Taxes on bitcoin? - page 4. | Bitcointalksearch.org

medUSA

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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?

Bitcoin is money. When amount is small, we could pass it as non-taxable. Bitcoin received from the sale of a property is a sizable amount. It is taxable in the local country and your home country. Quite a few countries have tax on GLOBAL income.

Quote from: Shindo1988 on May 08, 2015, 07:02:41 AM

This is not something you should be asking for advice on the internet.
You should talk to a legal consultant.

He is right, you should talk to accountants in both the local country and your home country.

Shindo1988

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This is not something you should be asking for advice on the internet.
You should talk to a legal consultant.

What if you don't declare anything yet the buyer declared his purchase of your property?
What then?

Meuh6879

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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.

NUFCrichard

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Yes you have to pay the same taxes as if you were paying in fiat currencies. You can save on the exchange rate if you are buying in a different country though.
If you had a capital gain (unlikely) from the purchase, then you would have to pay tax on that too.

There must be precident of people buying property with commodities..

Yeezus

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Quote from: nizamcc on May 08, 2015, 04:50:54 AM

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.

Of course it is. Once you sign for the house and send payment they'll know exactly who the coins belong to. Unless you're really good at laundering this isn't a good idea. You can't sell a house without leaving all sorts of Paper-trails not to mention providing many forms of documents to prove various things. You will also need to pay property tax. My brother just bought a house in the UK and even though he's worked for the same company all his life and had proof of his earnings the solicitors and bank who gave him the mortgage questioned and investigated his finances for quite some time to make sure he wasn't money laundering as he put quite a large deposit down which was about 70% of the value which they apparently thought was unusual for someone his age. Trust me, it really is a pain buying or selling a house in the uk.

Amph

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it depends how much this property cost, you should declare your income anyway, if you buy a big terrain for example and they will see it, you might get in trouble

i think this is true even in countries where bitcoin isn't regulated

but personally i would not declare, if bitcoin is not regulated, because i can always appeal to the fact that it not in fact regulated

nizamcc

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Quote from: jeevez on May 08, 2015, 05:00:34 AM

Quote from: nizamcc on May 08, 2015, 04:50:54 AM

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.

What type of tax do you think that it would count as?

Normal taxes that you already pay there in UK for your earnings.
I have heard of Capital gains tax, it might be levied upon you based on what you will show in your statements.

shulio

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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?

There will be no taxes involve if you were to trade things by using bitcoin but in country that those bitcoin are illegal you may have some trouble with this trade especially in a large sum of money involve. If you trade bitcoin for UK GBP then all you need is just a verification and just need to pay some trading fee for that

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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?

I think, y will not get taxes for any Bitcoin transaction. Because the truth is, in Bitcoin transaction the seller is the person who decide the price of the Bitcoin and it could be the buyer too.

jeevez

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Quote from: nizamcc on May 08, 2015, 04:50:54 AM

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.

What type of tax do you think that it would count as?

nizamcc

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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.

jeevez

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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?

Topic: Taxes on bitcoin? - page 4. (Read 3784 times)