Topic: Will people pay taxes for bitcoin ? - page 3. (Read 1040 times)
I think it will be great to pay taxes if exchanges can give 1099 or a document that shows what you need to pay. Now it is complex trying to determine your cost basis when you trade a lot. We will see how this plays out this after the rise of Cryptos last year!
Many countries are asking the people to pay taxes on Bitcoin business, otherwise they are sending notices to the people. We have to be very careful with the governments while dealing with the Bitcoin.
If you are serious about making business through any cryptocurrency, you have to comply with the rules and regulations of your government and also this can help you gain some trust to the investors since you are legally operating.
Yeah you have to pay tax to cash out bitcoin.
I don't pay any taxes yet every time I cash out my holdings, since my country is not yet regulating bitcoin so we can easily convert bitcoin into fiat money without experiencing any problem.
I know that because in the past 7 years of crypto currencies until now there's no clarification regarding centralization of crypto currency.
Cryptocurrency and taxes. It is controversial topic. Noone want to pay taxet especially for bitcoin. Now this is a very profitable business and soon the government can introduce taxes on cryptocurrency nevertheless. But we can`t "touch" or "hold" it so in what way cryptocurrency might be taxed?
In my opinion, cryptocurrency may be taxed in the same way as a program or any sale or purchase transaction. Regardless of what you are selling, if you are profiting, you are required to pay tax.
What do you think?
Using traditional method would be hard for the government side to implement such matter. Also if they choose to get the taxes directly from a cryptocurrency member is more harder, so i think the very best way to control this tax system in crypto world could function well through the cooperation of national crypt exchanges. The exchanges will be the one who do the task to deduct the exact percentage amount from the profit of a crypto claimer. In my opinion, cryptocurrency may be taxed in the same way as a program or any sale or purchase transaction. Regardless of what you are selling, if you are profiting, you are required to pay tax.
What do you think?
Haha yeah... At some point when you start cashing out the government is going to notice and want their piece of the pie. You're free to try and avoid paying taxes but I doubt it's going to go on for very long until you're caught. I'd suggest paying them now rather than paying fines + back taxes later.
Most problem here is amount. Is impossible to buy house via bitcoin and count that goverment will not notice that event and ask about surces of money .
You won't be able to put that moeny in banking system without flagging your account.
Systems are getting better every day i think someday they will control everything.
PS: till now amouts like 100$-200$ can be anon.
Many countries are asking the people to pay taxes on Bitcoin business, otherwise they are sending notices to the people. We have to be very careful with the governments while dealing with the Bitcoin.
If you are serious about making business through any cryptocurrency, you have to comply with the rules and regulations of your government and also this can help you gain some trust to the investors since you are legally operating.
Yeah you have to pay tax to cash out bitcoin.
I don't pay any taxes yet every time I cash out my holdings, since my country is not yet regulating bitcoin so we can easily convert bitcoin into fiat money without experiencing any problem.
Let the taxes' enthusiasts pay it. You just need to say for what public services Crypto taxes are going and I will make sure I won't use them, Ok? 
Easier said than done. Every exchange or service that you have used in the past year(s), has a complete log of all your crypto activities that at some point may be used against you. If you have verified yourself on whatever exchange, and the government raids that exchange, or forces exchanges to submit all their user information due to new regulations, you'll be on the wrong side of the road for sure, if you haven't paid your due taxes. Even holding crypto on an exchange without actually doing anything with it requires paying tax. All centralized services are a plague when it comes to maintaining a private identity in this market.
I know how these mechanisms work, I'm just saying how it should be in my opinion.
Even I don't have enough strength to fight this system, I will keep spreading my ideas, hoping to see more people stop repeating what they were "programmed" to repeat and stop accepting everything that is imposed to them.
I can be on the wrong side of the road, but only towards the wrong rules, while I will be on the right side of my conscience, that is what really matters in the end.
It's amazing how many think they will get away without paying taxes. I think most of these types are probably 18 year old with $1,000 accounts so they will be OK. I think the hammer will come down some day and they will see the truth.
It's amazing how people here get offended when you put yourself against the unfair regulations and criminal governments.
It's amazing how many think they will get away without paying taxes. I think most of these types are probably 18 year old with $1,000 accounts so they will be OK. I think the hammer will come down some day and they will see the truth.
People like to overestimate themselves, and for that reason think they can outsmart the authorities when it comes to the centralized services in this market. I have emailed Bitstamp if it is possible to have all my logs and verification documents deleted from their system entirely, and they said that they legally aren't allowed to do so, which says enough. In other words, everyone on that exchange who didn't pay their due taxes throughout the years is a potential target for the government. It just requires the government to have Bitstamp hand them every bit of data from all their users, and people are busted. I hope it will never happen, but it's something we can't ignore anymore....
