Topic: Does Bitcoin need to be taxed? - page 3. (Read 1328 times)
Depending on the policy of each country, sometimes the state requires you to report it as capital gain or when you convert it into a traditional currency, you have to pay taxes and not just by holding Bitcoin.
Bitcoin taxation depends on country's acceptance and how do they deal with it. But haven't you noticed that when you withdrawn your bitcoin into a certain flat there's this called transaction fee or payment from where you have encashed. I think that it is some sort of tax already.
Another point is that it would be nearly impossible to apply taxation in bitcoin itself, since the accounts and wallets always remain anonymous. It would be hard for the government to identify whom they should be adding tax onto.
Another point is that it would be nearly impossible to apply taxation in bitcoin itself, since the accounts and wallets always remain anonymous. It would be hard for the government to identify whom they should be adding tax onto.
Base from my recent post "Does bitcoin could be call a job?" I have read your opinions regarding to that. Doing these things is a form of earning money basically we have income. So does it need to be taxed? Because this is also a source of income, and we might call it as a job?
It will be good in general for we benefit from our tax, from roads, bridges, parks etc. Also, it was a good news to the government for they will also gain profit from it.
On the other hand, it will be a burden especially to small earners like me. Some say that we are so desperate to gain profit but the reality is that profit really matters and serves as the major reason why they/we are still working here.
If you are a established company meaning you own a big amount of BTC and you render a service then you should pay your taxes based on your income as any other company. Any activity that generates a profit should be taxed, furthermore, exchanges as an example who are holding very large amounts of capital are at the aim of the governments. Taxes would be a middle ground between the dark and anonymous cryptoworld we are now and the world of the future where you can buy anything anywhere using a digital wallet.
I think it depends on how your country treats bitcoin.
In South Korea, they have introduced new rules to trade bitcoins for a certain percentage of the tax.
In more bitcoin friendly countries, bitcoin is not taxed.
In South Korea, they have introduced new rules to trade bitcoins for a certain percentage of the tax.
In more bitcoin friendly countries, bitcoin is not taxed.
As in my country, right now I do not have a tax payment at the moment, and I can do it with the easy way to get a good profit, even though bicoin is currently not taxable. and I also hope someday bitcoin will be taxed, but for me no matter if taxed, maybe someday the government will acknowledge bitcoin, bitcoin will be taxed. so it's better for me if bitcoin is in tax payment so bitcoin is more popular anymore.
In my opinion, it is impossible to levy bitcoin taxes, manage transactions and income on the internet is not possible. Due to the lack of tax administration, some countries have banned the bitcoin trade. But in the future if the technology develops, maybe the government will have a way to manage taxes from bitcoin.
Why? on my country, the goubern dont know about cryptos hehe
Bitcoin can earn a lot of money. It removes people's unemployment. Bitcoin helps build the future. This is the best way to work online. Bitcoin became popular day by day.
Base from my recent post "Does bitcoin could be call a job?" I have read your opinions regarding to that. Doing these things is a form of earning money basically we have income. So does it need to be taxed? Because this is also a source of income, and we might call it as a job?
i think so,because bitcoin is more on money discussion so its need to tax it so that government protect it from scammer. 
Base from my recent post "Does bitcoin could be call a job?" I have read your opinions regarding to that. Doing these things is a form of earning money basically we have income. So does it need to be taxed? Because this is also a source of income, and we might call it as a job?
No for me bitcoin don't need to be taxed because government don't have the power to control it. There are so many users here that are working on it because bitcoin don't have tax. Others said that bitcoin needed to be tax because they want fair but I'm absolutely disagree to their opinion.
I think the transaction of bitcoin is taxable.
It depends on the policies of your country.
South Korea, for example, now has to pay taxes.
Other countries that are friendly to bitcoin do not have to pay taxes.
It depends on the policies of your country.
South Korea, for example, now has to pay taxes.
Other countries that are friendly to bitcoin do not have to pay taxes.
I guess governments will only tax the profits, not the investment, and paying income tax on my profit is ok with me, paying tax makes me a law abiding citizen.
Base from my recent post "Does bitcoin could be call a job?" I have read your opinions regarding to that. Doing these things is a form of earning money basically we have income. So does it need to be taxed? Because this is also a source of income, and we might call it as a job?
