Tax v Bitcoins | Bitcointalksearch.org

loof99

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Quote from: OnkgoKikgoKi on December 12, 2016, 07:20:34 AM

Do I have to pay Tax on Bitcoins?

In relationship of Taxation and Bitcoin there is a good benefit between to each other.
The tax will recommend the bitcoin for well systematic and monitored system in commercial transaction; while the bitcoin will accumulate lots of final tax which will remit to the government.

chineseprancing

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Quote from: migolmigol on December 05, 2017, 11:57:52 AM

When I was studying tax, any form of income is taxable. Even the second market or just like simple selling your pen to another person for small amount of gain. So basically yes, you have to pay tax. Income tax to be specific. Which you can file yearly.

However, given that Bitcoin transactions is hard to track and transactions and earnings can be in anonymous form, many do not file and pay earnings from bitcoin.

I was not agreed if bitcoin will become taxable, because if it is happen our small amount income from digital world will decrease due to taxes from the government. However, since bitcoin are not covered by the leader or law of each country, I guess giving taxes to the income of users will possible to happen for now.

error08

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If you live in US, yes you have to pay tax for capital gains. But in most countries, there is no tax for capital gains and the only thing you have to pay is withdrawal fees through an exchange.

Psyloc9302003

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btc cannot have tax because of its volatility..not like paper money where it has its own fix value..not unless you convert it to taxable goods or convert it to local currency..as long as it is no stable value I don't think that there are no government that can implement a tax on it..

migolmigol

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When I was studying tax, any form of income is taxable. Even the second market or just like simple selling your pen to another person for small amount of gain. So basically yes, you have to pay tax. Income tax to be specific. Which you can file yearly.

However, given that Bitcoin transactions is hard to track and transactions and earnings can be in anonymous form, many do not file and pay earnings from bitcoin.

rhamzter

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Quote from: Lampaster on October 08, 2017, 07:55:24 AM

Quote from: TastyChillySauce00 on January 02, 2017, 02:10:56 AM

Taxes is an obligation for every citizen of a country which obligating their citizen to pay taxes. However, if you avoid paying taxes then you might be punished so it's always better to be a good man and always pay those taxes. If you are still having intention on avoiding taxes then it's you the one who will be responsible for everything you have done
But so far I haven't seen country which taxing directly onto bitcoin but only taxing you when exchanging your bitcoin to your local currency so, lucky you.

To pay taxes is really a duty of every citizen, but you forget that this is a road with two directions. There is still a duty of the state to fairly distribute the taxes and to deal with the embezzlement. People see that the state does not fulfill its obligations and therefore do not want to pay taxes. What's wrong with that? I did not pay them. I take nothing from the state and do not feel obliged to him.

Since earning bitcoin is not included as regular income of one citizen, I guess it's great because it was not included as taxable income of each person. Otherwise bitcoin is not regulates by the government of some country that's why they cannot obligated to pay taxes.

However if the bitcoin started to adopt by the government of each nation I think crypto currency are need to follow the rules and regulations of respective country.

Moreover earning income of people from digital world will be lessen due to tax deduction from their income.

ember.suc

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Of ourse, you must pay taxes on any capital gain you realize on Bitcoin or any other currency. If you buy and hold, you do not have to report anything until you sell. Keep in mind, the IRS treats digital currencies as property for the sake of taxes, so all of the same rules apply.

Snaic

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If the government directly established a profit tax on operations with bitcoin, then the tax would have to be paid. Now such taxes are introduced by states that recognize crypto currency as a means of payment. Otherwise, you can be criminally liable.

Lampaster

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Quote from: TastyChillySauce00 on January 02, 2017, 02:10:56 AM

Taxes is an obligation for every citizen of a country which obligating their citizen to pay taxes. However, if you avoid paying taxes then you might be punished so it's always better to be a good man and always pay those taxes. If you are still having intention on avoiding taxes then it's you the one who will be responsible for everything you have done
But so far I haven't seen country which taxing directly onto bitcoin but only taxing you when exchanging your bitcoin to your local currency so, lucky you.

