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5 votes

Do I have to pay taxes on a Bitcoin investment when I'm withdrawing it to my US bank account before I actually received the money?

You are definitely being scammed - you should write off the $500 as an expensive lesson and never deal with these people again. No legitimate company operates in such a way. $200 on a $18500 profit is ...
Raghav Sood's user avatar
  • 17.1k
4 votes
Accepted

US Taxable Events for using Bitcoin for purchases

HR 3708, which was introduced in the House of Representatives in September 2017, would do exactly that, with a threshold of $600 (to be adjusted for inflation). It has five cosponsors. It was ...
Nate Eldredge's user avatar
4 votes
Accepted

Consider using Bitcoin but just heard the IRS is sending tax notices to 10k plus users

Bitcoin doesn't use RSA and there is no encryption or cryptography that hides transaction details. Bitcoin is pseudonymous, not anonymous. There are unique identifers for every participant in Bitcoin, ...
Ava Chow's user avatar
  • 70.9k
3 votes

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

Considering that the US dollar has lost 90% of its purchasing power over the last 100 years you should be worried regardless of cryptocurrencies.
Emil R's user avatar
  • 54
3 votes

What to do when you genuinely don't understand anything about taxes, yet are apparently expected to pay them for your Bitcoin?

If I cannot understand the laws/regulations, what am I supposed to do? A fairly widespread legal rule is that ignorance of the law is no defence. If you don't understand how the law applies to your ...
RedGrittyBrick's user avatar
3 votes
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Estimating Cryptocurrency Gap

Since Bitcoin is a global network without user registry or other user telemetry that is designed to provide cash-like financial privacy, it is inherently difficult to: measure user counts assign ...
Murch's user avatar
  • 75.9k
2 votes
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Should USD savers be concerned about the rising popularity of cryptocurrencies?

Let's compare the total size of circulating BTC to US dollars. According to coinmarketcap.com, the total value of all Bitcoin is 250 billion as measured in US dollars. Throw in Ethereum, Bitcoin Cash, ...
user79126's user avatar
  • 146
2 votes
Accepted

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

No. Assuming you are not a miner or receiving bitcoin in exchange for services, there are no taxes that you need to pay on the bitcoins until you sell or transfer them. When you sell or transfer them, ...
David Schwartz's user avatar
2 votes

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?

If this is a true gift, that is, not part of any larger transaction and given out of the kindness of your heart, then you're probably going to have to consult a tax professional because this will ...
David Schwartz's user avatar
2 votes
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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? There appears to be an obstacle in law: German labour law sets ...
RedGrittyBrick's user avatar
2 votes

How can the government tax you using bitcoin

Governments can set up laws and regulations and then set up "departments" to monitor and enforce. Whether it is successful or not is another question. No doubt they will have to skill up and ...
cloudnthings's user avatar
2 votes

For tax purposes, how much is Bitcoin is worth if you send it to an exchange and sell it immediately for fiat?

Tax questions should largely be off-topic here, as they are so jurisdiction-specific. But nonetheless, a general answer is sort of possible here: In many jurisdictions, you will be liable to pay ...
chytrik's user avatar
  • 18.3k
2 votes

How can I determine how much "gains" I've had from Bitcoin?

It may be a bit of work, but you should be able to trace on a blockchain explorer (eg blockstream.info) when you acquired the bitcoin with the current addresses you have. If you can't prove how much ...
stackaccount's user avatar
2 votes

Who in their right mind would waste their Bitcoin on taxes or buying random stuff?

Paying taxes / buying goods / etc with Bitcoin, is equivalent to selling the Bitcoin and paying with fiat, except that it might be more convenient and save transaction costs to do it in one step. ...
Nate Eldredge's user avatar
2 votes

Which country is the Bitcoin core wallet in?

Bitcoin Core is open-source software run by you. Since you control the funds, I would expect that they reside in the same country as you. I am neither a lawyer nor a tax consultant, but you should ...
Murch's user avatar
  • 75.9k
1 vote

Do you have to pay income taxes on Cryptocurrency in Canada?

Yes, you have to pay income tax on Cryptocurrency in Canada. Cryptocurrency is taxed like any other investment in Canada. 50% of the gains are taxable and added to your income for that year. Let’s say ...
Shubham Rautela's user avatar
1 vote

Holding Period Algorithms and the Blockchain

My question is, do these holding period algorithms have to correspond to the actual UTXOs being spent on the blockchain? This is likely a question best answered by a qualified accountant, or tax ...
chytrik's user avatar
  • 18.3k
1 vote

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

It is a PUBLIC LEDGER - anyone can follow an address trail, and the governments of the world already know how to do that - and that is why so many are looking to adopt Bitcoin and make their own ...
wilburunion's user avatar
1 vote

Bitcoin Tax Question

I have several savings accounts that earn bitcoin on bitcoin (Magnr, BTCPop, exchange lending, etc) and I do not convert earned bitcoin back to US dollars (for now). I do keep records of the total ...
David Schwartz's user avatar
1 vote
Accepted

Do we Need Pay Tax for Mining for US Govt

Do you need to pay Taxes for US Govt for doing Bitcion Mining.? You are not liable for income tax because: You are not a US citizen and You are not working in the USA. Someone in the USA who is ...
RedGrittyBrick's user avatar
1 vote

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? Because you had income. Whether your paid in dollars, bitcoin, Euros, or grain doesn't matter. ...
David Schwartz's user avatar
1 vote

BTC taxation: difference between EU and US

I suspect that the differences in taxation between EU and US may be less than you state. Salary is taxed based on the cash equivalent value. If you are paid in paperclips, this is sometimes known as ...
RedGrittyBrick's user avatar
1 vote

How bitcoin tax is calculated?

I’ll start this off by saying I’m not a tax professional, so take this advice as you will... At the time you purchase your bitcoin, your purchase price becomes your cost basis. This means if you ...
Jcmoney1010's user avatar
1 vote

Crypto currency as gift

I am from Germany and know a bit about the tax situation here. If gains < 600€ in 1 year, then you don't need to pay taxes. You also don't need to pay taxes if you hold the Ether more than 1 year. ...
hardfork's user avatar
  • 2,117
1 vote

cryptocurrency tax question

Not regulated by a government does not mean that there are no tax regulations concerning cryptos. There are countries where the law requires that you pay taxes for capital gains even when you only ...
eu58's user avatar
  • 96
1 vote

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

Move some of your savings into Bitcoin or etherium simply as insurance against hyperinflation. BTC is not the threat to fiat currencies; Bitcoin is the lifeboat away from fiat currencies when they ...
Digital Galaxy's user avatar
1 vote

Government Taxes on Bitcoin in India

Most of the Indian bitcoin businesses go by the analysis from Nisith Desai and Associates:https://www.zebpay.com/wp-content/uploads/2016/04/Bitcoins.pdf Bitcoin is unregulated in India(not illegal or ...
Kang's user avatar
  • 450
1 vote

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

If you receive 500 EUR as a payment, how do you declare it? Easy, you declare it as however much GBP it was at the time. If you receive it as a wire transfer your bank will even make this conversion ...
Савва Бирюков's user avatar
1 vote

How are bitcoin trade profits taxed in Poland?

It's a little big dangerous and not easy, here you can find more information for Polish bitcoin taxa: https://cotojestbitcoin.com/
Adrian's user avatar
  • 19
1 vote

An App for Crypto Currency Tax Declaration

This could have been a question that could be ignored easily until last year. But after the case of IRS and Coinbase, after so many people getting tax notice from Coinbase that their information could ...
Vamshi Vangapally's user avatar

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