Depends on (a) your local government and (b) the amount and type of income.
In some countries, under certain circumstances, there's no tax on capital gains on Bitcoin. However if you accept bitcoins as a form of payment, depending on the amount, you very likely will have to file it as part of your tax report.
I guess if there is a capital gain tax in the country, gains from bitcoin fall under tax. When we talk about capital gain, taxation happens when the gain is realized - that is when the capital asset is sold. When you sell bitcoins for USD that you receive on your banking account, you can be asked about the origin of the money. The question is, how can the government estimate your real gains from bitcoin: what was your cost of mining that can be deducted from the revenue received from selling it for USD. I'm sure very soon they will try to come up with a methodology of some sort.
It depends on the country. Some countries will need that you report every single trade, including trades between altcoins which is insane I know, but I don't make these stupid laws.
Also in some countries you have to pay every month if you are making money every month. I had no idea about any of this when I got into bitcoin so I just focused in making BTC, then I found out about the taxing thing. I still have no idea how it works because this is so new that there are too many grey areas. Im scared to cash out some and get my account frozen by the bank, so I will wait until it's more clear.
Oh and in a lot of countries you must prove the origin of the funds. You can't simply cash out but demonstrate that you made the money legally.
That's right, although there is no actual "need" for countries to do that. I think that if a country sees fit that it's a good way for them to earn more money and add revenue to the government, then it is well within their power to actually impose taxes on bitcoin use or cryptocurrency-related activities, in general. I think that since the crypto market is rising, it is already in the sights of many countries to try and exploit that continued rise by way of imposing rules and regulations with it with which one of those regulating means is taxation. It's the main means of any government to add profit to them for their own used and advantage, and given the value exhibited by cryptocurrencies, it not at all a surprise if governments would impose taxes on it.
quite debatable, but without taxing, governments will never support them because if not for cryptos, investors put money in something else and governments receive tax, but at early as this stage where there is huge risks when someone putting money into cryptos, I think governments should wait before tax is introduced, or least should have a min limit such that below it, no tax such that governments can indirectly help for mass adoptions, then as any business running with internet, governments can introduce tax, but the stories I hear about 30% tax in US is utterly rubbish, it should be much much lesser.
Base from my recent post "Does bitcoin could be call a job?" I have read your opinions regarding to that. Doing these things is a form of earning money basically we have income. So does it need to be taxed? Because this is also a source of income, and we might call it as a job?
I think it should not to be taxed because the government dont have a power to control the bitcoin. And the government, any government and authority dont have a relationship to bitcoin which they should not taxed the bitcoin transactions. Base from my recent post "Does bitcoin could be call a job?" I have read your opinions regarding to that. Doing these things is a form of earning money basically we have income. So does it need to be taxed? Because this is also a source of income, and we might call it as a job?
I think until bitcoin is legal in the country and there is proper rules and restrictions applied on it tax is not needed, as the currency is not viewed as a source of income for the people in the country. But , if the country put some restrictions over it in order to check on the people about there income and its source then its obvious that the people of the country has to pay the tax . Still, bitcoin cannot be called as job as there is no fixed income it may come or it may not. Base from my recent post "Does bitcoin could be call a job?" I have read your opinions regarding to that. Doing these things is a form of earning money basically we have income. So does it need to be taxed? Because this is also a source of income, and we might call it as a job?
if you mean to work using a laptop, if that is your intention then in taxes are your income and even then if you have submitted to the government or your account has a lot of limits then it can be in taxes
I think if bitcoin is to be taxed, then there should also be tax breaks if people make a loss when exchanging currencies, that is a fair trade off.
You should be able to offset your losses against your profits in your tax return, this is how it works for most other industries.
You should be able to offset your losses against your profits in your tax return, this is how it works for most other industries.
Base from my recent post "Does bitcoin could be call a job?" I have read your opinions regarding to that. Doing these things is a form of earning money basically we have income. So does it need to be taxed? Because this is also a source of income, and we might call it as a job?
It can't. The one regulating the income to be given to anyone is not under any government. So no one can tax the income you get from bitcoins. The only time bitcoin can be taxed is when the government or the country starts taxing the fiat conversions of bitcoins. That's the only time they can tax the conversion of bitcoins.
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