Two things are certain: Bitcoin and Taxes

GMPoison

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Quote from: Supercrypt on January 06, 2017, 10:20:54 AM

Quote from: GMPoison on January 03, 2017, 07:40:31 PM

The US government wanting to tax bitcoin is a good thing. By doing so they're legitimizing bitcoin. I see no problems here as I'm not interested in bitcoin to make money tax free, but to change the world.

You mean to say at least by paying taxes we need to make bitcoins legitimate ? Need to agree.

Anything received as payment for goods or services, including bitcoin, is taxable. If you earn income in bitcoin in the exchange of services with another person, it would become subject to income tax. In some places, if you earn money by trading bitcoins the gains could be taxed based on market value at the end of each tax year. So, no wonder if we happen to pay tax for using bitcoins in future. This is obviously certain.

Yes that's what I meant, by recognizing bitcoin and taxing it, they're essentially legitimizing it which I believe to be a good thing.

Supercrypt

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Quote from: GMPoison on January 03, 2017, 07:40:31 PM

The US government wanting to tax bitcoin is a good thing. By doing so they're legitimizing bitcoin. I see no problems here as I'm not interested in bitcoin to make money tax free, but to change the world.

You mean to say at least by paying taxes we need to make bitcoins legitimate ? Need to agree.

Anything received as payment for goods or services, including bitcoin, is taxable. If you earn income in bitcoin in the exchange of services with another person, it would become subject to income tax. In some places, if you earn money by trading bitcoins the gains could be taxed based on market value at the end of each tax year. So, no wonder if we happen to pay tax for using bitcoins in future. This is obviously certain.

bohr

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Quote from: bitcoindusts on January 03, 2017, 08:06:14 PM

Quote from: GMPoison on January 03, 2017, 07:40:31 PM

The US government wanting to tax bitcoin is a good thing. By doing so they're legitimizing bitcoin. I see no problems here as I'm not interested in bitcoin to make money tax free, but to change the world.

I agree on this. Tax is needed to be implemented to legitimize the usage of bitcoin. If tax is implemented then bitcoin will be in the mainstream in no time. Also this will bring an increase in adoption that will result in increase in Bitcoin price.

Tax does not need to be included in the code so you can pay your taxes, it is very likely that any gains bitcoin users had with the rally are already subject to tax, so we don’t need to add that to the source code.

bitcoindusts

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Quote from: GMPoison on January 03, 2017, 07:40:31 PM

The US government wanting to tax bitcoin is a good thing. By doing so they're legitimizing bitcoin. I see no problems here as I'm not interested in bitcoin to make money tax free, but to change the world.

I agree on this. Tax is needed to be implemented to legitimize the usage of bitcoin. If tax is implemented then bitcoin will be in the mainstream in no time. Also this will bring an increase in adoption that will result in increase in Bitcoin price.

GMPoison

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The US government wanting to tax bitcoin is a good thing. By doing so they're legitimizing bitcoin. I see no problems here as I'm not interested in bitcoin to make money tax free, but to change the world.

dihari

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Bitcoin is not a current currency of some countries. Bitcoin is decentralized and not controlled by anyone. As I know, bitcoin is an illegal currency to use in some countries. It means any kind of transactions are not getting responsibility from the government.
Taxes is one of many kind of government responsibility. Maybe in some exchangers they take a few percent for income tax from users account.

Gameroid

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Quote from: shiryu on January 02, 2017, 01:09:30 PM

Quote from: agamasrori on December 02, 2016, 03:56:04 AM

I think bitcoin did not have tax. Becouse fee in exchange and transaction is like charge cost, transaction fee is for minner becouse they do their job to help the transaction.

Yes i guess it will never happen, too difficult to collect taxes from bitcoin. I am pretty sure the government will find it difficult to track the transaction because of too many transactions in days.

i think it is not so much difficult for the government to trace the transaction if they want to investigate but the reason that still there is no tax on bitcoin is that bitcoin is not yest consider as legal currency and their is now law to put tax on such thing which have no legal value they will certainly put tax on bitcoin but first they have to tern it as legal currency.

tee-rex

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Quote from: Rinder on December 07, 2016, 02:26:31 PM

Quote from: mrcash02 on November 27, 2016, 03:56:22 PM

Quote from: kryptqnick on November 27, 2016, 02:57:34 PM

Quote from: Rinder on November 27, 2016, 01:15:02 PM

This is something that shoul happen on the next years, legalize bitcoin would mean have to tax them, as long the countries dont make the tax too big, i dont believe it can damage directly anybody, as long our identity keep safe. Imagine some hacker acess the portal where we can make the payments and collect all adress and users bitcoin ammounts, we would be starting a war, and this is what scares me, even having a low ammount ot coins, i do like my privacy.

