I doubt it Op. I don't know where are you from and what is legal status of bitcoin in your country, but in majority of countries it is unclear what bitcoin really is.
So any kind of legislation is not available. I wouldn't worry about selling ~$200 BTC per month, it is far below usual limits of tax office searches.
Topic: Do you have to get your bitcoins taxed if you sell like 220 dollars monthly? - page 2. (Read 1142 times)
September 02, 2016, 10:27:56 PM
September 02, 2016, 09:20:26 PM
So let's say you sell 220 dollars monthly to help your family with paying bills, food and basic expenses. I am making around that monthly and I need to help at home. I have no job right now and I can't find one since my studies and I can only aim at really low paying jobs which suck so I would rather keep making money online with trading and websites. I don't make much but enough to not have to work to buy myself some stuff.
Anyway, if I sell 220 dollars worth of bitcoin every month, does this need to get taxed or the amount is so small that I don't need to report it?
Your government is no need your report I think that is really true because and whether there are a rules in your environment or your country is suing their civilians for reporting their salary?and especially in digital currency until this time I never heard about someone is selling their bitcoin and get a taxes for their amount and you will feel doubt about that. Anyway, if I sell 220 dollars worth of bitcoin every month, does this need to get taxed or the amount is so small that I don't need to report it?
September 02, 2016, 07:30:15 PM
I dont know the way you trade your coins into fiat, but if you sell to local traders i do believe no one will ever know you had bitcoin, sure its something risked to do buy i believe is the best way to stay out of the radar of taxes or to they connect you to ilegal stuff.
September 02, 2016, 05:37:40 PM
In America, your earnings may be subject to tax only after you withdraw the funds as cash or to you bank. Even then, I'm not sure if this is checked by the IRS, and I'm not sure of the exact rule.
Well that only makes sense because they have records that they must submit to the revenue agency.So that paper trail is there. But with bitcoin there is none just in the ether.
September 02, 2016, 05:12:53 PM
In America, your earnings may be subject to tax only after you withdraw the funds as cash or to you bank. Even then, I'm not sure if this is checked by the IRS, and I'm not sure of the exact rule.
September 02, 2016, 05:07:02 PM
The tax people don't look for small amounts such as that. They are interested in amounts of $2000-3000 or more.
It is usually 15% of income produced that they will tax on so $33 is nothing for the tax man to come knocking on your door about. But $300-450 in taxes are.
It is usually 15% of income produced that they will tax on so $33 is nothing for the tax man to come knocking on your door about. But $300-450 in taxes are.
hero member
Activity: 2912
Merit: 541
Leading Crypto Sports Betting & Casino Platform
September 02, 2016, 04:40:01 PM
So let's say you sell 220 dollars monthly to help your family with paying bills, food and basic expenses. I am making around that monthly and I need to help at home. I have no job right now and I can't find one since my studies and I can only aim at really low paying jobs which suck so I would rather keep making money online with trading and websites. I don't make much but enough to not have to work to buy myself some stuff.
Anyway, if I sell 220 dollars worth of bitcoin every month, does this need to get taxed or the amount is so small that I don't need to report it?
Anyway, if I sell 220 dollars worth of bitcoin every month, does this need to get taxed or the amount is so small that I don't need to report it?
its depend on the country you live in, but i think when you sell $220 dollars in bitcoin with localbitcoin or you sell to your friend then you don't get taxed for your money.
September 02, 2016, 10:16:08 AM
I do not know about the rules of taxation in your country bas we have different regulation on taxes. I think for me there is no need to declare it to have it tax. And who would know if you are selling a $220 value. No one knows so its free of charge there is no tax. Unless you tell it to the government besides you are stil studying so you are exempted to it.
September 02, 2016, 10:11:41 AM
So let's say you sell 220 dollars monthly to help your family with paying bills, food and basic expenses. I am making around that monthly and I need to help at home. I have no job right now and I can't find one since my studies and I can only aim at really low paying jobs which suck so I would rather keep making money online with trading and websites. I don't make much but enough to not have to work to buy myself some stuff.
Anyway, if I sell 220 dollars worth of bitcoin every month, does this need to get taxed or the amount is so small that I don't need to report it?
lol. 220$ is a very small amount, so you dont have to worry about any government tax unless you live in a third world poor country ofcourse. btw, i do a lot of trades every month, and i am able to make around 250-300$ each month, but i never thought of getting taxed or whatsoever. just saying. btw, it really depends upon your country's law so you should search about the tax rules of your country. good luck! Anyway, if I sell 220 dollars worth of bitcoin every month, does this need to get taxed or the amount is so small that I don't need to report it?
September 02, 2016, 09:53:25 AM
So let's say you sell 220 dollars monthly to help your family with paying bills, food and basic expenses. I am making around that monthly and I need to help at home. I have no job right now and I can't find one since my studies and I can only aim at really low paying jobs which suck so I would rather keep making money online with trading and websites. I don't make much but enough to not have to work to buy myself some stuff.
Anyway, if I sell 220 dollars worth of bitcoin every month, does this need to get taxed or the amount is so small that I don't need to report it?
Anyway, if I sell 220 dollars worth of bitcoin every month, does this need to get taxed or the amount is so small that I don't need to report it?
Jump to: