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Bitcoin => Bitcoin Discussion => Topic started by: Oliver A on December 01, 2017, 10:13:29 AM



Title: Are you taxed on Bitcoin?
Post by: Oliver A on December 01, 2017, 10:13:29 AM
Are you taxed on Bitcoin?


Title: Re: Are you taxed on Bitcoin?
Post by: fiulpro on December 01, 2017, 10:17:47 AM
Well you know in most of the countries like India ^ bitcoins are recognized as a way of income thus.. whatever you earn from bitcoins is directly linked with your earnings.. and thus they are taxed after a certain amount .. which is roughly 2/7 th of the present bitcoin rate.

Thus if someone is earning that much from bitcoins then..they have to pay taxes for sure..also if someone is just earning a dollar or two they are set out of this scheme..I mean what tax will you put into it..

Thus I am presently not taxed because I don't own even 0.5 bitcoins thus yes there are people who are taxed but not.. those who earn less..


Title: Re: Are you taxed on Bitcoin?
Post by: steadyrice on December 01, 2017, 10:23:48 AM
Are you taxed on Bitcoin?

You mean as of now, or ideally? The laws change based on the country of course, but generally if you have a lot of coins, you probably won't be able to cash them out unless you declare them and pay taxes. However, the legislation is unclear in almost all of the countries so far.


Title: Re: Are you taxed on Bitcoin?
Post by: FrueGreads on December 01, 2017, 10:35:20 AM
Are you taxed on Bitcoin?

Right now I'm not being taxed. I hold most of the bitcoins I have, and only withdraw when necessary. Every time I exchange some coins and withdraw them to my bank I usually keep the transactions low so no alerts are raised at banks (of course I could not raise alerts even If I wanted to xD). I'm not trying to evade taxes, and I actually asked if I had to declare anything. The answered that bitcoin are still not regulated in my country so no one really cares right now, and I don't have to do anything.

I will keep this line of action though, because it would be unfair if they decided that I would have to pay something from my last transactions. So I will try to keep then untraceable right now, and if the law changes, and I have to pay taxes, I will start doing it, but I don't intend to pay taxes from my last transactions, since they were the ones saying I didn't have to.


Title: Re: Are you taxed on Bitcoin?
Post by: learner 7 on December 01, 2017, 10:59:20 AM
I am not taxed with bitcoin because there is no legislation developed. Why are governments not in a hurry to do this. But in the future it will become mandatory.


Title: Re: Are you taxed on Bitcoin?
Post by: stripykitteh on December 01, 2017, 11:01:50 AM
Are you taxed on Bitcoin?
I am not taxed on Bitcoin. The Government shouldn't have a say on how to tax something that isn't there's in the very first place.


Title: Re: Are you taxed on Bitcoin?
Post by: Arslada on December 01, 2017, 11:03:08 AM
NO, because I donť have to.


Title: Re: Are you taxed on Bitcoin?
Post by: newinbtc on December 01, 2017, 11:04:09 AM
Yes, I need to pay tax on bitcoin when i will withdraw this into my bank account as per government rules it will not charge me until i Hold it and spent online in any other purpose... Our Govement have set the limit of each user Per year that we can do without tax ... About 0.40 Btc Each User as per current rate

Its not by government be from safe side I need to pay tax...... on my earning


Title: Re: Are you taxed on Bitcoin?
Post by: di.ako.toh on December 01, 2017, 11:20:05 AM
So far, i have'nt experience taxes on Bitcoin when converted into fiat, also with my peers they are not taxed yet too. Besides bitcoin is not that kinda known in our country, so there is no taxes imposed yet.


Title: Re: Are you taxed on Bitcoin?
Post by: Destroyeroff98 on December 01, 2017, 11:23:17 AM
In my country, Bitcoin is not taxed. I hope that in the near future such a tax will not be introduced.  ;D


Title: Re: Are you taxed on Bitcoin?
Post by: shoreno on December 01, 2017, 11:27:07 AM
Are you taxed on Bitcoin?

bitcoin is decentralized and not regulated, controlled or hold by governments therfor i can surely 100% say that we arent taxed and i wont obviously agree to that insane idea because i already feel that im charged for a tax due the expensive transaction fees nowadays.


Thus if someone is earning that much from bitcoins then..they have to pay taxes for sure..also if someone is just earning a dollar or two they are set out of this scheme..I mean what tax will you put into it..

it doesnt matter how big or low your earnings are. bitcoin is still not taxed as i stated above.


Title: Re: Are you taxed on Bitcoin?
Post by: alegotardo on December 01, 2017, 11:30:49 AM
I have never been taxed, because in Brazil they are trying to regularize BTC.
Our politicians have the custom of levying tax on top of everything.
So... for sure still in 2018 we will start paying tax on the BTC (in the exchange' withdrawals)


Title: Re: Are you taxed on Bitcoin?
Post by: bitllionaire on December 01, 2017, 11:33:11 AM
Yes, I need to pay tax on bitcoin when i will withdraw this into my bank account as per government rules it will not charge me until i Hold it and spent online in any other purpose... Our Govement have set the limit of each user Per year that we can do without tax ... About 0.40 Btc Each User as per current rate

Its not by government be from safe side I need to pay tax...... on my earning
I think still there is no such income tax has announced on bitcoin by any country. In my i think our government still have idea about bitcoin therefore there is no such tax on bitcoin by our country. In future when bitcoin will become legal then we an expect that our government will put tax on bitcoin. But i think it will take a lot of time because still the bitcoin users are very few in my country.  


