Questionable wealth because of Crypto - page 3.

Rajs64

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Quote from: sicnarfkswiss on March 16, 2018, 04:28:13 AM

Our Government here will always question people who become rich instantly, sometimes they will relate all the wealth to drugs and smuggling so they can send us to jail for a questionable wealth and not paying taxes. they will do background checking, even if they don't find any illegal activities we did they still think that we do illegal. What if I become rich because of BTC do you think they will believe if I say that its bitcoin that making me rich? How will I explained to them?

I am not sure if you are from India? But we do have the same scenario as what you have stated. The best way around is to talk to tax consultant and mention how are you making extra $ from bitcoins, and whether your income source will fall under tax scheme. Sometimes we feel that by not disclosing our earnings we can save amounts, but that all are in vain, Banks and Govt are having records. It's better to disclose now and be safe, rather than be penalized later.

signup01

sr. member

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Merit: 250

Quote from: sicnarfkswiss on March 16, 2018, 04:28:13 AM

Our Government here will always question people who become rich instantly, sometimes they will relate all the wealth to drugs and smuggling so they can send us to jail for a questionable wealth and not paying taxes. they will do background checking, even if they dont find any illegal activities we did they still think that we do illegal. What if I become rich because of BTC do you think they will believe if I say that its bitcoin that making me rich? How will I explained to them?

many think bad with bitcoin and profit from bitcoin investment I think it's very easy to explain bitcoin it is an investment that requires capital and patience in its fair investment if we succeed in getting investment from the investment

Kayla

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Activity: 224

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I do not think we should show our wealth to others or we live simply to avoid something we do not want, like a crime or a government suspicion of our wealth. We should not be too much or often in transactions, so that the banks and the government do not question. If the government questions it, I will answer that I am rich because of bitcoin. I will explain as much as I can. As long as I do not violate the rights why I should be afraid, because I do not feel harm to others.

MakeMoneyBtc

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You cant anymore become rich with bitcoin because the price is very high right now so in order to make a lot of profit you need to invest a lot of money. I dont think anyone should worry that to many people will get rich with bitcoin and then become unhealthy because as far as I can tell there aren't anymore so much people that even make some profit with bitcoin and we speak about becoming rich. In order for someone to become rich through bitcoin he has to buy 5-10 bitcoin then way a few year,at least 5-10(maybe more than few) so that the price increases ten times and he gets a huge profit becoming rich. As you can see it is not that easy to become rich with bitcoin and you also have to invest thousands of dollars. It's not like old times when you had to invest only 1000$ and become a millionaire.

Dmitry.Vastov

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Quote from: sicnarfkswiss on March 16, 2018, 04:28:13 AM

Our Government here will always question people who become rich instantly, sometimes they will relate all the wealth to drugs and smuggling so they can send us to jail for a questionable wealth and not paying taxes. they will do background checking, even if they dont find any illegal activities we did they still think that we do illegal. What if I become rich because of BTC do you think they will believe if I say that its bitcoin that making me rich? How will I explained to them?

I think BTC has that potential that it can make you very rich just like drugs and smuggling can make you and yes I can understand your situation too that if you become very rich with the bitcoin then in the present scenario, it is very difficult to make people believe that it's the bitcoin, not other illegal activities because in present scenario, the people are unaware of the complete potential of BTC. So for now, u can tell them the success stories of those people who has become that much popular and rich because of bitcoin only.

ellabanana

member

Activity: 266

Merit: 11

Even if we become rich with cypto, I don't think it will be that suspicious. Once you have the wealth, you can invest in land and with that you're gonna pay taxes and that's what they wanted. So, just go and be rich.

avoxosuccesful

jr. member

Activity: 252

Merit: 3

the truth is in the part of the world i come from?when ever they see you from broke to walth,they relate it with one crime or the oder.and sometimes the few people you tell find it out to believe that the internet is a wealth plartform.but that shldn't distract our mind from our work and those of us that believe's in blockchain and the digital currency i don't think we should get busy with those who don't believe.and i dont think my gov is gonna storm at my door cause i got rich with crypto because they'v not helped me in any way.but the thing just pay your tax,if u do i dont se why the gov will be @ your door

ohlawdy

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Activity: 259

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- "Bitcore (BTX) - The Future is Now"

This is why it is important to file you taxes, a lot of people seem to underestimate this and i think it will come and bite them in the ass. In the usa i understand it because of their weird taxes on crypto , which can leave you with next to nothing. But once governments have a better idea how crypto works , then they will try and get the people who never payed up.

pumbum

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Bitcoin, like any other asset, can grow and generate income. In this regard, you can make a Declaration of income as a trader. Show the purchase price and show the sale price and from that pass the tax. There's nothing weird about that.

ipbitrung01

member

Activity: 238

Merit: 10

Quote from: sicnarfkswiss on March 16, 2018, 04:28:13 AM

Our Government here will always question people who become rich instantly, sometimes they will relate all the wealth to drugs and smuggling so they can send us to jail for a questionable wealth and not paying taxes. they will do background checking, even if they dont find any illegal activities we did they still think that we do illegal. What if I become rich because of BTC do you think they will believe if I say that its bitcoin that making me rich? How will I explained to them?

The fact is that BTC is a new market and many people are skeptical. If one day you become rich because of BTC and they suspect you are illegal, you do not need to worry too much. Because BTC market has become strong and recognized by many world powers. The authorities in your area should carefully study the law before making a decision.

lesinset

jr. member

Activity: 126

Merit: 1

Primarily, they will just make you pay taxes for earning a lit from bitcoin. That's what most countries do now a days.

feny.blackpink

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Quote from: sicnarfkswiss on March 16, 2018, 04:28:13 AM

Our Government here will always question people who become rich instantly, sometimes they will relate all the wealth to drugs and smuggling so they can send us to jail for a questionable wealth and not paying taxes. they will do background checking, even if they dont find any illegal activities we did they still think that we do illegal. What if I become rich because of BTC do you think they will believe if I say that its bitcoin that making me rich? How will I explained to them?

