Taxing profits on bitcoin is possible?

[Syedbesharat 5423]

On 10/19/2019 at 5:29 AM, Keith700 said:

Bitcoin is not a fiat currency of legal tender in any territory, so the regulations are not clear. In practice, any surplus value should be quoted as tax assets as a capital increase. There remain doubts if a benefit in cryptocurrencies is invested again in cryptocurrencies after a theoretical surplus value not transformed into an asset of legal tender must be declared. It is not clear in that case and legal uncertainty may take time to be resolved.

BTC is decentralise currency and not under control .So applying tax on it is reasonable question.But if we apply tax on it then what is the benefit giving us taxes collector.I have read article about U.S collection of taxes from crypto holders for the 2016-17 .They are asking  where this money comes from and other hand they don't accept crypto as a currency.

[rajonmia 181]

I think that is good idea about this. Because if the government approve this then government and crypocurrency members will be earn profit here. 

[Beeba 240]

On 10/19/2019 at 5:29 AM, Keith700 said:

Bitcoin is not a fiat currency of legal tender in any territory, so the regulations are not clear. In practice, any surplus value should be quoted as tax assets as a capital increase. There remain doubts if a benefit in cryptocurrencies is invested again in cryptocurrencies after a theoretical surplus value not transformed into an asset of legal tender must be declared. It is not clear in that case and legal uncertainty may take time to be resolved.

It could be possible that when you convert the crypto into fait currency then you pay tax on your fait currency not pay on crypto currency because the crypto currency is decentralized mean to say government is directly not involved.

[mani982 286]

We all crypto lover and trader want that government implement tax system in bitcoin and crypto but officially make crypto legal and allow people to trade freely in crypto market .

[PiroSense 2681]

It is possible. Impose tax on cryptocurrency exchanges. There is only a small percentage of merchants accepting cryptocurrencies as payment, and thus, people are forced to cash out their cryptocurrencies in fiat such as USD, in order to actually buy products they want.

 

Implementing tax on an exchange would also force the exchange to impose tax on its customers, such as when trades and withdrawals are made, value-added tax could be placed.

[Md Yousub Ali 880]

I have a question, because bitcoin is very unavailable in our country. how it possible?

[Sumayya 493]

On 1/18/2020 at 3:26 PM, Mendeleev17 said:

unfortunately in my country there is already a law of the kind must declare the altcoin held on foreign exchanges and pay taxes on any capital gains realized

So it is possible to take our taxes from crypto, but this is not a step forward

[Yanadia 1517]

It seems that it might happen at a later time that Bitcoin is charged a tax because almost all governments are considering the regulation as a way to legalize Bitcoin and to achieve that the government must inevitably make rules so that the Bank cooperates with exchanges crypto because to impose tax on Bitcoin currently exchanged crypto is the key for the government to negotiate. Thats in my view.

[Naga 1250]

5 minutes ago, Davon said:

Bitcoin is totally independent of  any Government policy and as such  don't think Unite State will be able to regulate tax Bitcoin Holder and the Traders    

i think the united states already have laws and taxes on bitcoin and a lot of the traders in the united states have gone outside of the country so they dont have to pay it.

[khan22 3478]

On 10/19/2019 at 5:34 AM, Silvinator said:

You're right. In some countries if they consider cryptocurrencies as an asset that must be taxed. But many people are confused on how to do it because governments don't finish clearing up the situation.
 

When the Btc is legal in all over the world then the countries will apply the tax on the blockchain and also on the Bitcoin when that country peoples will transfer then the tax will apply on that and automatically the tax will detected an send to the government account.

[Soaib khan 1035]

Taxing in bitcoin transaction not possible and governments can't control bitcoin.this mane reason some country not legalize crypto currency.

[Red-Jones 1150]

On 1/25/2020 at 9:46 PM, Saransh32 said:

I am newbie here and I don't know much about this platform tell me about the rules and regulations about this platform.

👓

 

You have more than 300 Posts, you are in the Member ranking and you are still asking this type of question?

