Has anyone sold BTC won here in sig campaigns? how does tax work? - page 5.

gentlemand

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Quote from: pereira4 on December 31, 2017, 04:13:31 PM

In this case, you are going to need to explain the origin of your coins, and im not sure how I would explain I made some BTC posting in some internet forum, this may not be convincing to them even if it's the truth.

But it is the truth.

You should hopefully still be able to prove that you own the account that posted. You'll be able to point to the thread where you signed up. The thread will be there that describes the sig campaign and the pay rates. If you're sensible you'll retain the private key of the address that received the payments and lists each tx.

Screenshot everything now just in case.

People deposit millions in banks from selling art made out of their own sperm and turds. This is less weird by a long way and fully traceable.

LeGaulois

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Since it is often, it is considered as an extra income (if you have already a job), or as a freelancer income. So in both cases, you're supposed to pay the tax income.
However, as some countries haven't make it clear with cryptos, it could be considered as something else than job income (call it whatever it suits you) see the difference. Are you from Portugal? I heard you guys are not taxed on cryptos gains?

Don Pedro Dinero

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It depends on the country, obviously. In my one there is no clear legislation, but the most likely scenario is that you have to declare them as if you were being paid for being a freelancer writing for a newspaper or a magazine, so your earnings here counts for your income tax.

biskitop

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Quote from: Aamir1 on December 31, 2017, 03:29:54 PM

I have been selling my bitcoins earned from signature campaigns for more than a year now and never faced any problems with it. I sell them to local merchants in Localbitcoins.com and get the funds in my desired bank account and then i cash them out on ATM. There are no regulations regarding Bitcoin in my country and maybe that is the reason why i was never bothered by the bank or any authorities, but someone might have to answer a few questions if there are regulations implemented on Bitcoin in their country.

In my country too, the bank never questioned where our money came from. Maybe if someday, bitcoin really put in the list of taxpayers by the government, then we automatically have been taxed for it, for every transaction

pereira4

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Quote from: Aamir1 on December 31, 2017, 03:29:54 PM

I have been selling my bitcoins earned from signature campaigns for more than a year now and never faced any problems with it. I sell them to local merchants in Localbitcoins.com and get the funds in my desired bank account and then i cash them out on ATM. There are no regulations regarding Bitcoin in my country and maybe that is the reason why i was never bothered by the bank or any authorities, but someone might have to answer a few questions if there are regulations implemented on Bitcoin in their country.

This may be ok if you are just dealing with small amount of sales, but let's say in 10 years 1 BTC is worth $1,000,000

How do you cash out $1,000,000 or any other amount near that? you can't do it through localbitcoins, you would need a million different merchants to cash out that much money.

Also there's no way to buy a house without going through the taxman. You may be ok cashing out a small amount to buy a new phone, but im talking about buying real state with bitcoin gains. In this case, you are going to need to explain the origin of your coins, and im not sure how I would explain I made some BTC posting in some internet forum, this may not be convincing to them even if it's the truth. They are too paranoid of anything bitcoin related.

jossiel

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There's no need to worry about if the bank stands nothing about bitcoin or to be sure on what you are about to do, go directly to the bank and ask them.

AFAIK, there's still no implementation about bitcoin not unless you are operating a business that's registered on your local gov't.

And to break your fear, for sure there will be people who are willing to sell their properties 5 years from now for bitcoin.

Aamir1

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I have been selling my bitcoins earned from signature campaigns for more than a year now and never faced any problems with it. I sell them to local merchants in Localbitcoins.com and get the funds in my desired bank account and then i cash them out on ATM. There are no regulations regarding Bitcoin in my country and maybe that is the reason why i was never bothered by the bank or any authorities, but someone might have to answer a few questions if there are regulations implemented on Bitcoin in their country.

pereira4

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In the future I would like to buy some property with my BTC once it's worth a lot. Even small amounts made on signature campaigns in here could be worth a lot and may I want to diversify into real state in say 5 years or so.

I was wondering how would this be done? Im scared because we get daily news of any bank account that has to do with Bitcoin being frozen. I wouldn't like to be treated a criminal when I obtained my Bitcoin posting here... any help?

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