Topic: Taxes and crypto. - page 5. (Read 783 times)
I think people are taking interest in crypto because of no tax or very negligible tax, and everyone need to pay these taxes happily because if you can compare these taxes with taxes with fiat then this nothing. While if cypto can start accepting some more tax then also we need to keep patience because we want to improve crypto to peak level.
Well, do we have any choice now? As long as you are going to be converting to fiat, then you better pay up sucker. However, if you want to keep holding and hoping that one day you will be able to spend your cryptocurrencies without having to convert to fiat, then that is good too.
The truth is, the ball is in everyone's court. You cannot eat your cake and have it, so at the end, you will just have to choose one of those. For me though, I have no problem paying tax if I have to remove some of them for something urgent and if I am lucky enough to buy a house, car or whatever without exchanging to fiat one day, then good and fine. I can't wait for it. Those mo'fckers have taken so much already from everyone with their crazy tax.
The truth is, the ball is in everyone's court. You cannot eat your cake and have it, so at the end, you will just have to choose one of those. For me though, I have no problem paying tax if I have to remove some of them for something urgent and if I am lucky enough to buy a house, car or whatever without exchanging to fiat one day, then good and fine. I can't wait for it. Those mo'fckers have taken so much already from everyone with their crazy tax.
How does everyone feel about being taxed on profits earned through crypto currencies. We all took the leap of faith and risked our money, if we had all lost our money would the IRS still be interested in taxing us. Dont think so.
How far do you think governments will go to get a piece of the action?
Every government want to make revenue from anything that is beneficial to the citizen so they are asking taxes for using crypto currencies but it is not fair in my opinion.But they can only tax us until we to crypto to fiat transaction.When we full adopt to crypto to crypto usage then there is no need to pay any taxes. How far do you think governments will go to get a piece of the action?
I pay enough tax already outside the crypto field, so I am definitely not letting to government eat off any of my crypto holdings. The downside of this is that my freedom to have it converted back to fiat gets drastically limited by doing so. It doesn't mean that I can't have it sent to my bank account, but these bastards register and report everything, which is forming quite an obstacle. Good thing however is that I am not a fiat centric person, which means that I gladly keep holding on to my coins for plenty of more years, just like I have always been doing.
Will you not have to pay taxes the time when you finally cash out ? I mean one day you will get the profits in banks and then how will hide those transactions. In my country, the Income tax department has already started raiding the exchanges and collecting the information of investors. Thereafter notices were sent to those who were investing huge amount of money in Bitcoins.
Hi,
For the moment, I think the answer is clear. Governments are corrupted, public money goes in red tape...
So definitely, no. As long as we can avoid paying taxes on what we earn, let's avoid taxes!
BUT in a different world, in a perfect society.. It could be actually great to consider bitcoin as part of the income. It's actually quite normal, if you earn your life through bitcoin, to give part of it to society. Just because I believe that the State can play a role in providing necessities for everyone (schools, hospitals, etc). And what could be actually great, would be to develop a REAL direct democracy, n which everyone can vote for any decision. In such cases, I would be more than happy to pay taxes, even on bitcoin. Just because what would be provided with such money would be what people really need.
I know, this is kind of an utopia. Still
For the moment, I think the answer is clear. Governments are corrupted, public money goes in red tape...
So definitely, no. As long as we can avoid paying taxes on what we earn, let's avoid taxes!
BUT in a different world, in a perfect society.. It could be actually great to consider bitcoin as part of the income. It's actually quite normal, if you earn your life through bitcoin, to give part of it to society. Just because I believe that the State can play a role in providing necessities for everyone (schools, hospitals, etc). And what could be actually great, would be to develop a REAL direct democracy, n which everyone can vote for any decision. In such cases, I would be more than happy to pay taxes, even on bitcoin. Just because what would be provided with such money would be what people really need.
I know, this is kind of an utopia. Still
I don't mind paying taxes for the government. The only problem I see is that I don't know where my taxes are going. In my country, there are too much corruption and the taxes are already high (around 30%). That's why I dig my hands on crypto to stay away from the prying eyes of the government. But with all the regulations around crypto around the world, it will be just a matter of time before everyone of us started to pay taxes with our crypto earnings, specially converting it to fiat. If I know that the money that I'm paying is going to be for let say health care or education. But if its just going to the wallet of corrupt politicians, I would rather hold my bitcoins for a long time.
i could be in Forex if i want to pay taxes... Crypto is the only way that i am feeling freedom with my gainings also i hate tı contribute on social life and goverments with boundries and i hope that will change soon . They are living as rich people with my saving and risks for gaining money ... Ahh hate it .
Yeah totally agree. Being audited and having the 100% taken is definitely not something I am willing to risk. I have nothing against paying taxes, and I do, however its nice when something is coming back into society in the form of public health etc.
But as pointed out correctly by 1Referee, all we seem to be doing is paying off a never ending debt which was inflamed by the greediness of politicians and VIP's. So it gets me a bit hot under the collar when I take the risk to invest in a system where its legitimacy is trying to be undermined by the very source which is trying to make me broke only to charge me again on any earnings i could get.
But as pointed out correctly by 1Referee, all we seem to be doing is paying off a never ending debt which was inflamed by the greediness of politicians and VIP's. So it gets me a bit hot under the collar when I take the risk to invest in a system where its legitimacy is trying to be undermined by the very source which is trying to make me broke only to charge me again on any earnings i could get.
How does everyone feel about being taxed on profits earned through crypto currencies. We all took the leap of faith and risked our money, if we had all lost our money would the IRS still be interested in taxing us. Dont think so.
How far do you think governments will go to get a piece of the action?
How far do you think governments will go to get a piece of the action?
It's not a great feeling when The Man comes to take a significant portion of your earnings. I always think about that Roman tax collector from Asterisk and Obelix, i.e., I hated him and wish there was an Obelix around to level the playing field once in a while. That said, how bad you feel when paying your taxes will dwindle in comparison to how bad you will feel upon being audited and having not paid your taxes. It's really serious stuff.
So pay your taxes, you may earn less, but enjoy your earnings with a clear head and sleep well at night regardless of whether or not you are going to get audited.
I pay enough tax already outside the crypto field, so I am definitely not letting to government eat off any of my crypto holdings. The downside of this is that my freedom to have it converted back to fiat gets drastically limited by doing so. It doesn't mean that I can't have it sent to my bank account, but these bastards register and report everything, which is forming quite an obstacle. Good thing however is that I am not a fiat centric person, which means that I gladly keep holding on to my coins for plenty of more years, just like I have always been doing. Don't get me wrong, I don't mind paying tax, but it has to be reasonable and limited - it's pure theft to require people to have them pay tax endlessly over the same amount of money.
It's a system based on debt that will drain your wealth bit by bit throughout the years till you have nothing left. Seriously, the majority of people only see their wealth shrink and shrink, where they will end up broke at whatever point in time. I am glad that Bitcoin allows me to outrule this poverty stimulating rubbish system.
It's a system based on debt that will drain your wealth bit by bit throughout the years till you have nothing left. Seriously, the majority of people only see their wealth shrink and shrink, where they will end up broke at whatever point in time. I am glad that Bitcoin allows me to outrule this poverty stimulating rubbish system.
How does everyone feel about being taxed on profits earned through crypto currencies. We all took the leap of faith and risked our money, if we had all lost our money would the IRS still be interested in taxing us. Dont think so.
How far do you think governments will go to get a piece of the action?
How far do you think governments will go to get a piece of the action?
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