Let's Talk Taxes | Bitcointalksearch.org

ylnar123

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Quote from: spyda5556 on July 27, 2018, 08:35:00 PM

Ok this is something that hits us all but when it comes to cryptocurrency there is a allot of uncertainty about how taxes will be enforced. There has been some news about different U.S. dollar amounts such as $10,000 at which taxes will be enforced or a certain amount of bitcoins traded such as 1 bitcoin at which taxes will apply. The majority of the news is based around cashing out on exchanges such as coinbase.
Based on what you have learned what do you think is the most likely scenario when it comes to cryptocurrency taxes in the U.S.?
Or comment on when do you think this will be clarified by the governing bodies?

As a citizen of a country, it is our duty to pay taxes for our earnings and ownerships. I cannot argue with the authority to impose taxes on our earnings in cryptocurrency as long as they use it for the improvement of our country.

iv4n

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Quote from: ucingucingan on September 20, 2018, 09:46:34 AM

talking about tax on crypto currency, of course there will be a lot of speculation that appears there is a pro and certainly there will be a lot of contra, in my opinion before it is really applied tax collection on crypto currencies the government should first review as closely as possible so that there is no mistake when the rules this is applied because if indeed the tax regulation on crypto currencies is applied in a country then from there the country will get enough large income

Let's talk about tax, what is the purpose of taxes and how and why people avoid paying taxes. If you live in country where government respect all their citizens why to not pay taxes and be fair, but what if you live in country where government is corrupted? You ask yourself why are you paying taxes? My government already takes a lot from me, I think o will not give them my share of crypto, there isn't law about it, but when it comes I will hide my assets in a safe place, and I will be careful when I use them for paying and cashing out, it's possible to stay hidden with crypto and I will use my right for anonymity and privacy. When my government start to respect me I will rethink my decision about paying taxes on my coins.

lelylely

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Taxes may work if the government has legalized bitcoin, but for something that hasn't become legal then the tax rules don't apply, what else bitcoin is decentralization that won't be easy for the government to control.

ucingucingan

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talking about tax on crypto currency, of course there will be a lot of speculation that appears there is a pro and certainly there will be a lot of contra, in my opinion before it is really applied tax collection on crypto currencies the government should first review as closely as possible so that there is no mistake when the rules this is applied because if indeed the tax regulation on crypto currencies is applied in a country then from there the country will get enough large income

10c

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Soon all countries will begin to impose a tax on the crypto currency, because many countries lose huge amounts of money that go to other countries.

martinholly167

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the government is always looking for ways to be able to get something from a money movement, one of their way is through taxes, crypto is new thing which is still not having a clear regulation on taxes

Andrew S

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Taxes will always be on everything and bitcoin is no exception, although they do not regulate it in any way.

LuciferEveningStar

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Quote from: Mlowo on August 24, 2018, 11:56:50 PM

Existing investment tax returns, but tax payments are taken from the results we will get, maybe we will be taxed 10% of the results we will get, all the things that are in the trade there must be taxes that must be paid.

In my own opinion ,people who are investing on cryptocurrency in order to earn profit should not pay taxes because there is already a transaction fee's in the market to transfer coins in other wallets.

Agapelove

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Cryptocurrency tax is one of the reasons why some governments do not recognize cryptocurrency coins. The governments don't know how to tax them. If the government will not get any amount to the transactions in cryptocurrency, better not to recognize it. If ever, they can think of a way to tax them, they might accept these coins.

Mlowo

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Existing investment tax returns, but tax payments are taken from the results we will get, maybe we will be taxed 10% of the results we will get, all the things that are in the trade there must be taxes that must be paid.

leavefifa

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Quote from: yusupjatigumilar on August 21, 2018, 09:26:50 AM

I agree more if the government only applies crypto currency tax to market companies only and does not use it on crypto currency holders, because in my opinion this will be more effective and efficient in collecting so that the government does not have to spend more money to collect taxes

I see this as a very suitable proposal. Should be taxed on the Crypto trading market for two reasons. Firstly, the management of Bitcoin is relatively easy to implement compared to the management of Bitcoins and Altcoin. Secondly, Bitcoin trading floors charge for trading activities on the trading floor, meaning they are doing business. That means they have to register for market managers and have to pay business taxes.

leavefifa

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I think that paying personal income tax when trading on the Cryptocurrency market is not a problem. Paying taxes is the responsibility and self-esteem of each person. If the government asked to pay taxes to those who had earned from Crypto to legalize Bitcoin and Altcoin, I would agree.

