Topic: Please DON'T pay any taxes on your crypto! - page 5. (Read 21961 times)
If government put a tax on crypto you don't have no choice you need to pay tax every time you use crypto or for your every crypto wealth. I'm sure that time will happen because government will see that we are really have a good profit in investing crypto and we are not paying tax but right now if we think we already paying in continously increasing of charge in our bitcoin transactions.
I wouldn't want to risk not paying taxes myself. We need more services to accept Bitcoin and then maybe it would become a little easier.
It is up to the individual to decide whether he want to pay the taxes, or risk going to the jail for tax evasion. Although none of us are very fond of taxation, I don't think that there is a choice regarding it.
Taxes are for the betterment of the individuals and should be given on time. However i am not sure how will anyone can pay taxes on the crypto as it is not centralized and no one can monitor how much crypto you hold. Maybe you can pay taxes on the amount of bitcoins which you converted into local fiat currency.
Asking to pay taxes for cryptos is totally unfair. Goverments do not recognize cryptos, and prefer to keep asking for loans from private bankers and FIAT money, but at same time they want to get taxes from the cryptos, as if it were real money.
Totally unfair, even hipocrite.
Totally unfair, even hipocrite.
Whilst what the OP says is true if you sell any half decent amount of coins you’re not going to get away without paying taxes.
Why should they? Everybody in this world needs to pay his taxes. It is against the law if you are not paying your taxes it could get you jailed. And if we are talking about growth of bitcoin, if this thing could help in the growth of btc then it's a good choice to pay in btc.
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.
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.
I just wondering who gave you merit for such comment
"..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"
Well, i guess you are still newbies when it comes trading with btc if, you don't how to move money safely money from most online bank without the need of question(s) especially now we have abundant resource to do so.
Note : the other day i saw link on this forum requesting that member's should submit their tax info's.Maybe they might have started pressurizing the admin of this forum.
Thanks
You don't need to pay any tax on your crypto holdings (at least until now). If you are not converting your coins to fiat, then you are not legally obliged to pay any taxes. You need to pay the taxes only if you convert the coins to fiat, and there is a profit. Depending on the duration of holding, either the long-term capital gains tax or the STCGT will be applicable.
Hmm, i think you have a point since if you were just holding that coin even if the price increases and you already can have your profit. It is still not yet to be considered as an income.
I am not sure tho if we can consider it to the long term capital gain. Laws for cryptocurrency market are still not yet established unless you are committing an obvious crime like money laundering which is obviously punishable by law.
This is maybe the main reason before why the US government can't force the coinbase to give personal infos from their users
It is up to the individual to decide whether he want to pay the taxes, or risk going to the jail for tax evasion. Although none of us are very fond of taxation, I don't think that there is a choice regarding it.
I think we have paid the tax because when we do withdrawal to fiat money from the the market, they have paid the tax for the government be collectived by the market of course small amount of tax, so our money is clean. That was my experience and i think all of regulation around the world is same and in my own personal opinions it is money 10% because we have paid the tax via market.
Yes there are some exchanges doing that, especially in countries that allow crypto to circulate with certain conditions such as taxes, and local exchanges are required to request tax for each trade or withdraw to fiat, that is not a problem as long as the tax is not too large for meWithdraw fees are mostly for miners and the exchanges so i don't think we're paying taxes at this time. Not just yet. With exchanges and online wallets now starting to require kyc, there may come a time where the transactions we're making will actually be taxed. Not that i'm complaining though, but i'd prefer not to let the government take my crypto money if it'll be possible lol.
I think we have paid the tax because when we do withdrawal to fiat money from the the market, they have paid the tax for the government be collectived by the market of course small amount of tax, so our money is clean. That was my experience and i think all of regulation around the world is same and in my own personal opinions it is money 10% because we have paid the tax via market.
Yes there are some exchanges doing that, especially in countries that allow crypto to circulate with certain conditions such as taxes, and local exchanges are required to request tax for each trade or withdraw to fiat, that is not a problem as long as the tax is not too large for meThat is most likely a fee, we have to know the difference between tax and fee from exchanges so we will not face tax liability in the future.
