Topic: Taxes and crypto. - page 3. (Read 783 times)

If the government deserve so and your a nationalist person then there’s no need to argue about this issue, taxation and those collected if used for public service can help the country, then do it. But if your not comfortable about it because the public officials are so corrupt and pocketing every money that is a public fund then you have all the right to refuse or hide but better be good at that, crocs are to greedy with money they will soon look for you.

Yeah sometimes the idea of losing your money to taxing looks scornful but if we live in a country that levys charge on income as tax, you don't have any choice than to socum to the will of the government so long such collection is stated in the constitution.

The theory of government is locked as a social contract. The government are supposedly people who are elected into political offices, Therefore, the social contract depicts that the people relinquish their rights to the government for the use of the betterment of the whole. So if the government finds it proper to levy on income, it is for the good of the whole used for social amenities.

It is the civil responsibility of citizens to pay tax where it is constitutional to pay, whether bitcoin or fiat - no matter the fiat.

In getting taxes from the crypto is need to study first on how they are going to getvfrom it. Maybe they are going to go on for studies on how to get closer to that. Although it is difficult for them but it is helpful to our economy to improve.

Taxes have to be paid, there's no question there. There's no argument you can make that you don't have to pay taxes on this unless you're argument is income taxes are wrong/immoral/what have you, but then you're wrong anyway (but at least you're consistent). The major problem is the method (at least in the US) of taxation and how the US IRS has deemed "taxable events" to effectively cover potentially hundreds or thousands of transactions. The burden is far too high to compute the proper tax owed, and of course, if you make a mistake you're at fault. Computing taxes should be easy and compliance will be higher.

It will be a hell of a no from many traders in the industry,imagine them placing 5-10 % tax per return on cryptocurrencies considering that most traders profited daily and trade daily they will have no income through this,even if the tax is low its stilla big loss for a big and small traders

It's sad for those fellow crypto trader that they have to pay taxes because here in my country we don't have any provisions regarding the gains we get from trading cryptocurrencies, i hope if they will impose tax on crypto gains it will be another 5 years 
But anyway, i don't want to mess up with the authorities so i don't mind paying my taxes, I trust the government of my country more than ever since i voted our current president during elections.

Such nonsense. Taxes are nothing against crypto.

It's called capital gains tax:

- A gain in this scenario is when you trade your crypto for something of value (a product or a service or fiat)
- If you had a gain within one year of your investment, you will be taxed ~25%
- If it's a gain after a year of your investment it's 15%.
- If the gain is above a certain threshold, you add 2.8%.

For God sakes, it's that simple.

Pay your taxes, be a responsible citizen and stop trying to dodge your duties with bullshit rhetoric.

Most governments will want to take as much in tax from crypto as they can, so long as they are taking it from ordinary people. They will see us - people who have made a lot of money from crypto - as undeserving rich, and will bleed them for as much as they can. Crypto is a threat to the establishment, it shakes everything up, and the people at the top are ruthless. They will do anything to protect their privilege. They will tax crypto as hard as they can.
 
But their friends who are board members at major companies or in any high office, the fiat millionaires who go through the revolving door between the higher echelons of government and directorships of corporations, these people are never touched.

It is said that the two certainties in life are death and taxes. But the truth that for the chosen few who run the country - whether in government or in the corporate sphere - for these people taxes are strictly optional.

I believe governments do not deserve to tax earnings from cryptocurrencies. We are all seeing how government is attacking bitcoin as their see it as a scam and not something worthwhile.
Taxation on cryptocurrencies is very unfair and pay it to government is what I will find difficult to do. But if your minds condemned you about it then you should pay.

At the moment I have the funds be sent from the exchange to my actual bank account, I will have to pay tax. It's not necessarily because I am forced to do so directly, but more because of the fact that banks have the habit to report incoming deposits to the tax authorities. Just to be on the safe side, I will pay tax in order to prevent potential problems.

Are you referring to Coinbase? And yes, that happens too in some cases. I am even looking to potentially ditch centralized exchanges for ever when it comes to trading, because I am quite sure that within a few years, all exchanges will be forced to transfer user reports to their respective tax departments. Current regulations are still friendly, that's for sure, so prepare for what has to come.

