You can't avoid taxes by investing in bitcoin - page 2.

RoommateAgreement

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Bazinga!

Quote from: Gens09 on April 13, 2017, 12:26:11 AM

actually this is one of the reason why people use bitcoin because of the bitcoin animosity the bitcoin don't pay taxes .,
But even if it don't pay taxes you should be careful in the transaction fees and or the exchange rate..
Bitcoin is popular now days so definitely recommend using bitcoin and earning bitcoin for a good profit..

well then that is a false assumption that people who are in bitcoin because of what you said, are making.
bitcoin is neither anonymous nor free of tax.
the anonymity part is obvious, you can even google about it or even read the bitcoin.org page to see it is not.

and about taxes, there may be countries which has not yet decided but in most places you have to pay taxes when using bitcoin.

iamTom123

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Quote from: xuan87 on April 11, 2017, 12:26:01 AM

If the government want taxed us then it's mean the government need to admit the bitcoin existence and make rules about it, in my country there is still no fixed rules about it yet, but in the future government will try to taxed us, and we can't evade taxed with bitcoin anymore

Any government is so willing to tax anyone as long as there is an income earned whether you earn it from a recognized legal asset or not. I think I read somewhere that government can file a tax evasion case even if you are involved in illegal drugs because you earned some money out of that but it does not mean that the government is recognizing illegal drug trafficking to be a business worth pursuing. However, the trend right is for government to recognize Bitcoin as an asset so that if you sell your Bitcoin and you gain profits the government can then charge you tax and can file tax evasion case if you fail to declare the transaction. Of course, right now we can still evade because there are many creative ways to do so.

Gens09

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actually this is one of the reason why people use bitcoin because of the bitcoin animosity the bitcoin don't pay taxes .,
But even if it don't pay taxes you should be careful in the transaction fees and or the exchange rate..
Bitcoin is popular now days so definitely recommend using bitcoin and earning bitcoin for a good profit..

HabBear

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Sure you can!

You only pay taxes when you sell your bitcoin...don't sell and don't pay taxes. Of course, you must also make deposits with after tax dollars, but we're only talking about investing here.

BingoDog

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Quote from: emezh10 on April 12, 2017, 10:44:04 PM

If you want to exchange your bitcoin into fiat you can't avoid the taxes, Unless it was peer to peer transaction by that you can avoid taxes because you are only trading with a human but in terms of using web wallet to exchange it into fiat the government is there and you can't avoid the taxes by exchanging it there's fee that is waiting for you.

That is how the rules are in my country too. For exchanging bitcoins into fiat you have to pay the taxes. You only don't have to pay for just holding the coins. But since bitcoin still isn't fully regulated there might be a chance that tax authorities just skip some of transactions.

emezh10

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If you want to exchange your bitcoin into fiat you can't avoid the taxes, Unless it was peer to peer transaction by that you can avoid taxes because you are only trading with a human but in terms of using web wallet to exchange it into fiat the government is there and you can't avoid the taxes by exchanging it there's fee that is waiting for you.

batang_bitcoin

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Quote from: LuanX3 on April 11, 2017, 10:31:47 PM

Quote from: batang_bitcoin on April 11, 2017, 09:04:36 PM

Quote from: dihari on April 10, 2017, 10:55:10 PM

If you think investing in bitcoin or a similar “crypto-currency” may be a good method for hiding income from the tax man, you’d better think again.
http://nypost.com/2017/04/08/no-you-cant-avoid-taxes-by-investing-in-bitcoin/

I am smelling something good here with the news. If the government declared about how peoples can't avoid the taxes by investing in bitcoin, it means directly or indirectly government said that they recognize the existence of bitcoin and how it can be profitable to invest.

Very good news! It only signifies that government is now starting to recognize bitcoin. And here in my country, I can say that I'm a contributor for the tax of the local exchange that I've been using, why? Because they are registered and they pay tax and with the service that I've been using, there is a hidden taxation that isn't heavy to be considered as burden. The same thing as what that article is saying.

Bitcoin will be regulated in the near future that is for sure as this is the future of currency. The governments cannot deny this, this is why they are really pushing for its regulation nowadays. It might not be as good if it would be really restrictive and it could possibly hinder the benefits of bitcoins and other crypto.

Unless they don't want to recognize bitcoin that it can generate good amount for the taxation of a country. But I know it that one day they are going to enter also the scene of bitcoin, they will have to take over and monitor the local exchanges that will be used for cashing out bitcoin and each cash out should be taxable. I hate that day if it happens.

