Let's Talk Taxes - page 3. | Bitcointalksearch.org

darkangel11

legendary

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Don't let others control your BTC -> self custody

Quote from: jrrsparkles on July 30, 2018, 04:55:25 AM

I am not a US citizen,to be honest I never paid any taxes regarding my crypto investments because I didn't cashout much money yet,I just cashout only when I am need in emergency because I am already doing some business where I can cover all the expenses.In case if I need to cashout all the bitcoins I have do I need to pay the taxes to the governments other than the incomes tax?

You probably don't have to, just like you don't have to tell the government how many bitcoins you're holding. In most countries you only owe income tax if you convert your coins to fiat. And it doesn't matter if you juggle between currencies to ultimately end up back in crypto. The moment you convert to fiat you owe taxes, and it doesn't mater if you go back to crypto later on.
There are also extreme cases of governments wanting people to pay taxes on held coins, or asking additional taxes like VAT or 1% of every transaction, but those are rare. For instance Australia used to charge VAT, but they don't anymore.

fmasta

full member

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Quote from: spyda5556 on July 27, 2018, 09:35:00 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?

Taxation is obvious I just don't like my country politiek because there sometimes putting on the taxes that are not affordable for people and it prevents the small business to develop in my country.

brightMan

jr. member

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Quote from: RodeoX on August 07, 2018, 09:27:36 AM

Oh boy, here we go again.

Taxes are not optional in the U.S. Yes the IRS knows about your Coinbase account. Yes you owe capitol gains. There is absolutely no question about it.

Tax free countries are enjoying cryptocurrencies while few countries have implemented taxes over cryptocurrencies which is not good and unfair with the people of those countries. We know well that cryptocurrencies are decentralized so there is no power that can influence over it regarding any issue or problem. It is simple for our use for fast transactions with benefits and for investment for huge profit.

ExtremeFacials.com

member

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Merit: 10

Quote from: spyda5556 on July 27, 2018, 09:35:00 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?

The citizen of my country I don't have a problem with buying a taxes because it is regulated with the law system that I have here. I'm just forced to do that and that is completely ok. Pay taxes.

CoinEraser

legendary

Activity: 1988

Merit: 1767

Quote from: spyda5556 on July 27, 2018, 09:35:00 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?

Paying taxes on crypto coins is normal in the country where I live. I also have no problems taxing my profits. Taxes are used to pay a lot of good things like roads, schools, etc. If you do not trade and leave your coins for over a year, they are even tax-free. It does not get any better. Also, do not forget that the blockchain forgets no transaction and you can track everything. So pay your taxes on it, should your country require it of you and have rest. This is my advice on the topic of taxes. Wink

RodeoX

legendary

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The revolution will be monetized!

Oh boy, here we go again.

Taxes are not optional in the U.S. Yes the IRS knows about your Coinbase account. Yes you owe capitol gains. There is absolutely no question about it.

audaciousbeing

hero member

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Quote from: spyda5556 on July 27, 2018, 09:35:00 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?

When it comes to crypto taxes, the treatment would likely be the same depending on which particular section its being categorized by the jurisdiction and the treatment would still remain the same. What you need to bother yourself about is what is our country saying it to be. If its regarded as property, then the provisions of the Capital Gains Tax Act becomes applicable, if its regarded as a form of trading income for those engaged in mining activities, then that would be treated under the provisions of both Company and Personal Income Tax laws. For those doing running exchange sites or centralized exchange sites, those could be taxable under the provisions of either Value Added Tax or Consumption Tax depending on how its being interpreted. So, it does not really the jurisdiction, its the law except a new law is enacted to deal with crypto currency.

jakagintiri

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www.coinxes.io

actually the tax will be good if the management is right and right, because the principle of tax is for the progress of a country either in infrastructure or other things but many are misusing it from determining the tax value that is not relevant to the high level of corruption so that the community loses trust and is lazy to pay taxes

zoeylee

copper member

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Semi-Decentralized Exchange

Quote from: spyda5556 on July 27, 2018, 09:35:00 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?

