Topic: Signature Campaigns taxes - page 9. (Read 26474 times)

There's no need to pay much attention to this aspect.

The mistake is with your reasoning. Did you even read what I wrote or every other post I've made in this thread? Bitcoin isn't an official currency in my country but you I know for a fact that you are meant to pay income taxes on money earned and that includes signature campaigns or selling goods or services for bitcoin. There is no 'official' price in fiat or diamonds or stocks and shares either because they all fluctuate in value constantly but you declare what it was worth at the time in the market when you received it. These are all just silly, ignorant and naive excuses people are coming out with. Just because bitcoin may or may not be a a 'recognized currency' doesn't mean you're not being paid for services rendered and that excludes you from taxes. They probably don't have a gold or diamond 'account' either so does that mean jewelers don't need to pay any taxes if they pay each other in gold and diamonds? Of course not. Don't be silly. If you get paid $1000 in gold, cash or bitcoin then that's $1000 in income earned regardless of the medium of payment and you would declare that on your taxes. Seriously, just do some research or at least back up your statements to prove me otherwise instead of just spreading misinformation.


What country are you from? Show me your countries tax code that states this. This normally only applies to capital gains with trades in some countries and I doubt it extends to income from businesses and payments.

There is a mistake in your reasoning. Bitcoin is not a recognized currency so income in bitcoins is not taxable. There is no official bitcoin exchange rate. In bitcoins, you can't pay either because the government doesn't have a bitcoin account. Tax liabilities come only after the exchange of bitcoins for Fiat.

Where have you heard this? Show me where in your countries tax code it says you don't have to pay taxes on crypto earned for services provided. You would be laughed at if you used this excuse in court if it ever came to it. Earning money but in bitcoin almost certainly does not excuse you from income taxes. If this was the case everyone would demand their income in crypto to avoid paying them. It just doesn't work like that as much as you and everyone here wishes. Seriously, do some reading on this or contact your local tax authority and ask them.


You should do it. The majority of people who are commenting on this thread seem to be very, very naive or are just telling themselves what they want to hear. Most of them are probably kids to be honest but that isn't going to save themselves from getting in trouble. There seems to be two categories of people here: 1] Bitcoin isn't 'legal' yet so I don't need to pay and 2] They'll never know about it so I'll probably never get caught.

1] As I've explained before this doesn't matter. Your government probably hasn't legalized potatoes as a form of currency but if you get paid in them by the thousands and then when they ask you why you haven't paid taxes you say "well potatoes aren't a legal currency yet' it isn't going to be a valid excuse. If you get paid in potatoes, or anything else in exchange for goods or services that's still an income and you will still owe taxes. If this wasn't the case it would be a huge loophole that everyone would exploit. Instead of getting paid in cash people could just pay you in goods like phones, tablets, TVs etc. Imagine if you owned a shop and only accepted bitcoin as payment for your products. Do you think that would excuse you from paying taxes? Hell no.

2] Again, as I've explained, you might be able to completely fly under the radar forever so they might not ever find out, but you're going to have to live essentially as an outlaw with that money and if your balances don't add up or start to look suspicious you might have some explaining to do eventually. Earning a little bit of money here and there from campaigns probably won't be much of a risk but a lot of people especially from Asia seem to be doing signature campaigns full time and supporting their families through it. Your government will become aware of this at some point if they haven't already and start to look into the websites and services their citizens are using to cash out the coins. It might take a while but if they eventually look into it and see you have been cashing out bitcoins untaxed for the past five years you'll eventually be hit with a big tax bill and a lot of fines potentially even prison. Sure, it might not ever happen or they might not find you but that's a risk you have to decide whether you are willing to take. I would do yourself a favor though and actually find out the law regrading income taxes in your country because a lot of you seem to be just going on what other people are thinking is true.

No need for regulations exactly about signature campaigns, every country has an income tax. Signature campaign money is income, so you should pay income tax from that.

That's a good thing and so as with our government on where they are regulating a local exchange but still they don't require any tax into those users who do involve into crypto or bitcoin itself which each transaction is tax free and the amount is deducted is only on the local exchange site fee only into the transactions had been made but I do still doubt that sooner or later government would impose such regulation when the tx volume is increasing on where coming to a point on where millions of transaction is already involved.

I didn't realize how many people think that you don't need to pay taxes for anything related to bitcoin, I'm now thinking about opening a thread just to inform people that they should. I mean that's why I even opened this thread, I know eventually they will have a way to check for these things and as I said, over the years the amount of money you can make even with signature campaigns only can be quite substantial specially if bitcoin goes up even higher.

the you earn from the signature campaign has no tax. in my country i didnt pay any tax from my income in joing signature. if you are leaving the country that is very strick about taxes from bitcoin. then you have to pay tax.

Correct, even in your state of country legalize cryptocurrency or not, it all depends on how you trade it into your local currency. Indeed, you are not directly paying taxes to the government, but you definitely pay a withdrawal fee of 1% or more. Who knows, the fee we paid is partially paid to the government as income taxes of the exchange company.

