Topic: Have people been forced to pay tax over Bitcoin yet? - page 12. (Read 5519 times)
Until now i have never paid tax on bitcoin, this may be because the bitcoin legality in my country is still illegal so there is no binding rules about tax on bitcoin, but if later bitcoin has become the official currency in my country of course they will apply the rules on tax policy on bitcoin
Not really...If you make BTC transaction from one wallet to another, no tax would be levied because of a decentralized anonymous transaction on the blockchain . But soon you want to bring profits of your investment in your bank account through an exchange, it will ask for KYC which include all your necessary documents which will help to evaluate the tax on you.
depends on a country in question,I'm pretty sure in the US people declare their income
even if it comes from bitcoin trading or investing bitcoins,many prefer to be on a safe side
and are trying to pay taxes or at least enquire how to do so-check the topics like "Do I have to pay taxes over bitcoin",yes just like yours
most of them are coming from the US citizens
unfortunately,even in states,bitcoin is agrey area and you should consult a lawyer as to what laws in your particular state are saying about it
if there are no laws regarding bitcoins,people cannot be forced to pay tax
easy as that
even if it comes from bitcoin trading or investing bitcoins,many prefer to be on a safe side
and are trying to pay taxes or at least enquire how to do so-check the topics like "Do I have to pay taxes over bitcoin",yes just like yours
most of them are coming from the US citizens
unfortunately,even in states,bitcoin is agrey area and you should consult a lawyer as to what laws in your particular state are saying about it
if there are no laws regarding bitcoins,people cannot be forced to pay tax
easy as that
Sounds like you are from the US? Is it true that it is illegal to participate in ICO's in the US?
depends on a country in question,I'm pretty sure in the US people declare their income
even if it comes from bitcoin trading or investing bitcoins,many prefer to be on a safe side
and are trying to pay taxes or at least enquire how to do so-check the topics like "Do I have to pay taxes over bitcoin",yes just like yours
most of them are coming from the US citizens
unfortunately,even in states,bitcoin is agrey area and you should consult a lawyer as to what laws in your particular state are saying about it
if there are no laws regarding bitcoins,people cannot be forced to pay tax
easy as that
even if it comes from bitcoin trading or investing bitcoins,many prefer to be on a safe side
and are trying to pay taxes or at least enquire how to do so-check the topics like "Do I have to pay taxes over bitcoin",yes just like yours
most of them are coming from the US citizens
unfortunately,even in states,bitcoin is agrey area and you should consult a lawyer as to what laws in your particular state are saying about it
if there are no laws regarding bitcoins,people cannot be forced to pay tax
easy as that
just like what the other said as long as you are using bitcoin to do your business you are still safe of getting taxes but after you exchange it to your local
fiat and start using your money then taxes will be implemented, I guess its the reason behind why china wanted to regulate btc as they wanted to have some
earnings out from this system.
fiat and start using your money then taxes will be implemented, I guess its the reason behind why china wanted to regulate btc as they wanted to have some
earnings out from this system.
In my country (Philippines), they are not imposing or charging taxes to bitcoin users because it is hard to determine who used bitcoin. And there are no laws about charging taxes on bitcoin users yet. Also it's very rare that you see a bitcoin users here because bitcoin here is not that popular. People also are hesitant to buy and use bitcoin. They are calling bitcoin a scam but it's not. I just let them. Anyway, if you give them your income statement. For sure they will charge you with tax. But as long as they don't know what you are doing. You can't be charge for taxes since they don't even know that you are using bitcoin.
I think currently it is hard for almost any government to determine who is using bitcoin...that might change though.
Quite curious if this has been the case. Obviously I'm hoping it haven't been the case.
I'm sure they have. In the IRS request to Coinbase, they cited multiple cases of tax evaders who had used Coinbase to facilitate the tax evasion. They used these cases to argue that Coinbase should turn over all customer data, so they can find similar tax evaders. The court rightfully rejected the request, but the underlying facts make clear that they are already coming after people for this.
If you are in the US and you have large wires in and out of your accounts, or you do high volume on LocalBitcoins, I'd be careful and do everything by the books. Bitcoin is no longer in the shadows. The taxman wants his cut.
This is what upsets me. A local bitcoin exchange was also forced to turn over all customer data, as law enforcement were looking for money launderers. However I bought some bitcoin through my bank account at their exchange.
Considering my country gets people into prison longer for tax evasion than murder. I'm afraid that one of these days they'll consider bitcoin as tax invasion instead of a "share".
Here in the Philippines there is no report I heard that there is a bitcoins forced to pay tax because here bitcoins is not popular and our governments here are very busy with a drug campaign that they want to stop it. So there is no any charges of paying taxes. Governments are not making it legal because they don't know how important is this. Bitcoin can help our economy if we are paying tax. It's not good not to pay a tax if you're country has a law that you need to pay a tax.
Quite curious if this has been the case. Obviously I'm hoping it haven't been the case.
No there is none being reported, even the countries that legalized bitcoin there is no incident report that they force to tax the bitcoin users. The government cannot impose tax on bitcoin except if they legalize the bitcoin in their country but still the imposed tax shall be fair policy not in cruel policy because if they imposed an unfair tax collection on bitcoin many people will not invest in bitcoin therefore the legalization will be useless.
Quite curious if this has been the case. Obviously I'm hoping it haven't been the case.
I'm sure they have. In the IRS request to Coinbase, they cited multiple cases of tax evaders who had used Coinbase to facilitate the tax evasion. They used these cases to argue that Coinbase should turn over all customer data, so they can find similar tax evaders. The court rightfully rejected the request, but the underlying facts make clear that they are already coming after people for this.