Though i'm not living in the U.S but with regards to taxation its our obligation as a citizen of our country. Every country regulates taxes for its development. But if bitcoin would regulates by the government then it must be transparent to the people where taxes proceeds.

jambul_kribo

sr. member

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Quote from: 2start on August 05, 2018, 04:47:38 PM

I strongly disagree if bitcoin is taxed. the government has gotten a lot of money from taxes. why does bitcoiin have to be taxed, bitcoin does not render the government.

you right bitcoin unnecessary to regulated. but the certainity of investors money is needed.there is no other way for us if we want certainity in cryptotrading.imagine while we on trading , and exchange closed by goverment.all investors loss their money.

Abeey4life

jr. member

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It's possible for Bitcoin to be taxed here in my country, I believe that it will boost the economy growth in the country.

StevenGibson1212

newbie

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The history of tax development
Egyptian farmers confiscated for not paying taxes. (Pyramid age). The first known system of taxation was in ancient Egypt around 3000-2800 BC during the first dynasty of Egypt in the Old Kingdom of Egypt. The earliest and most common form of taxation is corvée and tithing. Corvée has forced labor to provide the state by too poor farmers to pay for other forms of taxation (labor in ancient Egypt was a synonym for tax). Records from the time document that Pharaoh will perform a biennial tour of the kingdom, collecting decimals from the people. Other records are detailed receipts on pieces of stone and papyrus. Early tax is also described in the Bible. In Genesis (chapter 47, verse 24 - New International Version), it says, "But when the plants come, give a fifth to the Pharaoh. Food for yourself and your family and children. " Joseph told the Egyptians how to divide their crops, providing part of the Pharaoh. A portion (20%) of the crop is taxed (in this case, a special tax rather than a regular tax, as it is collected against the expected famine).

2start

newbie

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I strongly disagree if bitcoin is taxed. the government has gotten a lot of money from taxes. why does bitcoiin have to be taxed, bitcoin does not render the government.

Aiiimm

newbie

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Paying taxes is requirement that should obey. It is usually applied to those who have big establishments like restaurants or any kind of houses that causes high expences.

ice18

hero member

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They already imposed tax on local exchanges when they filed their own business license and this exchanges already included this tax on fees for converting crypto into fiat thats why IMO no need to imposed tax on cryptocurrency holders.

ecnalubma

sr. member

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Merit: 420

If the government is after crypto taxes then why scrutinized this industry that much? I think they must be loose with their rules and not be to harsh to small investors and must start cracking up price manipulators, I'm not against taxation but it should be implemented fair.

Camster

member

Activity: 180

Merit: 10

Taxation = theft. I'm not sure if most people will skirt the issue and get around paying taxes or if most will pay. If one was smart and go through Monero then cash out locally how would they ever know? Undercover agents world wide? Seems this will always be an issue for governments.

maculeth

member

Activity: 714

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BountyMarketCap

talking about tax in the crypto world, tax should not be high then it can be accepted. imagine when someone makes a transaction using bitcoin and is subject to a tax of 0.1 btc, that is a fairly large amount. if the government regulates bitcoin and crypto tax issues, 0.001 is probably an ideal value.

Janation

hero member

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Merit: 528

Quote from: metenjean on July 28, 2018, 01:02:56 AM

Income tax has become a dilema especially in cryptocurrencies however speculating about how government will take how much percentage of tax due to how much coins we have or trade doesn't sounds really fair since decentralized and annonymity were included and theres no way to deduce it someone really owns it or even trade it at the first time. I don't live in US but if government really apply cryptocurrency taxes in anywhere then they have to make sure they can calculate and measure how much someone really worth first.

It will be hard for the government to track how much does one Bitcoin users have. I guess it might be applied on some exchange but if that certain user are a holder, the government will just let him pay a small fee that will be unfair.

Some users especially the whales usually transfer thousand of Bitcoin annually, changing from wallet to wallet, if tax will be applied, it will be only for exchange and not for transferring BTC wallet to wallet.

Mpamaegbu

legendary

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Once a man, twice a child!

I think sincerely that taxes in cryptocurrency will come as interest rates just like banks do. It would be changed based on per Satoshi. It shouldn't matter how small or big anyone is cashing out. I don't see any issues with that. The government sees to that and I don't think it will be any problem for American citizens who are already used to paying taxes.

Topic: Let's Talk Taxes - page 3. (Read 1678 times)