Title: Re: Are you taxed on Bitcoin?
Post by: bitterguy28 on December 01, 2017, 11:35:50 AM
Are you taxed on Bitcoin?

i think yes i pay taxes being a bitcoin user, but  i'm not pay direct to government because know in every transaction i made in my local wallet to convert bitcoin into fiat money the taxe including in the transaction fee, beacuse my local wallet i use is legit registered to the government.


Title: Re: Are you taxed on Bitcoin?
Post by: xianbits on December 01, 2017, 11:42:41 AM
I am not directly taxed on my bitcoin or even altcoin earmings. Quite shocking for me learning from this thread that Indians are taxed on their earnings by their government. I don't understnd how they'll being taxed too, I mean, since bitcoin is decentrlized, how would the government know if you own one or not? Good thing my country does not require taxes on bitcoins yet at the moment.


Title: Re: Are you taxed on Bitcoin?
Post by: Harrisonimo on December 01, 2017, 11:48:55 AM
Are you taxed on Bitcoin?

I dont think i am taxed on my bitcoins yet except if the banks are indirectly doing that already; but no notification as regards this. Taxation on bitcoin earnings can only start fully after the government has come in to partake of this. And definitely, there will be other involvement on the government's side aside just taxation from individuals. I believe the use of the blockchain it self will be properly adopted. And this requires more learning and technology improvements.


Title: Re: Are you taxed on Bitcoin?
Post by: shouter on December 01, 2017, 11:51:55 AM
We all pay taxes when we convert our bitcoins into some physical currency (transaction fee). As for the bitcoins in our wallets, I do not know.


Title: Re: Are you taxed on Bitcoin?
Post by: BitcoinHodler on December 01, 2017, 11:52:09 AM
tax laws in my country are a little different and are not as bad as countries like US. but so far the government recognizes bitcoin as a currency but they have not said anything about taxes regarding bitcoin.
and so far whenever i bought bitcoin or even a couple times when i sold some, i used a peer to peer way not an exchange and there is no way of taxing that.


Title: Re: Are you taxed on Bitcoin?
Post by: deadsilent on December 01, 2017, 11:52:24 AM
Not in my country. They don't charge me taxes and i don't think they'll bother to find out that im using Bitcoin or any cryptocurrencies. I think they will charge me tax if i report my income statement. But that's not gonna happen. I'll let them find out before i pay for what they charge me. Actually in my country (which is Philippines), there's no such law pertaining to digital currencies or cryptocurrencies. But im willing to comply if ever they implemented such law. But im sure im paying tax whenever i conver my btc to fiat.


Title: Re: Are you taxed on Bitcoin?
Post by: Rinder on December 01, 2017, 04:05:23 PM
I can exchange my bitcoins with local traders wich usually buy and sell at marketplace value, some of them charge around 50 dollars for those service, but if i wanna to exchange all my coins i will have to pay a tax since i will get a big value and here were i live i do have to pay a 15% from profits i make, knowing i had bought my coins at 500 dollars, its a huge value for a fee, im waiting for a friendly law, otherwise i will cashout tiny ammounts over the year.


Title: Re: Are you taxed on Bitcoin?
Post by: frowsiter on December 01, 2017, 04:26:14 PM



Yes I am taxed but I was not taxed by the government because they did not know I have income from the bitcoin. I did my tax filing last march month the financial year end and I was successful doing that. I was asked with no questions and my income was considered as digital marketing income by government as they had nothing else to categorise in. I was happy about this filing because now I know very well that I can file the bitcoin tax easily and I can earn whatever amount of money I want form the online market. Next time I can just list my income under the digital marketing and it will get approved as the letter received b the income tax department. So yeah its pretty good feeling and you could stay safe with this as next time you won’t be having any fear of tax department knocking your door with legs actions. Lolz.




Title: Re: Are you taxed on Bitcoin?
Post by: GeePeeU on December 01, 2017, 04:27:16 PM
Depends on your country, and your willingness to comply.


Title: Re: Are you taxed on Bitcoin?
Post by: [email protected] on December 01, 2017, 04:40:12 PM
Here in my country nope theres no tax here for bitcoin user. i hope that time will not come :D


Title: Re: Are you taxed on Bitcoin?
Post by: Bucck.shot on December 01, 2017, 04:47:03 PM
I don't really have to because I don't hold that much amount. But being a online currency there is no role of any government in making a transfer, sending or receiving btc. But if you make a transaction with a government merchant or bank in middle, like sending money to bank, or withdraw using bank account they will definitely charge you government tax for that.


Title: Re: Are you taxed on Bitcoin?
Post by: dothebeats on December 01, 2017, 04:56:49 PM
Filing your taxes in here is a tough ordeal and stressful task. For people who are earning below $5000 a year (yes, there are still plenty of them here), they aren't required to pay any taxes, but for those people who earn beyond that, we are required to pay and file our own taxes. Bitcoins aren't declared here as a legal asset, and couldn't be taxed in any means. I know a few people who are earning millions in our currency every month and they haven't filed any taxes yet. The government has to come up with a solid law regarding bitcoin taxes before people would really start caring about that.