I do not think that there are many people who will want to pay taxes for the profits received from the crypto currency. Although later in some countries can introduce it.

Well if the general consensus is that there is no way around it, and that eventually we will have to pay something as we will not be able to make withdrawals to fiat without the risk of being asked where the funds came from.

Shouldnt we be focusing on alt coins with high privacy in the hope that some day a non-governmental worldwide system will be in place allowing transactions without disclosure of our details.

Any ideas on this, or has anyone read anything on such a system, please share a link. 

If somebody thinks that it's OK to give something back to their country, they are free to make a donation to the Treasury and support the government. But this has nothing to do with supporting coercion of other people to pay for stuff that you feel good about. Because there is no difference between taxes and robbery.

And since we see bitcoin as a currency (even if the government still doesn't recognizes it as such), do you agree to pay taxes because your dollars are now worth more than they used to do a few years back? (Actually the dollar is worth less every year, his value dropping each and every year because of inflation).

So Hell no, I don't think you should pay taxes for you crypto gains.

I think it would be good if we can pay taxes but hoping that those taxes that we will be paying for would be keep in good hands or will be used to improve the technology of every cryptocurrencies. Hope that they will implement good policy regarding the use of tax to every crypto and hoping that it wouldn't be just in the hands of corrupt people if we pay for it.

I opposed into paying tax to cryptocurrency profits. Our government had enough tax collected. In fact, a new law was implemented to increase the tax revenue. Moreover, corruption is very rumpant in our government. This makes it harder to pay taxes due to corruption. Probably I will not object if I can see where my tax is going. Instead of focusing on having tax on cryptocurrency, they should concentrate on elimating corrupt government officials.

I don't want to pay taxes for my hard earned dollars from cryptocurrency.Actually I was paying taxes for my salary,I was investing my remaining salary. So do you want me to pay a double taxes for my salary. In South Korea, government regulated to pay taxes.Fortunately, I was not in South Korea.Upto now I was free from paying taxes .

No one can escape taxes, even crypto, believe me. Government will always find a way to lay taxes on everything. Look at south korea. They almost banned bitcoin transactions in their country. People goes crazy. After then government said they will bit ban transaction but will include taxes on it. People find it better than banning it totally.

Taxes. Like they are the worst and the best at the same time. You're earning that 1500 USD that will be withdrawn to your bank account? Well let us cut it off a bit. You're gonna buy that PS4  you dreamed off for a long time? Well pay us first or you're screwed than what you can imagine. These things that we hate and would almost want to evade it almost make us have a misconception that these taxes in all of our earnings are all just for the bad. In every cash inflows we get in our wallet, there will always be an outflows. But everyone shouldn't be worried when those times arrive. We should be even more happy and proud. Why? What could have happened the worse from the action of the government other than putting tax in it? Ban it. I mean if government wouldn't regulate these earning we would get then it could also pose a risk for them due to people investing too much in the cryptos that might end up in a crash one day while these local banks are living in a silence. If we will pay our taxes in the future from the earning in Bitcoin or any other cryptos then see to it that it is for the good. It is the gratitude for the government supporting cryptos rather than banning it. And who knows how much more will government support cryptos in the future   ? Korea installed a trading platform for cryptocurrency. It is a real-name trading and it would reduce scams.

Hey! Paying for taxes from crypto means government recognizing it. Once government supported the system then, cryptocoins can be use on markets as well. Isn't that nice, right? Although, it sounds to good to be through a lot of things needs to be done first and studying on how to run this world will be bloody.

I totally agree. First your income gets taxed with personal income tax, then you put it to the bank account and the smallish interest is taxed again, then you go out buying some stuff and you pay VAT on top of that all. Then whatever is saved (if any) you invest and then you may lose or you may gain. If you lost, sorry! But if you gain - pay the capital gain tax.

What bothers me is that they really have means to repeat all that with crypto: you buy something with crypto - you pay VAT on top of the price. You sell your crypto - you pay the capital gain tax.

One must really stretch one's brain to come up with means to avoid that and it really may be that the window of opportunity is slowly closing. The system may become well impregnated, soon.