Topic: Should we pay taxes on Bitcoin? - page 7. (Read 2262 times)
Paying tax on bitcoin transactions would mean legitimizing that transaction as the government will directly be involved. I know many people here want the various governments of the world to legitimize bitcoin, so they will gladly want to be taxed and enslaved by the same system Satoshi wanted to do away with. Bitcoin is decentralized and should be allowed so. There are other avenues from which the governments can get their taxes/revenue from the people.
Taxation on bitcoins will be applicable depending on how you treat income from bitcoins, based on the frequency of transaction. If the gains from bitcoins is arising due to trading, it will be treated as business income. In case the gains arise due to increase in prices while you hold it as an investment, the gains will be treated as income from other sources. Suppose you buy and sell bitcoins regularly, then the gains from the sale of bitcoins will be business income and the loss would be business loss. In case you hold a bitcoin for longer duration and then sell it, the profit will attract capital gains tax. Bitcoins will be treated as capital assets if you buy for investment purposes. This means if you hold bitcoins for not more than 36 months, the gains arising from it will be considered short-term capital assets. In case of short-term capital gains, the gains from sale of bitcoins would be taxable at your applicable slab rates plus surcharge and education cess. If you make gains after holding bitcoins for more than 36 months, then long-term capital gain will be applicable—you will be taxed at 20% plus applicable surcharge and education cess, with the benefit of indexation.
Even though bitcoins are not mentioned in the income tax Act, you still have to pay taxes. As of now, there is not enough clarity on bitcoins in terms of regulation. So, it would be advisable to seek professional help while filing your returns in case of any gains from bitcoins.
You are right, since a lot of the countries are still in the process of studying whether to accept bitcoin or not so it is somewhat of how we are going to treat it for as long as their is still no tax regulations about it then we don't have to worry about those things, yes we should pay tax when needed and required. Even though bitcoins are not mentioned in the income tax Act, you still have to pay taxes. As of now, there is not enough clarity on bitcoins in terms of regulation. So, it would be advisable to seek professional help while filing your returns in case of any gains from bitcoins.
Taxation on bitcoins will be applicable depending on how you treat income from bitcoins, based on the frequency of transaction. If the gains from bitcoins is arising due to trading, it will be treated as business income. In case the gains arise due to increase in prices while you hold it as an investment, the gains will be treated as income from other sources. Suppose you buy and sell bitcoins regularly, then the gains from the sale of bitcoins will be business income and the loss would be business loss. In case you hold a bitcoin for longer duration and then sell it, the profit will attract capital gains tax. Bitcoins will be treated as capital assets if you buy for investment purposes. This means if you hold bitcoins for not more than 36 months, the gains arising from it will be considered short-term capital assets. In case of short-term capital gains, the gains from sale of bitcoins would be taxable at your applicable slab rates plus surcharge and education cess. If you make gains after holding bitcoins for more than 36 months, then long-term capital gain will be applicable—you will be taxed at 20% plus applicable surcharge and education cess, with the benefit of indexation.
Even though bitcoins are not mentioned in the income tax Act, you still have to pay taxes. As of now, there is not enough clarity on bitcoins in terms of regulation. So, it would be advisable to seek professional help while filing your returns in case of any gains from bitcoins.
Even though bitcoins are not mentioned in the income tax Act, you still have to pay taxes. As of now, there is not enough clarity on bitcoins in terms of regulation. So, it would be advisable to seek professional help while filing your returns in case of any gains from bitcoins.
No. Tax is one of the avenues government raises money. How do you pay tax on something you don't see. When this money, however is withdrawn to pay for goods and services, they may be taxed. That way you don't get taxed multiple times.
If we are required to do so, don't deprive this since as a citizen of one country we are required to pay taxes and it is for the benefit of all people, we could also benefit from it especially when we don't have funds and an emergency comes then we can ask for help from our government especially in the hospital bills.
No. Tax is one of the avenues government raises money. How do you pay tax on something you don't see. When this money, however is withdrawn to pay for goods and services, they may be taxed. That way you don't get taxed multiple times.
It is always good to pay taxes on Bitcoin earnings because even though your government is not legalized the Bitcoin. Otherwise, they will send the notices afterward when they find it and you need to pay fine for that, so be careful while dealing with the government.
I personally think that the real essence of crptocurrency is to avoid government interference, so it will be totally wrong if we begin to to pay tax on Bitcoin, if we do so, the purpose will be defected.