Title: Re: Are you taxed on Bitcoin?
Post by: Gameroid on December 01, 2017, 05:02:11 PM



Yes I am taxed but I was not taxed by the government because they did not know I have income from the bitcoin. I did my tax filing last march month the financial year end and I was successful doing that. I was asked with no questions and my income was considered as digital marketing income by government as they had nothing else to categorise in. I was happy about this filing because now I know very well that I can file the bitcoin tax easily and I can earn whatever amount of money I want form the online market. Next time I can just list my income under the digital marketing and it will get approved as the letter received b the income tax department. So yeah its pretty good feeling and you could stay safe with this as next time you won’t be having any fear of tax department knocking your door with legs actions. Lolz.



I do not think that still anyone is paying tax on  bitcoin. May be in some places where they have leagalize bitcoin like in Japan we can expect that there people may pay tax on bitcoin as bitcoin is legal there, otherwise i do not think that any country will be paying tax on bitcoin specially where bitcoin is still illegal and they are not using bitcoin as in open market.


Title: Re: Are you taxed on Bitcoin?
Post by: audaciousbeing on December 01, 2017, 05:09:50 PM
I went for No because I have not paid any tax on any income from bitcoin, not because I don't want to pay and would even be glad to pay but because my country administration does not feel it's time to tax bitcoin yet although the conversation is ongoing currently which I am not sure when its going to end not any time soon though. Until then, myself and every other person in the country involved with bitcoin will have to enjoy tax free income but be mindful of back dating of assessment any time government authority is ready for us.


Title: Re: Are you taxed on Bitcoin?
Post by: 0t3p0t on December 01, 2017, 05:22:52 PM
Are you taxed on Bitcoin?
Yes because here in my country central bank regulated our local exchanges so everytime we made a cashout there will be tax included automatically. I know that  we only convert our Bitcoins into fiat when we need it most and I think we are not doing cashout regularly maybe we might do that only in times of emergency. Honestly, it is not a concern to me. My only concern is transaction fee too high these days but the sad reality is that we can never escape from it just like tax. Tax is our only contribution to the development of our country so if we have to give some love to our mother land then we should never evade taxes just for the good of ourselves. I trust our current administration here in my country  so tax is no big deal for me this time.


Title: Re: Are you taxed on Bitcoin?
Post by: tuanvie on December 01, 2017, 05:26:16 PM
Umm no, not yet. But the government of course, trying to make it happen soon. It actually a little bothers me like everyone else. Anyways.. In time we'll see what happens.


Title: Re: Are you taxed on Bitcoin?
Post by: n0ne on December 01, 2017, 05:27:33 PM
Taxation with bitcoin is possible and several countries have added it to the list of taxable commodity similar to gold. Bitcoin taxation were made made on the transaction a particular user makes in relation to bitcoin related trading or while cashing out. This is not perfectly done, because using anonymity feature can escape that too.


Title: Re: Are you taxed on Bitcoin?
Post by: tstang on December 01, 2017, 05:31:38 PM
i'm not taxed for now, but will be when it become legalised


Title: Re: Are you taxed on Bitcoin?
Post by: BUK2016 on December 01, 2017, 05:31:49 PM
Are you taxed on Bitcoin?
I am not paying tax from my earning in bitcoin because it is yet to be legalise as a mode of payment for goods and services and that the reason for not been taxed by the government. And my earning from bitcoin is not link to my bank account and is another reason for not been tax by the government.


Title: Re: Are you taxed on Bitcoin?
Post by: dansmith_99 on December 01, 2017, 05:33:36 PM
You SHOULD be taxed on bitcoin. The government wants you to report that you'd made money on bitcoin so that you can get taxed on it which is stupid. But the governments is greedy, nothing we can do about it.


Title: Re: Are you taxed on Bitcoin?
Post by: WinTokens on December 01, 2017, 05:37:19 PM
Guys, be careful. You are probably taxed on the gains you make from BTC once you convert it into fiat. In most jurisdictions is counted as capital gains tax!


Title: Re: Are you taxed on Bitcoin?
Post by: Aamir1 on December 01, 2017, 05:38:47 PM
Are you taxed on Bitcoin?

NO!
Bitcoin is not yet recognized or legalized in my country, and there are no implementation of any rules on Bitcoin so far. No matter how many Bitcoins i own, as long as it is not legal in my country, i won't need to pay anything for that, but, if there are bank taxes if i cash out more than the limit provided by my bank, then i get taxed by the bank, but if i cash out less than the specified limit, i don't need to pay anything except the fees of transactions.


Title: Re: Are you taxed on Bitcoin?
Post by: sarjilcse on December 01, 2017, 05:39:09 PM
No because i don't have any BITCOIN  ???


Title: Re: Are you taxed on Bitcoin?
Post by: TimtheYoutuber on December 01, 2017, 05:39:55 PM
We would need a lot of information if you were asking for yourself. The simple anwser is yes. However it depends on a lot of things like location, usage etc


Title: Re: Are you taxed on Bitcoin?
Post by: naglas on December 01, 2017, 05:41:45 PM
not for now until it gets legalized in country


Title: Re: Are you taxed on Bitcoin?
Post by: KesoNie on December 01, 2017, 05:44:40 PM
Umm no, not yet. But the government of course, trying to make it happen soon. It actually bothers me like everyone else. Anyways.. In time we'll see what happens.
Nope, I haven't been paid such tax regarding of my earning in bitcoin, well of course because our government didn't announce that bitcoin is legal here in our country but also its not illegal. Bitcoin is on its process of accepting its presence here in our country. But then if ever our government make bitcoin as a legal matter here in our country then I'll never get any second thought to pay such tax to help our country provide it would be use in clean ang meaningful projects.


