Taxes on Bitcoin - page 2. | Bitcointalksearch.org

DebitMe

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Quote from: divyam_94 on January 28, 2017, 02:54:13 PM

Tax should be paid to the country from where we are getting from it!! As tax is being paid because we are using the things or facilities of provided by the country for our sake. so as we are using the coins of that country so the tax should be paid to that country.😊

No, taxes should be paid to any country where they are legally accrued. I live in the U.S., but if I sell something to another country I could potentially owe taxes there, even though I am not benefiting from the public works of that country.

divyam_94

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Tax should be paid to the country from where we are getting from it!! As tax is being paid because we are using the things or facilities of provided by the country for our sake. so as we are using the coins of that country so the tax should be paid to that country.😊

DebitMe

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Quote from: greentea on January 28, 2017, 12:45:28 AM

what is the general consensus for US tax on trading in altcoins?

Ex.
Bought handful of BTC from coinbase back in 2014/15
Have cost basis of this.

Used said BTC to buy several alt-coins/crowdsales etc ...

Hold mostly altcoins now, but BTC value is say 3 times amount of BTC from 2014/15.

Does the reporting need to happen only when I go from alt --> BTC --> USD?

Or when I just go back to BTC? thoughts?

You will owe taxes when you convert to USD, your basis is the same from when you bought them in 14/15.

markyminer

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Quote from: the rise on January 26, 2017, 02:14:17 PM

Taxes are not an impediment us to stay in business, in a real job, you also pay taxes for any business that is run. So we think positively, the tax system doesn't rob a fraction of a percent of our income, but to accommodate and ensure ease in the future. We don't have to always do business in secret, needs recognition to be accepted globally.

i am also in favour of to play tax on bitcoin earning to my government, because states run on taxes and they can provide different facilities to their citizen if they are collected taxes, but still i am not in favor of effect the originality of bitcoin. and i think its look like very difficult for the governments to implement tax on bitcoin while bitcoin remain anonymous.

greentea

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what is the general consensus for US tax on trading in altcoins?

Ex.
Bought handful of BTC from coinbase back in 2014/15
Have cost basis of this.

Used said BTC to buy several alt-coins/crowdsales etc ...

Hold mostly altcoins now, but BTC value is say 3 times amount of BTC from 2014/15.

Does the reporting need to happen only when I go from alt --> BTC --> USD?

Or when I just go back to BTC? thoughts?

Blitzboy

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Quote from: btcdiggingmaster on January 27, 2017, 01:00:22 AM

Quote from: valley365 on January 22, 2017, 11:33:13 PM

New stuff like bitcoin will be taxed, the government can't miss the money that they can collect. Also tax is nothing but to get money for the government, so they will do the best to get as much as possible.

What ever it may either bitcoin are gold in either farms you need to pay taxes because you are using it. But i don't think government will charge for minimal transaction, those who are doing bulk transaction might those people should pay taxes to government.

How can government over come this solution? I mean, how can they charge the fee of people using Bitcoin? Bitcoin is anonymous, and if there is a hidden company using Bitcoin, the Government can never find out what that company is and there will be on way for them to charge the fee for those bulk transaction

btcdiggingmaster

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Quote from: valley365 on January 22, 2017, 11:33:13 PM

New stuff like bitcoin will be taxed, the government can't miss the money that they can collect. Also tax is nothing but to get money for the government, so they will do the best to get as much as possible.

What ever it may either bitcoin are gold in either farms you need to pay taxes because you are using it. But i don't think government will charge for minimal transaction, those who are doing bulk transaction might those people should pay taxes to government.

the rise

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Taxes are not an impediment us to stay in business, in a real job, you also pay taxes for any business that is run. So we think positively, the tax system doesn't rob a fraction of a percent of our income, but to accommodate and ensure ease in the future. We don't have to always do business in secret, needs recognition to be accepted globally.

valley365

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New stuff like bitcoin will be taxed, the government can't miss the money that they can collect. Also tax is nothing but to get money for the government, so they will do the best to get as much as possible.

mkmdoc

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Each government will provide some rules and regulation on your spending and on your earnings, if you exceeds the limit you need to pay taxes otherwise you will be in problems. If you pay taxes on your transaction than it is a legal one.

DebitMe

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Quote from: dfox101 on January 21, 2017, 12:51:52 PM

In US, the bitcoin is like real estate or gold coin or any other assets you own. It will be capital gain if you hold more than one year or income if less. Same rules as stocks for example.

I don't think you understand how capital gains work. It would be a short term capital gain if under one year, not ordinary income. But otherwise your analysis is spot on, kind of. Real estate has some quirky rules under certain conditions, but gold or silver is correct.

dfox101

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In US, the bitcoin is like real estate or gold coin or any other assets you own. It will be capital gain if you hold more than one year or income if less. Same rules as stocks for example.

