I live in ireland, should I pay taxes on the profit made?
Anybody knows if the revenue is controlling it?
thanks
Topic: Taxes on bitcoin? (Read 3784 times)
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? 
all i know that if we buy some property there is also a corresponding tax to be paid. if you acccept btc as payment of the property you are selling thats good. but i think its not ok if you use its in other country like uk to re purchace property because uk is very strick regarding buying properties. they conduct investagation on where the money came from. so be carefull if you are planning to use it in uk.
This would depend on how bitcoin and taxes is treat in your country. If you are paying tax for that certain property already then on next payment of tax return that particular asset is declared sold then how could you explain the sale that happens. Better go to tax bureau and ask about it.
I think the tax on bitcoin is still in fairness, there are many who say that bitcoin tax is expensive but I think it still makes sense and it does not matter if it continues to be applied to bitcoin.
And however bitcoin price at the moment it's higher than before, so the incomes that was earned will also be a high as compared to other jobs in general, it could be the reason the taxes on bitcoin deserve to be a bit expensive.But still for the countries that hasn't legalize bitcoin including in the country where I live, still free on taxes. But after to cashed it, it's good if we keep paying a taxes to the government, or at least helping the paupers or doing a charity.
I think the tax on bitcoin is still in fairness, there are many who say that bitcoin tax is expensive but I think it still makes sense and it does not matter if it continues to be applied to bitcoin.
And however bitcoin price at the moment it's higher than before, so the incomes that was earned will also be a high as compared to other jobs in general, it could be the reason the taxes on bitcoin deserve to be a bit expensive.But still for the countries that hasn't legalize bitcoin including in the country where I live, still free on taxes. But after to cashed it, it's good if we keep paying a taxes to the government, or at least helping the paupers or doing a charity.
If you use bitcoin for transactions, it doesn't involve taxes, but in countries where bitcoin is illegal, you may have some trouble, especially if it involves a lot of money.
I think the tax on bitcoin is still in fairness, there are many who say that bitcoin tax is expensive but I think it still makes sense and it does not matter if it continues to be applied to bitcoin.
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I've read earlier that Japan plans and " in discussion " to generate profit from taxes on Bitcoin and I was like how the hell will they do that , It's difficult to trace people who uses bitcoin, unless it will be generated from exchanges and trading platform which earlier have been accredited and allowed by the Japanese Government.
Depending on the country you want to trade if the country has accepted the bitcoin and made it a payment method of that country, no country in the world has recognized bitcoin as a bar method. mathematicians in their country. If the person you want to buy accepts for bitcoin, then I do not think you have a tax problem
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. 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.
Today it is impossible to make a deal on the acquisition of real estate with bitcoin in any country in the world. States may require you to pay taxes only on your earnings in Fiat. Once you get the Fiat from selling bitcoins to Bank account, you will get under the tax code. Up to this point you do not have to pay. 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?
Firstly, no government entity or organization can impose tax on bitcoin due to its decentralized nature, meaning no one actually has complete control of it. Imposing tax on something that the government cannot regulate will violate their powers and jurisdiction. Second, it is also a case-to-case basis and it highly depends on the country depending on their current laws regarding bitcoin. Lastly, bitcoin trading into different countries is no different from exchanging coins to fiat. It depends on the wallet you are using regarding their terms & agreement.
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. 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.
Bitcoin is a virtual currency and can be exchange into different currencies such as EUR, USD, Peso and other more. And most of us treat it as a property. To be able to have tax in a certain property it must be recorded properly and must be known by the government. But since bitcoin is really anonymous and very decentralized, it would be hard to keep records of it. Meaning it will be hard to imply tax into bitcoin. Maybe, tax with bitcoin can be felt in every transactions we make. Payments and other transactions.
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 don't know the law of the UK, but here in Russia we actually have to pay taxes from every income what I don't do actually. For now nobody yet asked me where from money that I get on my bank's account are going from, but I have few friends whom been asked about it by tax police. For that case I plan to say that it is family support or something like that. I don't earn some big money and I hope I will not attract a lot of attention. There are many ways to escape the tax system you know 
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?
Ya surely you have to pay taxes for selling property and when selling in a different country then i think forex trading charges will also applied as you are going to deal in other country so you will be charges double with property trading and including in foreign currency trading. But when dealing in Bitcoin i think that you have to contact your legal and tax department about it.
Wtf are you talking about?
Bitcoin is recognized as a currency in half of the world, and it is recognized in the countries which matter most for Bitcoin such as the US, Japan, and EU. In the US it is considered as commodity for trading purposes but this doesn't mean Bitcoin is not legalized there. In the EU the European court recommended local governments to treat Bitcoin as a foreign currency for taxation purposes. If you mean that you can't pay taxes directly with Bitcoin, I agree with that but this is not what the poster you replied to seems to mean. As I got it, he means that you should ask your tax authority whether you should pay taxes on your Bitcoin deals, irrespective of the currency you are going to pay these taxes with
If you make a transaction in BTC; It does not impose any tax until you convert into fiat currency of your country through an authorized exchange. Tax evasion is a very serious issue. Tax would be induced on Capital gain above the original principal amount invested.
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?
Ya surely you have to pay taxes for selling property and when selling in a different country then i think forex trading charges will also applied as you are going to deal in other country so you will be charges double with property trading and including in foreign currency trading. But when dealing in Bitcoin i think that you have to contact your legal and tax department about it.
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?
Ya surely you have to pay taxes for selling property and when selling in a different country then i think forex trading charges will also applied as you are going to deal in other country so you will be charges double with property trading and including in foreign currency trading. But when dealing in Bitcoin i think that you have to contact your legal and tax department about it.
As far as I know bitcoin, I don't knowing yet that on using bitcoin there is a taxes must be paid to the local government. I think it depends on the government of the country, how to deal with bitcoin using on its country.. maybe some countries has already applied taxes on the using of bitcoin, however in the country where I live there is no such thing as taxes for bitcoin, because the government is still seen giving freedom for bitcoin users.
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?
Your tax liabilities will depend on your country's specific regulations. For example, in the United States, the IRS has released regulatory guidelines about how cryptocurrencies are to be reported on tax forms.
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.
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.
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.
It won’t be that big for us but if accumulated by all, it would be a great helped for a countries development.
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. 
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.
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)
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 
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.
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.
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
example if you want to send to china
only use exchange to change bitcoin to yoan and then send the number of bitcoin
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.
there are however countries that are slowly accepting btc, that would mean they will pay taxes.
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.
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.
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.
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.
Thus you cant avoid taxes for transactions such as the sale of properties.
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.
Dubai seems to be fine selling flats for BTC
http://gulfnews.com/business/property/own-this-dubai-property-pay-in-bitcoin-1.2086115
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.
If you're immediately converting bitcoins after accepting them... why would there be any tax on this transaction? 
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.
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?
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 currencyMaybe 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.
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 
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.
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.
This is not something you should be asking for advice on the internet.
You should talk to a legal consultant.
You should talk to a legal consultant.
He is right, you should talk to accountants in both the local country and your home country.
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?
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?
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.
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..
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..
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.
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.
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
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
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?
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.
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
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.
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 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.
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?
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