Topic: Not Declaring Bitcoin Income (Read 7575 times)
After revelations exposed by Edward Snowden and organizations like Wikileaks, it is not wise to believe that anything in the digital world is totally “anonymous.”
I think this is indeed controlled by the government, therefore bitcoin is subject to tax every time we make a transaction, if we are traced we then use bitcoin without us having to pay taxes. but in some countries bitcoin has not been so accepted by the government for various reasons, not as freely as you intended in your country.
Bitcoin is very trackable. But the thing is how do you decide whom to track? There is no good automated way to do it. Bitcoin is out of the purview of any country really, and should be treated that way. I wrote some about it here.
If you convert Bitcoin to fiat, pay income tax on it if your country has income tax. Simple.
Bitcoin ATM's bring up some legality concerns. Technically you are selling them for fiat, so you should also pay taxes like it's income instead of like it's a bank.
I'm in the United States. That's how it is here, as well as pretty much anywhere. It's just a question, is there income tax?
If you convert Bitcoin to fiat, pay income tax on it if your country has income tax. Simple.
Bitcoin ATM's bring up some legality concerns. Technically you are selling them for fiat, so you should also pay taxes like it's income instead of like it's a bank.
I'm in the United States. That's how it is here, as well as pretty much anywhere. It's just a question, is there income tax?
Yes mate. We have a different country that we live in but the same way on how the taxes can be collected from us. And i guess many countries does the same way as ours. We cannot use bitcoins in a lot of transactions everywhere, so what we need to do is to convert our bitcoins into fiat. In that way, we are all obligated to declare our income from bitcoin to our local currency. Therefore it is not true that bitcoin can destroy a country just because of thaxes issues.
For now we should cherish on not paying up taxes because sooner or later they would surely implement it.
The goverment may surely check all your tranfers from and to exchanges but transfers made with crypto is to hard to trace at least for now.
I also did not declare any of my bitcoin income. I will wait first for an official law that states that all of our profits from bitcoin and also in altcoins are subject to tax. But I don't even hear any plans at this moment so I'm free to encash all of it without any deductions.
Same situation here in my country as of now we still enjoy using bitcoin and earning bitcoin from working here in the forum and trading.They did not declare it is illegal but no further announcement that this is legal, the good thing is they are quite enough into these cryptocurrencies earning. But at least we know that we are not making any illegal activities of earning bitcoin and we have evidence to show where our bitcoin comes from not in fraudulent.
Does anyone have suggestions on ways to help with a relatively large capital gains tax bill? I sold a fair amount of my holdings back in February and as a result have a decent capital gains tax liability, but obviously would like to avoid this as much as possible.
I came across this blog post the other day at it seemed interesting, anyone know anything about this program? Seems like its a part of the new tax bill but I'm not sure if this is a good option compared to something else that may be out there.
https://fundrise.com/education/blog-posts/tax-incentives-of-investing-in-opportunity-zones
I came across this blog post the other day at it seemed interesting, anyone know anything about this program? Seems like its a part of the new tax bill but I'm not sure if this is a good option compared to something else that may be out there.
https://fundrise.com/education/blog-posts/tax-incentives-of-investing-in-opportunity-zones
I also did not declare any of my bitcoin income. I will wait first for an official law that states that all of our profits from bitcoin and also in altcoins are subject to tax. But I don't even hear any plans at this moment so I'm free to encash all of it without any deductions.
People should declare bitcoin income because it can be traced when we convert into the currency. When you transfer your income into bank accounts income tax officer can make some questions about this income so it's right to disclose income of bitcoin.
Government have eyes on cryptocurrency user's transaction every time. It is right at the present they don't have overall control about it,when they will in the position to implement taxes on bitcoins you must declare bitcoins income. Why peoples are so worry who use bitcoin.Declare income pay tax go safely.
If you translate crypt into phiath, then they will find out and you will have to pay taxes, but if you keep them in the distant future, then how do they know how much you keep at home.
Here in my country which is now an upcoming tiger economy (though we are still classified as a third-world country), we are free to participate in Bitcoin both buying and selling as the government is treating Bitcoin just like any other foreiign money.
However, I am sure that only a very, very small fraction of us are declaring our Bitcoin income. It seems to me that the government is not that interested to get strict with individuals as long as they can tax the Bitcoin exchange provider for the service rendered.