In my country especially, there are minimum amount of asset (either crypto assets or another assets) required to pay tax for each persons. If someone hasn't reach the minimum of amount they don't need to pay tax, it's just they have to keep reporting the assets they own to government. Tax problems is indeed constantly troubling to investor cryptocurrency, in one hand they don't need to pay tax because cryptocurrency cannot be use in daily lives for them and there are not government role which benefited to them but in the other hand government have a power to make everything they want unless you will accept the risk afterward.
I think we have paid the tax because when we do withdrawal to fiat money from the the market, they have paid the tax for the government be collectived by the market of course small amount of tax, so our money is clean. That was my experience and i think all of regulation around the world is same and in my own personal opinions it is money 10% because we have paid the tax via market.
Yes there are some exchanges doing that, especially in countries that allow crypto to circulate with certain conditions such as taxes, and local exchanges are required to request tax for each trade or withdraw to fiat, that is not a problem as long as the tax is not too large for me
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.
Absolutely my thought, they can't know how much crypto you hold but they will know when you have to convert in a bank. The government will question how do gain such amount and basically they could trace it where it came from. The thing here is, India is not yet a country who accepts btc as form of payment, that is why they need to have a third trusted party which is a bank for them to be able to use their coins. 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.
You don't need to pay any tax on your crypto holdings (at least until now). If you are not converting your coins to fiat, then you are not legally obliged to pay any taxes. You need to pay the taxes only if you convert the coins to fiat, and there is a profit. Depending on the duration of holding, either the long-term capital gains tax or the STCGT will be applicable.
Since 2009 no one has asked for tax on the crypto assets that we have. Because they don't know how many of our assets are in the wallet. So keep it a secret, because the tax for bitcoin hasn't been worn.
Sounds like you are not a law abiding citizen because if you are, you won't ask people not to pay tax. For the fact that government cannot confirm your ownership of your bitcoins doesn't mean you should not pay tax. The money generated from tax is used to fund so many things including infrastrutures, police etc. Pay your tax whether government comes for you or not. It is the right thing to do so do it.
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
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? ).
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
I think it depends on them ,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
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?
).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
For example what if it is really against the rules in their country?
Then you are telling them to break the law,
I think paying for your crypto isn't a bad thing specially if it is just a small amount to pay,
And besides if you could continue earning from it then the rax that you are paying is just a small amount compare for your freedom.
I think we have paid the tax because when we do withdrawal to fiat money from the the market, they have paid the tax for the government be collectived by the market of course small amount of tax, so our money is clean. That was my experience and i think all of regulation around the world is same and in my own personal opinions it is money 10% because we have paid the tax via market.
You have a point about that but there are some countries that insist that a person possessing Crypto Currency should pay taxes depending on the amount of Crypto they have but it is really hard to implement this kind of ruling and Crypto Currencies are very volatile and imagine you are paying taxes yearly while your asset is not moving or progressing.I think we have paid the tax because when we do withdrawal to fiat money from the the market, they have paid the tax for the government be collectived by the market of course small amount of tax, so our money is clean. That was my experience and i think all of regulation around the world is same and in my own personal opinions it is money 10% because we have paid the tax via market.
You have a point about that but there are some countries that insist that a person possessing Crypto Currency should pay taxes depending on the amount of Crypto they have but it is really hard to implement this kind of ruling and Crypto Currencies are very volatile and imagine you are paying taxes yearly while your asset is not moving or progressing.Stupid idea,just because the government cannot prove you are holding coins meaning you will not obey the rules?i dont know what kind of people we are having right now here
We are obliged to oay taxes in every profit we made put that on mind,even if they cant prove it but your conscience will tell you to do so
Yeah, rules are rules and it should be obeyed by any citizens of a particular country especially if they are law-abiding citizens that respect the rules and regulations of their countries. I guess some people are becoming so greedy and only think about themselves and does not think about other people. But still, it is up to the person in any country to pay their taxes or not and they already know what right or what is wrong. We are obliged to oay taxes in every profit we made put that on mind,even if they cant prove it but your conscience will tell you to do so
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