To pay taxes is really a duty of every citizen, but you forget that this is a road with two directions. There is still a duty of the state to fairly distribute the taxes and to deal with the embezzlement. People see that the state does not fulfill its obligations and therefore do not want to pay taxes. What's wrong with that? I did not pay them. I take nothing from the state and do not feel obliged to him.

Emmami@758

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Quote from: OnkgoKikgoKi on December 12, 2016, 07:20:34 AM

Do I have to pay Tax on Bitcoins?

yes i have to pay tax on bit coins. if we are buying legally then why should we feel fear. in most country's people buying bit coins illegally once tax may pay then more people facing problems. i thinking to keeping tax is good. it is help to that country's economical growth.

morpheus305

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Quote from: European Central Bank on December 19, 2016, 06:30:34 PM

Quote from: ajaxmoor on December 19, 2016, 02:53:43 AM

Shortanswer, A Big YES if you ever convert it to fiat. For a more detailed answer refer to this thread: https://bitcointalksearch.org/topic/do-i-have-to-pay-tax-on-bitcoins-1631867

depends. in germany as long as you've held for over a year there's no capital gains. kind of strange but there you go. i guess it might well change soon.

Say for example you bought $2k worth of bitcoins with fiat. Over the next two years you trade those bitcoins vs other alt coins and eventually it grows in value. Even though you never converted to fiat the entire can you claim long term capital gains when it comes time to cash some of that out?

strasboug

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You don't pay tax by holding bitcoins, but you will need to pay tax if you sell it for fiat and make a profit, in which case it is like you sell a stock and same capital gain rules apply. This is the situation in US.

TastyChillySauce00

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Taxes is an obligation for every citizen of a country which obligating their citizen to pay taxes. However, if you avoid paying taxes then you might be punished so it's always better to be a good man and always pay those taxes. If you are still having intention on avoiding taxes then it's you the one who will be responsible for everything you have done
But so far I haven't seen country which taxing directly onto bitcoin but only taxing you when exchanging your bitcoin to your local currency so, lucky you.

burner2014

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Quote from: CraigWrightBTC on December 29, 2016, 10:52:05 PM

Quote from: OnkgoKikgoKi on December 12, 2016, 07:20:34 AM

Do I have to pay Tax on Bitcoins?

Of course yes, you must pay the taxes if your country wanna it, but depend on your country is there taxes for bitcoin's usage or not.
If you love the country you must build it with pay the taxes.
And i think the taxes of bitcoins is not too expensive, if your country will apply it.

It is really up to you if you are a law abiding citizen because here in our country we have to pay or declare it if not if they have seen this to us we will pay tax consequences. As per me, it is not that big amount because I have a child which I claim as an additional exception to pay tax.

CraigWrightBTC

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Quote from: OnkgoKikgoKi on December 12, 2016, 07:20:34 AM

Do I have to pay Tax on Bitcoins?

Of course yes, you must pay the taxes if your country wanna it, but depend on your country is there taxes for bitcoin's usage or not.
If you love the country you must build it with pay the taxes.
And i think the taxes of bitcoins is not too expensive, if your country will apply it.

Warkop

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Quote from: Coin-Keeper on December 12, 2016, 01:47:19 PM

Seriously, there are dozens of threads here answering this question, BUT, you haven't even told us what country you are talking about!

I thought she might as well just focus on one country he himself is not to some other countries.

xuan87

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For temporary it will be no in my country because there are no regulation yet about bitcoin, but if you exchange it to fiat then the exchanger will charge you with the tax and in that case you need to pay tax, but i believe in the future the government will try to taxed bitcoin

FLoving

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Quote from: OnkgoKikgoKi on December 12, 2016, 07:20:34 AM

Do I have to pay Tax on Bitcoins?

As none of the government have accepted it so for them bitcoin is not a currency yet and for that they are not lawful to impose tax on bitcoins. But at the time when you will exchange your money to fiat then on its withdrawal to your banks the banks are liable to impose tax on that.

zeze18

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if so blessed bitcoin businesses ,, due to the absence of tax regulations on bitcoin

Dammitt

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First of all it is important which country you are. Another issue is that it is possible to find answers in other topics instead of opening a new topic that has a lot of topics related to it. There is no tax on bitcoin if we come to the roll.

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