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Questions tagged [taxes]

Questions about taxes due to mining, trading, and getting paid in Cryptocurrency.

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Holding Period Algorithms and the Blockchain

According to this interview, taxation holding periods in the United States for cryptocurrency can be determined by FIFO (First In First Out), LIFO (Last In First Out), or a more flexible option called ...
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1answer
49 views

Getting salary in BTC in Germany

Am I allowed to ask my employer (large IT multinational) if I can receive my salary in BTC instead of EUR according to german law? Would I have to pay income tax if I do not exchange them for a year (...
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1answer
55 views

US Taxable Events for using Bitcoin for purchases

Is there any initiative to try to deal with the way Bitcoin is taxed in the United States with respect to using Bitcoin to pay for things without triggering a taxable event? Possibly a threshold being ...
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1answer
30 views

Do we Need Pay Tax for Mining for US Govt

Do you need to pay Taxes for US Govt for doing Bitcion Mining.?? I am in Singapore and mining through one of my friend in US. Will the US Governement will issue TAX on My Name..?? Is it Legit ..? ...
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0answers
19 views

Are the prices paid for fractions of BTC overtime averaged vs. the cost earned when selling?

Here's an example, as every example I find only mentions buying 1 unit of BTC and selling 1 unit. My problem is I've purchased several fractions of BTC and then later on would sell some of it. buy 1: ...
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2answers
135 views

BTC taxation: difference between EU and US

How is it possible in US if someone reveiced salary in Bitcoin, right on that day income become taxable? In Europe, in Hungary only when BTC is sold and sent to a bank account it become taxable. So in ...
2
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2answers
417 views

If I send Bitcoin from the USA to a friend in India, do I have to pay capital gain tax on it if he sells it and makes a profit?

Let's say I buy $10,000 worth of Bitcoin in the USA, which I transfer to my friend in India. He sells it for $11,000 and keeps that money himself as I have gifted him that Bitcoin. My questions: ...
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1answer
274 views

How bitcoin tax is calculated?

I bought 1 bitcoin and sold part of it to make cash from time to time. How will tax on this income be calculated?
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1answer
95 views

Crypto currency as gift

I'm staying in Germany and I have a friend in India. He has a few ether coins in his wallet in India which he bought mid of 2017. He now wants to sell them. But in India, because of taxes, he will ...
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4answers
139 views

cryptocurrency tax question

I have a buddy who I sent money to to buy a certain amount of Ripple. For one reason or another, I couldn't do this on my own at the time. In any case, the currency has tripled and I want him to send ...
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0answers
139 views

Gift bitcoin more than the annual limit to a friend overseas without tax implications?

If I am gifting my friend say $100k work of bitcoins or any other crypto. Do I have to pay tax apart from the annual limit of $15k. Or will it be cut from my life time limit? My friend he live in a ...
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1answer
2k views

Tax implications of withdraw fee from one exchange (Binance) to another GDAX/Coinbase

I transferred 0.2 ETH and 0.3 ETH in separate transfers from GDAX to Binance (GDAX does not charge a fee for this). Then, I transferred back from Binance to GDAX all 0.5 ETH, but since Binance ...
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0answers
59 views

Do bitcoins count as income in the UK?

I am interested in mining bitcoin here in the UK. I have done a quick search and cannot find anything relevant. If I were to use a cloud mining service to mine bitcoin, would it be counted as income ...
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3answers
182 views

Should USD savers be concerned about the rising popularity of cryptocurrencies? [closed]

I recently took an interest in cryptocurrencies. Mostly, I'm interested Ethereum and Smart Contracts, but all the news about Bitcoin's rising price has prompted me to study currencies and economics ...
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1answer
71 views

An App for Crypto Currency Tax Declaration

For my tax declaration, I would like to use an app that allows me to scan all my transaction. Do you know one ? Or are you interested to use one ? Thanks
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1answer
437 views

Short-term capital gains taxes for crypto to crypto trades? [closed]

If I were to profit off cryptocurrency to cryptocurrency trades throughout the year without ever cashing out my crypto position for USD, would I avoid paying any short-term capital gains taxes on all ...
2
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2answers
705 views

