Topic: Will people pay taxes for bitcoin ? - page 4. (Read 1040 times)
If tax income from bitcoin were possible, the first country that establish regulations on collecting taxes would be my country Turkey. The minister of economics warns people about dangers of bitcoin and says it is not a reasonable way of investment
Bitcoins itself could not be taxed because it is not regulated by central banks,it is a virtual currency working on its own. Unlike fiat money which is governed by the rules in the central banks and government, but even though its is not taxable, the way we spend our earnings is already being taxed. Like buying goods and services, taxes are already imposed in everything we pay.
That is incorrect. Bitcoin in the U.S. is and has always been taxable. ALL GAINS IN VALUE ARE TAXABLE. It has absolutely nothing to do with central banks. Please look to a real source of information and stop reading the stupidity of Internet posts by 15 year olds who have never had to deal with capitol gains before.Here is a definitive source: www.irs.gov/newsroom/irs-virtual-currency-guidance
Bitcoins itself could not be taxed because it is not regulated by central banks,it is a virtual currency working on its own. Unlike fiat money which is governed by the rules in the central banks and government, but even though its is not taxable, the way we spend our earnings is already being taxed. Like buying goods and services, taxes are already imposed in everything we pay.
Well if your government says they are taxable, then it can be regulated and taxed like in the US. The government can require exchanges to send user trade data at some point in the future. When you cash out to fiat the gov will want to know the source.
Bitcoins itself could not be taxed because it is not regulated by central banks,it is a virtual currency working on its own. Unlike fiat money which is governed by the rules in the central banks and government, but even though its is not taxable, the way we spend our earnings is already being taxed. Like buying goods and services, taxes are already imposed in everything we pay.
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?
I think yes because taxes are contribution in our society,community and country. Taxes will give fund in the technology and structure. People thinks that they can help to our country by paying taxes in bitcoin in the future.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?
We have the options to make and we do have the choice in which path we will decide, just remember the consequence it may throw against us with the decisions we made. Remember we are the creators of our own action and will take full responsibility for it after.
We all have our own free will and it is up to us to determine what is the right thing to do. Laws and rules are made for us to follow but at the end of the day, it would be up to us whether to follow it. Tax may be imposed on crypto but it would be up to the user whether to pay them and consequences may follow because everyone must be responsible of their own actions. I believe that users would pay their taxes if they want to be law abiding citizens.
Nothing can be done even if I don't want to pay if the government put a penalty to those who commit tax evasion then you will force to pay your bitcoin taxes. I hope government consider bitcoin like a regular salary from a regualar job that have a minimum fair for those who paid taxes, bitcoin is peoples money, not government money and that is why for me putting a tax on bitcoin is not necessary.
I do plan on selling it when it reaches certain price and buy again when it dips,but no plan on cashing out.I think I need to really understand this bullshit tax rules before tax season comes.
FYI, as as soon as you sell, even if you rebuy later, it is a taxable event.
In the US if you trade from one crypto to another, it is a taxable event. It is not considered a like kind exchange. The US gov passed a law explicitly stating like kind crypto trades are taxable for 2018.
If there is a law in your country that requires you to pay tax in every bitcoin transaction then you must obey that law and pay the corresponding tax. Many governments have been looking for effective ways in taxing the cryptocurrencies including strict regulations to the exchanges. Their always reason is to protect its people and the financial stability of their country.
With all the trading that goes on in Crypto, this is pretty murky especially if you have your stuff in different exchanges. I believe it will be a better to tax a person when they actually cash out in fiat. I know most western countries now have laws to tax you when you are transferring from one crypto to another which a real headache as most people always transfer to other cryptos.
I do plan on selling it when it reaches certain price and buy again when it dips,but no plan on cashing out.I think I need to really understand this bullshit tax rules before tax season comes.
FYI, as as soon as you sell, even if you rebuy later, it is a taxable event.
I do plan on selling it when it reaches certain price and buy again when it dips,but no plan on cashing out.I think I need to really understand this bullshit tax rules before tax season comes.
FYI, as as soon as you sell, even if you rebuy later, it is a taxable event.
I do plan on selling it when it reaches certain price and buy again when it dips,but no plan on cashing out.I think I need to really understand this bullshit tax rules before tax season comes.
That is the major concern for goverment because they don't know how to collect the fund in the form of taxes with bitcoin trading. So that why many goverment are still in dilemma whether to legal it or not. This is the major concern governments are facing.
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?
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?
I think yes and as of now in here phillipines have taxes by transaction fee though , but I know it would help a thousand people though it can help our society or our community , and I agreed to your statement that it is required to be fair.
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?
I think yes because taxes are contribution in our society,community and country. Taxes will give fund in the technology and structure. People thinks that they can help to our country by paying taxes in bitcoin in the future.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?
We have the options to make and we do have the choice in which path we will decide, just remember the consequence it may throw against us with the decisions we made. Remember we are the creators of our own action and will take full responsibility for it after.
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?
I think yes because taxes are contribution in our society,community and country. Taxes will give fund in the technology and structure. People thinks that they can help to our country by paying taxes in bitcoin in the future. 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?
I think if Cryptocurrency was taxed, there would be a revolution against it
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?
This is a never ending argument and issue about bitcoin towards government and taxation where we do always assume that government can able to impose taxes directly which isnt really possible but in regard or terms of cashing it out into local fiat then thats the time on where they would set in and do require those obligations (tax) to be paid off. People can easily hide their money through bitcoin but they cant really avoid when they are already cashing it out.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?
I hope authorities or personalities stop fud and just do a decision to regulate or ban cryptocurrency, crypto trading is all over the world not centered on a single country.
Going back to payment of tax, if i trust my government of course i will pay my tax but if not i will try to minimize the tax or even avoid it as much as possible because i know my money will go into waste because of corruption.
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?
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?
Yes , cryptos and taxing issues are synonymous especially with the huge money churning out from this new technology. Probably, the government could be looking for ways to want to tax investors but they really can't, if they don't put it down in black and white in their constitution.
It has to be backed by the powers of the constitution which would now be a guideline to punish evaders for instance. As far as I know therefore, I'm yet to read or hear a country that has actually adopted the digital currency in totality because if they do; it will be in the constitution either as optional financial means of transaction to fiat, in other to avoid being made a feast for the solicitors
What I then think is that , before taxing will seat, regulations and control will be introduced and if that happens, whether cryptos are touched or felt physically will be inconsequential because the government would simply start from the registration and regulation of exchanges , off course we know why. Thats where withdrawals and deposit most times are sent to.
I'm currently paying about $12k per quarter. So... yes.
Whoa! What percentage of income tax in your country? At such speed you have no chance to remain unnoticed. But you probably have not problems with withdraw Fiat. When the government helps its citizens, takes care of that they had the opportunity to have an income do not wish to pay the tax. But there are States which are doing the opposite obstacles and want to get a taxes. It seems to me that paying taxes is a two-way road. Everyone decides for himself to pay taxes or not. Opportunities to hide income is a lot.I'm not hiding anything. I don't have to hide because I am following the law and not sticking my neighbors with my tax bill. I think a lot of people are going to be very sad when the IRS catches up to them and presents them with a bill for years of profits. Their defense that "a guy on the Internet said..." is not going to be worth anything in court.
Pay your taxes and be bulletproof.
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