Taxation on the alts - page 2. | Bitcointalksearch.org

BrewMaster

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Quote from: Potato Chips on February 12, 2017, 02:01:14 PM

The government has no control in bitcoin as well as the altcoins that's why there is no tax going on between them.

they don't need control in order to put taxes on your trades. they don't have control on all the currencies in the Forex market and they have no control over the stocks in the stocks market but they are taking taxes on your trades and the profit you are making from trading these things.

the same thing can easily be true about bitcoin or altcoin versus fiat trading. but bitcoin versus altcoin trading can be a bit tricky but it can still be taxed in some ways.

i always say when it comes to taxes and the legality of what you are doing it is best not to make assumptions and consult a professional.

Potato Chips

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The government has no control in bitcoin as well as the altcoins that's why there is no tax going on between them. If you're

referring to the fees it depnds on which exchange site you will use. There's still some speculations around the forum that the

government might put a tax on them in the future. But this will be difficult because as I have said they have no control about it so

the exchange sitea that are based on their country that trades cryptocurrenies will probably the ones going to be affected .

kidoseagle0312

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Quote from: blacksmithtm on January 18, 2017, 08:08:54 AM

Hey

How do you calculate taxes on alt-coins bought and sold with Bitcoin? For example if i bought 10 bitcoins worth of Monero, and monero rose 10% and i decides to sell for that extra bitcoin, how does that become taxed? Furthermore if/when i decide to sell the 11 bitcoin i now have for fiat, how might that be taxed? Thank you in advance.

As of this moment, I never heard tax is being implemented in some altcoins in bitcoin or cryptoworld. Tax for now is being use in any altcoin that what I know about it. because because most of the altcoins are same with bitcoin in terms of being anonymous, and being decentralized too. it means none of the any company nor the government cannot control it.

bitllionaire

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Quote from: machinek20 on February 01, 2017, 08:28:25 AM

It depends on the country you lived, usually it count from how much you earned, but the percentage of the tax is different in every country, and for now in my country if you exchange alt coin or bitcoin there is still no rules that stated need to pay tax for digital currencies

yes that is right that every country has their own ration for tax but i think still most of the countries have not yet impost tax on alt coins even on bitcoin. may be in future some countries may have planing to put tax on bitcoin and other alt coins, but currently there is no tax on bitcoin and any other alt coin. i think it will be a good decision both for bitcoin and governments if they put tax on bitcoin and other alt coins.

Gameroid

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Quote from: machinek20 on February 01, 2017, 08:28:25 AM

It depends on the country you lived, usually it count from how much you earned, but the percentage of the tax is different in every country, and for now in my country if you exchange alt coin or bitcoin there is still no rules that stated need to pay tax for digital currencies

but i think that still there is no tax on bitcoin anywhere in the world. government may be thinking about imposing tax on bitcoin but have to regularize bitcoin fix and and i think the government have some limitation about that they want to have control over bitcoin and bitcoin is design where it is mot possible to control it or manage by any country.

Bitcotalk

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You are free with the buying and selling of your bitcoins and altcoins because there is no any tax on these crypto currencies and maybe in the future impose it but before they will legalize it for the state while now you only need to pay the fes of selling and buying on the exchanges and that fees varies on different exchanges some have high fees while some have lower fees.

hurain

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Quote from: mace15 on February 01, 2017, 10:18:43 AM

I dont think there's tax on the bitcoin and altcoins. But if you're saying in trading taxation of altcoins, I beleivs thats the fees. Every transactions transfer of altcoins from exchange to exchange also has a fees. I guess this is what youre trying to say.

in fact currently there is no tax on bitcoin and alt coin. i think some government may thinking about to put tax on bitcoin because if they will impose tax on bitcoin that can collect a huge amount of money as income tax. but i think they have some limitations that stopping them to impost tax on bitcoin. i think first they need to declare bitcoin as legal currency and only then they can put tax on it.

European Central Bank

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Quote from: bravehearth0319 on February 04, 2017, 09:29:54 AM

In the first place, I just wanna know where did you get the information that there is ongoing taxation happening in the altcoins industry,because so far I never heard to any news update in cryptonews that there is taxation in the altcoins. and moreover, we are decentralized digital currency.

because there's profit involved. wherever there is profit then you're gonna get taxed. it's up to you to declare it just like anything else. buying and selling for profit usually attracts tax.

i really hope some of the people here get their shit together if bitcoin explodes because this is how the world works. the judge who's about to strip you of everything isn't gonna be moved by 'but, it's on the internet so i don't think i should pay any tax.'

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Quote from: aioc on January 18, 2017, 08:26:27 AM

Quote from: blacksmithtm on January 18, 2017, 08:08:54 AM

Hey

How do you calculate taxes on alt-coins bought and sold with Bitcoin? For example if i bought 10 bitcoins worth of Monero, and monero rose 10% and i decides to sell for that extra bitcoin, how does that become taxed? Furthermore if/when i decide to sell the 11 bitcoin i now have for fiat, how might that be taxed? Thank you in advance.

Taxing who is taxing the altcoins the government has no control in these altcoins and I am not aware that there are ongoing taxation in the altcoin industry I also want to know the percentage,so I can use it as guide in my trading.

