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Is Bitcoin Taxable?


Kakashi2020

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Yes, I think that Bitcoin transactions are taxed in all the countries around the World. Bitcoin is considered to be an asset like any other physical asset like real estate etc. The profits made in the sale of Bitcoins is also taxed. I think that the short term and long term gains may also be considered when you are holding Bitcoins for a longer duration of time. Each country has different rates of taxation and people are taxed according to the provisions of taxations in their country.

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5 hours ago, Alania said:

Except for the transaction fees on the websites that accept Bitcoins I believe not. You cannot tax what "doesn't exist". ;)

Saying it's not existing is too extreme, maybe it's not physical but it's like a software digital currency and it's simply because it's not affiliated to any government or central bank that it can't be taxed. 

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  • 3 weeks later...

It depends on where you are in the world, to be honest. Some countries have laws which have legislated a more inclusive tax scheme which might affect cryptocurrency transactions. Check the legal definition of a 'transaction' and see if it involves the use of words like 'legal tender' or 'money'. There may be countries who treat cryptocurrencies as more like stocks, like capital assets which are not taxable until they're exchanged for more tangible goods or currency. Others might tax on a per transaction basis, or as 'income earned, from whatever the source.' It's really an issue what legislation says and how far it can be made to fit the current situation of cryptocurrencies.

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4 hours ago, Caguioa747 said:

as of now it shouldn't be. But in the future i am 100% sure that it will be taxable because so many agencies in the government want's bitcoin to be regulated.

The whole point of Bitcoin would be lost if it became taxable. The companies would try to get their dirty hands on it, and thus ruin it. I can almost guarantee it 100%. The reason people love Bitcoin is because they're not dependant on the monopoly of banks.

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