Topic: Not Declaring Bitcoin Income - page 10. (Read 7575 times)
In my country there are no problems with using bitcoins. The government banned them and did not recognize. This allows me to freely use bitcoin but I remain cautious. I will not exchange the bitcoin to Fiat in large amounts. It allows me to stay in the shadows and not paying taxes. Large purchases I make only for cash.
Yea, in the us you just cash out and they tax you on that. However, what your government is doing is very interesting. Would that mean higher transaction rates for you?
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 transaction happens between an online wallet and a real bank.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?
I think the government can track all transactions that occur through An interbank network, and the government knows where money comes from. Because, every system of the bank has been installed code a kind <hastag/tag>.
With a <hastag/tag> code the bank transactions engine can make a recording and automating the reports to the sekurity or related officers.
The quotation, “Every system is perfectly designed to get the results it gets."
Since my government is not mentioned that bitcoin is illegal, we still can use bitcoin with own risk. And as I heard about recent update about government policy against bitcoin, they will not legalized bitcoin so there is no point for us to declare my bitcoin income.
In other side, I'm feel happy because I can use bitcoin without paying any tax
In other side, I'm feel happy because I can use bitcoin without paying any tax
Can your government really be able to track if you never declared gains made from Bitcoin transactions?
Your government, like every government in the world is monitoring all bank transactions, that's enough for now. With time and effort, I'm sure a government could also monitor the blockchain, but I guess this isn't a priority as of today. The European Union is already talking about it, though.
The thing is that governments are not monitoring bitcoin transactions so they can not state that you made this much in the given tax year to claim on your FIAT tax form.
If they wanted to then they would be hiring crypto officers to follow these which I do not think they would be able to track each and every transaction anyways.
You think that each government will create own crypto department to audit all these transactions on the blockchain?
An impossible feat I would attest too.
I can't understand what's the problem? If you buy goods over the Internet then I doubt very much that the government will be able to trace you. You are beyond his reach. But this possibility is now very limited. Most users change their bitcoins for Fiat. For the government there is nothing difficult to obtain information about your income to the Bank account. This amount will be subject to taxation.
But my question is: HOW are they going to monitor blockchain if they plan to??
Seems like an impossible task, plus they would need a lot of talent.
Seems like an impossible task, plus they would need a lot of talent.
There are several blockchain analysis companies, e.g. Chainalysis and Elliptic. This sector is growing quite quickly, and it sounds like they are getting pretty sophisticated. Blockchain and taint analysis seems arduous to us, but Bitcoin is not particularly private, and with the right tools it should not be nearly as difficult as some people think.
These companies are already working closely with law enforcement in the area of tracking darknet market activity. In the future, I think it's possible that they could coordinate with tax authorities too. In the short term, though, governments already have their hands full trying to get a handle on exchanges. It will be a while before we get to that point.
Each state will establish its own rules for the circulation of the crypto currency and its tax rates and its object. It is up to each individual to decide whether to pay such taxes or not, since it is really difficult to track them. Apparently, the taxable income will differentiate depending on the size of the profit and some minimal amount of operations with the crypto currency will not be taxed.
But my question is: HOW are they going to monitor blockchain if they plan to??
Seems like an impossible task, plus they would need a lot of talent.
Seems like an impossible task, plus they would need a lot of talent.
In my country, you can't even find a place where "Bitcoin" is written on something, so i don't think if the government would need to be concerned with anything related to bitcoin right now. Maybe if in future bitcoin overtakes the country and is found everywhere then maybe the government will start tracking the incomes of people coming out of it, but that doesn't seem to be happening very soon. So i don't really declare my bitcoin income and i don't even need to do that.
yeah thats the reason you have to be careful with your taxes anway, especially concerning cryptocurrencies
In my country, you can't even find a place where "Bitcoin" is written on something, so i don't think if the government would need to be concerned with anything related to bitcoin right now. Maybe if in future bitcoin overtakes the country and is found everywhere then maybe the government will start tracking the incomes of people coming out of it, but that doesn't seem to be happening very soon. So i don't really declare my bitcoin income and i don't even need to do that.
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?
You should declared and pay the bitcoin income tax if you are required to do so because if the bitcoin is legal in your country you need to abide the law and your government policy to avoid facing the consequences. But if your government is not strict of your personal bitcoin income maybe i think you are already paying the tax thru your bitcoin exchange services fees in which the part of the amount of the fees is your tax to the government therefore no need to declare an bitcoin income because they will just depend to your bitcoin amount to be change to fiat.
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?
Well the government can now track our bitcoin earnings as long as we use the exchange service because our every transaction is now recorded. Here in my country our local exchange will required as an goverment issue ID for our true identifications so that every time we convert our bitcoin to fiat there is a record. I think we dont need to declare our bitcoin income unless if the government required as to do so as a policy but if not they are already earning to our every local exchange transactions therefore no need to declare bitcoin income because we are already paying bitcoin tax thru exchanger service.
I think the state will not be able to track our individual interest transactions, we can only track wallet transactions and can not track the owners of the accounts, the state can only get taxes when we exchange bitcoins with fiat money, and the use of bitcoin ATM
My country is far behind in matters related to cryptocurrencies. There is no law that regulates the purchase or sale, therefore it is difficult to declare bitcoin incomes here, so I do not think there is a crime to pursue, especially when my income derived from the cryptos are very small.
Well technically they are not violating any laws as the gains you will receive from buying and selling of cryptocurrency are not called income but they are called capital gains, the tricky part here is that not all capital gains tax rates are the same your country might have different rates for stocks, real estate, and for sure Bitcoin does not have anything as of yet but they will most likely match it to the tax rates of the stocks.
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?
This is the one reason why nations should legalized bitcoin because they will gain bitcoin income tax in which a little bit frustrations to some bitcoin enthusiast because there profit will be deducted but i think this is fair because income thru fiat was tax collectable too. All tax imposed by the government are good as long as it was used for the welfare of their people that is why they should be honest in declaring bitcoin income but if it will just to be stolen thru corruption that is bad and I'm against it.
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?
This is the one reason why nations should legalized bitcoin because they will gain bitcoin income tax in which a little bit frustrations to some bitcoin enthusiast because there profit will be deducted but i think this is fair because income thru fiat was tax collectable too. All tax imposed by the government are good as long as it was used for the welfare of their people that is why they should be honest in declaring bitcoin income but if it will just to be stolen thru corruption that is bad and I'm against it.
I think my country doesn't care anyway if any individual here in our country owns many btc. As today, we are free to earn as much as we could without declaring it. I believe that it would 2-3 years before our government will take legal actions because the increase of btc users here is very slow.
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?
If you are depositing unexplained FIAT in a bank account, the government might get involved, even if it is only a few thousand USD-worth per year.
If they see a suspicious activity in the account then they might investigate it further. As far as I know, banks focus more on accounts that has deposit of large transactions on a regular basis or a one time big time amount. If you only deposit a small amount then banks would not bother in your account. If someone wanted to get away with bitcoin income then he may want to separate his deposits in several accounts or just declare bitcoin income if you don't want to have problems with it.
But unfortunately only the government knows if they are going to investigate an account, there will always be some measure of risk unless you 100% comply with a country's declaration requirements.
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