Rathiel Posted January 4, 2019 Share Posted January 4, 2019 Given that it's an intangible good, do you think it's possible for countries to possibly start taxing bitcoin more like capital, wherein it's allowed to remain untaxed until it's exchanged for legal tender? Will it be taxed like stocks? How about if it's used for sales online? Do you think people be required to disclose the value of their cryptocurrency wallets annually so the governments can ensure that no one is underdeclaring or falsely declaring the value of their coin? Thoughts on the matter? Quote Link to comment https://slingbank.com/forums/topic/2056-how-do-you-think-countries-will-start-taxing-bitcoin/ Share on other sites More sharing options...
janie1984 Posted January 4, 2019 Share Posted January 4, 2019 I don't think it will be taxed like capital or stocks, more likely it will be taxed like currency held for investment purposes. In this style, the currency is taxed based on the realized gains. As an example, if you buy BitCoin at $3,000 USD and then it increased in value to $5,000 USD, you would be taxed on that $2,000 gained. The tax itself is the regular income tax, based on whatever bracket you fall into. Also, of course the government is going to require the value of your cryptocurrency wallet. Based on the current usage of secret banks accounts, however, I think that the amount of people who will disclose their cryptocurrency wallets will be minimal. Quote Link to comment https://slingbank.com/forums/topic/2056-how-do-you-think-countries-will-start-taxing-bitcoin/#findComment-3830 Share on other sites More sharing options...
Alania Posted January 4, 2019 Share Posted January 4, 2019 It's highly unlikely, because the whole point of cryptocurrency is to avoid getting any monopoly on itself, but anything is possible with the economical "hosts" of our world. They will probably monitor virtual purses. Quote Link to comment https://slingbank.com/forums/topic/2056-how-do-you-think-countries-will-start-taxing-bitcoin/#findComment-3835 Share on other sites More sharing options...
JPK0007 Posted January 11, 2019 Share Posted January 11, 2019 Well, i think that Bitcoin investment or Bitcoin transactions are taxable in most of the countries throughout the World. Bitcoin is considered as an asset and any transactions related to Bitcoins can be taxed. If you sale your Bitcoins then you may be liable to pay Capital gain tax on the transaction according to the tax rate of your country. Quote Link to comment https://slingbank.com/forums/topic/2056-how-do-you-think-countries-will-start-taxing-bitcoin/#findComment-3909 Share on other sites More sharing options...
Alania Posted January 11, 2019 Share Posted January 11, 2019 1 hour ago, JPK0007 said: Well, i think that Bitcoin investment or Bitcoin transactions are taxable in most of the countries throughout the World. Bitcoin is considered as an asset and any transactions related to Bitcoins can be taxed. If you sale your Bitcoins then you may be liable to pay Capital gain tax on the transaction according to the tax rate of your country. It's a shame how the governments and banks can really get their hands into anything, if it comes to it. I really hope measured would be taken, and us regular humans would have our own currency to deal with. I like the whole concept behind BTC and etc, but doing barters on items and exchanging gold could be sufficient enough to avoid dealing with nationalized currencies. People in Ukraine, for example, barely hold any Hryvnias because of the lack of trust between the people and the government. My friend from Kyiv has gold, BTC and USD. Quote Link to comment https://slingbank.com/forums/topic/2056-how-do-you-think-countries-will-start-taxing-bitcoin/#findComment-3921 Share on other sites More sharing options...
axl2468 Posted January 12, 2019 Share Posted January 12, 2019 It won't. It would be simply to hard to regulate such a decentralized system. Quote Link to comment https://slingbank.com/forums/topic/2056-how-do-you-think-countries-will-start-taxing-bitcoin/#findComment-3994 Share on other sites More sharing options...
bomb Posted November 12, 2020 Share Posted November 12, 2020 There is no practical way of taxing bitcoin. The way it was designed and the platform in which bitcoin is exchanged cannot not be taxed. It is just impossible and it will spoil the thrill on bitcoin. It should remained untouched. It should not be regulated by any country whatsoever. Quote Link to comment https://slingbank.com/forums/topic/2056-how-do-you-think-countries-will-start-taxing-bitcoin/#findComment-11788 Share on other sites More sharing options...
axel Posted December 2, 2020 Share Posted December 2, 2020 I don't think bitcoin would be a hit at this point, I've been hearing about bitcoin for many years now, and it seems to be quite popular, but people can do without it. Once it reaches the news that it's being taxed then I guess it's already considered a main currency, maybe the same tax price as real money. Quote Link to comment https://slingbank.com/forums/topic/2056-how-do-you-think-countries-will-start-taxing-bitcoin/#findComment-12052 Share on other sites More sharing options...
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