Title: Re: Are you taxed on Bitcoin?
Post by: 12popi123 on December 01, 2017, 06:32:03 PM
In my country i get taxed only when i transfer my profit from BTC to fiat currency.


Title: Re: Are you taxed on Bitcoin?
Post by: kuberayt on December 01, 2017, 06:34:01 PM
Depends if you report capital gains or not, where some decide not to. With the recent Coinbase IRS loss (technically, I mean 14K members will have their details leaked) then some may be forced to. Currently since there's little regulations, you're able to get away with quite a bit


Title: Re: Are you taxed on Bitcoin?
Post by: DARKANGEL6415 on December 01, 2017, 06:38:32 PM
Are you taxed on Bitcoin?

Right now I'm not being taxed. I hold most of the bitcoins I have, and only withdraw when necessary. Every time I exchange some coins and withdraw them to my bank I usually keep the transactions low so no alerts are raised at banks (of course I could not raise alerts even If I wanted to xD). I'm not trying to evade taxes, and I actually asked if I had to declare anything. The answered that bitcoin are still not regulated in my country so no one really cares right now, and I don't have to do anything.

I will keep this line of action though, because it would be unfair if they decided that I would have to pay something from my last transactions. So I will try to keep then untraceable right now, and if the law changes, and I have to pay taxes, I will start doing it, but I don't intend to pay taxes from my last transactions, since they were the ones saying I didn't have to.

Man i really hope you don't live in the USA or any USA territories bevause that just happened. On Wednesday the internal revenue service IRS won their year long fight with coinbase. Coinbase is now required to release records of anyone who had $20,000.00 in bitcoin between 2012 through January 1st 2016. That way they can pay taxes and penalties of course lol.


Title: Re: Are you taxed on Bitcoin?
Post by: Virtual miner on December 01, 2017, 06:42:27 PM
Well you know in most of the countries like India ^ bitcoins are recognized as a way of income thus.. whatever you earn from bitcoins is directly linked with your earnings.. and thus they are taxed after a certain amount .. which is roughly 2/7 th of the present bitcoin rate.

Thus if someone is earning that much from bitcoins then..they have to pay taxes for sure..also if someone is just earning a dollar or two they are set out of this scheme..I mean what tax will you put into it..

Thus I am presently not taxed because I don't own even 0.5 bitcoins thus yes there are people who are taxed but not.. those who earn less..
Well I am also from India but didn't quite heard about this 2/7th law. Yes bitcoin are recognzied as a source of income therefore earning bitcoins can be taxed under INCOME FROM OTHER SOURCES in your income statement while any gain arising from trading would certainly go in CAPITAL GAINS section. But problem is that Indian govt. is even not ready to declare bitcoin as legal So Indians are in a state of dillema regarding Bitcoin.


Title: Re: Are you taxed on Bitcoin?
Post by: btcjocan on December 01, 2017, 07:36:57 PM
Are you taxed on Bitcoin?


Luckily, our bitcoin income is not taxed here in our country. We have the freedom to earn bitcoin without being taxed actually. So it would be great for us if this will continue in the future that it will not be taxed because the percentage of our tax is too big.


Title: Re: Are you taxed on Bitcoin?
Post by: Pasaway2701 on December 01, 2017, 09:16:12 PM
Are you taxed on Bitcoin?
My earning from bitcoin is not that huge to be taxed by the government if ever they are collecting from it. I don't think bitcoin get taxed because it is decentralized. Maybe government get taxed in other way from us but not because we are earning bitcoin, the things we are using from transactions can have that.


Title: Re: Are you taxed on Bitcoin?
Post by: Terry05 on December 01, 2017, 09:40:46 PM
In my country I'm not being taxed for using bitcoin, but maybe sooner the government will pursue its plan to regulate the bitcoin here and I don't think if the government has the capabilities to tract all transactions so that they can put tax on it.


Title: Re: Are you taxed on Bitcoin?
Post by: lepricoin on December 01, 2017, 09:42:36 PM
From the side of the state, for the time being there is not, but everything goes to this. A very decent commission takes exchangers and exchanges for their services, and there are not so many goods to buy for bitcoins (


Title: Re: Are you taxed on Bitcoin?
Post by: Flowzer on December 01, 2017, 10:12:55 PM
I think in some countries already use tax rules on bitcoin. if you look in india you will get tax if have bitcoin in certain amount. in india also exist for widraw or bitcoin transactions are given a certain amount of taxes. maybe bitcoin is no longer a way of storing property without taxes. bitcoin already know the tax. but that does not matter. because the advantages of bitcoin very much


Title: Re: Are you taxed on Bitcoin?
Post by: tunctioncloud on December 01, 2017, 10:13:56 PM
In my country, Bitcoin is considered as an asset and so, as long as I do not convert it into fiat money, I have nothing to pay on it or any profit I make in bitcoins. Well that is the only thing that is good in my fiscality.


