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.

St4yInTh3D4rk

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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.

Cacao2017

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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.

andriarto

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Quote from: Rajamuda on August 13, 2018, 05:33:26 AM

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

Michaelpascual

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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.

Rajamuda

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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.

udonmez

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Quote from: Abeey4life on August 07, 2018, 06:29:29 AM

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?

voztata

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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?

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.

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?

katri

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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.

1SERZH1

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Do you imagine, what will happen to the state, that takes taxes and at some point the cryptocurrency will disappear along with the blockchain !!? Shocked

talenah kotang

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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.

julius caesar

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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.

jak3

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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.

Comino

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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?

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.

WhaleHunter

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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.

pobeditelvezde

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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.

cynical

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Quote from: el kaka22 on August 12, 2018, 11:26:16 AM

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.

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.

okala

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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?

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.

el kaka22

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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.

arafat222

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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.

RodeoX

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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%.

darkangel11

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Quote from: jrrsparkles on July 30, 2018, 03:55:25 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

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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?

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

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Quote from: RodeoX on August 07, 2018, 08:27:36 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

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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?

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

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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?

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

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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

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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?

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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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

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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?

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

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Quote from: 2start on August 05, 2018, 03:47:38 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

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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

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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

Activity: 147

Merit: 0

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

Activity: 23

Merit: 0

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

Activity: 2492

Merit: 542

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

Activity: 1540

Merit: 420

www.Artemis.co

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

Merit: 11

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

Activity: 1722

Merit: 528

Quote from: metenjean on July 28, 2018, 12:02:56 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

Activity: 2716

Merit: 1225

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.

MainIbem

sr. member

Activity: 1316

Merit: 379

Fully Regulated Crypto Casino

The government is not thinking smartly when it comes to cryptocurrency tax. There are multiple ways of taxing people. There is direct and indirect tax. When it comes to cryptocurrency tax, I think the better option is indirect tax because of the complications of identity. More so, not all balances in a wallet is as a result of profit.

It is easy to avoid or evade direct tax, but everyone pays tax indirectly via VAT, levies, etc. So the government should concentrate on indirect tax. However, the exchanges makes profit and it is easier to tax such entity than the individual wallet holders.

spyda5556

newbie

Activity: 34

Merit: 0

In the U.S. they have a way of going back in time to collect tax when large amounts of money go accounted for. So I would be cautious when it comes to cashing out through easily traceable and well known venues like Coinbase. That way you make it harder for the government to just run an automated tax for any exuberant amounts of money cashed out on coinbase.

gandhe83

member

Activity: 266

Merit: 10

Quote from: metenjean on July 28, 2018, 12:02:56 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.

Taxation is a requirement of every country in the world. The use of reasonable taxes is essential for our human beings. However, there are more things to be aware of when taxes come in many forms.
In many places they still have tax fraud to their own benefit, not transparent. Therefore, the tax collection should be transparent in the light, avoid bad phenomena.

kidamazo

member

Activity: 289

Merit: 10

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.

odri777

jr. member

Activity: 115

Merit: 1

In order to tax the crypto currency, the state should at least how to legitimize it!

Dimon8

jr. member

Activity: 420

Merit: 1

When the crypto-currencies will be used by all countries, the governments of the countries will quickly come up with how to levy taxes from crypto. It is too early to speak about figures, but this is already being discussed by many international organizations.

jrrsparkles

sr. member

Activity: 2520

Merit: 280

Hire Bitcointalk Camp. Manager @ r7promotions.com

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?

metenjean

full member

Activity: 854

Merit: 140

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.

spyda5556

newbie

Activity: 34

Merit: 0

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?

Topic: Let's Talk Taxes (Read 1734 times)