How I should pay tax if I buy Bitcoin from an overseas friend

Assume I buy 1 bitcoin from an overseas friend which is USD$10 and I sell it in US for $11. is it legal? I am afraid, it would be considered money laundry I will not be able to have official receipt ...
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0answers
2k views

Cryptocurrency arbitrage taxes in India [closed]

Suppose I buy cryptocurrencies in the U.S. and transfer to my or my parents' wallet in India and sell at a premium and make a profit. Is this profit taxable in India? If so, how is it calculated? ...
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0answers
162 views

in the united states if i buy or sell btc should i pay sales tax and captital gain tax?

As the title.suggests. I understand if I sell bitcoins, or make purchases (say I briefly sell for use then purchase good) I should pay capital gain if there was one. But should I also pay sales tax if ...
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1answer
323 views

Do I have to pay tax if I buy bitcoins with my USD?

Theoretical question: If I make $1000, which gets deposited into my bank account, and then I deposit that $1000 into a bitcoin wallet the next day, and just sit on it for one tax year, do I have to ...
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2answers
130 views

Indian Government is trying to legalise Bitcoins in India. Why?

The Government of India is trying to legalise bitcoins. So, say I would purchase 25 bitcoins by paying in Indian Rupees to a 'X' Bitcoin company. In turn, my identity could be know by that 'X' online ...
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0answers
2k views

Can I buy cryptocurrency being on H1B Visa?

Can I Buy/Sell bitcoin/Ethereum or get involved extensively in cryptocurrency? If so how much capital can I invest? I am currently on H1B Visa and wanted to get some insight on this. Thanks!
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2answers
501 views

Tax implications of bitcoin income

I have a friend in the USA who can send me bitcoins. The idea is to sell the bitcoins in India and wire him back the money from the sales proceeds in India. What are the tax implications on the sale ...
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0answers
257 views

How do I account for bitcoin profit on UK tax return

I want to cash out some bitcoin with a profit (<£2000) from trading. Do I need to declare it in my next tax statement? Is it ok to just show amount bought and amount held or do I need to ...
4
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2answers
2k views

transferring bitcoin among friends and taxes

I gave my friend btc (ie sent it to their address) to trade together with their btc last week. I'm suddenly worried about taxes (in the US). If right now, they give me back exactly as much btc as I ...
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1answer
258 views

Who would buy my bitcoin? (Hypothetical question)

Lets say if 1 BTC = $1000USD tomorrow and I have around 1000 BTC, how would I sell my 1000 BTC to put $1,000,000USD in my bank account? Even a better hypothetical question. If I go back in time and ...
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1answer
93 views

How do I provide proof of a transaction for tax purposes?

How do I provide proof of a transactions for taxation purposes?
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0answers
17 views

Could bitcoins destroy a government [duplicate]

In theory if bitcoins were to be used by the majority of a population then could the issue arise of a drop in government funds as bitcoins are technically tax free as they is no way of tracking were ...
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3answers
569 views

How can the government tax you using bitcoin

Bitcoin is decentralised and anonymous so how can governments issue /enforce taxes on any transactions made with bitcoin?
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2answers
390 views

How would tax and government revenue be enforced in a bitcoin run society?

If we say, hypothetically, the future has a society that runs solely on Bitcoin as its currency. Because of its anonymity how would tax and government revenue be enforced in this society? At this ...
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2answers
209 views

Bitcoin Tax Question

I have three scenarios that I have a question about related to bitcoin, the IRS< and taxes. I tried asking the finance types, but they didn't seem to really understand bitcoin and cryptocurrencies,...
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3answers
7k views

Do I need to pay taxes if I sit on (do not use) bitcoins?

I've done some reading on the IRS bitcoin guidelines and I'm a bit confused how the capital gains taxes works. If I buy some bitcoins in Jan, the value of the bitcoins double by the of the year but I ...
2
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1answer
2k views

Government Taxes on Bitcoin in India

What is the tax regulation for Bitcoin in India? If I make profit out of Bitcoin, what percentage will I have to pay to the government?
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1answer
159 views

Rolled out my own no-fiat service. What will the tax man need?

