Please DON'T pay any taxes on your crypto! - page 2.

Drai

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Quote from: Lionel on January 26, 2019, 04:02:56 AM

Oh.. they tell you that you withdrawn the coins from an exchange, so that's the proof you have the coins?
Just say that it was an hacker that stole your coins from the exchange, not you.
You got robbed, and you don't have to pay taxes on the money that was stolen from you, right?

P.S. for the geeks: use Veracrypt Wink

You thought of one aspect but you didn't think of the other, you have forgotten that eventually, the coin would have to enter your bank account or do you never plan to ever sell any of your cryptocurrency? When the funds enter your account, you would have to explain how that fund got there, even if you use that excuse you mentioned once, you cannot use it everytime you have to withdraw, I would just advice everyone to do the right thing, if Cryptocurrencies are being taxed in your country, pay your tax and stay in the right side of the law. John McAfee is a testimony about why you shouldn't evade taxes.

BChydro

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Quote from: WatchMaker on November 05, 2019, 05:40:34 PM

For someone like me, I don't have any problem paying taxes actually. The government use tax payers money to construct roads and bridges for rural areas and build schools and hospitals.

Even if your government is not doing anything you are bound to pay your taxes and if not you will get into trouble, just follow the Federal tax rates and pay them without any delay, i got a notification from them about my trades i did a long back and i had to clear everything about the profits and the loss i made during those period and if you are not following the rule then you will get into trouble and i am not taking any risk regarding that.

ufaiz50

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In my country there are no regulations regarding crypto ownership tax, except for the purchase of goods or services, usually there is already a tax calculation. In my opinion if there is an official crypto ownership tax, you must pay the tax, but if it is not official you have the right not to pay it. It's a matter of your obligations and the rights of the government in your country.

WatchMaker

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For someone like me, I don't have any problem paying taxes actually. The government use tax payers money to construct roads and bridges for rural areas and build schools and hospitals. Why would I fail to pay my taxes? In fact, you are helping your country to move forward by paying your taxes. You have to choose either your pockets or the development of your country.

bitbunnny

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I think that in majority of countries that have some regulation about Bitcoin you don't have to pay taxes on coins itself, only for transactions.
But I don't agree with advice not to pay taxes if that is the law, every citizen needs to obey law and order in country they live. Otherwise you send the message that Bitcoin users are some kind of rebels that don't respect legal rules and that only puts bad light on crypto users.

ILuckyGuyI

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If the country that you live in has some rules about cryptos and if that rules say that there are taxes for cryptocurrency usage, then I absolutely recommend that the citizen of that country should pay his/her taxes.

Fappanu

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There are many ways to hide our wealth in crypto so we don't have to pay taxes on it. And of course there should be other sources of income so that the authorities do not investigate us because of our questionable wealth from which we obtain it. So they don't pay attention to us anymore because we can answer their questions. And they can't blame us.

Devawnm367

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I really do not think that is the best Idea. Here in the United States I believe that you do not have to pay taxes unless you sell. I also believe that you should have sold atleast $10,000 worth in a specific year before you have to pay taxes. They may not be able to prove you have any coins in a specific wallet that is yours. But if you purchase your coins through coinbase or coinmama. It gets documented they can see what debit cards you used to purchase said coins. If you do everything 100% anonymous then I do not believe you have to worry to much. But even then if you are caught depending on the country and consequences you could get in severe trouble. It is not worth loosing everything you own. Be smart about how you do it if you do.

If you decide to not pay taxes make sure you purchased you crypto for CASH and sold it for CASH otherwise the consequences may involve you being audited and loosing everything you own and more!

CLS63

legendary

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In my opinion, if you are using cryptocurrencies regularly, you should abide by the rules in your country and pay your taxes on your cryptocurrency. Maybe you won't get any punishment in the near future but it is possible any time as long as you live.

Sadlife

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Quote from: Lionel on January 26, 2019, 04:02:56 AM

More and more countries, like Chile or India, are trying to tax their citizen for the crypto they hold.

Please don't pay taxes on your coins.
You really don't need it, unless you are totally ignorant.

actually its not ignorance paying taxes from our earnings in cryptocurrency because the true ignorant here is you.we are obliged to pay taxes from whatever profitable ways we do inside country we live.this is our obligation and just because we are in crypto and anonymous means we are safe from paying taxes?i'm afraid mate that this is the right manner to treat our government.yes our country still not putting taxes for crypto related thing but once its become a law?for sure i will pay as a citizen .

boltz

legendary

Activity: 3360

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We don't pay taxes but here in my country if you don't pay them since this year you could find yourself in big trouble in the next year or two years...so why would I assume this risk ? I prefer to hodl and never cash out here in my country only if I need some urgent cash and I hope it won't be the case. Regulations sucks ...we can all agree with that and in Romania they we're all against cryptos until they saw they can make money from it and they regulated all cryptocurrencies when it comes to pay taxes so long live dex I guess.

teosanru

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Quote from: Lionel on January 26, 2019, 04:02:56 AM

More and more countries, like Chile or India, are trying to tax their citizen for the crypto they hold.

Please don't pay taxes on your coins.
You really don't need it, unless you are totally ignorant.