Amph

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Quote from: bitjoin on January 17, 2017, 03:49:22 AM

Quote from: Amph on January 17, 2017, 02:28:13 AM

Quote from: bitjoin on January 16, 2017, 01:54:43 PM

I have a question... so if i cashout 11k BTC in GBP i dont have to pay capital gains right since you get 11k personal allowance per year. Does it matter what you earn as an income or does income not change captial gains tax?

you need to pay capital gay on the amount you earn by doing trading, you will be taxed on the revenue if those 11k are the net revenue than you need to declare and be taxed on that amount

What about if you are a long term investor? and only buy 1 time and sell 1 time? to me it seems you are aloud to cash in 11.1k in GBP per year of bitcoin and not get taxed ?

it depend on how much you sell per time, there should be a minium under which you are exempt from taxes, but it's not guranteed in all country

here for example under 5k euro per year you don't need to declare anything especially if the funds come from abroad

DebitMe

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Quote from: audaciousbeing on January 19, 2017, 06:40:20 AM

Taxes on bitcoin is actually a dicey area for most governments of the world since its not something that has been with us for ages or time immemorial and this is something facing even the advanced countries in terms of technologies and expertise not to talk of developing countries and third world countries but I see government finding a way around the blockchain technology by getting their own share of the cake by making everyone declare his or her income from whatever means whether electronic or physical with that they get to tax bitcoin in an indirect manner.

How is that any different than the way things are now? The United States are pretty clear on how bitcoins should be taxed and you have always owed tax on income obtained by whatever means electronic or physical.

Maybe for next time don't be so generic and instead try talking about the laws of your country. Learn some grammar also and includes some periods and other punctuation

audaciousbeing

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Taxes on bitcoin is actually a dicey area for most governments of the world since its not something that has been with us for ages or time immemorial and this is something facing even the advanced countries in terms of technologies and expertise not to talk of developing countries and third world countries but I see government finding a way around the blockchain technology by getting their own share of the cake by making everyone declare his or her income from whatever means whether electronic or physical with that they get to tax bitcoin in an indirect manner.

Ricky01

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Quote from: Shiroslullaby on August 09, 2016, 11:12:59 AM

This is actually an interesting question.
I doubt that 99.99% of people dealing with Simulation de rachat de crédit Bitcoin are paying any kind of tax.
Unless you are selling a lot of coins and earning a living from it, I wouldn't worry about any taxes.
(I mean serious trading where you are earning tens of thousands of dollars a year.)

Vraiment, alors ça je ne le savais même pas

bitjoin

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Quote from: Amph on January 17, 2017, 02:28:13 AM

Quote from: bitjoin on January 16, 2017, 01:54:43 PM

I have a question... so if i cashout 11k BTC in GBP i dont have to pay capital gains right since you get 11k personal allowance per year. Does it matter what you earn as an income or does income not change captial gains tax?

you need to pay capital gay on the amount you earn by doing trading, you will be taxed on the revenue if those 11k are the net revenue than you need to declare and be taxed on that amount

What about if you are a long term investor? and only buy 1 time and sell 1 time? to me it seems you are aloud to cash in 11.1k in GBP per year of bitcoin and not get taxed ?

Amph

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Quote from: bitjoin on January 16, 2017, 01:54:43 PM

I have a question... so if i cashout 11k BTC in GBP i dont have to pay capital gains right since you get 11k personal allowance per year. Does it matter what you earn as an income or does income not change captial gains tax?

you need to pay capital gay on the amount you earn by doing trading, you will be taxed on the revenue if those 11k are the net revenue than you need to declare and be taxed on that amount

mkmdoc

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Quote from: crsdr16 on August 09, 2016, 10:47:19 PM

Thanks everyone for your input! It's greatly appreciated. I've often wondered what people do when they win Bitcoins from a foreign online casino, for example, and whether they owed taxes to the country where those Bitcoins originated, in this case the foreign-owned casino.

Till now government have not declared any thing bitcoin taxes up to now, even with bitcoin casino also the casino owners will not announce the winner to public because government will not tolerate illegal activities. It depends on the country where you are living till now no one paying any taxes to the government who won the bitcoin in casino.

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Quote from: rajasumi3 on January 15, 2017, 01:03:34 AM

people from all over the world are buying bitcoins and no one is paying taxes at all ,maybe the big whales are paying taxes and even they are waiting for the price hike and and when they buy it and split it in such a way that they do not have to pay taxes a lot .

You probably not in US. In US exchange will report your sales to Internal Revenue Service, it's like selling stocks, you are liable to tax and can't avoid it unfortunately.

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