U2

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Counterpoint: Yes you can Wink

just don't be stupid about it and make sure you're anonymous. It also depends on what country you're in and how badly they're cracking down on this.

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Quote from: gufpmvgw3334 on April 12, 2017, 09:58:29 AM

I think as long as you don't exchange them into fiat ,you can't to pay taxes,but if you have to exchange them into fiat,then you have to pay taxes because the gov know your money!

that's right if you will hold btc without exchanging it into your local fiat it wont be taxable but after you exchange it for sure taxes will be implemented maybe not directly to you but to the service that you will going to use and how you will withdraw it and send it your account.

olushakes

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Quote from: dihari on April 10, 2017, 10:55:10 PM

If you think investing in bitcoin or a similar “crypto-currency” may be a good method for hiding income from the tax man, you’d better think again.
http://nypost.com/2017/04/08/no-you-cant-avoid-taxes-by-investing-in-bitcoin/

I am smelling something good here with the news. If the government declared about how peoples can't avoid the taxes by investing in bitcoin, it means directly or indirectly government said that they recognize the existence of bitcoin and how it can be profitable to invest.

I am happy that the news is from New-York and not the entire world because if that policy or model whatsoever, is going to work there, I am sure its far from working in most other countries. Over here, its definitely possible to avoid taxes if one is exchanging to Fiat on a bit by bit basis rather than once which might attract unnecessary attention by banks and regulatory authorities. Aside that, I am sure I can pull it off without any detection.

GreenBits

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Quote from: dihari on April 10, 2017, 10:55:10 PM

If you think investing in bitcoin or a similar “crypto-currency” may be a good method for hiding income from the tax man, you’d better think again.
http://nypost.com/2017/04/08/no-you-cant-avoid-taxes-by-investing-in-bitcoin/

I am smelling something good here with the news. If the government declared about how peoples can't avoid the taxes by investing in bitcoin, it means directly or indirectly government said that they recognize the existence of bitcoin and how it can be profitable to invest.

I think its pretty easy to circumvent tax with bitcoin. Any bitcoin earnings you make you can trade on a peer to peer market without making a blip, you can use that cash to purchase household items and consumables, and save your taxed earnings. Inversely, if you can spend the Bitcoin directly on household goods, you can do the same without having to involve anyone else in the transaction. But it's a gamble, they will bury you if they catch you.

gufpmvgw3334

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I think as long as you don't exchange them into fiat ,you can't to pay taxes,but if you have to exchange them into fiat,then you have to pay taxes because the gov know your money!

krisnt80

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If the taxes were used only to provide the countries and their citizens a better life pretty sure no one would be bored and pissed to contribute, politicians does steal those tax for their own purposes, soo if they have an eye over crytpo world already is because they wanna more money. Im pretty sure the countries cant check all finances neither know total bitcoins each person has, if someone invest 100k dollars and then some months later withdraw just 100k dollars, even having 200k dollars in crypto value, how the countrie will know those, and there are several ways to get those funds out without expose to banks.

LeGaulois

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Avoiding to pay the taxs is no different than cheating your country. And it's a bad behavior. Taxs are what help to make your own country better, remember that. I am happy to pay taxs and i could be more happy if i have more taxs to pay because it's mean i am making more income. Big firms are the champion when it's about taxs evasion, you ca not imagine the millions they are cheating from your gov. and so cheating you. And because it's about bitcoin is not an excuse as well.

LuanX3

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Quote from: batang_bitcoin on April 11, 2017, 09:04:36 PM

Quote from: dihari on April 10, 2017, 10:55:10 PM

If you think investing in bitcoin or a similar “crypto-currency” may be a good method for hiding income from the tax man, you’d better think again.
http://nypost.com/2017/04/08/no-you-cant-avoid-taxes-by-investing-in-bitcoin/

I am smelling something good here with the news. If the government declared about how peoples can't avoid the taxes by investing in bitcoin, it means directly or indirectly government said that they recognize the existence of bitcoin and how it can be profitable to invest.

Very good news! It only signifies that government is now starting to recognize bitcoin. And here in my country, I can say that I'm a contributor for the tax of the local exchange that I've been using, why? Because they are registered and they pay tax and with the service that I've been using, there is a hidden taxation that isn't heavy to be considered as burden. The same thing as what that article is saying.

