Do we need to pay income tax if we earn through Bitcoin or Altcoins?? - page 5.

Omega Weapon

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Quote from: Vaculin on September 28, 2017, 05:32:47 PM

Quote from: Vladv26 on September 28, 2017, 04:59:55 PM

Quote from: vsrsatish on September 11, 2017, 11:07:41 PM

Do we still need to pay income tax if we earn through trading/investing in Bitcoin or Altcoins?? Huh

You have to pay income taxes for making profit by investing in bitcoin/altcoins because that is an income.
It can also depend on your country laws because laws are different in every country. In most of the countries you have to pay a tax for that but I know for sure that in some of them you dont have to pay. It also depends on how much you earn through trading. Check closely your laws

You have a point.But in my country wherein bitcoin is not yet recognized by the government,we are not paying taxes.And besides just like in my case,i'm already paying taxes through my salary from my regular job.So this time,no tax anymore.And i'm really glad about it because i'm free to earn bitcoins without limit.That's making me more attached to bitcoin too.

Just be careful, in many countries bitcoin is not recognized as a currency but as an asset, like a stock and any gains that you made from buying and selling are considered to be capital gains, and you need to pay a tax in the gains you got, for example if you bought at 3000 and sell at 4000 you got a profits of 1000 and you need to pay tax on that 1000, in most countries the tax is small.

Areafix

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It depends on country. For example, in Russia nobody cares still.

TanyaDegurechaff

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They say a thin line separates genius and madness.

In my country where most of officials are corrupt they want to tax everything they can. Its a good thing that they cannot tax bitcoins or altcoins due to the anonymity feature of bitcoin and the government cannot tax something or make something illegal unless a law is passed. And we should not pay taxes regarding bitcoin transaction because we are already paying a fee to miners who are processing the transactions. and by law in my country the one who is paid for giving a service is the one who must pay the income tax.
as for gain tax it is only applicable to assets which the government will get a record like buying a piece of land and house for example. So it will be impossible for them to put tax on you by transacting using bitcoin.

niisarearning

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As far my research yes we need to pay tax while selling bitcoin from exchanges but still i am not clear about profit over capital (capital gain ) and the bitcoin earned by giving services . Lets see exchanges having my KYC end of the year will get to know about Income tax for this year. Before that i have to consult the proper auditor if my earning goes high. as far my earning is too small.

Jake052478

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I will do wonder for YOU!!!

As of now, our country does not have any regulation yet relative to bitcoins. All I know is that it can be converted to our local currency and many others were able to spend it in our country. I guess establishments were not yet open to accept bitcoins as payments. But just like I mentioned, they are converting it to our local currency to be able to spend it. So paying income tax. Not yet, but sooner, when the government found out of this cryptocurrency, then they will probably tax it because it is a source of income already...

Herbert2020

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people always answer these things generally but in fact it is very case dependent. for example depending on where you live things can be very different for you. in some countries there is no need to report these stuff and you can earn a lot of profit and never pay any taxes on it but in some other countries if you don't pay the taxes you earn from trading bitcoin and altcoins you will be considered a criminal for tax evasion.

so the best way to find your answer is to ask some professional in your country.

mondobitcoin

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Of course not!
The bitcoin and other alt currencies was created for be different from banks and other payment services.
So we dont need to pay any tax, only earn money Cheesy

sofi@

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I think yes but the problem is how would government trace the ownership of bitcoin? and also I don't any of the owner here will declare such income on their income tax return. There's no way for the government to have control over bitcoin and because it is a currency world wide it would be unfair for some countries who's taxes a low and some countries has high tax percentage. It is an issue needs a lot of study and approval.

Tamilson

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Quote from: aanbudi on September 28, 2017, 10:50:15 PM

No, in my country there are no rules and regulations on which Bitcoin tax rates are based. Bitcoin, Altcoins, and ICO is still something free in my country.

We're on the same track buddy. Here in my country we're not paying tax for every bitcoin that we withdraw in the bank or whatever we'll use. Maybe if our government will legalize or regulate the usage of bitcoin then that will be the time it become taxable. But for now let us enjoy this moment.

