Topic: Let's Talk Taxes - page 2. (Read 1678 times)
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.
The tax is set by the state for those who earn more than the average of the society and the enterprises engaged in state-owned production and business use tax to pay staff salaries.
I think that at whenever that time.. it will not necessarily be entirely simultaneous at the same time that there will be a tax on crypto. Each country certainly has many specific considerations in responding to crypto to its use and its role in relation to the government of their respective countries. In the country where I live, it hasn't been seen that there will be a tax application, but if later it's admitted.. that there will certainly be an official tax application from the government.
different in my country, even though government has not legalized bitcoin, but indirectly we have to pay personal taxes every year. so the income from bitcoin will be calculated by existing formula and then tax that must be paid
When it comes to taxes it is a mandatory payments. Taxes are included in something that we buy in market but in senior citizens and priest they are exempted in paying taxes.
I think that at whenever that time.. it will not necessarily be entirely simultaneous at the same time that there will be a tax on crypto. Each country certainly has many specific considerations in responding to crypto to its use and its role in relation to the government of their respective countries. In the country where I live, it hasn't been seen that there will be a tax application, but if later it's admitted.. that there will certainly be an official tax application from the government.
It's possible for Bitcoin to be taxed here in my country, I believe that it will boost the economy growth in the country.
What is your country and how do they get tax from bitcoin?
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?
What kind of taxes and why should we even pay tax? Hmph… I don’t know why some of you here are fond of bringing up stupid topics just to piss others off. Man this topic makes no sense, you will also be the same person that will be complaining when they happen to charge tax and you can’t afford it. 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?
Now you’re making noise, it’s people like you that don’t have any money to pay for anything but you will prefer to make noise. So what you mean now is that you’ don’t like the fact that you’re not being charged anything except transaction fees?
its hard to impose taxes in highly decentralized system and a volatile environment. congress should enact laws on how to implement taxes and how go ertment can take over the cryptocurrency ecosystem.
Do you imagine, what will happen to the state, that takes taxes and at some point the cryptocurrency will disappear along with the blockchain !!? 
In my country tax is mandatory but not for cryptocurrency because crypto has not been legalized, tax can be applied but according to crypto income and taxes must be used for the prosperity of a country.
In a country in Southeast Asia, people's income tax of up to 10%, tax misuse policies have made people disagree. Every year, the personal income tax of each person reaches billions.
Yes same here in my country, though the tax each month to a person is quite low if we will agther everything every year it is very large amount of money which I highly think that must be used in proper not to be corrupted, this is why people nowadays dont disagree with governements since they corrupt everthing that they can in the people which is not good as a politician. It was arbitrarily perform for the sake of the society taxes are very important to one's country.
They all are just trying to make money from you, just imagine you pay taxes for having those amount of coins but you are also paying taxes for withdrawing that much amount. They are literally taking money from us without any specific reason. For example, they wear sending my money to another account and charging text for that but the reality is the money never moved it's just a guy changed some numbers in the database which does not even cost one penny.
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?
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?
Well, first of all, cryptocurrencies still and will operate in a gray area where it’s difficult to know how to apply the law.
Even in the case with Coinbase, when the court ordered it to provide taxpayer data and transaction records for certain customers, they did not collect the whole information and they can’t get access to all the data. Yet. But they will. It is the matter of time and law. US is being a pioneer, by treating virtual currency as a US federal tax property. A huge amount of money until now has been passing by the State pockets.
Most of the countries have no clear legislation about revenues from Bitcoin and crypto, I guess this will change. Some countires, like Switzerland, have no capital gain tax, so the best place to "cash out" if that is what you like to do.
As far as I know, while cryptocurrencies are tax-free but I am sure that the government will not leave without the attention crypto market and, of course, the government will impose taxes on cryptocurrencies. I did not hear any ideas about taxes from the officials and I do not know how they are going to implement the tax system for crypto market and I also do not know when they are going to start imposing taxes on crypto market. I really hope that it will not be soon.
As per many people here, imposing taxes on bitcoin may lead to get bitcoin payment system legalized. It may sound as an indirect way still it seems as an easy way to convince the governments. I do believe when each and every need of our living will be available for bitcoins then we never need to worry on taxes on bitcoins. But people here, instead of making business to adopt bitcoins, just concerning on escaping from taxes or how to remain as a bitcoiner yet tax-free.
Just talking from the norms where I do live, I never need to worry on paying taxes for my bitcoins but when I am encashing bitcoins for my fiats then I am obviously becoming taxable. I guess this is the situation for other country people also. Bitcoin system helps us to save it tax-free, if that also not possible then we really need to worry and need to act immediately.
Just talking from the norms where I do live, I never need to worry on paying taxes for my bitcoins but when I am encashing bitcoins for my fiats then I am obviously becoming taxable. I guess this is the situation for other country people also. Bitcoin system helps us to save it tax-free, if that also not possible then we really need to worry and need to act immediately.
Yes this is it. Bitcoin cannot be taxed directly. It is only when we change bitcoin for fiat.
I would say the majority of countriss will treat Bitcoin as an investment and tax it with capital gains tax like we see recently with Isreal.
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?
Governments is going to enforce taxation in some years to come because cryptocurrencies has to be taxable. Those That are not in support governments tax cryptocurrencies are not looking in the areas of cryptocurrencies been adopted and used as money and the proceed from it should be taxable. 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 per many people here, imposing taxes on bitcoin may lead to get bitcoin payment system legalized. It may sound as an indirect way still it seems as an easy way to convince the governments. I do believe when each and every need of our living will be available for bitcoins then we never need to worry on taxes on bitcoins. But people here, instead of making business to adopt bitcoins, just concerning on escaping from taxes or how to remain as a bitcoiner yet tax-free.
Just talking from the norms where I do live, I never need to worry on paying taxes for my bitcoins but when I am encashing bitcoins for my fiats then I am obviously becoming taxable. I guess this is the situation for other country people also. Bitcoin system helps us to save it tax-free, if that also not possible then we really need to worry and need to act immediately.
Just talking from the norms where I do live, I never need to worry on paying taxes for my bitcoins but when I am encashing bitcoins for my fiats then I am obviously becoming taxable. I guess this is the situation for other country people also. Bitcoin system helps us to save it tax-free, if that also not possible then we really need to worry and need to act immediately.
Cryptocurrency is increasing all over the world many country use it very easily. So the government is not thinking smartly when it comes to cryptocurrency tax.
Taxes in the U.S. are not a mystery at all. There has never been a time in which bitcoin was not taxable. It is clearly subject to capitol gains tax, no question about it. The way it works is that you trigger a taxable event anytime you see a "gain." So if you bought a BTC for $1,000 and sold for $1,500 you saw a gain of $500. How much of that gain is due in taxes depends on your other taxes, how much you make, etc. It typically ranges from 0%-10% but if you make a lot of money and live in a state with additional capitol gains it could be as high as 20% total.
The good news is that is probably 15% less than the money you work your butt off to make. Normally income tax is about 35%.
The good news is that is probably 15% less than the money you work your butt off to make. Normally income tax is about 35%.
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