Post
Topic
Board Legal
Re: Taxes on Bitcoin
by
legendbtc
on 01/02/2017, 09:37:32 UTC
The mining fees paid during transactions are the bitcoin taxes or there are other taxes ??

no that is the "taxes" that go to miners, your government have nothign to do with it, you need pay an additional tax when you dump for fiat

but if the amount is not that big, i would avoid declaring, it also depend on where you live

Ya you are right, only the selling of bitcoin to fiat currency and buying to fiat currency is to be shown in the tax. i am from india and their is limit of below 10lakhs to not to show the trades in tax but even if you want you can show as short term income through trading.

Not only in India even in my countries the government will provide some set of rules and regulation, if they cross minimum level they need to pay taxes. Every countries has different set of rules according to their usage when they are converting from bitcoin to fiat currency and when they are converting from fiat to bitcoin.