Topic: [POLL] Do tax rules apply when digital currency is used? - page 2. (Read 1613 times)
If anyone has a reference for there country about tax laws let me know i will add it to the first post.
They shouldn't. I hope they don't. We need freedom. Of course, countries will try to support taxes and enforce them, but it's mostly impossible for the most part...
@dloghwak
Thanks for your contribution and have a nice day.
Interesting talk from you guys i did not expect much of a response here.
Or that so many of you would vote 'Yes'
Maybe i am liable for some back taxes or something but i have to admit my credit rating is horrendous.
But Revenue Canada is the guy that i have always paid in full so..
I've always paid my taxes and had to pay some hefty bills before too.
But i am pretty sure i made some profit with coins before i see those guidelines waaay back on Coindesk.
SO i can't see how i can be in trouble for tax earnings before the law was in effect.
I guess i will wait for someone to rat me out LOL
Wouldn't surprise me i am stalked and threatened here non stop.
And i couldn't care less either
edit:
I probably opened the door for trolling on me here then gave them ideas with this comment.
ahh well i don't care if little douche bags wanna hunt me.. go for it
Thanks for your contribution and have a nice day.
Interesting talk from you guys i did not expect much of a response here.
Or that so many of you would vote 'Yes'
Maybe i am liable for some back taxes or something but i have to admit my credit rating is horrendous.
But Revenue Canada is the guy that i have always paid in full so..
I've always paid my taxes and had to pay some hefty bills before too.
But i am pretty sure i made some profit with coins before i see those guidelines waaay back on Coindesk.
SO i can't see how i can be in trouble for tax earnings before the law was in effect.
I guess i will wait for someone to rat me out LOL
Wouldn't surprise me i am stalked and threatened here non stop.
And i couldn't care less either
edit:
I probably opened the door for trolling on me here then gave them ideas with this comment.
ahh well i don't care if little douche bags wanna hunt me.. go for it
I have to admit i have not and i am surprised anyone has (claimed it on their tax return)
But i pretty much heard about my tax guidelines as i quit doing this stuff (trading)
So i don't know if i am potentially liable / in trouble possibly for not making claims.
If they came knocking at my door that would be my excuse anyway LOL
Hilarious. Spams all day, how everyone else in the altcoin business is a scammer and at the end of the day evades taxes himself.But i pretty much heard about my tax guidelines as i quit doing this stuff (trading)
So i don't know if i am potentially liable / in trouble possibly for not making claims.
If they came knocking at my door that would be my excuse anyway LOL
To stay ontopic, of course I pay tax on crypto income, better to not fuck with .gov.
Really interesting subject actually, havent really thought about it. As far as i know it is not taxed yet here where i live but it could happen any moment (if it hasn't already). Would be really interesting to see if you could claim back some of it from the tax.
Best would be if they pay it back in Bitcoin
Best would be if they pay it back in Bitcoin
I don't know about Canada but for my country it is not taxable as there is no tax for capital gains so any profit earned is all of yours to be kept.
I have to admit i have not and i am surprised anyone has (claimed it on their tax return)
But i pretty much heard about my tax guidelines as i quit doing this stuff (trading)
So i don't know if i am potentially liable / in trouble possibly for not making claims.
If they came knocking at my door that would be my excuse anyway LOL
But i pretty much heard about my tax guidelines as i quit doing this stuff (trading)
So i don't know if i am potentially liable / in trouble possibly for not making claims.
If they came knocking at my door that would be my excuse anyway LOL
I would suggest talking with a tax professional and making peace with the CRA.
Edit: I am not a tax professional, My take: You are liable and your excuse will not work.
Yeah, I pay taxes on my crypto earnings.
I was already working freelance when I got into crypto, so for me the step to declaring crypto income and paying taxes on it wasn't all that hard.
(well, apart from actually paying the blasted taxman.....)
The Dutch authorities are pretty keen on people paying taxes, for some strange reason, but they are pretty pragmatic about crypto: if you convert crypto to fiat, and that turns up on your bank account, they want a cut.
Fair enough policy, I guess.....and I like living here, so giving up some cash to the NL government doesn't feel too painful.
If I still lived in the UK, I'd be a lot less co-operative.
I was already working freelance when I got into crypto, so for me the step to declaring crypto income and paying taxes on it wasn't all that hard.
(well, apart from actually paying the blasted taxman.....)
The Dutch authorities are pretty keen on people paying taxes, for some strange reason, but they are pretty pragmatic about crypto: if you convert crypto to fiat, and that turns up on your bank account, they want a cut.
Fair enough policy, I guess.....and I like living here, so giving up some cash to the NL government doesn't feel too painful.
If I still lived in the UK, I'd be a lot less co-operative.
I have to admit i have not and i am surprised anyone has (claimed it on their tax return)
But i pretty much heard about my tax guidelines as i quit doing this stuff (trading)
So i don't know if i am potentially liable / in trouble possibly for not making claims.
