Taxes on bitcoin? - page 2. | Bitcointalksearch.org

jekjekman

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Quote from: Proton2233 on October 12, 2017, 05:47:58 AM

Quote from: Granxis on October 12, 2017, 03:12:55 AM

If you do not have a bitcoin company, you do not have to pay taxes. Using only bitcoin will not make you your company owner. No country can get tax from you with such an illogical reason. Continue to use bitcoin. I hope we will see better days.

I am not a supporter of legalizing bitcoin and not pay taxes using bitcoin. I am surprised by the position of those who want legalization. But the absurdity of the situation is that until will not be able to use bitcoin without exchanging for Fiat governments will never accept bitcoin. They will take taxes Fiat money in exchange. When people exchange bitcoins directly would be easier to hide their trades, and the government will be forced to accept bitcoin in order to accept taxes in bitcoin.

I think as long the government will not recognize Bitcoin as a legal tender to their country in buying and selling of their goods and services in exchange of it then it can't be tax. In able for the governments in the whole world to implement taxing cryptocurrency they must create a dedicated branch or department in this king of thing because it is a big thing now and a big money is involve inside of it.

Proton2233

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Quote from: Granxis on October 12, 2017, 03:12:55 AM

If you do not have a bitcoin company, you do not have to pay taxes. Using only bitcoin will not make you your company owner. No country can get tax from you with such an illogical reason. Continue to use bitcoin. I hope we will see better days.

I am not a supporter of legalizing bitcoin and not pay taxes using bitcoin. I am surprised by the position of those who want legalization. But the absurdity of the situation is that until will not be able to use bitcoin without exchanging for Fiat governments will never accept bitcoin. They will take taxes Fiat money in exchange. When people exchange bitcoins directly would be easier to hide their trades, and the government will be forced to accept bitcoin in order to accept taxes in bitcoin.

Nameless27

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As per exchanges must allocated a portion of conversion fee as taxes for the government and it should be monitored by a representative of the government which specialise on digital technology. It won’t be hard as the bitcoin exchanges provider cooperated as to show willingness to be called legally recognized.

It won’t be that big for us but if accumulated by all, it would be a great helped for a countries development.

meliodas

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In my opinion, there shouldn't be a tax on bitcoin. The exchange rate of the currency of bitcoin is greater than average, meaning the tax for every bitcoin transaction will be so high. Only government officials want this to gain more money. Undecided

Granxis

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If you do not have a bitcoin company, you do not have to pay taxes. Using only bitcoin will not make you your company owner. No country can get tax from you with such an illogical reason. Continue to use bitcoin. I hope we will see better days.

deisik

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Quote from: doublebit21 on September 29, 2017, 01:01:22 PM

Quote from: jeevez on May 08, 2015, 04:44:25 AM

If I were to sell property in a different country and the buyer were to pay me in bitcoins, would there be any taxes to pay? And when trading in the bitcoins for UK GBP, would there be any taxes to pay then?

Whenever bitcoin is bought, sold, or traded, there are tax impacts. When it comes to taxes, the Internal Revenue Service has ruled that bitcoins and other "convertible virtual currencies" are "treated as property" and not treated as currency. Virtual currencies are property for tax purposes. That means, you'll have capital gain or loss when disposing of virtual currency. Business transactions as well as selling properties in bitcoin are subject to all the normal rules for sales tax, withholding, and information reporting.

Yes, don't mess with the IRS

Obviously, you talk about only the US citizens (the IRS is the US tax agency) since in other countries and jurisdictions there can be different regulations. That said, if you use Bitcoin for trading purposes (i.e. when you sell it for fiat, say, the US dollar, and vice versa), I guess you should not declare every transaction (i.e. trade) you make. You just calculate how much you earned (lost) in total and declare that amount to the IRS once a year, and, correspondingly, pay the capital gains tax (or whatever) once a year as well (provided you booked profits in the first place, of course)

alva 666

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you only need to pay network fee (less than 2$ for 100$)but you can back it to normal bank system and pay tax if you want to pay Tongue

Emmami@758

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Quote from: jeevez on May 08, 2015, 04:44:25 AM

If I were to sell property in a different country and the buyer were to pay me in bitcoins, would there be any taxes to pay? And when trading in the bitcoins for UK GBP, would there be any taxes to pay then?

up to now on bit coin had no tax. it is crypto currency so government did not gave statement on bit coins tax. some country's slowly accepting bit coins. person to person money transactions.

Kronos21

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Quote from: Spaffin on October 03, 2017, 10:22:38 AM

If payment of real estate for bitcoin is made in a country that does not recognize the digital currency as a means of payment, then this is a very interesting situation. Apparently, there must be a special law or subordinate act that explains this issue. Many issues related to crypto currency have not yet been regulated by the state. Therefore, they are decided at the discretion of the citizens themselves.

In order to make a deal on the acquisition of real estate in any country you need to execute legal documents and pay taxes. This must be a expert estimation of property value in the national currency. This price will determine the amount of taxes.

nazzzzz

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you need need only ask him price

example if you want to send to china

only use exchange to change bitcoin to yoan and then send the number of bitcoin

electronicash

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he may have evade in the first rounds but transferring names to the buyer's would mean tax paying for him. i would rather be accept fiat for such transaction than making those people from the government suspicious with what you deals with.

