Please DON'T pay any taxes on your crypto! - page 3.

0t3p0t

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Quote from: gentlemand on January 26, 2019, 05:36:56 AM

Does this mean you're willing to pay the fines or serve the jail time of every single person you encourage to this who gets nailed?

Either you stand behind your 'advice' or you don't. In most places the money needs to finish up in your bank if you want to spend it. Once it's in there you may have some explaining to do.

Agree. Here in my country cryptocurrencies are regulated through local exchanges that is why we can do nothing about tax as it was I think automatically be deducted during transactions but there is also a positive side in terms of regulation like our funds safety from exchanges. Most traders are hesitant to store their funds on exchanges but now governments are taking part into this industry.

Twinkledoe

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Quote from: mohammedmattar on April 10, 2019, 04:24:13 PM

It's hard to say that publicly, man
If taxes are imposed by law, we must be complied with
Unless you want to discredit btc trade

If taxes are imposed by state on btc trade, it means that the state recognizes this trade and that is positive
The percentage of taxes and how to prepare its law in terms of technical
it must be subject to community dialogue
We do not want to repeat Japan's experience.

And also, the tax that he might be talking about is when such government impose the tax regulations to those local exchanges. You have nothing to do with that but comply. How can you exchange your crypto to fiat without them? Unless, you have your local exchange running illegal operations and not bound by the Central Bank. But I won't deal with this exchange in case. You won't know if your money is safe with them.

MakeMoneyBtc

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Quote from: Adriano2010 on April 10, 2019, 12:00:08 PM

Well on my country they say will tax only profit from crypto, but not now, so if i can't make a profit in a year there i should not have any tax to pay, i not like the countries who want to pay tax for crypto if only hold crypto and not have any profit.

The same thing applies for my country but one thing I don't understand here is how they can be sure on how much profit I am making from my investments? I mean, I have to pay taxes for the whole amount of bitcoin/crypto I am exchanging and that's because they think all of it its a profit. I think they should have waited a little longer until they could figure everything out and not create stupid laws just to get more money from people's pockets.

mohammedmattar

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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

It's hard to say that publicly, man
If taxes are imposed by law, we must be complied with
Unless you want to discredit btc trade

If taxes are imposed by state on btc trade, it means that the state recognizes this trade and that is positive
The percentage of taxes and how to prepare its law in terms of technical
it must be subject to community dialogue
We do not want to repeat Japan's experience.

Bl4nk

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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

do you mean the Chilean and Indian state systems, do not occasionally pay taxes with crypto money, if they pay with crypto money from that country know if they pay with crypto money and the tax party will ask for their wallet password that pays crypto?
is it like that?

Adriano2010

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Well on my country they say will tax only profit from crypto, but not now, so if i can't make a profit in a year there i should not have any tax to pay, i not like the countries who want to pay tax for crypto if only hold crypto and not have any profit.

Ailmand

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If the law states so, I think it's better to abide from it. There's a lot of way to check it, if the law asks you to send them your wallet address and detail, you have no choice but to do so, or else, you will face some consequences for not abiding.

Sithara007

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Quote from: r1a2y3m4 on April 10, 2019, 11:30:17 AM

Okay so basically it's okay for you to go to jail without thinking twice that jail time is hard time? Is jail is just a room to you? Dude, think twice, ignorance of the law excuses no one. You should be aware of every law in your country particularly. Jail isn't just a room. It's hard time.

It's all talk and no action. No one want to go to jail. I don't think any of us commenting here has experienced prison life. But from what I heard, it destroys you completely. You will never be the same person again. So please don't count me in when someone says that he'll prefer going to jail rather than paying taxes on crypto profits.

r1a2y3m4

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Okay so basically it's okay for you to go to jail without thinking twice that jail time is hard time? Is jail is just a room to you? Dude, think twice, ignorance of the law excuses no one. You should be aware of every law in your country particularly. Jail isn't just a room. It's hard time.

Farma

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Quote from: MakeMoneyBtc on April 09, 2019, 02:11:58 AM

I was thinking about the same thing but unfortunately you are not more powerful than governments in order to fight with them. Crypto taxes are just like normal taxes and this means you will get fines for not paying them or even face prison in some countries and I don't think you want to risk that.

well, maybe you're right that the tax for crypto is the same as the tax that is usually done. however, each country has its own regulations regarding this, moreover crypto is always changing. Well, for now, I think tax is not really needed for the crypto world, but when the rules are in place, of course we are obliged to follow that.

MakeMoneyBtc

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Quote from: TheHas on April 10, 2019, 06:40:03 AM

I've done a bit of research on crypto taxes and in most countries the 'taxable event' occurs at the point where crypto is converted to fiat (and probably also recorded when converted from fiat to crypto).

That's correct. I think every local exchange has to send a copy of their transactions history to the government so that they could check if everyone has paid their taxes and fine those that didn't. I didn't expected governments to take action against crypto this early but seems they don't want to waste any single penny they could get from people.

TheHas

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I've done a bit of research on crypto taxes and in most countries the 'taxable event' occurs at the point where crypto is converted to fiat (and probably also recorded when converted from fiat to crypto).

So unless you never plan to convert your crypto to fiat than you'll probably be made to pay taxes.

The good news is that with all these new dapps coming out, and 'defi' such as makerdao you won't actually need to convert to fiat in the future to use the value of your cryptocurrency for banking, and can therefore avoid taxable events.

