, I know that thing where everything can be taxed by the gov't.
I'm saying that they are still in the stage of knowing the process and if they will adopt it or not. And a person that isn't sure of it has free will to file his income tax.
But as a law abiding citizen, we are obliged of doing so.

qwerty12

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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 think it's a good thing to pay bitcoin taxes if your country has these rules, in addition to avoiding violations of the law, paying taxes on bitcoin will show that bitcoin can also follow the rules of a country, and of course, that thing will change the bad perception of many people to Bitcoin so far.

ranman09

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Paying taxes is always a good decision. It supports the growth of your economy for your future family or your child's family.

In my country government regulate bitcoin but I'm really not sure how they tax us or if they even do. Because I don't see the summary on my orders.

SaiWAFU

jr. member

Activity: 193

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If you don't use any services provided by your country such as roads and highways, health insurances, or even the security provided by your police officers, theb you might think that declaring btc as a property is wrong.

You were born American, so you should abide the laws of the country. Paying taxes is one of the obligation of an american citizen, and once you earn from btc, you have an obligation.

KorakPawon

member

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Quote from: Sihab76 on June 29, 2018, 07:57:47 PM

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

regarding the bitcoin tax depends on where we are settled and there is a government policy, but in every country there must be all things that have a tax that applies if the item is received in that country, and if bitcoin has been taxed in the transaction subject to tax so it can be said that the country has accept bitcoin and acknowledge the existence of bitcoin.

christysmile

newbie

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They'll tax your breath if they could. I think that the government has had its eye on bitcoin for as long as we've known about it.

It's interesting that they determine it as property. That's probably an excuse to tax it without determining it as an actual currency or money. It's like they want to collect from it but they won't admit that it exists. That's a bit hypocritical if you ask me.

I guess we'll have to see where things go from here and what the government has to say about crypto.

arick123

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It is very good project

BitHodler

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Quote from: terrific on July 31, 2018, 06:35:03 AM

Most countries haven't assessed it yet that they can tax bitcoin but it will come so why they aren't doing it, enjoy.

May I ask how old you are? I'm asking this because if you have ever paid tax, you know that there isn't anything in the world the government can't tax you for. Even if it concerns your shoelaces, taxation applies.

I however do believe that governments will rewrite certain areas of their tax brackets to make it easier for average joes to understand. Even the people buying and selling Bitcoin in 2011 we're legally obliged to pay tax.

Most of them probably didn't bother to pay tax, which is entirely up to them and perfectly understandable, but there is just no way to get around it. The government is everywhere with their taxes.

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