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Question: Are you taxed on Bitcoin?
Yes - 8 (25.8%)
No - 23 (74.2%)
Total Voters: 31

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Author Topic: Are you taxed on Bitcoin?  (Read 1065 times)
frowsiter
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December 01, 2017, 04:26:14 PM
 #21




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.




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GeePeeU
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December 01, 2017, 04:27:16 PM
 #22

Depends on your country, and your willingness to comply.

Always doubt.
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December 01, 2017, 04:40:12 PM
 #23

Here in my country nope theres no tax here for bitcoin user. i hope that time will not come Cheesy
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December 01, 2017, 04:47:03 PM
 #24

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.
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December 01, 2017, 04:56:49 PM
 #25

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.

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December 01, 2017, 05:02:11 PM
 #26




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.
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December 01, 2017, 05:09:50 PM
 #27

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.
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December 01, 2017, 05:22:52 PM
 #28

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.

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tuanvie
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December 01, 2017, 05:26:16 PM
Last edit: December 01, 2017, 05:52:24 PM by tuanvie
 #29

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.
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December 01, 2017, 05:27:33 PM
 #30

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.

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December 01, 2017, 05:31:38 PM
 #31

i'm not taxed for now, but will be when it become legalised
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December 01, 2017, 05:31:49 PM
 #32

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.

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December 01, 2017, 05:33:36 PM
 #33

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.
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December 01, 2017, 05:37:19 PM
 #34

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!
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December 01, 2017, 05:38:47 PM
 #35

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.
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December 01, 2017, 05:39:09 PM
 #36

No because i don't have any BITCOIN  Huh
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December 01, 2017, 05:39:55 PM
 #37

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

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December 01, 2017, 05:41:45 PM
 #38

not for now until it gets legalized in country
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December 01, 2017, 05:44:40 PM
 #39

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.

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12popi123
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December 01, 2017, 06:32:03 PM
 #40

In my country i get taxed only when i transfer my profit from BTC to fiat currency.
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