Quote from: Spaffin on October 03, 2017, 10:22:38 AM

If payment of real estate for bitcoin is made in a country that does not recognize the digital currency as a means of payment, then this is a very interesting situation. Apparently, there must be a special law or subordinate act that explains this issue. Many issues related to crypto currency have not yet been regulated by the state. Therefore, they are decided at the discretion of the citizens themselves.

there are however countries that are slowly accepting btc, that would mean they will pay taxes.

Spaffin

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If payment of real estate for bitcoin is made in a country that does not recognize the digital currency as a means of payment, then this is a very interesting situation. Apparently, there must be a special law or subordinate act that explains this issue. Many issues related to crypto currency have not yet been regulated by the state. Therefore, they are decided at the discretion of the citizens themselves.

Proton2233

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Quote from: doublebit21 on September 29, 2017, 01:01:22 PM

Quote from: jeevez on May 08, 2015, 04:44:25 AM

If I were to sell property in a different country and the buyer were to pay me in bitcoins, would there be any taxes to pay? And when trading in the bitcoins for UK GBP, would there be any taxes to pay then?

Whenever bitcoin is bought, sold, or traded, there are tax impacts. When it comes to taxes, the Internal Revenue Service has ruled that bitcoins and other "convertible virtual currencies" are "treated as property" and not treated as currency. Virtual currencies are property for tax purposes. That means, you'll have capital gain or loss when disposing of virtual currency. Business transactions as well as selling properties in bitcoin are subject to all the normal rules for sales tax, withholding, and information reporting.

It is impossible to register a real estate transaction with bitcoin. All transactions which require registration of ownership papers are checked by the tax authorities. You will not be able to avoid taxation on such sales. If you buy a property then the tax authorities must inquire the source of your income and require the payment of taxes. Bitcoin is good only for small purchases and money laundering.

Legobatman

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Stricly speaking is not legal to buy or sell a property and pay via Bitcoin. But if you choose that, at the Contract of Sale for the Property you will need to show a legitimate price according to the currency of your country. That contract will be submitted to the Tax Office and after you get the clearance from the Tax Office or after they ask you to pay the taxes, then you will submit the contract and all documents received from the Tax Office to the Land Registry Department of your Country.

Thus you cant avoid taxes for transactions such as the sale of properties.

coin@coin

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Quote from: countryfree on May 08, 2015, 04:21:40 PM

I don't think there's a single country where it would be legal to pay for a property in BTC.
Most countries have taxes on property transactions, and all property transaction must be registered, with the price in local currency included in the registration process. So you may exchange the fiat income from the transaction in BTC, after the transaction, then to Sterling, and then you'll pay tax. I'd recommend to keep the money outside of the UK.

Dubai seems to be fine selling flats for BTC

http://gulfnews.com/business/property/own-this-dubai-property-pay-in-bitcoin-1.2086115

doublebit21

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Quote from: jeevez on May 08, 2015, 04:44:25 AM

If I were to sell property in a different country and the buyer were to pay me in bitcoins, would there be any taxes to pay? And when trading in the bitcoins for UK GBP, would there be any taxes to pay then?

Whenever bitcoin is bought, sold, or traded, there are tax impacts. When it comes to taxes, the Internal Revenue Service has ruled that bitcoins and other "convertible virtual currencies" are "treated as property" and not treated as currency. Virtual currencies are property for tax purposes. That means, you'll have capital gain or loss when disposing of virtual currency. Business transactions as well as selling properties in bitcoin are subject to all the normal rules for sales tax, withholding, and information reporting.

Laivine

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If you're immediately converting bitcoins after accepting them... why would there be any tax on this transaction? Roll Eyes

matuson

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There are agreements between countries for avoidance of double taxation. If you pay taxes in one country then in another country, you no longer have to do that. As for real estate transactions the tax is paid by the seller. When you make a transaction in the contract will contain the price in pounds. With this amount, you will pay the tax.

christian07

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I think we already have that here in philippines because in the transaction fees its so high but its ok for good exchanger,i think if you add more fees like tax is not good for everyone because its spread in different country so if we have tax coming in different country that will be big problem,where we do paid if this is for everyone?

Jovovich

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Quote from: Burks on September 29, 2017, 02:05:13 AM

Quote from: SushGo on September 29, 2017, 01:49:07 AM

There would not be any taxes as the transaction will take place in private and there is no involvement of authorities and the government. It would be great if you find a buyer who is ready to pay such huge amount in the bitcoins.

Yeah,as you said there is no taxes on the transactionof bitcoins.But you need to pay the taxes while you earn income from investing bitcoin as the investment.The most common and diplomatically safe assumption, at this point in time, is that bitcoin trade is a business, and just like any business, income tax needs to be paid on the profit made from buying and selling of this virtual currency

Maybe the only time that the government could actually tax bitcoin is when it is converted to fiat money that the bank has been notified that there is a transaction made from a wallet address. That is the only i could see that the government could actually make some tax in bitcoin transactions. Because right now even if i transfer money to a bank, no charge that the money i sent like 5k stays the same amount after it was received in my credit card.

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