Taxes on Bitcoin - page 5. | Bitcointalksearch.org

kryptqnick

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Quote from: crsdr16 on August 08, 2016, 10:31:03 PM

Hi Everybody,

When getting Satoshi/Bitcoins from the internet in general, could you please tell me whether you have to pay tax to the country you get them from or do you just pay taxes to your own country?

Thanks for your help.

You have to pay for a transaction certainly. It is 20 000 Satoshi. Other stuff depends on a country. I guess you have to pay something in GB, for example. But mostly you don't. Better check it here not to have problems:https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country.

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Quote from: Skarner21 on November 14, 2016, 05:29:53 PM

Quote from: kidsrock on November 14, 2016, 05:22:37 PM

i can not imagine if government approve bitcoin and then makes people to pay taxes. what will be happen with this? i hope the government which already approve bitcoin don't make any regulation that could make bitcoin not growth.

I do not heard any news that there is government that approve to use bitcoin local but there is a country right now that i heard are using bitcoin locally.
I heard that brazil has 150+ stores are accepting bitcoin as payment and i think there is no taxes using bitcoin instead there is rebate promotion for some stores using bitcoin.. that can help bitcoin to grow in their country,,

The only tax I pay for using BTCs is the wallet transaction fee and the exchange fee to turn BTCs into local currency money. Until now the government isn't taking any part of my money. It's not a problem for them yet, because only few people are using Bitcoins here and the sum isn't so big yet.

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Quote from: kidsrock on November 14, 2016, 05:22:37 PM

i can not imagine if government approve bitcoin and then makes people to pay taxes. what will be happen with this? i hope the government which already approve bitcoin don't make any regulation that could make bitcoin not growth.

I do not heard any news that there is government that approve to use bitcoin local but there is a country right now that i heard are using bitcoin locally.
I heard that brazil has 150+ stores are accepting bitcoin as payment and i think there is no taxes using bitcoin instead there is rebate promotion for some stores using bitcoin.. that can help bitcoin to grow in their country,,

kidsrock

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i can not imagine if government approve bitcoin and then makes people to pay taxes. what will be happen with this? i hope the government which already approve bitcoin don't make any regulation that could make bitcoin not growth.

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Quote from: Fluidsix on November 10, 2016, 11:50:06 AM

I thought taxes only had to be paid once you converted the bitcoins. any insight?

This was my understanding as well, at least here in the United States. If you are holding your bitcoin and not selling or turning into USD it cannot be taxed. It is when you sell for a profit that you would pay tax on the profit. I would also be interested in hearing the correct answer.

DebitMe

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Quote from: Fluidsix on November 10, 2016, 11:50:06 AM

I thought taxes only had to be paid once you converted the bitcoins. any insight?

You need to provide more information than that. What you wrote is too vague to give an answer to. Also keep in mind that 99% of the idiots on here are spouting complete nonsense and have absolutely no idea what they are talking about.

Fluidsix

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I thought taxes only had to be paid once you converted the bitcoins. any insight?

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Quote from: Fireblade on November 08, 2016, 01:50:50 PM

Quote from: ivanpoldark on November 05, 2016, 05:23:15 AM

I think at the momentgovernments of many countries simply close their eye to the problem Bitcoin issue and taking tax from them. Because, as I understand it, it is impossible to track that the wallet belongs to you.

but i think if they have closed their eyes on bitcoin then how can they impost tax on bitcoin, first they have to declare bitcoin as legal currency and only then they can impose tax on bitcoin.

Unfortunately that is false. Technically if you found a diamond ring today you would owe taxes on it. At least in the U.S. ALL your income is taxable. No matter what it is or how you got it or what it's worth. Simply ask your tax preparer instead of a random Internet forum.