Background: I have programmed my own service using https://bitcore.io and I have a limited company set up in the Uk! My company's original intention was to deal with Paypal transactions. (but we are ...
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1answer
57 views

Guides/books on how to start a Bitcoin-accepting online business?

Are there any good guides or books on how to start a Bitcoin- and fiat-accepting online business? I'm looking for something that includes going over how to found a company and deal with tax issues and ...
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2answers
93 views

What does the IRS tax in terms of bitcoin practices

What of the following do I put on the tax form that I got money from a website for viewing ads, donating money, turning gift cards into bitcoin, buying gold, putting money into a bitcoin savings ...
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4answers
133 views

Bitcoin taxes question for USA

If one were to receive Bitcoins then immediately use a conversion service (for example to PayPal) would gains/losses need to be recorded? If so, is there any software that can do this automatically? ...
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1answer
91 views

Bitcoins and taxes [duplicate]

Most, if not all governments, have some form of sales tax. What happens to bitcoin value when governments prohibit use of bitcoins to curb evasion of taxes
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1answer
124 views

In India how does one accept or give Bitcoin? Do we also get a physical coin for a Bitcoin? [closed]

I heard about Bitcoin and its endless possibilities to use Bitcoin irrespective of a particular geographic location. But my doubt is How does one accept and give a Bitcoin, Does it have its own market ...
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1answer
665 views

what are my tax implications for cryptocurrency?

Do I pay any taxes to purchase or sell bitcoin? If I use a Bitcoin debit card and withdraw USD from an ATM, is it a taxable event?
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1answer
68 views

Would a service for automated repurchasing of Bitcoins encourage spending?

We launched Reload, an online service that binds your bitcoin wallet to your bitcoin exchange account (16 supported so far): whenever you spend bitcoins from your wallet, Reload will use your exchange ...
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1answer
823 views

Canadian Taxes for Buying Bitcoins

I saw this post, but it really didn't help me. How should I fill out my tax forms if I am only buying and holding bitcoins, not selling them? This page appears to suggest that I only need to worry ...
3
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3answers
2k views

Is Bitcoin given as a gift taxable?

Question by someone who is new to Bitcoin. Bitcoin mining is considered taxable income in the US. However, if it's given as a gift, then should it be taxable under US law?
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1answer
50 views

Bitcoin and Company Launching

I'm quite new to anything related to Bitcoin, but let's say that I want to launch a website (in France), where people could buy some items with Bitcoin or could do some bets with Bitcoin. Do I need to ...
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1answer
69 views

How to tax trading in colored coins representing fiat?

Say Kraken and Bitstamp both issue colored coins for USD, called KrakenDollars and BitStampDollars. Then I find an colored coins exchange where I can trade between the two, and deposit some ...
3
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1answer
344 views

Mt. Gox losses for tax purposes

If I put $50 into Mt. Gox in February 2013, made multiples trades from BTC to USD and back, always remaining in the Mt. Gox system, and then lost all of it in the March bankruptcy, how do I handle ...
4
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1answer
979 views

How to file bitcoin income to the IRS as a nonresident alien

I am a Chinese student in US right now, and my taxation status is Nonresident Alien. Since IRS has announced bitcoin as "property", I just wonder how to define my gains from my sell of bitcoin in US....
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1answer
450 views

Is it legal to trade bitcoins on coinbase/mtgox in the US?

I am just wondering whether it is legal to trade bitcoins in the US just like we do for stocks? I see similar legal questions about selling OTC, but I am more interested in buying and selling in well ...
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2answers
156 views

Will Bitcoin taxation be enforced by the IRS?

Ive heard bitcoins are about to be taxed by the IRS. The decision has been taken to regulate the virtual currency as there are concerns of it being used for illegal purposes. Is this True ?
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5answers
2k views

How to file bitcoin income to the IRS

I want to check if there is any specific tips how to properly file income from speculation with BTC to the IRS. Also is there any specific report from the Coinbase available?