When you receive an appreciated asset,you inherit the cost basis and future tax liability. However there’s quite a bit of variability and complexity. Here’s a Schwab article using stocks as the example.
https://www.schwab.com/resource-center/insights/content/how-to-value-a-gift-of-stock
But if you never sell it, there’s no tax liability.
https://www.schwab.com/resource-center/insights/content/how-to-value-a-gift-of-stock
But if you never sell it, there’s no tax liability.
It must or not, in essence i think.. it depends on the government of our respective countries. If the country doesn't consider / regulating about bitcoin.. it's better no need too concerned must to paying it, let alone like me who still earn bitcoin income which's not high yet. 
But if my bitcoin income is getting high, i will try to pay for it even if it's still not legal yet in the country where i live.
But if my bitcoin income is getting high, i will try to pay for it even if it's still not legal yet in the country where i live. Why not pay if we are required to do so? right? We should pay taxes not because we have to or we need to but because we want to help street children, and a children that cannot afford to go to school or old people that has a high maintenance of medicine. In that way, we are helping the government as well as our neighbor.
Really? Are you that brainwashed to believe it or you're just inexperienced and don't know what's going on around you?
What you're quoting is the foundation of the system, the reason why it was created, but it's not how it works nowadays. Once you realize that your local taxes are helping your neighbor, but your federal taxes help finance wars, build bombs, pay for luxury cars and plains for politicians, you will start looking at things differently.
You should pay the taxes if your country government has taxation system for crypto currencies.But many developing countries don't have any taxes yet for the bitcoins so you no need to pay any taxes you just can pay the income taxes which is supposed to pay annually if you earn more than the country limits.
Not only developing countries but all countries. There are no countries that require you to pay taxes for holding coins in your wallet.
You buy fiat - you pay taxes. It's reasonable.
You don't buy fiat - you don't owe them anything!
Exactly! If you do not sell your BTC, you do not have to pay taxes on anything. They treat it as buying a expensive piece of art. However, if you then sell your piece of art (BTC), you must pay taxes on your profit.
Fuck taxes. That's why everyone is into crypto because we want to stay at the eyes of the government. Sadly those they are putting a lot of pressure today, its either they will regulate it and put taxes or totally put the hammer ban. And we are only going to pay taxes if we are going to convert our cypto's to fiat so if you are a bag and long term holder, you might have a chance not to pay for your government.
What I don't like about taxes though is that we don't know where it's going. I wanted to see my hard earn taxes go to something useful, health care perhaps or education or even try to improved the lives of those less unfortunate. But if my taxes would just go to the politician's pocket then they wouldn't even get a penny out of my bitcoins.
What I don't like about taxes though is that we don't know where it's going. I wanted to see my hard earn taxes go to something useful, health care perhaps or education or even try to improved the lives of those less unfortunate. But if my taxes would just go to the politician's pocket then they wouldn't even get a penny out of my bitcoins.
If there is a law requiring any bitcoin holders to pay taxes in every transaction then we must follow it and pay your bitcoin tax. It is better to pay taxes from bitcoin and other cryptocurrencies than banning it. This means you will no longer worrying about the legality of bitcoin in your country. Taxes collected from bitcoin will surely be use by the government for their different projects in improving the lives of the people.
Of course, we should pay taxes to the Govt. on Bitcoin. Because Bitcoin may be a big and high amount in national income of a countries' GNP. And it may be a big remittance for a LDC or HDC's country. 
Bitcoin was created to liberate us from corrupt governments and corporations that serve their own needs. The coinbase transaction in the genesis block, mined by Satoshi Nakamoto contained: "The Times 03/Jan/2009 Chancellor on brink of second bailout for bank". What is your opinion on paying taxes on Bitcoin? The government most likely doesn't know my bitcoin address. Even if they do find it, based on the transactions made from my bank account to exchanges, I could simply say someone stole the private key from me. Many of the posts here asking for help on filing taxes on their Bitcoin make no sense to me. We have a system that allows complete financial freedom and yet people choose to pay their taxes from it and support crooked governments.
Yes and I think it would be great if we pay taxes equal , and yep we should cause we can help other or the government service through bitcoin , and we are required to pay taxes . and on the other hand some government use taxes just fill their own selfishness if you know what I mean. And the bitcoin created where bitcoin is decentrelize crypto currency.