Title: Re: Are you taxed on Bitcoin?
Post by: bakunawaaa on December 01, 2017, 10:20:55 PM
It depends on which country you are in. In countries where it is accepted legally, definitely it is taxed. In most countries however they dont tax bitcoin, like here in the Philippines. In Japan, since it is accepted in evem seven elevens from what I heard, they are probably incorporating the value added tax on purchases even with bitcoin purchases.


Title: Re: Are you taxed on Bitcoin?
Post by: Dexion on December 01, 2017, 10:34:44 PM
no. why pay me a tax for bitcoin? I prefer without taxes.
but I do not know if one day bitcoin is legalized in my country, will there be any tax or not for every bitcoin transaction? it will be difficult for the government.


Title: Re: Are you taxed on Bitcoin?
Post by: anthinguy21 on December 01, 2017, 10:37:14 PM
For now I still don't have to pay taxes for my Bitcoin income because Bitcoin is not legalized in my country yet and transaction fee is the only thing I have to pay at the moment :)). But in the future I think I can't use Bitcoin anymore cause the government in my country is going to ban Bitcoin in next year so if I keep using Bitcoin until next year maybe I'll have go to jail because of it.


Title: Re: Are you taxed on Bitcoin?
Post by: Oulay on December 01, 2017, 10:39:37 PM
Bitcoin is not regulated in our country yet so we don't have to pay taxes..
Anyway, in order to exchange BTC to our local currency we should pay at least a 10% fee to local traders.. some of them even charge a 25% fee! So it's kinda worse than being taxed..


Title: Re: Are you taxed on Bitcoin?
Post by: khaled0111 on December 01, 2017, 10:47:24 PM
I do not pay taxes for my Bitcoins.

Here in my country, there is no regulations concerning bitcoin or cryptocurrencies.
Sometimes, I start doubting that our authorities didn't hear about cryptocurrency yet and they have no idea about how fast the financial world is being changed.
I think that only those who hold huge amounts of bitcoin should pay taxes.


Title: Re: Are you taxed on Bitcoin?
Post by: Commitments on December 01, 2017, 10:48:21 PM
Are you taxed on Bitcoin?

Nop, here in Argentina bitcoin doesn't have any kind of tax, at least not because I don't own any kind of legal projects with company that involves it.


Title: Re: Are you taxed on Bitcoin?
Post by: qwertyup23 on December 01, 2017, 11:03:33 PM
In my country, Bitcoin is considered as an asset and so, as long as I do not convert it into fiat money, I have nothing to pay on it or any profit I make in bitcoins. Well that is the only thing that is good in my fiscality.

Also in our country, bitcoin is being regarded as property thus making it impossible for legal tender. Currently, there are no laws prohibiting the usage of bitcoin but mining bitcoin falls under the 'other income' category which is taxable in our country. Fortunately, I own my bitcoins through participating into campaign signatures and through investments. The question is highly dependent on the country of an individual and is relative in terms of scope of each governance. There are countries out there who imposed tax regarding the utilization of bitcoin and you should also check your country regarding the laws to avoid any future conflicts.


Title: Re: Are you taxed on Bitcoin?
Post by: hachiman13 on December 01, 2017, 11:16:04 PM
My bitcoin's aren't taxed but it certainly feels like it is because of the high fee when cashing-out. If that's the case even though it isn't regulated right now in our country, imagine it with tax and high fees...


Title: Re: Are you taxed on Bitcoin?
Post by: harizen on December 01, 2017, 11:27:41 PM
Are you taxed on Bitcoin?

Not directly but we feel being taxed.

That is because of rates we need to deal in our local exchange when converting bitcoin to fiat. No choice but to deal with that as no doubt that local exchanger I have been using regularly is giving convenient to it's users. Im just using their service when doing cashouts because their transfer fees to outside wallets are horrible.

The good side, they are legit and one of the reputable exchanges here in our country. Been living about few blocks from their main office.


Title: Re: Are you taxed on Bitcoin?
Post by: filharvey on December 01, 2017, 11:32:07 PM
Are you taxed on Bitcoin?
No.Not in india.Since bitcoin has not been yet regulated in india.So,till now we enjoy a tax free income here.But this situation may soon change when it gets legalized.Our government is totally confused whether to legalize or ban it.Already the government got criticized by demonitizing high value notes and so,its taking a soft stand regarding bitcoin.


Title: Re: Are you taxed on Bitcoin?
Post by: iamsange on December 01, 2017, 11:44:40 PM
Are you taxed on Bitcoin?
in my country there are no regulation for bitcoin, but after i withdrawal into fiat, i got taxed from my bank account that i saved money. maybe that not called taxed on bitcoin but on fiat


Title: Re: Are you taxed on Bitcoin?
Post by: FLoving on December 01, 2017, 11:46:38 PM
Are you taxed on Bitcoin?
I have both as answer. Like if my money is in Bitcoin then I do not need to pay tax in my country while at the time when I have to withdraw my money to cash and to use it then I pay tax on that.


Title: Re: Are you taxed on Bitcoin?
Post by: MakeMoneyBtc on December 01, 2017, 11:51:38 PM
Right now, I am not being taxed. The government from my country dont spend their time to add taxes of bitcoin because only a few people actually earn profits from it.

I dont think that any country ask for taxes from people who use Bitcoin but I am sure that soon governments, especially the big ones, will add taxes because already a big part of the population use bitcoin and earns big profits from it. Also the price is rapidly increasing so a lot of new people are investing in Bitcoin.

