Forced is a strong word. But actually, yes they kinda are. Any form of income, may it be from investment or trading or mining digital currency, is subject to inxome tax. However, in the case of my country, filing and paying of income tax is somehow on honesty basis.
With that, most people tend to no longer file their earnings from Bitcoin activities since it is not being traced. That's why some government are not supporting it, because they are not getting a profit out of it.
Topic: Have people been forced to pay tax over Bitcoin yet? - page 10. (Read 5519 times)
Tax imposed when it is legal but although bitcoin is not legal the transactions fees or charge serves us a tax in bitcoin when we withdraw it.There is no authority or legal regulations we should follow that they need a tax on bitcoin.It is controlled by us and not in the government or politicians.
Where I live they say we must declare it as an asset, Bitcoin for them is nothing in particular, just an asset like any other because it has a value and everything that has a value must be declared and taxed. I don't know if everywhere it works this way...
But the point is that Bitcoins aren't being tracked for banal reasons like that, so only criminals are calling more attention for them, people who use Bitcoin for illegal activities, legit users are secured. I have seen even countries which banned Bitcoin saying it's hard to track all its users, so sooner or later they will have to change the policy.
Some government try to legalize bitcoin because they want to track down bitcoin transaction's flow especially on corruptor case.
They can control in order to prevent something bad so it's reasonable for them to legalize bitcoin as soon as possible although some people may not agree !
Tax imposed when it is legal but although bitcoin is not legal the transactions fees or charge serves us a tax in bitcoin when we withdraw it.There is no authority or legal regulations we should follow that they need a tax on bitcoin.It is controlled by us and not in the government or politicians.
Where I live they say we must declare it as an asset, Bitcoin for them is nothing in particular, just an asset like any other because it has a value and everything that has a value must be declared and taxed. I don't know if everywhere it works this way...
But the point is that Bitcoins aren't being tracked for banal reasons like that, so only criminals are calling more attention for them, people who use Bitcoin for illegal activities, legit users are secured. I have seen even countries which banned Bitcoin saying it's hard to track all its users, so sooner or later they will have to change the policy.
Tax imposed when it is legal but although bitcoin is not legal the transactions fees or charge serves us a tax in bitcoin when we withdraw it.There is no authority or legal regulations we should follow that they need a tax on bitcoin.It is controlled by us and not in the government or politicians.
Quite curious if this has been the case. Obviously I'm hoping it haven't been the case.
Forcing bitcoin users to pay up taxes would really be impossible but this thing can be done when people are engaging into those centralized exchanges which would really end up to get a % of their profits or holding as those exchanges would really follow on the imposed laws of a certain county on which it do belong.They don't have the choice but to follow it.This is the only way that I can see that bitcoin users can be taxed excluded on the fees being deducted on our each transactions.YES, you have to pay taxes according to the IRS Notice 2014–21. Take note of the date this was clarified, 2014. There is an article that explains exactly why and what you need to declare if its any help. Bitcoin Miners are also mentioned on that notice: https://turbotax.intuit.com/tax-tips/tax-payments/tax-tips-for-bitcoin-and-virtual-currency/L1ZOgU00q
Is anyone getting caught NOT paying taxes? That would be the question to ask.
None that I know of here had been taxed. In my country(Philippines), we are still using the 1987 constitution, yes, it was drafted and implemented 30 years ago. It was not amended yet but there were some provisions. Even in taxation, I doubt that bitcoin will be taxed here soon but there are some who proposes amendment to this but usually gets blocked by wealthy and powerful people.
Why do you need to pay taxes? Rejoice that you have the option not to. This is probably the only case where the interests of the rich coincide with the interests of the poor. I don't understand why you have to pay taxes on bitcoin use. This is a very risky asset and in case of loss of our investments, the state will not return our money. Get what we pay taxes on the loss. None that I know of here had been taxed. In my country(Philippines), we are still using the 1987 constitution, yes, it was drafted and implemented 30 years ago. It was not amended yet but there were some provisions. Even in taxation, I doubt that bitcoin will be taxed here soon but there are some who proposes amendment to this but usually gets blocked by wealthy and powerful people.
You don't need to a have a new law for your bitcoin earnings to be subject to taxes. Almost all countries have the same law in taxation that once a citizen received an income they need to declare it on their tax return and is subject to applicable taxes. No matter what the source is as long as you are a resident of that country it is your obligation to declare all of your earnings.
Quite curious if this has been the case. Obviously I'm hoping it haven't been the case.
