as said it depends on your local law. where i live, if you made profit with btc and you buy gold with it, you also should pay the tax.
yes that is right to say the tax on purchasing gold or silver using bitcoin is depending on the state policy. in my country we do not pay any tax while buying gold or silver using fiat currency there fore i do not think that we will pay tax on purchasing gold or silver using bitcoin as there is no notification about bitcoin by our country that either it is legal or illegal currency. 
Topic: Spending my Bitcoin on GOLD / SILVER?... Do I have to pay tax? - page 2. (Read 8048 times)
You will be at mistake if you did that, because you are going to back, it was the past when everyone was going to invest in gold and silver, at there the profit from these assets is much lower and slow, but now all of those who are expert traders do invest in bitcoin and they are nw at a good speed. The better suggestion is that you do not invest in gold and silver as you will be at a snail speed for your income bitcoin is a good choice and it is a great chance for all of us to invest in bitcoin from now as in the coming years no one knows that the price will increase more or not as the stability will also occur, and it is sure that the price will increase more higher in the coming months.
It's not about making huge profits it's about diversification. Anybody that knows anything can tell you that. Also i will give you a tip, bitcoin can just as easily go down and not just up. I think if the price of bitcoin go up and down depend on the supply and demand, if the demand increases more then the price will increase much higher more easily and with not hurdle and when the demand is less and the supply increases the the price drop down easily.
as said it depends on your local law. where i live, if you made profit with btc and you buy gold with it, you also should pay the tax.
but only if the bitcoin is considered as a legal currency in a state, if a state consider as illegal then it is also illegal to buy gold or silver with bitcoin. in fact in our country we are not going to pay tax on gold or silver while buying, here we buy gold and silver as we buy vegetable or meat or other stuff from store and we do not pay tax on these things similarly we buy gold and silver from shops and do not pay tax on that . so this gold you buy with your vegetables, say you bought one ounce for $1200 Euro per oz. and in a year you sell that one ounce gold coin for $2000 Euro per ounce, right back to the same gold merchant. In the US you'd owe taxes on the $800 in gains. I think in most countries you'd owe income tax on those gains.
so if the OP is paying for his gold with btc (now worth $600/btc) and he bought these btc back when they were $200/btc - does he owe taxes (not sales tax on the gold) but income tax on the $400 per btc in gains?
in this thread we have 2 answers:
1) no because btc is a 'thing' like gold or silver, so btc for gold is just swapping commodities like buying gold with silver (but same question, your silver was $5/oz when you bought it, and now it's $35/oz, do you ow income on that $30/oz increase in value)?
2) yes, because his btc went from $200 to $600 per, regardless of what he bought with it when he realized the current $600/btc value.
(and then a bunch of terrible answers about "not really it's not real" or "as long as you don't get caught")
So, anyone actually use any of those "buy gold with btc" sites above?
You will be at mistake if you did that, because you are going to back, it was the past when everyone was going to invest in gold and silver, at there the profit from these assets is much lower and slow, but now all of those who are expert traders do invest in bitcoin and they are nw at a good speed. The better suggestion is that you do not invest in gold and silver as you will be at a snail speed for your income bitcoin is a good choice and it is a great chance for all of us to invest in bitcoin from now as in the coming years no one knows that the price will increase more or not as the stability will also occur, and it is sure that the price will increase more higher in the coming months.
It's not about making huge profits it's about diversification. Anybody that knows anything can tell you that. Also i will give you a tip, bitcoin can just as easily go down and not just up. Agreed. And 2-3 days into a power outage and Katrina like event, when cell phones don't work for 2FA or basic internet is offline, hard currency (even evil fiat cash) along with silver coins will be very handy.
In the UK certain iterations of gold coin are capital gains tax free and there's no value added tax on gold, but there is on silver. Trouble is the OP isn't declaring tax on the Bitcoins earned to buy them.
That is a double tax on him then. 
In the UK certain iterations of gold coin are capital gains tax free and there's no value added tax on gold, but there is on silver. Trouble is the OP isn't declaring tax on the Bitcoins earned to buy them.
My answer would be yes.
You are purchasing a commodity so they become an asset of yours once in your possession.
Do you have to pay taxes on the value of those assets that you own? If the answer is yes then there you go!
You are purchasing a commodity so they become an asset of yours once in your possession.
Do you have to pay taxes on the value of those assets that you own? If the answer is yes then there you go!
It is really upto which country you are living, in my country buying gold and silver is both taxable and non taxable, because when we purchase it is upto us that we have to declare or not, but it is same like if we dont declare it become illegal property of us. so it is taxable if you are buying gold and silver. same on bitcoin it is still not clear in my country so if i convert to fiat also no problem as their wont i have to show them any details. i convert it to my fiat currency and then i buy what ever i like.