Soon, someone from government will notice that people earn good profits from bitcoin and start working on a law to apply taxes for cryptocurrencies. That is going to be pretty hard because bitcoin is a decentralized coin and also the transactions are invisible(cant know who is sending or receiving) for them.



Title: Re: Are you taxed on Bitcoin?
Post by: MaggieDeng on December 01, 2017, 11:55:28 PM
It's more like the use tax thing. Actually in California, if you buy goods out of states and ship over back to use them in California, you are supposed to pay use tax. But so far, not many people claim that.
In theory, we all need to pay tax in BTC, even by the time BTC mined out. However, not many people claim to pay tax so far.


Title: Re: Are you taxed on Bitcoin?
Post by: cl37007 on December 01, 2017, 11:56:00 PM
Presently no but who knows for the future. Governments will work out sneaky ways to tax us on Bitcoin, they have to or else they lose out big time. Turbulent times ahead no doubt


Title: Re: Are you taxed on Bitcoin?
Post by: Clavulanic on December 01, 2017, 11:59:11 PM
Well you know in most of the countries like India ^ bitcoins are recognized as a way of income thus.. whatever you earn from bitcoins is directly linked with your earnings.. and thus they are taxed after a certain amount .. which is roughly 2/7 th of the present bitcoin rate.

Thus if someone is earning that much from bitcoins then..they have to pay taxes for sure..also if someone is just earning a dollar or two they are set out of this scheme..I mean what tax will you put into it..

Thus I am presently not taxed because I don't own even 0.5 bitcoins thus yes there are people who are taxed but not.. those who earn less..

Also with me I wasn't taxed but in the trading sites there was a charges on the service fee and its more like taxation but not with the government. Its for the trading site's business inncome and yet its going good because the fee is not so expensive. Hopefully the government will not tax the users but taxation should be shouldered by the trading site itself.


Title: Re: Are you taxed on Bitcoin?
Post by: bribed on December 02, 2017, 12:00:52 AM
Yes of course. In my opinion its not worth the risk going to jail for crypto. I mean, everyone has to pay taxes, so why shouldnt you just because you trade with cryptocurrencies? Sure it can seem unfair when there are countries that dont tax crypto yet, but thats life.


Title: Re: Are you taxed on Bitcoin?
Post by: Ultegra134 on December 02, 2017, 01:04:50 AM
Anything recognized as an income can be taxed, if you are using bank ATMs to withdraw any money made and exchanged into Bitcoin, chances are you are going to get taxed for it. You can avoid it though, by using Bitcoin ATMs, which have zero correlation with the government's watch, thus, your transactions are purely invisible for them.


Title: Re: Are you taxed on Bitcoin?
Post by: TheBusinessMan on December 02, 2017, 01:11:09 AM
Not yet.. just wait til more people here start to use it, is like gambling they'r looking to regulate internet gambling.


Title: Re: Are you taxed on Bitcoin?
Post by: bloodyvio on December 02, 2017, 01:11:22 AM
In my country (Indonesia) bitcoin transaction is illegal.
So all bitcoin transactions go straight into my bank account without being charged by a tax.  :P


Title: Re: Are you taxed on Bitcoin?
Post by: bribed on December 02, 2017, 01:52:40 AM
In my country (Indonesia) bitcoin transaction is illegal.
So all bitcoin transactions go straight into my bank account without being charged by a tax.  :P

Wait, so do you mean that only transactions, meaning sending bitcoin to another address is illegal, or is Bitcoin in general illegal in Indonesia? If the latter is the case, then cashing out bitcoin earnings should also be considered illegal right? Sorry if I dont understand this right. Would appreciate if you clarify.


Title: Re: Are you taxed on Bitcoin?
Post by: loragean03 on December 02, 2017, 02:17:48 AM
Are you taxed on Bitcoin?

as of now there are no taxes related in bitcoin in our country, its only transactions fees are been deducted in my wallet when I use bitcoin on some of my transactions. furthermore there are no news that It will implement soon.


Title: Re: Are you taxed on Bitcoin?
Post by: maknassy on December 02, 2017, 03:53:16 AM
no
I think that those who  have a small amounts of bitcoin shouldn't pay taxes.


Title: Re: Are you taxed on Bitcoin?
Post by: valisa on December 02, 2017, 04:22:14 AM
in my country bitcoin masil illegal, so bitcoin users still can not be in taxes, because the state authorities have not legalized the use of bitcoin. because it is impossible for the state to withhold taxes on a product that has not been legalized


Title: Re: Are you taxed on Bitcoin?
Post by: matchi2011 on December 02, 2017, 04:43:48 AM
in my country bitcoin masil illegal, so bitcoin users still can not be in taxes, because the state authorities have not legalized the use of bitcoin. because it is impossible for the state to withhold taxes on a product that has not been legalized

Where are you then? Are you able to trade illegally? What are the repercussions? I'm not sure how that goes for countries that illegalize btc. I kniw china banned exchanges but are they penalizing people who find ways to run around the ban? I don't think there's a regulation to tax btc yet


Title: Re: Are you taxed on Bitcoin?
Post by: Sasuke102001 on December 02, 2017, 04:51:38 AM
Well you know in most of the countries like India ^ bitcoins are recognized as a way of income thus.. whatever you earn from bitcoins is directly linked with your earnings.. and thus they are taxed after a certain amount .. which is roughly 2/7 th of the present bitcoin rate.