I am then wondering the situation with other countries. Can your government really be able to track if you never declared gains made from Bitcoin transactions?
If the government has established a tax on income from activities in the crypto currency, it will unambiguously track them. Just now there are still other problems with the crypto currency. In addition, most states have not yet fully studied and have not fully determined the crypto currency, including on the methods of monitoring the collection of taxes from its use. In the future such control will be strengthened and if the government sees that people do not pay taxes, then various prohibitions and restrictions can be introduced, up to the complete prohibition of decentralized crypto currency. However, I am sure that only a very, very small fraction of us are declaring our Bitcoin income. It seems to me that the government is not that interested to get strict with individuals as long as they can tax the Bitcoin exchange provider for the service rendered.
I am then wondering the situation with other countries. Can your government really be able to track if you never declared gains made from Bitcoin transactions?
We started seeing this kind of practice in us and I think in some other countries and laundering money is another term. It's easier to pay taxes and spend it freely
Here in my country they don't about our earnings in bitcoin. So we don't need to declare our earnings in bitcoin. I don't know in other countries if it the same like ours.
Here in my country which is now an upcoming tiger economy (though we are still classified as a third-world country), we are free to participate in Bitcoin both buying and selling as the government is treating Bitcoin just like any other foreiign money.
However, I am sure that only a very, very small fraction of us are declaring our Bitcoin income. It seems to me that the government is not that interested to get strict with individuals as long as they can tax the Bitcoin exchange provider for the service rendered.
I am then wondering the situation with other countries. Can your government really be able to track if you never declared gains made from Bitcoin transactions?
However, I am sure that only a very, very small fraction of us are declaring our Bitcoin income. It seems to me that the government is not that interested to get strict with individuals as long as they can tax the Bitcoin exchange provider for the service rendered.
I am then wondering the situation with other countries. Can your government really be able to track if you never declared gains made from Bitcoin transactions?
In my own understanding about taxation thru local exchanges in which it will always depend on how much Bitcoin you will going to convert to fiat therefore no need for income declaration because once you convert a certain amount of Bitcoin to fiat then the Bitcoin tax was already included together with the service charge which is the same regulation policy with other countries including ours.
Because in my country Bitcoin has not been legalized. So I never stated earnings from Bitcoin. If I declare the income from Bitcoin would be the complicated business. Bitcoin has not been taxed in my country so I am still very free to use it.
government needed tax but its not compulsory to declaring bitcoin income and its not a crime so its not necessary.
Not sure which government do not care for income they will receive as a tax form the taxpayers. Govt require money which ever country let it be to run their administration and by not paying taxes you are asking them to prove in the court of law that you are guilty and then you will be penalized for that.
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Bitcoin is very trackable. But the thing is how do you decide whom to track? There is no good automated way to do it. Bitcoin is out of the purview of any country really, and should be treated that way. I wrote some about it here.
If you convert Bitcoin to fiat, pay income tax on it if your country has income tax. Simple.
Bitcoin ATM's bring up some legality concerns. Technically you are selling them for fiat, so you should also pay taxes like it's income instead of like it's a bank.
I'm in the United States. That's how it is here, as well as pretty much anywhere. It's just a question, is there income tax?
If you convert Bitcoin to fiat, pay income tax on it if your country has income tax. Simple.
Bitcoin ATM's bring up some legality concerns. Technically you are selling them for fiat, so you should also pay taxes like it's income instead of like it's a bank.
I'm in the United States. That's how it is here, as well as pretty much anywhere. It's just a question, is there income tax?
Yes mate. We have a different country that we live in but the same way on how the taxes can be collected from us. And i guess many countries does the same way as ours. We cannot use bitcoins in a lot of transactions everywhere, so what we need to do is to convert our bitcoins into fiat. In that way, we are all obligated to declare our income from bitcoin to our local currency. Therefore it is not true that bitcoin can destroy a country just because of thaxes issues.
It depends on government law of your country, if you want to pay tax on your income then it would be legal money after deduction of tax.
I think the Government will not be able to track if we do not tell and not talk the income we get from Bitcoin. If I speak openly about Bitcoin's earnings in the country, I'm sure the government will not stay silent and will further prohibit the use of Bitcoin. While a small percentage of the people who are in my country, currently earn income from Bitcoin to meet the needs of his life.
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