If they came knocking at my door that would be my excuse anyway LOL
But i pretty much heard about my tax guidelines as i quit doing this stuff (trading)
So i don't know if i am potentially liable / in trouble possibly for not making claims.
If they came knocking at my door that would be my excuse anyway LOL
Yes
Yes it is taxable. Tell me about it. I voted yes by the way.
Mining is basically income. Disposition (sale) can be taxed as capital gains or income depending on the circumstances. Also when digital currency is used to buy goods or services there can be a capital loss or gain that needs to be reported.
Edit: The above is for Canada
Mining is basically income. Disposition (sale) can be taxed as capital gains or income depending on the circumstances. Also when digital currency is used to buy goods or services there can be a capital loss or gain that needs to be reported.
Edit: The above is for Canada
So vote on my Poll thanks (i'm just curious)
I know in Canada you are suppose to pay taxes on coins.
No idea about other countries though.
Does your country have a Tax law for crypto ?
Here is some Canada related references.
(CBC.ca) Bitcoins aren't tax exempt, Revenue Canada says
(Coindesk) Canada Revenue Agency says tax rules apply to bitcoin
Following Link Quoted below from the CAN Govt.
(Revenue Canada) What you should know about digital currency
I know in Canada you are suppose to pay taxes on coins.
No idea about other countries though.
Does your country have a Tax law for crypto ?
Here is some Canada related references.
(CBC.ca) Bitcoins aren't tax exempt, Revenue Canada says
(Coindesk) Canada Revenue Agency says tax rules apply to bitcoin
Following Link Quoted below from the CAN Govt.
(Revenue Canada) What you should know about digital currency
Quote
What you should know about digital currency
What is digital currency?
Digital currency is virtual money that can be used to buy and sell goods or services on the Internet. Bitcoins are an example of digital currency. Bitcoins are not controlled by central banks or any country, and can be traded anonymously. Bitcoins can be bought and sold in return for traditional currency, and can also be transferred from one person to another.
Do tax rules apply when digital currency is used?
Yes. Where digital currency is used to pay for goods or services, the rules for barter transactions apply. A barter transaction occurs when any two persons agree to exchange goods or services and carry out that exchange without using legal currency. For example, paying for movies with digital currency is a barter transaction. The value of the movies purchased using digital currency must be included in the seller’s income for tax purposes. The amount to be included would be the value of the movies in Canadian dollars.
More information on the tax implications of barter transactions is available by consulting the Canada Revenue Agency’s Interpretation Bulletin IT-490, Barter Transactions.
Digital currency can also be bought or sold like a commodity. Any resulting gains or losses could be taxable income or capital for the taxpayer. Paragraphs 9 to 32 of Interpretation Bulletin IT-479R, Transactions in Securities, provide information that can help in determining whether transactions are income or capital in nature.
Should I be concerned about reporting requirements when using digital currency?
Not reporting income from domestic or foreign sources is illegal. Canadians should know that the Canada Revenue Agency (CRA) is very active in pursuing cases of non-compliance, in order to ensure that the tax system remains fair for everyone.
If required, you should take this opportunity to correct your tax affairs through the CRA’s Voluntary Disclosures Program. For more information, go to www.cra.gc.ca/voluntarydisclosures.
What is digital currency?
Digital currency is virtual money that can be used to buy and sell goods or services on the Internet. Bitcoins are an example of digital currency. Bitcoins are not controlled by central banks or any country, and can be traded anonymously. Bitcoins can be bought and sold in return for traditional currency, and can also be transferred from one person to another.
Do tax rules apply when digital currency is used?
Yes. Where digital currency is used to pay for goods or services, the rules for barter transactions apply. A barter transaction occurs when any two persons agree to exchange goods or services and carry out that exchange without using legal currency. For example, paying for movies with digital currency is a barter transaction. The value of the movies purchased using digital currency must be included in the seller’s income for tax purposes. The amount to be included would be the value of the movies in Canadian dollars.
More information on the tax implications of barter transactions is available by consulting the Canada Revenue Agency’s Interpretation Bulletin IT-490, Barter Transactions.
Digital currency can also be bought or sold like a commodity. Any resulting gains or losses could be taxable income or capital for the taxpayer. Paragraphs 9 to 32 of Interpretation Bulletin IT-479R, Transactions in Securities, provide information that can help in determining whether transactions are income or capital in nature.
Should I be concerned about reporting requirements when using digital currency?
Not reporting income from domestic or foreign sources is illegal. Canadians should know that the Canada Revenue Agency (CRA) is very active in pursuing cases of non-compliance, in order to ensure that the tax system remains fair for everyone.
If required, you should take this opportunity to correct your tax affairs through the CRA’s Voluntary Disclosures Program. For more information, go to www.cra.gc.ca/voluntarydisclosures.
Jump to: