Announcement

Collapse
No announcement yet.

Do we need to pay tax on Bitcoins?

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • Do we need to pay tax on Bitcoins?

    I don’t have too much knowledge about Bitcoins, but I do have 2 that I purchased from my friend, but I wanted to know if I will have to actually pay any tax over it if I look for exchange or something like that? I am sorry if my question is childish, but unfortunately I am not able to get the answer, so I will be really happy if someone here could help… Thanks in advance.

  • #2
    Hi, I am not great at explaining, but let’s try. Bitcoin is a digital currency, so this is like online investment, so often it’s not taxable but which country you belong plays part in it because it’s than countries policy that will and should decide whether you have to pay tax or not. However, it’s clear that you will not be paying anything if you simply hold Bitcoin, it’s only after you sell (make profit) that you will have to look into taxes.

    Anyway, I think you need to check this – https://bitcoin.tax/faq... Hope it helps….

    Comment


    • #3
      I have never paid any taxes on Bitcoins, I don’t think there is any rule here (BD) about paying taxes on Digital Currency since they are yet to take it up anything serious. I like it because I don’t like paying taxes at all, but then no one does. I think we should be paying taxes on routine stuff, but I won’t like to pay for something like Bitcoin, as it’s a sort of business for me.

      Comment


      • #4
        This is completely dependent on the country and the amount you have because my country, I don’t need to pay Taxes on online work unless it’s seriously massive gains because then obviously there is a lot to put in and that’s where taxes are required, but not on BTC, at least not in my country (Pakistan). I believe countries like US have these issues of paying tax over everything, so maybe it might be required for that.

        Comment


        • #5
          No, I am not required to pay any Tax on it. In fact, I am not required to pay any Tax on the money that I make online. I will not mind paying tax if needed but it’s not required atm.

          This is one thing which makes Bitcoin like able for many people doing online transactions because when they use other methods, it comes with tax issue but with BTC, it’s like free zone where no one is really need to show who he is.

          Comment


          • #6
            I don’t think anyone requires paying it and most people are putting their money (hiding one) into it because not only they have to pay no taxes but also no major fees to really trouble me. I believe tax saving looks very tiny issue and even not worth talking about for people who got couple of BTC, but for people who use this as their hiding home, it’s massive game for them and it makes huge difference.

            Comment


            • #7
              Originally posted by ddrjml-admin View Post
              I don’t think anyone requires paying it and most people are putting their money (hiding one) into it because not only they have to pay no taxes but also no major fees to really trouble me.
              I second that

              Comment


              • #8
                Originally posted by ddrjml-admin View Post
                I don’t think anyone requires paying it and most people are putting their money (hiding one) into it because not only they have to pay no taxes but also no major fees to really trouble me. I believe tax saving looks very tiny issue and even not worth talking about for people who got couple of BTC, but for people who use this as their hiding home, it’s massive game for them and it makes huge difference.
                You guys are spot on. Black money is thumped heavily into stuff like BTC which are very much like Swiss bank and that’s why you are starting to witness many countries talking over it and if you see many countries already term BTC as illegal but my question is how do they control it? Or just tell me how can anyone control BTC? It’s no question there is tons of black money into it but even if you know it how do you prove it and control it?

                Comment


                • #9
                  Probably depends on your country. Here in my place, I am also from Asia by the way; Bitcoins are not taxed at all. However, if for some people who might not be exactly aware of this USA has already taxed Bitcoins and other crypto currencies as well.

                  It shouldn’t be something to be surprised at all with because we all know how strict U.S. is which is why we got to be careful if we are from that part.

                  Comment


                  • #10
                    That’s interesting mate, I wasn’t aware of it at all. But, I think like you said it’s not anything surprising at all. I am sorry but it’s not about U.S been strict or anything like that because what they do is only creating problem for people not solving it or helping it out at all. Anyhow, I think you still going to find it incredibly tough to see people really paying tax because it’s incredibly tough to catch this.

                    Comment


                    • #11
                      I am a tax payer and even with BTC I do pay it. I obviously don’t pay it on BTC but I pay it while I am exchanging and taking money on bank. I don’t want to save little bit and do a crime!

                      I clearly feel this is absolute crime not to pay tax not matter what. I know BTC is online thing and you don’t pay tax online, but let’s be fair we must pay tax regardless!

                      Comment


                      • #12
                        It’s already been cleared by people here that the tax is coming only if you belong to U.S or else, it’s not required to pay taxes. Now to say this, I am also saying this that I personally don’t hate or dislike paying tax because I believe I am a responsible citizen and anyone who cares for his country shouldn’t be too much concern over paying taxes because the country growth is a lot dependent on it.

                        Comment


                        • #13
                          Tax is paid on overall earnings for a financial year. So we don’t t have to pay tax on Bitcoins exclusively every time we use it! Tax rules are also different for each country. Depends on how strict the authorities are and how honest the individuals are while reporting their earnings!

                          But to be really on the good side of law you need to know the laws of your country and comply with it fully. Should not be a big problem for small earners!

                          Comment


                          • #14
                            No, I have some Bitcoin, but I didn’t pay any Tax on it. I don’t think we need to pay tax on Bitcoin, as it’s digital currency not money that we need to pay tax. Also, it’s not possible to convert Bitcoin into any currency, so that’s why it’s not required to pay Tax. If tomorrow things changes and we can convert Bitcoin then I will not back down from paying Tax at all, but not at present.

                            Comment


                            • #15
                              What do you think? Since it is crypto currency not issued by any Central Bank and not backed by any Federal government, the earnings are outside the purview of the monetary & fiscal policies of the country and the normal tax rules are not applicable!

                              So you need not pay the tax on Bitcoins. But if you come into contact with normal banking channels for converting your Bitcoins to normal currency and vice-versa, then you need to be careful especially if the amounts are bigger!

                              Comment

                              Working...
                              X