BitcSeo

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Quote from: sakokinak on April 09, 2019, 01:29:02 AM

Quote from: loopes on March 06, 2019, 01:10:50 AM

Tax rate which too high can become a nightmare, but honestly I think pay tax of our bitcoin is still okey because government use the fund to build infrastructures for us. Low rate tax for bitcoin is okey but if it's too high then this can make cryptocurrency holder think twice to declare about amount of cryptocurrency they have.

Everybody is speaking about taxes, but still, I have not met any person who pays this money. I will be not surprised if most people will try to avoid these payments and succeed in it.

@sakokinak, most of them can't stop preaching about tax on this forum. ok,while trading with an anonymous currency which will be almost difficult for govt. to track while you can trade and do biz with fiat in order to remain transparent? ooh, i don't like womeeeen, i only love enjoy watching them from behind when necessary to avoid payment of tax!!

Thanks

Ipwich

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Quote from: sakokinak on April 09, 2019, 01:29:02 AM

Quote from: loopes on March 06, 2019, 01:10:50 AM

Tax rate which too high can become a nightmare, but honestly I think pay tax of our bitcoin is still okey because government use the fund to build infrastructures for us. Low rate tax for bitcoin is okey but if it's too high then this can make cryptocurrency holder think twice to declare about amount of cryptocurrency they have.

Everybody is speaking about taxes, but still, I have not met any person who pays this money. I will be not surprised if most people will try to avoid these payments and succeed in it.

If you are living in a country where tax regulation is not so strict, then you can avoid it.
There are a lot of ways to avoid, some are legal and some are illegal, but you should be careful if you do it illegally as the consequence is hard when you are violate the law of the government, that's jail time or you have to pay a big penalty for not abiding the law.

MakeMoneyBtc

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I was thinking about the same thing but unfortunately you are not more powerful than governments in order to fight with them. Crypto taxes are just like normal taxes and this means you will get fines for not paying them or even face prison in some countries and I don't think you want to risk that.

michellee

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Quote from: OrangeII on April 08, 2019, 10:33:26 PM

Quote from: Tramle091296 on April 08, 2019, 10:02:43 PM

Even you dont want to pay tax and so many reason in your mind to tell to police. they can know that your lying because on the last part you cryptocurrency will go to bank and can detect where your money comes from and this will give you a lot to explain and in the last part you will be caught for not paying taxes much better to pay it because in the end you will suffer on the consequences.

well, maybe this will apply when the government has given regulations regarding this matter. however, as long as there are no rules regarding taxes to be paid from bitcoin, or altcoin users, I think it's natural that we don't pay them. moreover we do not know what the tax is for.

I think there are many countries doesn't make regulations for their people who are involved in crypto to pay tax. But people only pay tax when they got an income in their bank account and the tax that people needs to pay in every month. So far, I only pay my monthly taxes because I got an income. But soon, if there are regulations is apply, we need to pay the tax because we don't want to get any illegal things that can cause us to get a problem.

sakokinak

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Quote from: loopes on March 06, 2019, 01:10:50 AM

Tax rate which too high can become a nightmare, but honestly I think pay tax of our bitcoin is still okey because government use the fund to build infrastructures for us. Low rate tax for bitcoin is okey but if it's too high then this can make cryptocurrency holder think twice to declare about amount of cryptocurrency they have.

Everybody is speaking about taxes, but still, I have not met any person who pays this money. I will be not surprised if most people will try to avoid these payments and succeed in it.

darklus123

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Quote from: cryptovigi on April 08, 2019, 07:14:30 AM

You've right but today I can't imagine any different solution. The world of cryptocurrencies is not independent and does not work in isolation from the real world. The only tax that can be applied is the income tax. And a relatively stable reference point is necessary to determine the income. Today, cryptocurrencies are subject to high fluctuations and their use as a reference is debatable. After that, we have thousands of them so what solution to take - choose one of them, for example bitcoin and refer to it profit or loss. And if we gain 50% in bitcoin and at the same time bitcoin will fall by 90% (that is, we will actually lose 85% in dollars), we should still pay tax on our loss - then we would lost everything we put in crypto and should add some more extra funds to pay tax.

Then if I will be directly using bitcoin or any crypto funds to by goods that I can consider as my assets, I can now simply evade paying my tax. That is the main reason why I have told you that the laws with regards to cypto taxation is not yet established.

Quote

You probably read an article about a student who invested $ 5,000 in ethereum and in November his cryptocurrencies were worth $ 125,000 but he had to pay as much as $ 400,000 tax - it's insane.

https://www.ccn.com/tax-nightmare-student-invested-5k-in-ethereum-now-owes-400k-in-taxes

So in fact today's cryptocurrency taxes connect to the Fiat system, but any other solution is unacceptable. Maybe in the future, when the cryptocurrency world will develop very much and it will start to function independently - in a complete separation from fiat, other solutions will be possible ... but not today ...

That only solidify my statement that even if we are using the current FIAT system this are still not being properly enforced or performed. The person who actually computed the tax that was given by that student is purely proves their ignorance with this technology.

bitbunnny

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I think that most of countries don't request paying taxes on Bitcoin itself, only on transactions. But even if the law is different I don't think that you can decide whether to pay taxes or not, it's then the legal obligation and for avoiding it you might get punished.
But because of the lack of regulation about cryptocurrencies in many countries this area still isn't designed properly and Bitcoin users don't have much obligations to the authorities.

princeyeboah

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I am not against the idea of tax but I don't know how the governments will track every crypto user and all the transactions in order to tax them. But for indirect tax, every crypto user cannot escape it because the centralized exchange sites are taxed and these taxes are indirectly paid by traders through the trading charges on the exchange.

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