 

_______________________________________________________________________________

 

OP, governments always find a way to make people pay taxes, don't worry that eventually everyone who uses bitcoin will pay tax

Edited January 27, 2020 by Red-Jones

[Roomi 1119]

It depends on regulations implemented by government, first of all it requires the government attentions to be adopted and after that proper regulations are required to be implement. As after this crypto could be legalize and will be concider legal tender 

[Mahadi hassen 50]

I don't think Bitcoin is the only place where you can collect taxes, cryptocurrency it is M and centered. Because of the high cost of these coins, I think this coin will work in all countries and help curb foreign exchange currencies in the countryNow Internet usage is high in almost all countries so it is easy to work from these coins so it will work in all countries

[Imaankhan 208]

On 10/19/2019 at 5:40 AM, lakhlomoha said:

United states want to regulate bitcoin like that by tax the profit of the holder and trader,it's easy to say but so hard to applicate they will search another way to control this 

I agree with you completely it is easy to say that the country is applying taxes on the profits of bitcoin but it is difficult to implement.

[lingardcpp24 7]

wow. BTC has a very high monthly transaction volume, if the government taxes it, it will be a huge part of that country's economy. But the problem it has to be legal.

[Liskon 0]

If bitcoins are held for a period of less than a year before selling or exchanging, a short-term capital gains tax is applied, which is equal to the ordinary income tax rate for the individual. However, if the bitcoins were held for more than a year, long-term capital gains tax rates are applied.....

[Rstunirk 151]

The government container be appropriate confront for bitcoin users or cryptocurrency users, and I am certain that it will be cool for the authority to see to that. But perhaps they will explore every inhabitants who complicated in the crypto world, hence they be familiar with which element that become the mainly change between the other people. They will carry on the pursuit of people to compensation round about quantity of due from the profit. But we be capable of inhabit indistinctive by not distribution everything to any third faction accordingly we know how to sensation free to forestall the tax. But I call to mind that we penury to compensation that ask too much of as the rule will grasp that every crypto abuser doesn't fret for that tax.

[Darkelf11 262]

On 10/19/2019 at 8:29 AM, Keith700 said:

Bitcoin is not a fiat currency of legal tender in any territory, so the regulations are not clear. In practice, any surplus value should be quoted as tax assets as a capital increase. There remain doubts if a benefit in cryptocurrencies is invested again in cryptocurrencies after a theoretical surplus value not transformed into an asset of legal tender must be declared. It is not clear in that case and legal uncertainty may take time to be resolved.

I have heard it somewhere, but I am not certain of it if it is true. I cannot verify it myself. But I have read that on other countries, your profit in cryptocurrencies are taxable. Not just sure what country is that. 

[Amirul Islam 382]

On 10/19/2019 at 6:29 AM, Keith700 said:

Bitcoin is not a fiat currency of legal tender in any territory, so the regulations are not clear. In practice, any surplus value should be quoted as tax assets as a capital increase. There remain doubts if a benefit in cryptocurrencies is invested again in cryptocurrencies after a theoretical surplus value not transformed into an asset of legal tender must be declared. It is not clear in that case and legal uncertainty may take time to be resolved.

I agree with your thoughts. But it can be regulated and also government will get tax from it. If we make rule of kyc mandatory then we can easily know which person have how much fund.

[Cryptotakl1 0]

United states want to regularly bitcoin like that by tax the profit of the holder and it government take control of digital market then she can do anything .

[Oxygen 1004]

On 10/19/2019 at 5:29 AM, Keith700 said:

Bitcoin is not a fiat currency of legal tender in any territory, so the regulations are not clear. In practice, any surplus value should be quoted as tax assets as a capital increase. There remain doubts if a benefit in cryptocurrencies is invested again in cryptocurrencies after a theoretical surplus value not transformed into an asset of legal tender must be declared. It is not clear in that case and legal uncertainty may take time to be resolved.

If bitcoin needs to be regulated it needs proper implementations by tax authorities and this could minimize the decentralize status of bitcoin but it will have more trust in the world.

[Dmasked 1840]

It is possible to impose taxes on crypto currency and many leading nations along with usa are trying to develop effectives policies and regulations for governing crypto but it is surely difficult to determine ascertain and collect taxes on decentralized digital currency like crypto.

[iloveyobit 6599]

No, in my view, this is not possible. Bitcoin is a decentralized currency, as is a fictitious currency, i.e. intangible and impossible to place fees on, but fees may be imposed against the money with which bitcoin is bought.

[Suhannewaz 245]

Where Bitcoins are kept for less than one year before the sale and/or exchange, a short-term capital gains tax shall be levied that is equivalent to the individual's ordinary income tax rate. If the bitcoins are kept for over one year, however, tax rates on long-term capital gains will be used.