Will people pay taxes for bitcoin ? - page 5.

Pattart

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Quote from: Siopao on January 30, 2018, 08:02:05 AM

Here in my country there's no regulation yet regarding bitcoin so paying tax for it is not necessary BUT we can't use our btcnas it is due to there are no stores or merchants that accepts btc as payment so we can't use it unless it is converted into fiat, so that's where taxes come in. I think it's fair enough for now that no regulation is yet being made.

First I think only taxes can change the mind of the government not to ban bitcoin? maybe.
In USA bitcoin itself is taxed. because the government sees bitcoin as an asset so that income earned from bitcoin will be taxed. and I do not hear any protests from users in US for the tax? but there is certainly manipulation in it. because bitcoin is anonymous.
I myself do not matter about bitcoin taxes. but with the condition that bitcoin is legalized in my country

Hamphser

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Quote from: MadScienceSocks on January 25, 2018, 02:55:59 PM

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.

Coffee135

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Quote from: RodeoX on January 30, 2018, 01:32:10 PM

Quote from: Lampaster on January 30, 2018, 12:59:10 PM

Quote from: RodeoX on January 30, 2018, 12:28:59 PM

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.

In the U.S. I make enough that I have to estimate my taxes quarterly. Between the state and the federal taxes I put aside the maximum amount. When I do my taxes at the end of the year I will likely receive a refund of some of that money.
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. Wink

I appreciate this opinion. Perhaps you are satisfied with the activities of your government. Only satisfied people can have such thinking. If the country provides an opportunity for its citizens to have the income she deserves to have its citizens to pay taxes honestly. I am sincerely happy for you. But there are many countries where the government plunders the Treasury. This is the main reason why people do not want to pay taxes. People should always be responsible for those whom they bring to power in the elections.

bajigur894784

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Quote from: MadScienceSocks on January 25, 2018, 02:55:59 PM

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?

Yes, it seems that easy-to-understand scenarios about taxation and cryptocurrency are as you say. that is, the profit from the sale and purchase or investment of cryptocurrency is taxable of income.
In my opinion, there is no special calculation of the investment bitcoin and other cryptocurrencies. all Normal course, the difference between the sale price and the purchase price is the profit that can be the object of income tax.

dlhylton

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In the United States, the IRS (tax agency) has been investigating crypto taxes for a while now. They had a court battle with the largest crypto exchange in the US, coinbase. They had a partial victory in which coinbase had to hand over the identification information of all users who traded over $20,000 or more, so they can pay taxes. So, yes, people will pay taxes on bitcoin. The tax agencies are already on it in the United States and in many other countries. Today, South Korea banned anonymous trading to enforce tax payments. Customers in South Korea must now have a real name account and be linked to a bank in order to trade crypto. This cracks down on tax evasion.

RodeoX

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The revolution will be monetized!

Quote from: Lampaster on January 30, 2018, 12:59:10 PM

Quote from: RodeoX on January 30, 2018, 12:28:59 PM

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.

In the U.S. I make enough that I have to estimate my taxes quarterly. Between the state and the federal taxes I put aside the maximum amount. When I do my taxes at the end of the year I will likely receive a refund of some of that money.
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. Wink

jrrsparkles

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Yes,you have to pay taxes if you convert your bitcoins into fiat or vice versa because US government has strict rules on crypto currency and there is no way to cheat without paying taxes.But not all the countries have taxation system for bitcoin so you may not have to pay if your country have rules.

But there is no taxes for bitcoin to bitcoin transaction.So you can make transaction as how much as you want in bitcoin to bitcoin.

Lampaster

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Quote from: RodeoX on January 30, 2018, 12:28:59 PM

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.

RodeoX

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The revolution will be monetized!

I'm currently paying about $12k per quarter. So... yes.

rhamzter

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Quote from: Siopao on January 30, 2018, 08:02:05 AM

Here in my country there's no regulation yet regarding bitcoin so paying tax for it is not necessary BUT we can't use our btcnas it is due to there are no stores or merchants that accepts btc as payment so we can't use it unless it is converted into fiat, so that's where taxes come in. I think it's fair enough for now that no regulation is yet being made.

In any country bitcoin is not yet taxable until now, also I have no gain any news regarding putting tax to income in bitcoin. In addition, bitcoin community are not yet centralized so how they can base the percentage of taxes they deduct to the income of the users. There's a lot of things they need to consider.

JC btc

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Quote from: Biscutard on January 30, 2018, 10:41:15 AM

A decentralized cryptocurrency doesn't need a tax but if you converted it to a local fiat currency then that's the time you should be paying taxes because fiat currency is centralized. So those exchanges i guess already taking our taxes covered as services fee before we even get the money.

I don't find it a threat in my life or an obstacle for my goal if I would pay tax for my country. I don't see any negative effect about it for as long as the tax that they will imposed in it would be fair and just as I know that no matter what happen it will put in the hands of those who are in need just like kids that cannot afford to go to school, so I would rather help in a little way rather than dying without helping others.

Biscutard

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A decentralized cryptocurrency doesn't need a tax but if you converted it to a local fiat currency then that's the time you should be paying taxes because fiat currency is centralized. So those exchanges i guess already taking our taxes covered as services fee before we even get the money.

AmeSakibimasu

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NO, because it is not like FIAT and I think no one here will pay tax lol because as usual they are not going to trust government,
nowadays people have own opinion and smart they don't just give money to keep in their pocket most of the governments do is
to corrupt all the money specially taxes that's why people was dismay on how government handle our taxes.

Siopao

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Here in my country there's no regulation yet regarding bitcoin so paying tax for it is not necessary BUT we can't use our btcnas it is due to there are no stores or merchants that accepts btc as payment so we can't use it unless it is converted into fiat, so that's where taxes come in. I think it's fair enough for now that no regulation is yet being made.

dokie987

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Quote from: MadScienceSocks on January 25, 2018, 02:55:59 PM

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 own opinion, if the bitcoin is the solution to my financial problem and this gives me more earning than my previews job, then why should I not pay taxes of my bitcoin earning? So if all people have also this thinking, then obviously they will pay taxes also.

olubams

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Tax is not an optional decision to be made. Its a compulsory thing a lot of those even paying today would want to avoid it if they have their way but no. The government has put in policies and machineries in place to ensure that there is little evasion of tax and the moment government is making room for tax to be paid through bitcoin, then there is no way around it because every loopholes will be looked at and ensure that it is blocked to a large extent.

Kambal2000

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Virtual currencies is not new in our system for now, and there are countries that cyrptos are now listed on exchanges and have acknowledge its growing and in fact around the world, the Tax authorities have tried to bring regulations on bitcoins.

In fact, here in our country it is not necessary for us to pay taxes thru our income in bitcoin as there is still no Law imposed on it so we are still at benefiting our freedom thru it, although in our local exchange business tax already imposed on it.

For me, whatever happens even if our government will insist and implement tax on bitcoin, I would rather obey it as I know that the tax collected will be for the benefit of my hometown, I would rather decrease my income for the benefit of all the people rather than keeping it on my own and seeing people in hunger situation, I know that not all people cannot benefit from tax I paid but at least at some part of my life I am fulfilled as I learned to help.

Chainblack

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bitcoins tax will be applicable depending on how you treat income from bitcoins, based on the frequency of transaction.

EMPshockwave

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If one never realizes BTC earning to fiat money, doesn't it simply works like owning a lot of casino chips without real cash value ?

We only need to declare our winning if we are "professional gambler" , and I guess it should be in the future where there are professional coin investor.

thegreenpay

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In India might be Indian gov could be make a new tax law for Cryptocurrencies trading portals.....

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