I agree with this. Taxation is sort of inevitable thing that is going to happen to btc if it is to be recognized by the governments and if it is to become a lot more popular than it is now. My guess is that it might slowly ruin the whole idea of btc, people might just start using another currency and we will have some kind of the war between taxations and new currencies to use till they aren't taxed. However, there are good things coming along with taxation. Ability to pay in the supermarkets or buy tickets using btc, for example.

It won't work. We already have to pay taxes for the miners (and sometimes it's expensive), if governments start taking more fees, our profit will decrease considerably and people won't want to use BTCs. The things must continue as it is now, paying taxes only for the miners.

Be sure governments will charge their price to legalize bitcoin, and they will do those since they realize the ammount being spent at crypto world, their are not getting any cent from those investments, paying an extra tax will happen soon or later, people will keep use btc the same way as now, and with the legalization people will be investing more at bitcoin and crypto world.

You already have to pay taxes on income earned through Bitcoin operations, so called capital gains tax, where it is applicable. If Bitcoin is legally recognized as a commodity or property as it is in the US, you most likely have to pay this tax when you sell your bitcoins for fiat. In this case, the government doesn't need to regulate Bitcoin in any specific way at all.

data1

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its not always true that law and order or federal reserves will take over everything they see. bitcoin has given us idea of achieving new heights now even if bitcoin anyhow gets extent we humans can still make great creations and modifications even improvements. we are living in 2017 century and nothing is impossible at this time

Bitcoinsummoner

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Maintain Social Distance, Stay safe.

Quote from: shiryu on January 02, 2017, 01:09:30 PM

Quote from: agamasrori on December 02, 2016, 03:56:04 AM

I think bitcoin did not have tax. Becouse fee in exchange and transaction is like charge cost, transaction fee is for minner becouse they do their job to help the transaction.

Yes i guess it will never happen, too difficult to collect taxes from bitcoin. I am pretty sure the government will find it difficult to track the transaction because of too many transactions in days.

The fee is for miners since they are using hardware to mine and get confirm those transaction..
I hope that government won't be legalize bitcoin with taxes involve because they are corrupted and i think they will increase the taxes plus the miners fee for every transaction..

bohr

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The developers and the miners will never allow such measures to pass but its very obvious that banks and governments will use bitcoin technology to create their own coin and to watch their citizens even more closely, but that will only make bitcoin more valuable and desirable, so they will be creating their own downfall with that move.

shiryu

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Quote from: agamasrori on December 02, 2016, 03:56:04 AM

I think bitcoin did not have tax. Becouse fee in exchange and transaction is like charge cost, transaction fee is for minner becouse they do their job to help the transaction.

Yes i guess it will never happen, too difficult to collect taxes from bitcoin. I am pretty sure the government will find it difficult to track the transaction because of too many transactions in days.

Hamaber

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Quote from: Rinder on December 07, 2016, 02:26:31 PM

Quote from: mrcash02 on November 27, 2016, 03:56:22 PM

Quote from: kryptqnick on November 27, 2016, 02:57:34 PM

Quote from: Rinder on November 27, 2016, 01:15:02 PM

This is something that shoul happen on the next years, legalize bitcoin would mean have to tax them, as long the countries dont make the tax too big, i dont believe it can damage directly anybody, as long our identity keep safe. Imagine some hacker acess the portal where we can make the payments and collect all adress and users bitcoin ammounts, we would be starting a war, and this is what scares me, even having a low ammount ot coins, i do like my privacy.

I agree with this. Taxation is sort of inevitable thing that is going to happen to btc if it is to be recognized by the governments and if it is to become a lot more popular than it is now. My guess is that it might slowly ruin the whole idea of btc, people might just start using another currency and we will have some kind of the war between taxations and new currencies to use till they aren't taxed. However, there are good things coming along with taxation. Ability to pay in the supermarkets or buy tickets using btc, for example.

It won't work. We already have to pay taxes for the miners (and sometimes it's expensive), if governments start taking more fees, our profit will decrease considerably and people won't want to use BTCs. The things must continue as it is now, paying taxes only for the miners.

Be sure governments will charge their price to legalize bitcoin, and they will do those since they realize the ammount being spent at crypto world, their are not getting any cent from those investments, paying an extra tax will happen soon or later, people will keep use btc the same way as now, and with the legalization people will be investing more at bitcoin and crypto world.

but the bitcoin is already legal property in many countries.

Rinder

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Quote from: mrcash02 on November 27, 2016, 03:56:22 PM

Quote from: kryptqnick on November 27, 2016, 02:57:34 PM

Quote from: Rinder on November 27, 2016, 01:15:02 PM

This is something that shoul happen on the next years, legalize bitcoin would mean have to tax them, as long the countries dont make the tax too big, i dont believe it can damage directly anybody, as long our identity keep safe. Imagine some hacker acess the portal where we can make the payments and collect all adress and users bitcoin ammounts, we would be starting a war, and this is what scares me, even having a low ammount ot coins, i do like my privacy.