Government cant control bitcoin , they cant regulate it. The fact that bitcoin is a decentralized cryptocurrency which being use and transac anonymously .. But they can posibly regulate the exchanger we use to exchange bitcoin to fiat .. Like here in the philippines the central bank of the philippines will release potential exchanger in the near future . They were two of them , in order to regulate the exchanger the fee will get higher . That s how they will get the tax maybe.
it is hard to forced pay tax using bitcoin so using this site and try to spend your btc in site and exchange cash into little
None that I know of here had been taxed. In my country(Philippines), we are still using the 1987 constitution, yes, it was drafted and implemented 30 years ago. It was not amended yet but there were some provisions. Even in taxation, I doubt that bitcoin will be taxed here soon but there are some who proposes amendment to this but usually gets blocked by wealthy and powerful people.
Quite curious if this has been the case. Obviously I'm hoping it haven't been the case.
That would only be the case if a country legalizes bitcoin, and let the people use bitcoin as a currency in that country like its fiat. Because taxes only apply on things that are run or traded legally in a country, and if something is not yet introduced to the people, nor the people, or most of them know about it, then i don't think the government can implement any tax rules on it.
No one you have your bitcoin converted to a fiat currency then it may be subject to applicable taxes. But the exact computation is quite hard since exchanges are already deducting fees from your coins and they should also take into consideration the way you got the coin to compute for the expenses that you had for you to get the coin.
This is an incorrect interpretation in most countries. Bitcoin will be subject to capital gains tax even if you buy something with it or exchange it for something else. even if you buy a house with Bitcoins , you have to pay tax.
I don't so whether in some year it will implement that forcing to pay taxes of bitcoin especially in a way of fees they are already put the taxes.
No i think in the future we can have tax and its not going to anyone to be force because for me we need tax here in bitcoin for more good and more safe,most of scam accusation here in online world is related to bitcoin so i think if we have government also here some person that use bitcoin to scam will get scared for what their doing because the government can monitor that
Quite curious if this has been the case. Obviously I'm hoping it haven't been the case.
That would only be the case if a country legalizes bitcoin, and let the people use bitcoin as a currency in that country like its fiat. Because taxes only apply on things that are run or traded legally in a country, and if something is not yet introduced to the people, nor the people, or most of them know about it, then i don't think the government can implement any tax rules on it.
No one you have your bitcoin converted to a fiat currency then it may be subject to applicable taxes. But the exact computation is quite hard since exchanges are already deducting fees from your coins and they should also take into consideration the way you got the coin to compute for the expenses that you had for you to get the coin.
This is an incorrect interpretation in most countries. Bitcoin will be subject to capital gains tax even if you buy something with it or exchange it for something else. even if you buy a house with Bitcoins , you have to pay tax.
Quite curious if this has been the case. Obviously I'm hoping it haven't been the case.
That would only be the case if a country legalizes bitcoin, and let the people use bitcoin as a currency in that country like its fiat. Because taxes only apply on things that are run or traded legally in a country, and if something is not yet introduced to the people, nor the people, or most of them know about it, then i don't think the government can implement any tax rules on it.
No one you have your bitcoin converted to a fiat currency then it may be subject to applicable taxes. But the exact computation is quite hard since exchanges are already deducting fees from your coins and they should also take into consideration the way you got the coin to compute for the expenses that you had for you to get the coin.
Quite curious if this has been the case. Obviously I'm hoping it haven't been the case.
That would only be the case if a country legalizes bitcoin, and let the people use bitcoin as a currency in that country like its fiat. Because taxes only apply on things that are run or traded legally in a country, and if something is not yet introduced to the people, nor the people, or most of them know about it, then i don't think the government can implement any tax rules on it.
Quite curious if this has been the case. Obviously I'm hoping it haven't been the case.
Forcing bitcoin users to pay up taxes would really be impossible but this thing can be done when people are engaging into those centralized exchanges which would really end up to get a % of their profits or holding as those exchanges would really follow on the imposed laws of a certain county on which it do belong.They don't have the choice but to follow it.This is the only way that I can see that bitcoin users can be taxed excluded on the fees being deducted on our each transactions.
Quite curious if this has been the case. Obviously I'm hoping it haven't been the case.
Forcing bitcoin users to pay up taxes would really be impossible but this thing can be done when people are engaging into those centralized exchanges which would really end up to get a % of their profits or holding as those exchanges would really follow on the imposed laws of a certain county on which it do belong.They don't have the choice but to follow it.This is the only way that I can see that bitcoin users can be taxed excluded on the fees being deducted on our each transactions.
It seems to me that only a few countries in the world agree to accept bitcoin. Most countries banned its use. Many governments are under the control of the Americans. I think that they will make through loans to the governments of many countries to ban bitcoin. Bitcoin is first and foremost a threat to the dollar.
Quite curious if this has been the case. Obviously I'm hoping it haven't been the case.
I haven't heard of any such cases yet . Countries are either legalizing bitcoin or are completely banning it . I haven't heard of any major regulations on bitcoin and imposing of taxes on the use of bitcoin yet . Mainly the centralized banks and governments are not able to find out the means to regulate it so they are either for a yes or no in the case of bitcoin.
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