Support, deny or stay in shadow?

[rekter 8129]

On 1/12/2020 at 4:13 AM, nicolas1234789 said:

Cryptocurrency tax reporting in the US according to the IRS, various sources of income such as mining, airdrop, staking results, forking coins, up to crypto bonuses when buying online are taxed. Crypto users around the world could experience the same thing if the tax rules were this tight. How crypto hunter in USA respond about the taxes, support, deny or stay in shadow?

Good question. Problem is that you can easily avoid reporting it when you are making smaller sums of money but later, if you become a millionaire for example, you will have to give some info were you got that money from, and you will probably get into trouble for nor reporting your crypto incomes earlier, as they can see every transaction in your blockchain history.

[Fedor00 74]

In a not from USA but also in the country where I live in the government has imposed the same taxing rules and regulations. I personally don't pay any taxes because I I'm using cryptocurrencies anonymously 

[CryptoMaxim 2372]

I don 't live in the States myself. But I think many remain in the shadows. The cryptocurrency itself is anonymous for now and probably many people will not want to pay extra money.

[Treat1234 0]

It won't be that advantage to many of us, it is better to utilize the cryptocurrency without any implementation of taxes, this might even enhanced the used of cryptocurrency

[Ayush Singh 1175]

According to me I think staying in Shadow would be the best way to earn legally so that in future if you want to do any further investments there will be no such restrictions imposed on you denying of tax can cause you negatively. 

[Abiaan 1209]

they need any medium to legalize the bitcoin , if they start taxation on it then it will be fair money for everyone but it will not be good news for any small traders

[jacker 1095]

I don't assess the tax issue, I know there are countries that tax cryptocurrencies, but to be fair I think that should be taxed based on the profits earned. there should be some tax rates.

[Brushless4500KV 4214]

On 1/12/2020 at 5:43 AM, nicolas1234789 said:

Cryptocurrency tax reporting in the US according to the IRS, various sources of income such as mining, airdrop, staking results, forking coins, up to crypto bonuses when buying online are taxed. Crypto users around the world could experience the same thing if the tax rules were this tight. How crypto hunter in USA respond about the taxes, support, deny or stay in shadow?

It depends on how much tax are assigned for each activity. If crypto users can earn enough money to pay for taxes and still make some profit, they may accept the new rules and continue their operations otherwise some of them may leave crypto as an earning tool and only use it for other purposes like sending money. I don't know if taxes apply to people who use peer to peer method for dealing with crypto or not. If tax is charged for this method, then crypto will lose some of its popularity.

[johant123 1559]

On 1/12/2020 at 10:28 AM, BTC Future said:

Taxation on cryptocurrency trading is an extreme regulation. They tax you the moment you buy or sell. I hope this does not reach my country. Something similar happened to me with online poker. I had a decent extra income every year while playing and government regulated and asked for a 10% cut from my profits. Talk about mafia tactics. I stopped playing online poker as it became unprofitable and same did almost everyone in my country.

 

Only 10%? Lucky you! 😄 😄 (I live in Western Europe)

 

We have no choice here, at least when using banks and exchanges in the Eurozone, since they directly provide information to the tax authorities.

 

That means I could have two choices; either use exchanges and banks in non-Eurozone countries (but then get no protection), or use those within the Eurozone (but then pay tax).

 

I don't want to make my life too difficult, so I pay the taxes that I have to, including those on crypto currencies.

[johant123 1559]

17 minutes ago, Bob option said:

These taxes are very difficult and are not good for all crypto users in the country of America, most of them will find dealing with cryptocurrencies difficult if they have big losses because the market is not always profitable and this is very bad so they will resort to several things to escape paying taxes this is the solution

Yeah, but that is not different for regular investments.

I made a lot of profits in 2019 on my investments, and I am taxed for those in 2020.

Meanwhile, all that profit is gone, and I even made a loss of 8% (compared to 1-1-2019).

 

I am afraid taxes are a fact of life. On the other hand, the government of my country is now also heavily pumping money, so that people can keep their jobs. So taxation works two ways.

[deepown 0]

I would deny but it is not real a choice, is it? so i will go with staying in the shadow.

[Prince90 668]

According to me we need to support our governments as well. And what evercrypto we buy or earn we should pay taxes for that particular amount. Because if we do not support our government with tax then how would they legalize crypto.

[Dark_Sky 8489]

We need to support it for the future success and my suggestion do not stay in the shadow because staying in shadow is not good especially for those who are afraid to hold.

[George10 9932]

I will definitely deny to pay tax for cryptocurrency use and if I do then it means I will pay double including taxes that are collected vai fiat and the best thing the government can do is to legalize crypto and let people be financial free.

[magd 5231]

If the government will allow mining of cryptocurrencies within the borders of this country, it is natural for taxes to be imposed, but these taxes must be acceptable in price, but I refuse to impose taxes on people who earn cryptocurrencies from working on Internet sites because they earn very little money and in the case of imposing taxes on them Their work would be almost free of charge, in short, on mining taxes only

[Maroua 1159]

Frankly, I did not understand, but I will tell you what I think I wrote that the United States places a fine on anyone who deals in cryptocurrency.

Edited April 7, 2020 by Maroua

[Thekingcallme 1975]

I am not from the United States of America, but if I were, I would definitely refuse and will not accept any undue taxes caused by it.

[BrolySSJ 7899]

I think that if bitcoin is introduced into the financial infrastructure of a company and it is legally accepted by the government of that country then it is only a matter of time before the crypto tat you earn is then taxed. I think that taxing crypto may be a good idea in terms of building up the financial economy again, especially after the strain that is being put on the economy at the moment.

[Captain Karim 0]

Well, I think that there are many ways to evade taxes in cryptocurrencies, and it is difficult to follow all the dealers in this field and impose taxes on them, but I think governments should legislate and regulate the field of Crypto, and that will certainly lead to paying taxes from investors.

[Rezort 846]

According to my experience, banks or government don't care about your money income or spending before you reach 1 thousand dollars per month only on cryptocurrency.

[Nezar 7169]

Frankly, allowing work in the field of encryption in exchange for paying taxes is very normal, as we can pay some taxes and work in the field of encryption, and I hope that taxes will be imposed in my country in exchange for allowing work in the field of encryption

[Ridam 7455]

Recently Australia has added rules to apply taxes in Crypto currency too but the name of privacy wilk end after that things adopted everywhere and in next aspect it also helps in legalization of Crypto as government could earn through tax. So tax in Crypto is still doubtful factor.

[Ms.o 3322]

Crypto user in us are high,and i think they support the laws of paying tax on crypto as this is the only way to legalized it in their country and not to be used on such crimes.

Edited April 25, 2020 by Ms.o

[Dmasked 1840]

Imposition of taxes in cryptocurrency is in fact good for it. Taxes will encourage governments to adopt and implement these digital currencies in their nation. It will also help to increase the nation's wealth which is a good thing for every person living within it.

[Shaza Ahmad 1682]

He can stay in the shadows if he wants and stay away from taxes using privacy currencies, but he will be forced to deal with illegal brokers and this is dangerous, because if he wants to deal with banks to convert his cryptocurrencies into paper currencies he will need to pay taxes.