I agree with this. Taxation is sort of inevitable thing that is going to happen to btc if it is to be recognized by the governments and if it is to become a lot more popular than it is now. My guess is that it might slowly ruin the whole idea of btc, people might just start using another currency and we will have some kind of the war between taxations and new currencies to use till they aren't taxed. However, there are good things coming along with taxation. Ability to pay in the supermarkets or buy tickets using btc, for example.

It won't work. We already have to pay taxes for the miners (and sometimes it's expensive), if governments start taking more fees, our profit will decrease considerably and people won't want to use BTCs. The things must continue as it is now, paying taxes only for the miners.

Be sure governments will charge their price to legalize bitcoin, and they will do those since they realize the ammount being spent at crypto world, their are not getting any cent from those investments, paying an extra tax will happen soon or later, people will keep use btc the same way as now, and with the legalization people will be investing more at bitcoin and crypto world.

tee-rex

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Quote from: MingLee on November 28, 2016, 01:41:15 PM

Quote from: tee-rex on November 28, 2016, 01:33:29 PM

Quote from: kryptqnick on November 27, 2016, 02:57:34 PM

Quote from: Rinder on November 27, 2016, 01:15:02 PM

This is something that shoul happen on the next years, legalize bitcoin would mean have to tax them, as long the countries dont make the tax too big, i dont believe it can damage directly anybody, as long our identity keep safe. Imagine some hacker acess the portal where we can make the payments and collect all adress and users bitcoin ammounts, we would be starting a war, and this is what scares me, even having a low ammount ot coins, i do like my privacy.

I agree with this. Taxation is sort of inevitable thing that is going to happen to btc if it is to be recognized by the governments and if it is to become a lot more popular than it is now. My guess is that it might slowly ruin the whole idea of btc, people might just start using another currency and we will have some kind of the war between taxations and new currencies to use till they aren't taxed. However, there are good things coming along with taxation. Ability to pay in the supermarkets or buy tickets using btc, for example.

Bitcoin is already recognized in the US. Correct me if I'm wrong on this, but in the US Bitcoin is legally considered to be a traded commodity, so it is already taxed like any other commodity being traded in the US commodity markets such as precious metals or crude oil markets. In Europe Bitcoin seems to be quite legal too, though it is mostly considered as a foreign currency, and as such it shouldn't be taxable.

It's taxed, but not very well enforced iirc. From what I know it has been recognized by judges in the past when it came to police seizures of property of whatever, but I don't know if the IRS is going hard when it comes to taxing Bitcoin users.

While I agree that Bitcoin, in its current state, should be nontaxable, there are some dues that have to be paid. Those can come later, though.

The CFTC (the agency supervising commodity markets in the US) had warned a few Bitcoin startups over a year ago about using Bitcoin derivatives, such as commodity options. In their ruling they also defined Bitcoin as a commodity. This ruling is important since it properly differentiates Bitcoin from securities, which are supervised by another agency, the Securities and Exchange Comission.

equator

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Quote from: agamasrori on December 02, 2016, 03:56:04 AM

I think bitcoin did not have tax. Becouse fee in exchange and transaction is like charge cost, transaction fee is for minner becouse they do their job to help the transaction.

It is upto you to show the Bitcoin transaction in tax or not, in my country I can show bitcoin as shortterm investment and trading as short term profit or loss. Until i dont use bitcoin for any other illegal goods purchasing i dont have to worry for it.

agamasrori

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I think bitcoin did not have tax. Becouse fee in exchange and transaction is like charge cost, transaction fee is for minner becouse they do their job to help the transaction.

chixka000

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Well maybe in us, it is just funny that there were still a lot of person try to evade taxation and we all know that we sometimes do it. The only difference here is that it was US and in our country it might not been the same with them. What if the coinbase gives what IRS wants? and we try to say that 50% of those users came from US and they've been asked to pay their tax. How about those 50% outside US are they safe enough?

mirakal

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Quote from: housebtc on December 01, 2016, 11:52:46 PM

People will always find way to evade tax with or without Bitcoin, I know because the way Bitcoin is designed it encouraged tax evasion, but I know people that do always declare their Bitcoin profit frequently.

We do, however bitcoin gives us the opportunity to evade tax without a legal implication. We will not be prosecuted as there's no law that prohibit of using bitcoin and requiring us to report the income we generated here.

housebtc

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People will always find way to evade tax with or without Bitcoin, I know because the way Bitcoin is designed it encouraged tax evasion, but I know people that do always declare their Bitcoin profit frequently.

Topic: Two things are certain: Bitcoin and Taxes (Read 7445 times)