It is same as peoples who trading on stocks, they can be rich if they are lucky.
just explain that you was trading and got profit from it because the price was spiked.

knightmairesaint

sr. member

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privacy preserving smart contracts and beyond

Quote from: boy130 on April 14, 2018, 03:52:30 AM

Quote from: Sadlife on April 13, 2018, 08:10:45 PM

I have a bitcoin wallet that is regulated by our government if ever i get questioned about being instant rich i would present this as evidence that i earn my money through bitcoin whenever i get wealthy with it. I have no problem paying taxes in fiat but our government has no laws about taxing bitcoin users. So i wont.

Which country are you from that doesn't tax crypto income? Is your income even tax-free once converted into fiat? If so, sounds like the quite the tax haven for crypto users.

As for @OP, I think so long as you keep reasonable records then nobody will question your wealth, nobody expected bitcoin to explode like it did, so I doubt they will be as thorough as they would with other income records, even if you just log your purchases, and then identify the value at that time on coinmarketcap, that will likely suffice.

I remember my professor asking about cryptos and then saying that we are somehow being unfair because we are earning cryptos without tax. My classmates who are also earning cryptos and my faces are saying like "WHAT?" How come we are being unfair? We are just students who saw the opportunity in bitcoin and cryptos in helping us financially as well as our family. We asked him "Why?" and he told us because we are earning money without paying taxes. One of us speak out that it is not true that we aren't paying tax because we pay fees with TAX whenever we converted into fiat. Converting into fiat, Cash-in/Cash-out options and etc. we are also paying tax whenever we used their SERVICES.

For me, there is nothing unfair with that. That time, I was also thinking that maybe this person is jealous because we might be earning and WE CAN earn money bigger than his salaries.

Saveralll

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Quote from: zedrickjuls on April 13, 2018, 09:40:02 PM

Quote from: sicnarfkswiss on March 16, 2018, 04:28:13 AM

Our Government here will always question people who become rich instantly, sometimes they will relate all the wealth to drugs and smuggling so they can send us to jail for a questionable wealth and not paying taxes. they will do background checking, even if they dont find any illegal activities we did they still think that we do illegal. What if I become rich because of BTC do you think they will believe if I say that its bitcoin that making me rich? How will I explained to them?

Bitcoin Is not illegal,and if you became rich in bitcoin,you dont need to explain to them where your wealth came from as long as your wealth are not comes from any illegal activities.

it's better to explain to those who ask than it will even make you unpopular by the person. we should not be stingy and arrogant if we have become rich because we used to come from the poor.

redsap

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Activity: 336

Merit: 10

Harmony for One and All

i think it can't being questionable for what we earn from it, we know bitcoin price are so high
we just like store some value of asset and we sell it when it comes high, it just same that you have a really good property and sell it when it profitable

buggy

jr. member

Activity: 91

Merit: 1

As long as you know very well that your earning comes from a descent and a good source why they will going to question about your wealth. Number one to question this is the government, if what is being due to the government then pay your taxes so that they will close their mouth and hoping that the taxes area being paid will goes to the right place and right project for the good of the people.

mylyn2327

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Activity: 294

Merit: 12

Bitcoin/crypto currencies are very popular now, if I become rich because of them, no need to be afraid there's nothing to explain to anyone as long as you don't do any illegal things. If they questions you, be it, they will not send you to jail without any concrete evidence. If you don't want it to happen then stay on low profile, there's no need to shout to world that you are now rich, stay humble.

fishball

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Activity: 336

Merit: 10

Quote from: sicnarfkswiss on March 16, 2018, 04:28:13 AM

Our Government here will always question people who become rich instantly, sometimes they will relate all the wealth to drugs and smuggling so they can send us to jail for a questionable wealth and not paying taxes. they will do background checking, even if they dont find any illegal activities we did they still think that we do illegal. What if I become rich because of BTC do you think they will believe if I say that its bitcoin that making me rich? How will I explained to them?

The mere fact that you do not harm people and you are earning in a good way should put them to stop their accusations. Just like others said, you don't need to explain yourself, let them know what is bitcoin and how it works.

maaydin

full member

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if what you are saying is true and because of questionable wealth you will go to jail even without proofs than if you become rich go and live in another country immediately

Natalim

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BTC to the MOON in 2019

Quote from: boy130 on April 14, 2018, 03:52:30 AM

Quote from: Sadlife on April 13, 2018, 08:10:45 PM

I have a bitcoin wallet that is regulated by our government if ever i get questioned about being instant rich i would present this as evidence that i earn my money through bitcoin whenever i get wealthy with it. I have no problem paying taxes in fiat but our government has no laws about taxing bitcoin users. So i wont.

Which country are you from that doesn't tax crypto income? Is your income even tax-free once converted into fiat? If so, sounds like the quite the tax haven for crypto users.

As for @OP, I think so long as you keep reasonable records then nobody will question your wealth, nobody expected bitcoin to explode like it did, so I doubt they will be as thorough as they would with other income records, even if you just log your purchases, and then identify the value at that time on coinmarketcap, that will likely suffice.

There is no regulation yet on crypto in some countries so people who are earning can really enjoy their entire profit.
But, the sooner the government sees the demand of crypto and the money going in and out, they will surely tax those people who are earning, one
county I know that does not tax bitcoin is the Philippines.

Topic: Questionable wealth because of Crypto - page 3. (Read 1023 times)