Most governments won't be monitoring crypto transactions extensively right now, but it's only a matter of time before they do. Do you think they're just going to sit back and let people earn millions in crypto without paying the taxes on it? The US has already sent legal requests for Coinbase to give up the details of people's accounts there. They could just as easily send theymos a request to do the same which he would have to oblige if it was court ordered. These things have a way of catching up with you. Like I've said before, you might be able to get away with paying no taxes for a while but if you start to live beyond your means it starts to look suspicious. You might be able to earn a decent living here but when you want to buy a car or house big transactions get reported and to buy a house in my country you have to prove where every penny of your money came from on any sort of deposit. There's no way I would be able to buy anything of substantial value without it coming back to bite me eventually. To answer your question, you just declare income earned. This is what you're going to have to do if you want to buy a house in the future.


Just because something hasn't been made legal yet doesn't mean you don't have to pay taxes on it. Seriously, contact your local IRS and ask them if you don't have to pay taxes because your earnings are in crypto. If an employer decided to pay you in gift certificates or credit vouchers or some other form of token that they had created do you think that would exempt you or them from taxes? This isn't how it works. If it was people would just start creating their own money or pay people in goods etc to avoid taxes.

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It doesn't matter what you consider. I'm sure you share lots of information. Do you not have an actual job? Do you not pay your taxes there? Do you have a debit/credit card or any other bills? Are you completely anonymous and live self-sufficiently off the grid? Or is bitcoin just a way you can finally get away with quietly sticking it to the man because it's a payment system outside of the mainstream where you think you're safe?


Europe is a continent and nobody pays income taxes to it. I can tell you in most countries I know of it's actually the opposite. Each specific country has their own laws regarding taxes and your logic certainly isn't right regarding Spain or the UK.


What country are you in? This isn't usually true in the vast majority of countries.


That depends on whether you're a citizen of Germany or not. Germany might not require capital gains tax on bitcoins (yet) but I'm pretty sure they still require you to pay income tax on them as earned.

http://www.nomoretax.eu/bitcoin-tax-haven-germany/


No. Why would I report my every move? This isn't a debate about reporting movement. It's about required income taxes and the law of the country you may or may not reside in.



You don't have to tell them what you spent your money on. This is about income earned and tax laws.


Again, this is about income tax laws not anything else. I think a place where lawlessness exists because there's no roads, police or doctors because everybody just evaded or stopped paying their taxes would be much worse than this hypothetical self-reporting surveillance state. Personally I don't think it's fair that some people think they're above the law and are happy for others to pay their way whilst you take all the benefits the country provides you, just on somebody elses tax dollar. There are plenty of countries you could move to though if you don't want to pay income taxes. They tend to lack it other benefits, though.

I don't think it really matters if bitcoin is declared legal or illegal as long as you are making money with it, what if you earn 10 million dollars, you think you wont have to pay taxes for it just because bitcoin is not announced as legal or illegal?

I live in a place where bitcoin is not yet announced as legal  or illegal. So even if i earn bitcoin through either signature campaign or from any other crypto source, i am not bother about paying taxes. But indeed, if my government accepts bitcoin and other crypto currencies and bitcoin is used my country wide, then yes i would certainly pay tax to the government as it allows its citizens to use bitcoin.  But still indirectly, i am paying tax to the government as the currency exchanged into fiats is used for local expenses. Every goods is taxed.

If you tell me what country you are from, I'll be able to point out that you in fact are obliged to pay tax over your crypto holdings/profits, and that without the need of them being explicitly stated as such.

I have seen so many people say the exact same thing, that as long as crypto isn't legal it can't be taxed, but that's wrong to the core. There is always a certain category crypto fits in, don't underestimate your government.

They'll do everything they can in order to make you pay tax over the weirdest possible things, all to squeeze out every possible penny. In other words, don't consider yourself to be exempt from paying tax.

I don't want to skip paying taxes, that's why I made the thread in the first place but I also don't want to get busted for something that I'm not even doing. If I start paying taxes for bitcoin I would have to pay all of them and it can be really difficult to do so, at least here and I don't want to get entangled in legal fights. I wanted to make sure you can prove and pay taxes for signature campaigns, that's all.

In my country crypto currency is still not legal and still no way to audit your total earnings/ taxable income here in bitcoin. So dont bother to pay taxes as long as it was not under your law.

If you want to skip paying taxes, then there are thousands of legal loopholes out there. And it is quite easy, if you are earning only $3,600 per year from the signature campaigns. And obviously, there are a lot of illegal options as well, such as cash on mail and pre-paid debit cards.

It can be an option but do you really want to evade taxes? I mean you are not only breaking the law but you are also being unfair to your own country, if a considerable amount of you are evading taxes your country might suffer from it.

Freelance work or work from a company does not make any difference as long as it is income it will still be taxable as income tax. And I don't think 50% tax is a reasonable tax rate to begin with. The thing that will give you a different tax rate is classifying yourself as either employed or self-employed.

Signature Campaign provide bitcoin earnings , I'm usually convert into fiat using local exchange.
My local exchange only charge transfer fee and 1% withdrawal for every transaction.

Based on my bank's government decision , they are forbid bitcoin transaction so as an advantage, every local exchange exclude tax !

I agree that it is all depends on what country you are and do your country engage of partnership of cryptocurrency. If yes then possible that you will tax if it is implemented.

Not really that small, you can still make around 0.04 each month with any hero account which is still around 300$ That's not that small and also considering that the price of bitcoin was far higher, some people were earning 500$+ with just 1 account. You also need to pay taxes for any amount, at least here, you can only get away with 1000$ a year without having to pay any taxes.