In the first place, I just wanna know where did you get the information that there is ongoing taxation happening in the altcoins industry,because so far I never heard to any news update in cryptonews that there is taxation in the altcoins. and moreover, we are decentralized digital currency.

mace15

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I dont think there's tax on the bitcoin and altcoins. But if you're saying in trading taxation of altcoins, I beleivs thats the fees. Every transactions transfer of altcoins from exchange to exchange also has a fees. I guess this is what youre trying to say.

Dudeperfect

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I never heard about taxes on bitcoin or altcoin transactions yet but if you are trying to convert bitcoins to fiat then, in that case, you may need to pay service taxes if the exchange is asking for it and I can speak about my jurisdiction (India) where I have pay 15% tax on transaction fee if I am using Unicoin (it is not applicable while trading on localbitcoins).

Service charges and service taxes are two different matters.

Have a look on this fee structure for better understandings

Unocoin FEE STRUCTURE.

densuj

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Quote from: blacksmithtm on January 18, 2017, 08:08:54 AM

Hey

How do you calculate taxes on alt-coins bought and sold with Bitcoin? For example if i bought 10 bitcoins worth of Monero, and monero rose 10% and i decides to sell for that extra bitcoin, how does that become taxed? Furthermore if/when i decide to sell the 11 bitcoin i now have for fiat, how might that be taxed? Thank you in advance.

I think what's do you mean with taxes is fees trading altcoins
because there are not taxes for altcoins and bitcoin,
you can check on the markets where you trading altcoins
every markets apply different fees trading.

bitllionaire

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Quote from: machinek20 on February 01, 2017, 08:28:25 AM

It depends on the country you lived, usually it count from how much you earned, but the percentage of the tax is different in every country, and for now in my country if you exchange alt coin or bitcoin there is still no rules that stated need to pay tax for digital currencies

yes no doubt that different countries have different strategies about taxation but i do not think that still a single country has put tax on bitcoin income, i think the main reason can be that still government have not yet turn bitcoin legal. or may be they have yet not make any strategy to impost tax on bitcoin, but one thing is clear that if government will put tax on bitcoin, then bitcoin will become more stronger than its previous position.

ipanks

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i don't know if altcoin have a tax after we doing trading but i think there is no taxation for altcoins or bitcoin since many of government didn't make any comment about bitcoin. so if there is any country that have taxation for altcoins or bitcoin, then its should be from their regulation for use commodity and they considering that altcoins is like commidity but i am not sure about this.

burner2014

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Quote from: machinek20 on February 01, 2017, 08:28:25 AM

It depends on the country you lived, usually it count from how much you earned, but the percentage of the tax is different in every country, and for now in my country if you exchange alt coin or bitcoin there is still no rules that stated need to pay tax for digital currencies

It is the duty of one individual to pay taxes, it is up to you since bitcoin is not yet regulated by law. Let us just be thankful that our country did not banned bitcoin until now, that they see bitcoin as one of investments and opportunity for people and in the country.
But, I am wondering if do we already have international tax for bitcoin?

machinek20

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It depends on the country you lived, usually it count from how much you earned, but the percentage of the tax is different in every country, and for now in my country if you exchange alt coin or bitcoin there is still no rules that stated need to pay tax for digital currencies

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Quote from: digaran on January 30, 2017, 01:37:19 PM

Cryptocurrencies are more like a private and non financial assets, governments consider them as online toys more of a private club thing.
Only bitcoin is a serious matter for them, no government can expect taxes from people not using any national resources, you need to understand why are they taking money as taxes first and see if being involved in crypto could be considered tax-worthy or not? are they providing you with their services while you are doing trades in crypto? if yes then they have the rights to charge taxes.

Government are obliging people to pay taxes for whatever they earn as that is their responsibility and they will do that to something that is in their control, since bitcoin or altcoins is not in their control due to decentralization, they cannot tax it. However, because of the fact that we convert our crypto currencies to fiat, it's easy for them to tax us.

digaran

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Cryptocurrencies are more like a private and non financial assets, governments consider them as online toys more of a private club thing.
Only bitcoin is a serious matter for them, no government can expect taxes from people not using any national resources, you need to understand why are they taking money as taxes first and see if being involved in crypto could be considered tax-worthy or not? are they providing you with their services while you are doing trades in crypto? if yes then they have the rights to charge taxes.

V1saya

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It's hard to imagine taxation in crypto not unless it's non-online. The best scenario here is the government will impose tax on those sites just like taxing registered establishments. That means all your transactions online were taxed already.

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Quote from: blacksmithtm on January 18, 2017, 08:08:54 AM

Hey

How do you calculate taxes on alt-coins bought and sold with Bitcoin? For example if i bought 10 bitcoins worth of Monero, and monero rose 10% and i decides to sell for that extra bitcoin, how does that become taxed? Furthermore if/when i decide to sell the 11 bitcoin i now have for fiat, how might that be taxed? Thank you in advance.

(Assuming you are in the US)
In that scenario you have a taxable capitol gain of 10%. Your tax on that gain could be as low as 0% or as high as maybe 20%. But 10% is a good guess. Note that the tax only applies to the gain and not the principal and is triggered by selling or spending the coin (any kind of coin).

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