Quote from: BurtW on May 25, 2017, 01:32:05 PM

Quote from: Gaaara on May 25, 2017, 12:56:33 PM

Quote from: BurtW on May 23, 2017, 11:45:56 PM

Quote from: noone000 on May 23, 2017, 09:50:27 PM

Quote from: BurtW on May 23, 2017, 12:37:33 PM

What country do you live in?

If you do not return to check for an answer to your question and answer mine then you are, of course, just another piece of shit thread spammer with a paid signature.

I live in Canada. I guess I'm not the piece of shit thread spammer with a paid signature you thought I was. I understand that since it is effectively unmonitorable apart from when you're withdrawing it to a bank, it might not be entirely necessary to report it but I'm not completely sure about it. Obviously if you're making a large sum of profit off bitcoins then if you want to start spending it on relatively large investments you would have to explain the origin of the funds. Do you have clarification on the legal perspective of bitcoins?

Good to see that at least one person in this thread is not just another piece of shit thread spammer!

Don't know about Canada. I am in the US. In the US, mining Bitcoins is taxed as ordinary income and profit from trading is taxed as a capital gain.

In the US you are required to report all your income from mining and all your profits from trading. There are no exceptions.

If you do not report these things that is call tax evasion. All these people in this thread that say "Well I am just not going to pay the taxes" are just fine until they get caught. Then they will find out they owe all the taxes they did not pay, interest on all the taxes they did not pay and fines for not paying them.

How will they get caught? It does not matter. We will just have to wait and see how they get caught. At least some of them will get caught.

I paid every cent of taxes on all of my Bitcoin income and capital gains and I was still "caught" for something different - not having a business licence to use localbitcoins.com. I faced 5 years in prison and a $250,000 fine for that. All these people can bury their head in the sand and claim they do not have to pay taxes for some asinine reason or another but for at least some of them it will end like this:

Bitcoin tax evader: "But Mr. IRS agent, people on the interwebby thing told me that since it is not legal tender I don't have to pay taxes"
Mr. IRS agent: "You believed that total bullshit? I guess we will just have to fine you extra for being such a naive idiot."

Bottom line: if you do not pay the taxes and you get caught, by whatever means, you will owe the taxes, interest and penalties. It is tax evasion, simple as that.

I am a Filipino, and in our country (Philippines) there is no such thing as this, or maybe I am just not well informed but I don't seem to have any idea on how will they track you for tax evading? If its your ip address you can use vpn and there are so many ways to get away from it, another thing how do they calculate your total taxes?

Maybe you guys don't have an income tax? In the US "they" don't calculate my tax. It is up to the me to report all my income, calculate how much tax I owe and then pay it. "They" give us all the forms to fill out but it is up to us to fill out the forms. How they track your income for tax evasion charges is up to the government. They have many ways to do this. Sure you can evade paying the taxes until you get caught.

Yes of course, we don't have a income tax by using bitcoin why do I even think that there is, in fact your technologies is way far ahead from our country, we adopt things here late. I am sure that even our governments are not well informed about bitcoin, and they are too lazy to create a steps for it so as far as I concern we can enjoy our no income tax while using bitcoin. Thanks for the info tho.