Thus if someone is earning that much from bitcoins then..they have to pay taxes for sure..also if someone is just earning a dollar or two they are set out of this scheme..I mean what tax will you put into it..

Thus I am presently not taxed because I don't own even 0.5 bitcoins thus yes there are people who are taxed but not.. those who earn less..
I would like to oppose that statement, sir, because I am a resident of India as well and by that, I can say as every other citizen of any country over the globe recognizes bitcoin as a way of earning same goes with the citizens of India who know what Bitcoin is. As you said that all bitcoin earnings are directly linked to our earnings and thus we are taxed a certain amount, I don't see that happening here, sir. There are some wallets to store bitcoin which says to connect our bank accounts but no one really uses them. And recently as our honorable Finance Minister of India Mr.Arun Jaitley has said that Bitcoin or any other cryptocurrency will not be considered as a legal tender. So if a currency is not a legal tender so there is no chance to get taxed over it right.


Title: Re: Are you taxed on Bitcoin?
Post by: Marucya on December 02, 2017, 05:10:08 AM
So far, in my country (Ukraine), the law does not provide for any rules on taxation that would be related to income received from activities with crypto currency. In addition, this is probably the only country in which a bill has been introduced in its legislative body that exempts from taxation any activity related to income from the crypto currency. I hope that this project will be adopted and Ukraine will be one of the few countries with preferential taxation in the field of crypto currency.


Title: Re: Are you taxed on Bitcoin?
Post by: jsscswan on December 02, 2017, 05:17:17 AM
Of course not, I think the government can not control the tax on the bitcoin income we have. The government can not make tax withdrawals before they legalize bitcoin and make income tax rules from bitcoin itself. Things are very complicated.


Title: Re: Are you taxed on Bitcoin?
Post by: ruthbabe on December 02, 2017, 05:29:17 AM
Are you taxed on Bitcoin?

Definitely no! It's because I'm not American and/or US citizen and I don't live in the United States. I think only American citizen and those living in the United States are being taxed.


Title: Re: Are you taxed on Bitcoin?
Post by: affandi on December 02, 2017, 05:46:03 AM
the percentage of tax in my country is 10% of income tax, the purchase of goods or food. But for bitcoin, until now there is no tax order applied, maybe also because bitcoin here has not been legal right. there are just a few pieces every time I convert bitcoin into money.


Title: Re: Are you taxed on Bitcoin?
Post by: Bitcoincole on December 02, 2017, 06:06:00 AM
the percentage of tax in my country is 10% of income tax, the purchase of goods or food. But for bitcoin, until now there is no tax order applied, maybe also because bitcoin here has not been legal right. there are just a few pieces every time I convert bitcoin into money.



I'm not being taxed by bitcoin whatever earnings that i have, payments by bitcoin is directly through to my wallet address. That the essential of digital payment now a days. If bitcoin are considered as legal the taxed are already in the hands of the government.


Title: Re: Are you taxed on Bitcoin?
Post by: HabBear on December 02, 2017, 06:09:41 AM
In my country, Bitcoin is not taxed. I hope that in the near future such a tax will not be introduced.  ;D

What country do you live in?

Of course not, I think the government can not control the tax on the bitcoin income we have.

The government (any government) certainly can control the tax that is expected to be paid.

So far, in my country (Ukraine), the law does not provide for any rules on taxation that would be related to income received from activities with crypto currency.

And you're totally right! If governments expect to assess tax on Bitcoin or cryptocurrency, they need to provide very clear, concise instructions on what will be taxed and how. They can't expect their populus to adhere to their desires if they don't communicate what the laws are and how to follow them.


Title: Re: Are you taxed on Bitcoin?
Post by: mward19 on December 02, 2017, 06:10:47 AM
It should work as any other investment not taxed until that investment is turned into usd.


Title: Re: Are you taxed on Bitcoin?
Post by: ModaFuka1994 on December 02, 2017, 06:13:16 AM
No I don't have to pay tax for my Bitcoin income and I believe that for now there are nobody has to pay also cause Bitcoin is not leglized in any country all over the world yet so nobody has to pay taxes for Bitcoin income as well. But maybe in next few years we will have to and it'll be really bad, our income will decrease a lot cause we're having to pay transaction and if we will have to pay more for taxes I think a lot of people will be panic for a while :))


Title: Re: Are you taxed on Bitcoin?
Post by: Plixs on December 02, 2017, 06:51:49 AM
No need to pay tax in bitcoin because it has no connection with the governments and banks. Governments have no control on it. This is the good thing in investing bitcoin because it has no tax. You will only pay when you turn your bitcoin into fiat and cash it out, you will be deducted with small amount by the banks.


Title: Re: Are you taxed on Bitcoin?
Post by: DoublerHunter on December 02, 2017, 09:56:43 AM
I am not taxed on bitcoin and that is why i am sticking with this opportunity and that is why i leave my job because when i am in my job, my salary is being taxed which is already a loss for me to continue working there and right now, even though i am earning or making a lot of money, the government still not taxing me.


Title: Re: Are you taxed on Bitcoin?
Post by: crocozino on December 02, 2017, 10:01:53 AM
Luckily for me there is regulation for cryptocurrencies here, so my bitcoin income is not taxed here. So I have freedom to earn bitcoin without being taxed actually, which is making kinda happy, you know . And I really hope with that kind of shit we have in our country, I hope that this will continue in the future!