Actually it's shit to pay the tax for my salary to the government. They won't look into the people's problem.All the tax which I payed to the government is moves to the politicians hand by the name of corruption. Why should I have to pay him a double tax .I won't pay tax for my bitcoin. I had hard earned the bitcoin by signature campaign and trading. I don't want to pay tax for that.
I completely agree !! In fact, we pay hidden taxes regardless of our desire, in our country these are excise taxes on gasoline, value added tax and so on. The tax on the crypto currency is just another possibility to manage to run into someone else's pocket, I'm generally for the fact that it was possible everywhere to make the calculations directly for
Initially, taxes are imposed in order for the government to generate revenue and use this for the budget and fund government projects which would improve the nation and its community however it is sometimes abused by the gov't officials. Some taxes are even too abusive and anti-poor, which only hurts the citizens more than it should actually help them. If taxes were to be imposed for earning bitcoin, I think that it would be detrimental for the bitcoin user because it takes out a huge chunk of their income, which is unfair for one who has worked so hard for it.
Why not pay if we are required to do so? right? We should pay taxes not because we have to or we need to but because we want to help street children, and a children that cannot afford to go to school or old people that has a high maintenance of medicine. In that way, we are helping the government as well as our neighbor.
I quite agree 
Bitcoin was created to liberate us from corrupt governments and corporations that serve their own needs. The coinbase transaction in the genesis block, mined by Satoshi Nakamoto contained: "The Times 03/Jan/2009 Chancellor on brink of second bailout for bank". What is your opinion on paying taxes on Bitcoin? The government most likely doesn't know my bitcoin address. Even if they do find it, based on the transactions made from my bank account to exchanges, I could simply say someone stole the private key from me. Many of the posts here asking for help on filing taxes on their Bitcoin make no sense to me. We have a system that allows complete financial freedom and yet people choose to pay their taxes from it and support crooked governments.
If you are not satisfied with the government, not paying taxes definitely is not the way to go about changing it. If you are guilty of tax evasion, there could be big fines and prison time waiting for you if you get caught. You may think that the government may not be able to catch you, but it is just not worth the risk.
but what if you make calculations on the straight line in the crypto currency? today there are no laws that regulate the taxation for the operations on the blockade without transferring the crypto currency into ordinary money. I think and punish for what is not regulated by law, not who will not))
It depends on your jurisdiction. I've seen claims from many people that their country doesn't tax cryptocurrency gains. I can't speak to those claims, but in the US, there are laws that regulate taxation on property gains. The IRS has explicitly said those regulations apply here, whether or not you sell for fiat money. I think we're all hoping to see specific carve-outs that make paying taxes on cryptocurrency gains less of a burden. But until and unless that happens, it's not safe to simply ignore the existing tax code.
The like-kind exchange carve-out was done to protect the interest of the propertied real estate investor class. We aren't in such a privileged position. Congress and the IRS doesn't give a shit about bitcoiners. They're unlikely to make this any easier on us.
Bitcoin was created to liberate us from corrupt governments and corporations that serve their own needs. The coinbase transaction in the genesis block, mined by Satoshi Nakamoto contained: "The Times 03/Jan/2009 Chancellor on brink of second bailout for bank". What is your opinion on paying taxes on Bitcoin? The government most likely doesn't know my bitcoin address. Even if they do find it, based on the transactions made from my bank account to exchanges, I could simply say someone stole the private key from me. Many of the posts here asking for help on filing taxes on their Bitcoin make no sense to me. We have a system that allows complete financial freedom and yet people choose to pay their taxes from it and support crooked governments.
If you are not satisfied with the government, not paying taxes definitely is not the way to go about changing it. If you are guilty of tax evasion, there could be big fines and prison time waiting for you if you get caught. You may think that the government may not be able to catch you, but it is just not worth the risk.
but what if you make calculations on the straight line in the crypto currency? today there are no laws that regulate the taxation for the operations on the blockade without transferring the crypto currency into ordinary money. I think and punish for what is not regulated by law, not who will not))
Actually it's shit to pay the tax for my salary to the government. They won't look into the people's problem.All the tax which I payed to the government is moves to the politicians hand by the name of corruption. Why should I have to pay him a double tax .I won't pay tax for my bitcoin. I had hard earned the bitcoin by signature campaign and trading. I don't want to pay tax for that.
I completely agree !! In fact, we pay hidden taxes regardless of our desire, in our country these are excise taxes on gasoline, value added tax and so on. The tax on the crypto currency is just another possibility to manage to run into someone else's pocket, I'm generally for the fact that it was possible everywhere to make the calculations directly for
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