Topic: Taxes on bitcoin? - page 2. (Read 496 times)
Don't think so mate. Bitcoin is a cryto currency which is still out of government control. I don't think they will able to control it in future. So tax on bitcoin is unusual
Is it possible that i have to pay taxes on my Bitcoin in the future?
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I doubt it, since btc is decentralized, who would be able to monitor the exact amount to tax? Will you as a user willingly divulge all your crypto assets if there is no way for them to check if it's true or not? You can safely say that you don't have any and they will never know. They can't force you to turn over your wallet, coz of your right to property, privacy etc unless you're a criminal
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I doubt it, since btc is decentralized, who would be able to monitor the exact amount to tax? Will you as a user willingly divulge all your crypto assets if there is no way for them to check if it's true or not? You can safely say that you don't have any and they will never know. They can't force you to turn over your wallet, coz of your right to property, privacy etc unless you're a criminal
You are massively underestimating the ability of governments to track your investments and your income. How did you get your crypto? Did you spend fiat to get it?
Then did you buy things with crypto? This is trackable.
Unless you put in only a few thousand dollars and smoke all your earnings and have a day job which pays the bills you will be in for a rude awakening.
To not be in the cross hairs of the IRS you will have to, for all intents and purposes, be living off the grid.
Is it possible that i have to pay taxes on my Bitcoin in the future?
I doubt it, since btc is decentralized, who would be able to monitor the exact amount to tax? Will you as a user willingly divulge all your crypto assets if there is no way for them to check if it's true or not? You can safely say that you don't have any and they will never know. They can't force you to turn over your wallet, coz of your right to property, privacy etc unless you're a criminal
Is it possible that i have to pay taxes on my Bitcoin in the future?
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