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 
Topic: Taxes on bitcoin? - page 3. (Read 3784 times)
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.
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? 
Taxes are everywhere.
Even in transaction fees.
But also, don't expect to trade without taxes.
Everyone needs some % of your BTC.
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?
Yes you need to pay the tax for the government records like the registry of deeds and the attorney services to process your legal property documents that you will need in the future but this time you will pay in fiat money. No matter how buyer pay your property in gold, dollars, pounds, yen, or bitcoin etc. still you will indicate your total selling value in local money to your legal documents as the base for the tax to be paid in the government.
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?
I think it is not necessary to pay taxes when you are being payed by bitcoins.Bitcoins are internet money and it is not yet converted into flat.
When you converted the bitcoin before you pay, then you will also have to pay a tax.
In the UK bitcoin is only subject to capital gains tax as far as I know. BTC in the UK is treated as an asset in the same way gold, silver etc are treated, unless you are liable as a corporate entity. You have an allowance of £11,100 yearly.
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?
In order to issue the transaction legally you will need to assess the property in Fiat. In many countries there are restrictions on paying cash, therefore you may be required to make payment to the account. I think that you have no chance to avoid conversion and therefore have to pay tax.
Payment method is not relevant, you need to see what taxes apply to the specific transaction.
You don't need to included a transaction in the paperwork, just the amount and then you pay whatever taxes you need to pay...
You don't need to included a transaction in the paperwork, just the amount and then you pay whatever taxes you need to pay...
It depends on were to sell property in a different country. If the country has not declared a legalization of the Bitcoin you will not pay a tax and if it's legal on the country you will pay a tax. But you should research that if that country is legal or illegal about Bitcoin. But if you talk privately you will send it with no taxes, but only my opinion.
Why do so many People think that by using bitcoin You dont have a legal obligation to pay taxes? You Will always have to. The question is, Will You risk not declaring it? Not smart imo.
Depends if the seller of the house decided to sell the house privately & not go through an estate agent / real estate manager.
I'm unsure if that would be legal but if two people decide on a method of payment privately surely that's ok?
I have no idea, no legal background, I'm just presuming here.
Most countries will have some type of property transaction tax. Registering change of ownership won't be possible without paying it.
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.
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.
Depends if the seller of the house decided to sell the house privately & not go through an estate agent / real estate manager.
I'm unsure if that would be legal but if two people decide on a method of payment privately surely that's ok?
I have no idea, no legal background, I'm just presuming here.
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.
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.
If you're accepting bitcoins and immediately converting them then I don't see any reason why there'd be any tax on that transaction. That would be like taxing a bank transfer.
If the taxman comes sniffing then you show them your price, show them the transaction and the conversion into fiat. If you held the coins for a couple of years and prices rose then you'd be looking at capital gains.
If it's a second home and it's gained a large amount of value it's capital gains time but it's no different from accepting any other type of payment.
Best to ask a pro though.
If the taxman comes sniffing then you show them your price, show them the transaction and the conversion into fiat. If you held the coins for a couple of years and prices rose then you'd be looking at capital gains.
If it's a second home and it's gained a large amount of value it's capital gains time but it's no different from accepting any other type of payment.
Best to ask a pro though.
I don't think that you will need to pay any taxes when getting paid in Bitcoins as it won't be traceable.
But when it comes to trading those coins into fiat, it is obvious that tax might be needed to be paid.
But when it comes to trading those coins into fiat, it is obvious that tax might be needed to be paid.
What type of tax do you think that it would count as?
I will think it will depend on how the sale is structured, most places have a property tax that has to be paid when selling land/home, those taxes will have to be paid by someone. Once you exchange the coins to fiat, as soon as that fiat hits your bank it is tracked. If you guys have income tax that would be the tax you will have to pay. Because to the government it is considered a form of income.
There's no workaround about it. If you bought something less important than a property you could. But if you buy a property directly with Bitcoin you will have to inform to the government anyway, which means they'll ask where that money came from.
With transaction of this magnitude when you need to state in documents how much you paid for house. It does not matter whether you purchased house with bitcoin or FIAT, they will convert bitcoins and you will pay taxes normally. If you try to keep your purchase secret, it can bite you in the ass in a long run, I would not do it. 
Selling property and pay with bitcoins, i think you don't need pay any taxes 
between 2 privat user ... no problem, no tax.
win, win
There's no workaround about it. If you bought something less important than a property you could. But if you buy a property directly with Bitcoin you will have to inform to the government anyway, which means they'll ask where that money came from.
I don't think that you will need to pay any taxes when getting paid in Bitcoins as it won't be traceable.
But when it comes to trading those coins into fiat, it is obvious that tax might be needed to be paid.
Is that definitely true?But when it comes to trading those coins into fiat, it is obvious that tax might be needed to be paid.
Atm bitcoin is sort of like gambling, why should we have to pay tax.
They can't have it both ways as in refuse to accept bitcoin, refuse to 100% regulate and approve it only to then come and say we owe them tax.
They need to make their minds up.
Can't go half way, reject bitcoin but then want our profits on it.
when you pay a thing ... with bitcoin, you have a stock movment.
and so, a tax (VAT) applied on this.
bitcoin is not taxable.
it's the stock that it is taxable.
and so, a tax (VAT) applied on this.
bitcoin is not taxable.
it's the stock that it is taxable.
Everything is taxable in the U.S. if it's sold for a gain. Until it sold, however, things are still a bit murky since the government considers Bitcoin to be both property and currency depending upon what suits the governments purpose at the time ( officially, it's usually considered property ).
Of course the IRS will consider it taxable. They consider everything taxable. Fortunately, they don't make the ultimate decision. Tax courts do.
My best advice to the OP is not to listen to anybody on this forum. Your question is best answered by a competent tax attorney.
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