It's simple: they cannot prove you have the coins on your PC/phone , so you don't have nothing to pay taxes on, as far as they know.
It's just their attempt to trick the ignorants that don't know about that Wink

Even if they look for your wallet on your PC/phone ,
your wallet data is not accessible to them because it's encrypted with password ( uhm.... have you set the password protection on your wallet... right? Wink

).

Of course you are not going to give them the wallet password.

Oh.. they tell you that you withdrawn the coins from an exchange, so that's the proof you have the coins?
Just say that it was an hacker that stole your coins from the exchange, not you.
You got robbed, and you don't have to pay taxes on the money that was stolen from you, right?

P.S. for the geeks: use Veracrypt Wink

I think maybe you think that tax officials are too naive. It's true that I have never acknowledged paying taxes at that income which you haven't even realized into your bank. But once you have realized it then I think there is no use or way hiding it they will be caught today or later. You can look for some tax avoidance using some expenses but complete concealment of Income can be very dangerous as it can attract fees and penalties. The hacker excuse however was quite lame government demands proof of such things and proof is a FIR to the local police which won't be available.

Shasha80

sr. member

Activity: 1876

Merit: 318

I know that some people disagree with governments that impose taxes on citizens who invest in cryptocurrency.
But in our lives it is very difficult to avoid taxes, everything has tax costs. Including cryptocurrency, then
from that most governments cooperate with the owners of local exchanges to impose taxes on their users.
Local exchanges in the country where I live, for all users are taxed. So it usually requires the KYC procedure
in every exchange.

JC btc

sr. member

Activity: 770

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Paying tax in unavoidable, as we are paying taxes anywhere, so for now, since Bitcoin is not mandated by the government and we are not forced to pay taxes then as much as possible, I am not paying income tax, I am not declaring it. I am already paying taxes because of Value added tax, tax from saving your account thru the interest income, taxes everywhere, so for this one, I am avoiding for now unless we are required.

angrybirdy

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Quote from: iv4n on November 05, 2019, 03:44:01 AM

My country still don't have any laws about crypto, but when they appear I will try to be prepared for that.

It's good that your country stays neutral, they don't take any actions to counter the appearance of bitcoin.

Quote from: iv4n on November 05, 2019, 03:44:01 AM

Its easy to hide coins in some offline wallet, to store private keys on some place and move that from the house, or to make some secret stash for usb.

Hiding it from the government is easy if they make a move like prohibiting its use, but using it will be hard and you will not be able to spend or convert it to fiat

Quote from: iv4n on November 05, 2019, 03:44:01 AM

I don't plan to pay any taxes on crypto ever, I will try my best to avoid them and there are good ways for that, everything about that can be learned for free around the crypto world.
But in the end I'm ordinary man, and that will be a easy task I believe, but for people who plan to open some businesses that will not be possible, they will have to pay the taxes for sure.

Paying taxes is unavoidable, if ever that your country will issue the taxation for income coming from crypto, anyone is required to abide the law.

iv4n

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My country still don't have any laws about crypto, but when they appear I will try to be prepared for that. Its easy to hide coins in some offline wallet, to store private keys on some place and move that from the house, or to make some secret stash for usb.
I don't plan to pay any taxes on crypto ever, I will try my best to avoid them and there are good ways for that, everything about that can be learned for free around the crypto world.
But in the end I'm ordinary man, and that will be a easy task I believe, but for people who plan to open some businesses that will not be possible, they will have to pay the taxes for sure.

Gotumoot

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Maybe we can do it but when the day comes when you need money how can you turn it into fiat money? I'm sure you need to cash out your money how do you put it out if you know you are going to jail when they find out you have a crypto curenncy that has not been taxed.

You can't even sell it to person in person because there is definitely a risk to your life. So it's best to comply with the law, you can also not mention your other portfolio if you don't want to pay big tax.

Japinat

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Quote from: DreamStage on April 10, 2019, 06:28:23 PM

It should be ok to have taxes since there are money transactions between 2 partners.
Take for example Coinbase or any other exchanger: you pay fees for bank transactions (a.k.a taxes where some of the fee you pay goes as tax)

If you don't want fees for those transactions just use Stellar.

I wish it was that easy, paying fees considered for taxes is quite very convenient to our part.
My interpretation on the fees we pay is that it includes blockchain fee and the rest is the income of the company or exchanges, and they will
pay taxes for the income they earn, so where are our taxes on that scenario? There was non IMO, we also have to pay taxes if we have income, just like exchanges, but fees are not taxes automatically.

DreamStage

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It should be ok to have taxes since there are money transactions between 2 partners.
Take for example Coinbase or any other exchanger: you pay fees for bank transactions (a.k.a taxes where some of the fee you pay goes as tax)

If you don't want fees for those transactions just use Stellar.

teejayrichard2

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It is absolutely wrong for you to encouarge law abiding citizens to shy away from payment of tax. Even if the government has no means in knowing who owns bitcoin for now, that does not mean one should not do the needful. Taxes are used for the development of our society, payment for security and so many other things. The tax is needed for the growth of the nation so it is not cool asking people to avoid paying tax.

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