Title: Re: Are you taxed on Bitcoin?
Post by: FasTroy on December 02, 2017, 03:09:34 PM
Are you taxed on Bitcoin?
in my country there are no regulation for bitcoin, but after i withdrawal into fiat, i got taxed from my bank account that i saved money. maybe that not called taxed on bitcoin but on fiat
Same here in my country, there are no regulation for bitcoin, also I can't withdraw bitcoin using ATM or banks, I am disallowed to do that, I always convert my bitcoin to euro and buy it to my friends or people that gamble using this currency and i get the same value with our local currency.


Title: Re: Are you taxed on Bitcoin?
Post by: teejayrichard2 on December 03, 2017, 07:42:25 AM
Well for my country the government doesn't care about bitcoin users for now, so no taxation so far. If you want to trade with bitcoin fine ,the government doesn't care. But I believe in the near future government will try to regulate bitcoin and set up regulatory rules so as to monitor bitcoin taxation, until then let's just buy and sell and invest in bitcoins


Title: Re: Are you taxed on Bitcoin?
Post by: Lodi0808 on December 03, 2017, 07:50:37 AM
No dude! That is the beauty of earning in bitcoins, government cant track you so you dont have any obligations of paying any tax from them.


Title: Re: Are you taxed on Bitcoin?
Post by: kiddeon123 on December 03, 2017, 07:59:02 AM
I am not taxed on what I earn in bitcoin for now, but transactiin fee on bitcoin is too High I just consider it as a the tax. For now lets enjoy bitcoin as a tax free resources. Government still doesn't notive bitcoin but in time they will, they will put a law taxing us bitcoin users.


Title: Re: Are you taxed on Bitcoin?
Post by: [email protected] on December 03, 2017, 08:04:12 AM
Though my home country support the use of bitcoin for transaction but for now there is nothing as such  like tax on bitcoin. We that make uses of bitcoin have not for once paid any tax on bitcoin trading. It would have been taxed if government of our country  have the power to regulate its transaction or transfer.


Title: Re: Are you taxed on Bitcoin?
Post by: lifengpu on December 03, 2017, 02:01:01 PM
At the moment there is no bitcoin tax in my country, but there was a rumor that they want to tax it


Title: Re: Are you taxed on Bitcoin?
Post by: Pfizer on December 03, 2017, 02:02:32 PM
Well you know in most of the countries like India ^ bitcoins are recognized as a way of income thus.. whatever you earn from bitcoins is directly linked with your earnings.. and thus they are taxed after a certain amount .. which is roughly 2/7 th of the present bitcoin rate.

Thus if someone is earning that much from bitcoins then..they have to pay taxes for sure..also if someone is just earning a dollar or two they are set out of this scheme..I mean what tax will you put into it..

Thus I am presently not taxed because I don't own even 0.5 bitcoins thus yes there are people who are taxed but not.. those who earn less..

I'm not opposing the taxing, but this way is not fair. Bitcoin is like a currency and two seventh of the total amount is crazy as a tax method. This is really not fair.

In my country, the tax is not applied only fees are present.


Title: Re: Are you taxed on Bitcoin?
Post by: jinksters09 on December 03, 2017, 02:03:11 PM
As for now there taxes imposed when I am buying or selling my bitcoin which is solely great because hearing those value-added tax makes me stress my mind jeez it's everything that we are about to do or buy is always or most of the time gonna be tax by them. Which for me is great because bitcoin doesn't have a tax.


Title: Re: Are you taxed on Bitcoin?
Post by: rasho321 on December 03, 2017, 02:14:42 PM
Yes, technically, it's still capital gains, it's just not visible to the IRS if you do it say from a physical wallet to a seller who doesn't show your identity. But if it's a seller who records that data, you could be liable for capital gains. Some of this comes down to personal responsibility. But you have to remember, cryptocurrency was created to liberate the individual from taxation and central bank manipulation.


Title: Re: Are you taxed on Bitcoin?
Post by: Psalms23 on December 03, 2017, 02:35:35 PM
Are you taxed on Bitcoin?

For now I was not yet taxed for my income in bitcoin. My government is yet to regulate (if they said is true) and when that happens maybe then I'll be taxed with my bitcoin income. But at the moment, I'll just enjoy my tax-free income.


Title: Re: Are you taxed on Bitcoin?
Post by: Mrjitter on December 03, 2017, 02:41:25 PM
Fortunately, for the time being, there is no such thing for bitcoins to be taxed, but in the future it is likely that the government will begin to regulate it


Title: Re: Are you taxed on Bitcoin?
Post by: Crypto Bloke on December 03, 2017, 04:51:13 PM
I'm living in Spain!

I have a genuine fear that the tax office could tax your Bitcoin 'earnings' then fine you for not declaring them earlier  >:(  resulting in a net loss in the whole deal ....

Maybe one day Bitcoin will be accepted as payment and I will be able to go on a huge spending-spree!!!   :-X


Title: Re: Are you taxed on Bitcoin?
Post by: LyQaN on December 03, 2017, 05:08:55 PM
not yet, in my country taxation is there if you earning a taxable amount because the app that allows us to to sell and bitcoin and exchange for local currency demands our bank related documents,even app has to pay taxes to government so that they can continue their work.