We all know that bitcoin was decentralized and no need to pay taxes for it.I think the transfer fee or the charges may serve as our taxed when we transact.The government can only have the authority to gave taxes on any transaction if they can regulate it.But for now theres no reason to imposed tax on it as long as it was decentralized.
You are not right. Transactions in bitcoin is more transparent than a Bank transaction. After the recognition of bitcoin to pay taxes will all users of the cryptocurrency. The problem is that the government does not want to recognize cryptocurrencies. For them, fear of losing power is more important than the lack of revenue from the tax on cryptocurrency users.
We all know that bitcoin was decentralized and no need to pay taxes for it.I think the transfer fee or the charges may serve as our taxed when we transact.The government can only have the authority to gave taxes on any transaction if they can regulate it.But for now theres no reason to imposed tax on it as long as it was decentralized.
Yeah you have to pay tax to cash out bitcoin.
Let the taxes' enthusiasts pay it. You just need to say for what public services Crypto taxes are going and I will make sure I won't use them, Ok?
Easier said than done. Every exchange or service that you have used in the past year(s), has a complete log of all your crypto activities that at some point may be used against you. If you have verified yourself on whatever exchange, and the government raids that exchange, or forces exchanges to submit all their user information due to new regulations, you'll be on the wrong side of the road for sure, if you haven't paid your due taxes. Even holding crypto on an exchange without actually doing anything with it requires paying tax. All centralized services are a plague when it comes to maintaining a private identity in this market.
It's amazing how many think they will get away without paying taxes. I think most of these types are probably 18 year old with $1,000 accounts so they will be OK. I think the hammer will come down some day and they will see the truth.
People pay tax all the time & it's what funds schools & other programs.
If you are cashing Bitcoin into USD then you should definitely pay taxes on it.
Everything gets taxed, why should Bitcoin be treated special?
If you are cashing Bitcoin into USD then you should definitely pay taxes on it.
Everything gets taxed, why should Bitcoin be treated special?
Let the taxes' enthusiasts pay it. You just need to say for what public services Crypto taxes are going and I will make sure I won't use them, Ok?
Easier said than done. Every exchange or service that you have used in the past year(s), has a complete log of all your crypto activities that at some point may be used against you. If you have verified yourself on whatever exchange, and the government raids that exchange, or forces exchanges to submit all their user information due to new regulations, you'll be on the wrong side of the road for sure, if you haven't paid your due taxes. Even holding crypto on an exchange without actually doing anything with it requires paying tax. All centralized services are a plague when it comes to maintaining a private identity in this market.
Let the taxes' enthusiasts pay it. You just need to say for what public services Crypto taxes are going and I will make sure I won't use them, Ok?
if we need to pay why not., you can pay tax tax with your own well if you think that you earn more than enough in crypto ang need to pay some tax for it then you can do tax computation with your own so that you can share your extra profit to your government.,
I think for tax and accounting purposes, capital gains and losses are calculated by determining how much your cost basis has gone up or down from the time you acquired the asset (in this case, cryptocurrency) until there's a taxable event.
Nailed it exactly.
Obviously you have pay taxes for bitcoin when you change your bitcoin for cash then may government take tax from here.
Many countries are asking the people to pay taxes on Bitcoin business, otherwise they are sending notices to the people. We have to be very careful with the governments while dealing with the Bitcoin.
I think taxes may be paid in only case of cashing cryptocurrency out, because we pay taxes from profit we have got measured by legal money. How authoryties may define our profit if we transfer coins to each other we dont even own it, just posses privat keys. Besides a person can create offline bitcoin address just for storage and noone will be able to prove this address belongs to him.
So guys, lets use cryptocurrensies instead of money, create food catering buisnesses accepting crypto, stuff delivering, clothes providing to create a zone in where we will be able to earn and spend cryptocurrency
So guys, lets use cryptocurrensies instead of money, create food catering buisnesses accepting crypto, stuff delivering, clothes providing to create a zone in where we will be able to earn and spend cryptocurrency
Cryptocurrency and taxes. It is controversial topic. Noone want to pay taxet especially for bitcoin. Now this is a very profitable business and soon the government can introduce taxes on cryptocurrency nevertheless. But we can`t "touch" or "hold" it so in what way cryptocurrency might be taxed?
In my opinion, cryptocurrency may be taxed in the same way as a program or any sale or purchase transaction. Regardless of what you are selling, if you are profiting, you are required to pay tax.
What do you think?
Assuming that this will happen, I think the government will make a ten percent tax in every cryptocurrency transaction In my opinion, cryptocurrency may be taxed in the same way as a program or any sale or purchase transaction. Regardless of what you are selling, if you are profiting, you are required to pay tax.
What do you think?
This and every cryptocurrency hodlers and traders will make a registration to the government system created exclusively only to these person. What is not good to this aside from subtracting your profit, your identity could be not safe anymore. So I hope that if this can't be stop then the government should make a secured system before make a tax implementation.
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