Fireblade

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Quote from: ivanpoldark on November 05, 2016, 05:23:15 AM

I think at the momentgovernments of many countries simply close their eye to the problem Bitcoin issue and taking tax from them. Because, as I understand it, it is impossible to track that the wallet belongs to you.

but i think if they have closed their eyes on bitcoin then how can they impost tax on bitcoin, first they have to declare bitcoin as legal currency and only then they can impose tax on bitcoin.

ivanpoldark

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I think at the momentgovernments of many countries simply close their eye to the problem Bitcoin issue and taking tax from them. Because, as I understand it, it is impossible to track that the wallet belongs to you.

wahb

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may be in some places there are tax on bitcoin but in most of the area there is no tax on bitcoin, and it is free of tax, but i think after considering it as legal currency government must apply tax on bitcoin and then it will not be a tax free currency.

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Quote from: markyminer on November 01, 2016, 12:01:00 AM

Quote from: BossMacko on September 19, 2016, 07:28:00 PM

Quote from: crsdr16 on August 08, 2016, 10:31:03 PM

Hi Everybody,

When getting Satoshi/Bitcoins from the internet in general, could you please tell me whether you have to pay tax to the country you get them from or do you just pay taxes to your own country?

Thanks for your help.

The reason why i am using Bitcoin is because i do not have to pay taxes when doing any kind of transaction yet. We only pay for transaction fee when we are doing a transaction but it is only a small amount so it is okey and those are for the miners. If in the future that my country will tax using Bitcoin maybe i will stop using Bitcoin and find another crypto that has no tax yet.

but i think we will still play gambling if tax is imposed on bitcoin, as in my country there is no tax on illegal thing, the government has to turn bitcoin legal first and only then they can impost tax on it, and it will be too good for bitcoin if our government turn bitcoin as legal currency.

Its virtually the same way in all country that are yet to accept Bitcoin as currency because literally you cannot not taxed what does not exist and so far Taxes have to do with laws backing it up, then you have to legalize the source of the income first,then you can now then talk about taxing it. Over here, the law is kind of silent about the whole matter altogether and for those who have been exposed to it including myself can get to enjoy it while it last...

markyminer

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Quote from: BossMacko on September 19, 2016, 07:28:00 PM

Quote from: crsdr16 on August 08, 2016, 10:31:03 PM

Hi Everybody,

When getting Satoshi/Bitcoins from the internet in general, could you please tell me whether you have to pay tax to the country you get them from or do you just pay taxes to your own country?

Thanks for your help.

The reason why i am using Bitcoin is because i do not have to pay taxes when doing any kind of transaction yet. We only pay for transaction fee when we are doing a transaction but it is only a small amount so it is okey and those are for the miners. If in the future that my country will tax using Bitcoin maybe i will stop using Bitcoin and find another crypto that has no tax yet.

but i think we will still play gambling if tax is imposed on bitcoin, as in my country there is no tax on illegal thing, the government has to turn bitcoin legal first and only then they can impost tax on it, and it will be too good for bitcoin if our government turn bitcoin as legal currency.

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I've read somewhere about having to file for taxes if you start an ICO in the US? If this is true, does anyone know the details?

satdas

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Quote from: Superways on October 14, 2016, 04:24:39 PM

we do not have any tax on us for having bitcoins but while buying bitcoins we do pay a fess and maybe tax to those companies which are involve in that purchase and that companies do their work to collect the tax so you do not worry for that they will get the tax for their respective country.

yes that is a fact that we do not have tax on bitcoin but the only reason is that bitcoin is still not consider as legal currency by any government , therefore it in most of the countries people are using bitcoin illegally. but as soon as government will consider bitcoin as legal l currency then government must put tax on gambling.

lucki777

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i think there is no tax on bitcoin as yet not a single country as accepted and therefore still there is no tax on bitcoin. but when the states will accept it then they will really put tax on it.

Superways

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we do not have any tax on us for having bitcoins but while buying bitcoins we do pay a fess and maybe tax to those companies which are involve in that purchase and that companies do their work to collect the tax so you do not worry for that they will get the tax for their respective country.

hulk1

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as bitcoin is yet not recognize by any country there for it is free of tax, but it is a reality that when states will consider it as legal currency then all may be state impose tax on bitcoin but yet there is no tax on bitcoin anywhere.

hulk1

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in present time as bicoin is not yet legalize by any country therefore there is no tax on bitcoin, but i think in future when countries will legalize bitcoin then they will certainly put tax on it and hope with this bitcoin is going to be more popular and become more stable currency.

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