If you are in the US and you have large wires in and out of your accounts, or you do high volume on LocalBitcoins, I'd be careful and do everything by the books. Bitcoin is no longer in the shadows. The taxman wants his cut.
I think there is a small chance of that. Years ago, amidst all the calls by Congressmen, etc. to ban it, it seemed more likely. But a lot has changed since then. Even in the BTC-E indictment, the DOJ stated that there were legitimate uses for cryptocurrencies. The CFTC allowed LedgerX to formally register to offer regulated Bitcoin futures contracts. The US Marshall Service auctioned off hundreds of thousands of bitcoins -- you think the government would come back to Tim Draper and say, "thanks for your money, now give up your bitcoins, they're illegal"?
My take is that the US government is smart enough to know that they can try to ban it, but demand will not go away. It will thrive in the rest of the world, given time.
Quite curious if this has been the case. Obviously I'm hoping it haven't been the case.
I'm sure they have. In the IRS request to Coinbase, they cited multiple cases of tax evaders who had used Coinbase to facilitate the tax evasion. They used these cases to argue that Coinbase should turn over all customer data, so they can find similar tax evaders. The court rightfully rejected the request, but the underlying facts make clear that they are already coming after people for this.
If you are in the US and you have large wires in and out of your accounts, or you do high volume on LocalBitcoins, I'd be careful and do everything by the books. Bitcoin is no longer in the shadows. The taxman wants his cut.
Quite curious if this has been the case. Obviously I'm hoping it haven't been the case.
I'm sure they have. In the IRS request to Coinbase, they cited multiple cases of tax evaders who had used Coinbase to facilitate the tax evasion. They used these cases to argue that Coinbase should turn over all customer data, so they can find similar tax evaders. The court rightfully rejected the request, but the underlying facts make clear that they are already coming after people for this.
If you are in the US and you have large wires in and out of your accounts, or you do high volume on LocalBitcoins, I'd be careful and do everything by the books. Bitcoin is no longer in the shadows. The taxman wants his cut.
Now the state's official position on cryptocurrency no. There is no established national Bank the indicative price for the exchange. For this the state should accept all cryptocurrencies. Forced to exchange your coins for Fiat, no one can. To take taxes in coins by the state. So you have to pay taxes only after exchanging coins for Fiat. if you do it in small portions then you will not notice it and therefore do not need to pay.
In my country (Philippines), they are not imposing or charging taxes to bitcoin users because it is hard to determine who used bitcoin. And there are no laws about charging taxes on bitcoin users yet. Also it's very rare that you see a bitcoin users here because bitcoin here is not that popular. People also are hesitant to buy and use bitcoin. They are calling bitcoin a scam but it's not. I just let them. Anyway, if you give them your income statement. For sure they will charge you with tax. But as long as they don't know what you are doing. You can't be charge for taxes since they don't even know that you are using bitcoin.
I could agree on this and the country still is not yet fully dedicated to bitcoin issue because right now their are a lot of internal affairs to be dealt with before making huge movement on bitcoin. The legislative are still going on around drug issues and members of the government are still on conflict on each other revealing secrets about each on everyone. So i guess thats is why bitcoin is still not a major issue on the country.
In my country (Philippines), they are not imposing or charging taxes to bitcoin users because it is hard to determine who used bitcoin. And there are no laws about charging taxes on bitcoin users yet. Also it's very rare that you see a bitcoin users here because bitcoin here is not that popular. People also are hesitant to buy and use bitcoin. They are calling bitcoin a scam but it's not. I just let them. Anyway, if you give them your income statement. For sure they will charge you with tax. But as long as they don't know what you are doing. You can't be charge for taxes since they don't even know that you are using bitcoin.
I don't think there's any way to monitor and tax every single transaction right now. I know some people pay taxes on their earnings for Bitcoins, but because of how it works, they're free to declare an incorrect amount.
It seems to me that tracking each transaction of bitcoins for the government unrealistic. And the legislation does not provide for this. But to track each transfer Fiat to your account no problem. Even by today's laws, it is your income. If you use the exchange transaction then definitely have to pay taxes.
I don't think there's any way to monitor and tax every single transaction right now. I know some people pay taxes on their earnings for Bitcoins, but because of how it works, they're free to declare an incorrect amount.
Until you use only coins that will not happen. But once you bring yourself to the Bank account of the dollars or euros it will be considered as your income and therefore you will have to pay tax on capital gains. This is a big minus cryptocurrency. We can't spend on purchases without exchanging for Fiat. The anonymity of bitcoin is a myth too. Each exchange is easily monitored by the government.
You are incorrect.
1. You can be anonymous in Bitcoin but your transactions are public.
2. You can buy things using bitcoin as long as someone is willing to sell.
1. As long as you are not connected to your bitcoin account (which unlike a credit card, a paypal or a bank account, no one can force you to be) and you follow certain practices, you are anonymous.
2. The markets just need to expand.
Until you use only coins that will not happen. But once you bring yourself to the Bank account of the dollars or euros it will be considered as your income and therefore you will have to pay tax on capital gains. This is a big minus cryptocurrency. We can't spend on purchases without exchanging for Fiat. The anonymity of bitcoin is a myth too. Each exchange is easily monitored by the government.
Quite curious if this has been the case. Obviously I'm hoping it haven't been the case.
That not happen yet and i don't think will be applied soon because bitcoin and other altscoin depend on security plus anonymous payment within the blochchain but if you plan to use regulated exchange like poloniex and other sites registered under USA\EU rules perhaps some day might request TAX. Jump to: