Do you pay taxes on your crypto currency? - page 2.

Sithara007

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Quote from: snorlaxwithhat on July 25, 2017, 06:10:48 PM

Correct me if i'm wrong, but more than the 90% of countries don't accept BTC to pay taxes. It's a non sense question. Even if we could who would that?

Please read the OP again. The OP is not referring to using BTC to pay taxes. On the other hand, OP is talking about whether you need to pay taxes on your revenues and profits from the trade of crypto-currencies or not.

snorlaxwithhat

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Correct me if i'm wrong, but more than the 90% of countries don't accept BTC to pay taxes. It's a non sense question. Even if we could who would that?

Shtamm_oval

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Quote from: joebrook on July 25, 2017, 04:21:08 PM

Quote from: kryptoknightk on July 25, 2017, 02:57:11 AM

Do you guys pay taxes on your crypto currencies? What do you guys think of taxes when it comes to decentralized crypto?

I actually don't pay taxes at all when it comes to cryptocurrency, The only tax I pay is when I use it to purchase goods and pay for services online and mostly when am buying from companies not individuals. I have read people say that they pay taxes when buying bitcoins with fiat.

In my country, bitcoin is not prohibited and not allowed. It is used by some individuals and some shops. When converting Bitcoin to Fiat, I pay a commission to the exchanger, but not to the state budget

joebrook

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Quote from: kryptoknightk on July 25, 2017, 02:57:11 AM

Do you guys pay taxes on your crypto currencies? What do you guys think of taxes when it comes to decentralized crypto?

I actually don't pay taxes at all when it comes to cryptocurrency, The only tax I pay is when I use it to purchase goods and pay for services online and mostly when am buying from companies not individuals. I have read people say that they pay taxes when buying bitcoins with fiat.

merchantofzeny

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Our country has recognized bitcoin as a legal tender but currently has no system for taxing it. Even if they do, it's not like our government is great at collecting taxes. The only time they'd probably be able to catch us is when we cash in or out via our local exchange but then again, they're already taking money from the exchange.

mongkie

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as of now, we don't have regulations and taxes for cryptocurrencies. only the fees for transfer and cash in from various exchanges.i think that is one of the good characteristics of cryptocurrencies, it will never be manipulated by one family or country. maybe they can ban but they will not have basis for taxation. but i believe in the near future, government will be able to calculate the tax per cryptocurrency issued.

bryant.coleman

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Quote from: kryptoknightk on July 25, 2017, 02:57:11 AM

Do you guys pay taxes on your crypto currencies? What do you guys think of taxes when it comes to decentralized crypto?

Are you nuts or what? I don't want to pay any tax on my income from crypto-currencies and till now I have never paid any such taxes in my life. I am already paying income tax on my wages from the regular job, and the tax rates are quite high here. I don't want to pay anymore taxes on top of what I am already paying to the government.

zekeshawn

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In my country I don't pay any taxes with my cryptocurrency since they don't require us to pay and the exchange we use charge a lot every time we withdraw so I think that fair enough. But if in case our government will decide and implement tax for those who are holding crypto then i would gladly follow the rules to avoid trouble in the future.

kokojie

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Depends on where you live. In a lot of countries, you'd be looking at jail time if you don't report and pay your taxes on the gains you made trading crypto.

Though this should only happen when you convert your crypto to fiat. If you just keep trading between Bitcoin vs Altcoins, then I don't think you have to pay taxes in any country.

NeilLostBitCoin

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I think it will never happen that crypto will be deventralized. but as for your question at this current days, I dont pay taxes on my earnings thru bitcoin. the government on our country has no idea about what is cryptocurrency and how they can charge taxes on the users.

oberotek

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Funeral Wreaths

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i am not expert in terms of cryptocurrencies but as for me, is it the fees we are paying not the taxes? Or you just misunderstood the meaning of taxes, maybe its because only the government has the right to ask taxation funds, for me i believe that taxes are the fees we are already paying, not only to ask them to send our money but a part of it is their share.

erep

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Most of the countries havent decided their statement on cryptocurrencies yet. Many governments think they are the easiest way for money laundering and using black money. Some local exchanges put taxes on conversion of Bitcoins when you convert them to fiat. No one knows whether they pay them to the govt or not.

Palmerson

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Quote from: Xester on July 25, 2017, 09:18:11 AM

As far as I know I do not pay any taxes whenever I use bitcoins. But everytime I will withdraw some of my bitcoins through redemption center or remittances there are charges on it. So maybe there is tax. That is there way to earn from us the money that we get from them. But as to load and other services there is no charge.

This is not a tax. It is the earnings of those who carries out the transaction or exchange. If the IRS verifies your Bank account and you will see that there are amounts not paid by you in the Declaration you will have problems.

Xester

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As far as I know I do not pay any taxes whenever I use bitcoins. But everytime I will withdraw some of my bitcoins through redemption center or remittances there are charges on it. So maybe there is tax. That is there way to earn from us the money that we get from them. But as to load and other services there is no charge.

iram1011

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No, in my country government is still in a discussion mode for regulations on Bitcoin. Exchanges are subjected to taxes and they charge us in turn. Thus, we are indirectly paying the tax. But there is no such direct tax on capital gain through Bitcoin.

Lieldoryn

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I don't pay taxes and are not going to do that. To I pay taxes I have to see how we spent my money and I need to trust the government. At the moment I do not see and therefore do not feel obliged to my country. My money is only mine and I do not owe anything to the government.

Mometaskers

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I don't. I'm not required to. Our government already takes a lot of money from the exchange whenever we cash in or out, hence the high spread. And it's not like they are capable of tracking down every transaction.

Ammigo13

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I do not pay taxes for using crypto currency. In our country, until now, bitcoins have not been accepted, and nothing specific about this is a gag. I think that there is no need to pay tax for the crypto currency.

darkangel11

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In the EU, where I live, you don't have to pay taxes on held cryptocurrencies, only on fiat that comes from selling them. That is why I don't report how much crypto I own.
One day, when I decide to cash out and buy something, like a motorcycle or a piece of land, I'll of course pay my taxes. It's very difficult to hide large purchases and not worth the risk IMO.

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