Sadnu

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Yes you will actually pay a tax and it is the exchanger you used. but it's very low cost and you will not complain about that. So many people have tried and loved the bitcoins. Because we are unpaid and do not pay taxes to the government. but as far as I know it is illegal. And we can investigate the police where our money will be healed. And they may dismiss that we are doing illegal work and not paying taxes

michellee

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Quote from: vsrsatish on September 11, 2017, 11:07:41 PM

Do we still need to pay income tax if we earn through trading/investing in Bitcoin or Altcoins?? Huh

maybe if we exchange our bitcoin or altcoin to fiat and send them to our bank account, we pay the income tax. anything income which receiving in our bank account will be pay income tax for monthly but its depend on regulations from the bank itself. but for trading/investing in bitcoin or altcoin, we don't have pay income tax unless we only need to pay the fee because of trading in exchanges.

Scorpion

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Bitcoin OG

Speaking as a citizen of the United States yes you should pay your taxes from income gained from Bitcion and cryptocurrency. I have no problem paying taxes from Bitcoin because I have nothing to hide and I am a contributing member of society. You only pay taxes when you make money, so it's a good sign when you're paying taxes.

aanbudi

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No, in my country there are no rules and regulations on which Bitcoin tax rates are based. Bitcoin, Altcoins, and ICO is still something free in my country.

entrepmind23

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Quote from: vsrsatish on September 11, 2017, 11:07:41 PM

Do we still need to pay income tax if we earn through trading/investing in Bitcoin or Altcoins?? Huh

Yes we need to pay it because it is one of the taxable income but then there are countries who are lenient about it. Many people who earn bitcoin doesn't declare capital gains from bitcoin as one of their income and since the government is busy with other things, they were not able to track the earnings of some people. In the country where I am from, the government is so busy with other major problems that even those who are earning online for a few years not related to bitcoin, they are not paying tax because the government has no record of them earning from it so it is easier for them to avoid the payment of tax. Most of the reason is that they aren't paying because it will just go to the pockets of some government officials and will not be spent for the public to benefit.

The way for the government to tax the bitcoin users would be to tax the platform they are using so that in every transaction, they will have a share of it. Since it would be hard for them to track each and everyone then this would be one of their solution.

audrey12

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For me there's no need besides there's still value added tax (VAT) that was imposed to the things we acquired using bitcoin so the government still collect income from us besides they don't control bitcoin and it's not own by the government so why do they have the right to impose such income tax.

skorupi17

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Quote from: vsrsatish on September 11, 2017, 11:07:41 PM

Do we still need to pay income tax if we earn through trading/investing in Bitcoin or Altcoins?? Huh

Since you gained from investing your money or through trading, I think it is an obligation to pay income tax since it is based from the law. Well that depends on the country. Some imposes tax in Bitcoin but some does not. It is best to know if your country is imposing tax or not. If they are imposing tax then you should be obliged and if not then I think that is good for you Cheesy

Omega Weapon

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Quote from: vsrsatish on September 11, 2017, 11:07:41 PM

Do we still need to pay income tax if we earn through trading/investing in Bitcoin or Altcoins?? Huh

If you want to sleep tight at night then you better do it, since it is very obvious that as time passes and the economic situation all around the world gets worse that governments are going to get even more confiscatory in their policies, so pay now and avoid the repercussions that it may fall on you if you are caught red handed avoiding taxes with cryptocurrencies.

lynn0729

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I think no cauz we may lose too. but thr trade agency maybe shall pay income tax

xaxistech

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You only have to pay taxes if you withdraw your bitcoins to your bank account, and only if you get caught because you made a withdraw for more than $10k (or maybe less in other countries) so it is so risky to withdraw to your local bank because things like this could happen. But in my country i dont have to pay taxes since most people in here does not even know what bitcoin is.

Vaculin

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Winding down.

Quote from: Vladv26 on September 28, 2017, 04:59:55 PM

Quote from: vsrsatish on September 11, 2017, 11:07:41 PM

Do we still need to pay income tax if we earn through trading/investing in Bitcoin or Altcoins?? Huh

You have to pay income taxes for making profit by investing in bitcoin/altcoins because that is an income.
It can also depend on your country laws because laws are different in every country. In most of the countries you have to pay a tax for that but I know for sure that in some of them you dont have to pay. It also depends on how much you earn through trading. Check closely your laws

You have a point.But in my country wherein bitcoin is not yet recognized by the government,we are not paying taxes.And besides just like in my case,i'm already paying taxes through my salary from my regular job.So this time,no tax anymore.And i'm really glad about it because i'm free to earn bitcoins without limit.That's making me more attached to bitcoin too.

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