You're being paid ergo you're liable for income tax. Just because it's magic internet money doesn't mean you're also magically relieved of the necessity to pay tax. The HMRC tries to get a cut of barter, why would Bitcoin be any different?
You can try to hide it and the chances are you'll be fine, but most people pay tax to avoid potential ball ache not because they want to.
You can try to hide it and the chances are you'll be fine, but most people pay tax to avoid potential ball ache not because they want to.
as said it depends on your local law. where i live, if you made profit with btc and you buy gold with it, you also should pay the tax.
but only if the bitcoin is considered as a legal currency in a state, if a state consider as illegal then it is also illegal to buy gold or silver with bitcoin. in fact in our country we are not going to pay tax on gold or silver while buying, here we buy gold and silver as we buy vegetable or meat or other stuff from store and we do not pay tax on these things similarly we buy gold and silver from shops and do not pay tax on that .
I don't know about other taxes, but at the time when you will buy it then the seller will ask you a price including the sales tax on them, so in that case you will pay the tax.
as said it depends on your local law. where i live, if you made profit with btc and you buy gold with it, you also should pay the tax.
You will be at mistake if you did that, because you are going to back, it was the past when everyone was going to invest in gold and silver, at there the profit from these assets is much lower and slow, but now all of those who are expert traders do invest in bitcoin and they are nw at a good speed. The better suggestion is that you do not invest in gold and silver as you will be at a snail speed for your income bitcoin is a good choice and it is a great chance for all of us to invest in bitcoin from now as in the coming years no one knows that the price will increase more or not as the stability will also occur, and it is sure that the price will increase more higher in the coming months.
It's not about making huge profits it's about diversification. Anybody that knows anything can tell you that. Also i will give you a tip, bitcoin can just as easily go down and not just up. I think if the price of bitcoin go up and down depend on the supply and demand, if the demand increases more then the price will increase much higher more easily and with not hurdle and when the demand is less and the supply increases the the price drop down easily.
You will be at mistake if you did that, because you are going to back, it was the past when everyone was going to invest in gold and silver, at there the profit from these assets is much lower and slow, but now all of those who are expert traders do invest in bitcoin and they are nw at a good speed. The better suggestion is that you do not invest in gold and silver as you will be at a snail speed for your income bitcoin is a good choice and it is a great chance for all of us to invest in bitcoin from now as in the coming years no one knows that the price will increase more or not as the stability will also occur, and it is sure that the price will increase more higher in the coming months.
It's not about making huge profits it's about diversification. Anybody that knows anything can tell you that. Also i will give you a tip, bitcoin can just as easily go down and not just up. 
i think if we are going to buy or sell Gold or Silver in our local shops we are not paying bill in fiat currency. therefore if the godl buyer or godsmith is ready to buy it directly in bitcoin then why will you pay bill. i dont think so.
You will be at mistake if you did that, because you are going to back, it was the past when everyone was going to invest in gold and silver, at there the profit from these assets is much lower and slow, but now all of those who are expert traders do invest in bitcoin and they are nw at a good speed. The better suggestion is that you do not invest in gold and silver as you will be at a snail speed for your income bitcoin is a good choice and it is a great chance for all of us to invest in bitcoin from now as in the coming years no one knows that the price will increase more or not as the stability will also occur, and it is sure that the price will increase more higher in the coming months.
Gold and silver has its own sales tax and other taxes etc, so if you want to buy gold or silver with your bitcoin then you will have to pay the same amount which you pay with your fiat.
it always have tax even if you buy a gold or fiat. hahaha. there are some withdrawal fees or trancsaction fees that will deduct in every transaction process. in that fees , it is included the tax. and site that you use will pay the tax using the fees collected to you. i hope i help you OP
Unless you can pay your bills in precious metal, eventually, you will need to convert this to fiat. When bitcoin is converted to fiat, by whatever means (like a gold purchase), capital gains have been achieved (or losses) and there is tax liability to be addressed. Failure to do this (or declare that gold) is tax evasion.
If you buy from a professional company any tax is usually covered by them!
If you buy things with bitcoin, actually, dependent on where you live.
Usually, if you purchase things with bitcoin, it is hard to trace so you don't really need to pay tax as bitcoin is classed as an "unregulated" currency. However, if you are found to be doing tax evasion (if someone finds out) then it does make sense to pay the value added tax needed to purchase the gold (though it is hard to do as your government do not usually accept Bitcoin as a payment method so it will ned converting to fiat which then makes it quite confusing)!
Unless you can pay your bills in precious metal, eventually, you will need to convert this to fiat. When bitcoin is converted to fiat, by whatever means (like a gold purchase), capital gains have been achieved (or losses) and there is tax liability to be addressed. Failure to do this (or declare that gold) is tax evasion.
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