Ucy

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Tax is OK for me. If it were voluntary I will gladly pay it 100% . I honestly don't want governments to fall or stop being funded.
If governments fall, ordinary people suffer.. . You do not hurt crooks in power.
All I want is the fall of evil and arrogance in all governments. I hate it with all my soul. Cryptocurrency/Blockchain will humble all bad politicians.

kenlyresuello08

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Quote from: kenlyresuello08 on August 21, 2018, 11:28:20 AM

Quote from: kidamazo on July 30, 2018, 06:59:24 AM

I hope that my country would not put tax on bitcoin earning, but as far as I know living in my area it is almost impossible that they will do that most likely they will put another most taxis.

so your thinking that you will money without paying a tax??

* so your thinking that you earn money without paying tax??

kenlyresuello08

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Quote from: kidamazo on July 30, 2018, 06:59:24 AM

I hope that my country would not put tax on bitcoin earning, but as far as I know living in my area it is almost impossible that they will do that most likely they will put another most taxis.

so your thinking that you will money without paying a tax??

yusupjatigumilar

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I agree more if the government only applies crypto currency tax to market companies only and does not use it on crypto currency holders, because in my opinion this will be more effective and efficient in collecting so that the government does not have to spend more money to collect taxes

cellard

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You would need to check what your jurisdiction has to say about that. In the case of the US, most people aren't reporting anything until they cash out, but in some places, and im not sure if the US included, you must report even crypto to crypto trades, which means it's absolutely insane because most people have lost at least partially our trading history, specially when it comes to dead exchanges. And some exchanges such as Livecoin, only save history for a couple of weeks. I realized this when it was too late and I lost the trading history I did on that exchange, so please tell me how in the fuck im supposed to report these gains to the taxman now?

At the end of the day this all too new, and if you consult a professional, he will say something, you consult another one another day, and you will get a different reply. In this situation it seems to me that the only safe place is your Bitcoin wallet, and then decide in the future what to do about it.

carlisle1

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Quote from: spyda5556 on July 27, 2018, 08:35:00 PM

Ok this is something that hits us all but when it comes to cryptocurrency there is a allot of uncertainty about how taxes will be enforced. There has been some news about different U.S. dollar amounts such as $10,000 at which taxes will be enforced or a certain amount of bitcoins traded such as 1 bitcoin at which taxes will apply. The majority of the news is based around cashing out on exchanges such as coinbase.
Based on what you have learned what do you think is the most likely scenario when it comes to cryptocurrency taxes in the U.S.?
Or comment on when do you think this will be clarified by the governing bodies?

Cryptocurrency is not working only in US so don't act as if the taxation should be implemented only in that region,this is a worldwide issue and must be tackled universally..because this is the main reason why countries around the world putting regulations towards this community because they don't know how to put taxes in every areas of profiteering here.so i think the world governments should take this seriously for the benefits of both parties

0t3p0t

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Quote from: spyda5556 on July 27, 2018, 08:35:00 PM

Ok this is something that hits us all but when it comes to cryptocurrency there is a allot of uncertainty about how taxes will be enforced. There has been some news about different U.S. dollar amounts such as $10,000 at which taxes will be enforced or a certain amount of bitcoins traded such as 1 bitcoin at which taxes will apply. The majority of the news is based around cashing out on exchanges such as coinbase.
Based on what you have learned what do you think is the most likely scenario when it comes to cryptocurrency taxes in the U.S.?
Or comment on when do you think this will be clarified by the governing bodies?

Since I am not a US citizen I can't tell something about enforcing taxes to like a value of $10,000 per trade. All I can say is that here in my country taxes might be enforced everytime we made a cashout through local exchanges as it was regulated by the central bank. I think it is now hard to evade taxation due to KYC/AML implemented by governments to counter fraud and illegal activities in a country.

sheenshane

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Quote from: St4yInTh3D4rk on August 21, 2018, 08:10:15 AM

I already read somewhere that the US is charging heavy taxes for the crypto related earnings so but I am not sure how much they are asking the people to pay but until now I don't pay any taxes related to crypto earnings because I kept most of them in crypto format only the problem only arises when we cashing them out but in future what will happen if everyone uses bitcoin.

Yeah, I also heard on this but look at the US economy they are now most improve country because they are very strict the implementation law that everyone must pay their taxes monthly base on their monthly earnings. I don't hesitate my self to pay tax if I know that in that way I contributed my small amount into a great progress in my country to have economic growth.
But unfortunately, as of now bitcoin in my country has not had a law that we obliged to pay tax.

Topic: Let's Talk Taxes (Read 1735 times)