Bitcoin will be regulated in the near future that is for sure as this is the future of currency. The governments cannot deny this, this is why they are really pushing for its regulation nowadays. It might not be as good if it would be really restrictive and it could possibly hinder the benefits of bitcoins and other crypto.

batang_bitcoin

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Quote from: dihari on April 10, 2017, 10:55:10 PM

If you think investing in bitcoin or a similar “crypto-currency” may be a good method for hiding income from the tax man, you’d better think again.
http://nypost.com/2017/04/08/no-you-cant-avoid-taxes-by-investing-in-bitcoin/

I am smelling something good here with the news. If the government declared about how peoples can't avoid the taxes by investing in bitcoin, it means directly or indirectly government said that they recognize the existence of bitcoin and how it can be profitable to invest.

Very good news! It only signifies that government is now starting to recognize bitcoin. And here in my country, I can say that I'm a contributor for the tax of the local exchange that I've been using, why? Because they are registered and they pay tax and with the service that I've been using, there is a hidden taxation that isn't heavy to be considered as burden. The same thing as what that article is saying.

aTriz

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Quote from: dihari on April 10, 2017, 10:55:10 PM

If you think investing in bitcoin or a similar “crypto-currency” may be a good method for hiding income from the tax man, you’d better think again.
http://nypost.com/2017/04/08/no-you-cant-avoid-taxes-by-investing-in-bitcoin/

I am smelling something good here with the news. If the government declared about how peoples can't avoid the taxes by investing in bitcoin, it means directly or indirectly government said that they recognize the existence of bitcoin and how it can be profitable to invest.

Yeah, this is great news for bitcoin.

Government is finally trying to implement their taxation on bitcoin because they see that bitcoin is now so big of a market that it cannot be ignored anymore. People are conducting bitcoin transactions all over the world on a daily basis, and the government is finally seeing that there is something to exploit here.

It also means that the govt of the US is realising that bitcoin is actually functional, not just something that you buy to buy drugs with.

It is a great investment vehicle, which is why they are now enforcing already existing laws on bitcoin.

Rahar02

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Quote from: Dorky on April 10, 2017, 11:36:41 PM

Quote from: dihari on April 10, 2017, 10:55:10 PM

If you think investing in bitcoin or a similar “crypto-currency” may be a good method for hiding income from the tax man, you’d better think again.
http://nypost.com/2017/04/08/no-you-cant-avoid-taxes-by-investing-in-bitcoin/

I am smelling something good here with the news. If the government declared about how peoples can't avoid the taxes by investing in bitcoin, it means directly or indirectly government said that they recognize the existence of bitcoin and how it can be profitable to invest.

I believe that applies only when you buy and sell bitcoin at an exchange, where the exchange has all your personal details and accounts.

If you just hold your bitcoin outside the exchanges, no government will be able to tax you because they won't know how much you have.

The regulations only apply in usa or other countries which already issued regulations about exchanges and bitcoin such as China or Japan. If you buy-sell bitcoin through exchanges, gov may sniff large amount transactions and exchanges should provide information about their customer in case something happens but luckily there's no such regulations about bitcoin taxes in my place and we may consider transaction fees as the way for exchanges paying their taxes, so we pay it indirectly. However, I agree if no one knows you hold big amount of bitcoin outside the exchanges, gov cannot tax it.

naville

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Well in my country Im not worried about taxes for bitcoin seems my goverment still didnt recognize bitcoin for this purpose

socks435

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Quote from: magneto on April 11, 2017, 06:28:26 PM

Quote from: dihari on April 10, 2017, 10:55:10 PM

If you think investing in bitcoin or a similar “crypto-currency” may be a good method for hiding income from the tax man, you’d better think again.
http://nypost.com/2017/04/08/no-you-cant-avoid-taxes-by-investing-in-bitcoin/

I am smelling something good here with the news. If the government declared about how peoples can't avoid the taxes by investing in bitcoin, it means directly or indirectly government said that they recognize the existence of bitcoin and how it can be profitable to invest.

Definitely interesting.

The government is basiclaly saying that bitcoin is a good currency to make profits out of, and this is why you need to pay taxes on it just like any other legitimate asset you may be holding.

They're basically saying that bitcoin is legit, it's not a scam.

More great news for BTC Cheesy

Honestly there is no scam attempt in bitcoin if you are just scam by using bitcoin it is your mistake you are not using trust ways to not scam by someone..
And i think like other said it is a good news but just lets hope that they are not added a taxes also in bitcoin that is why we are using bitcoin because of anonymity and freedom.

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