I live in a country in the EU and i tried to get some information about how can i pay my taxes for my btc revenue.
Acording to my country`s legislation:
1.Bitcoin isn`t digital money.
2.Bitcoin isn`t a digital asset.
Acording to the laws,bitcoin is nothing...BUT acording to the same legislation,i`m obligated to pay taxes for all my revenues,including the income from online trading.What if all my income comes from bitcoin trading?
Do i have to pay any taxes or no?Sorry,if this questions is asked here before.
Is this ridiculous?
Bitcoin isn't a digital money because unlike credit cards that you can use online which has a fiat account that
is associated with it bitcoin really don't have any value. But there are people who wants to have that coin in
exchange of their fiat so it has a value.
Reason why you are being asked by your country to pay for taxes was because you converted it to fiat, and fiat is subject for taxes.
I agree with this once you have your bitcoin converted to fiat this will be considered will be subject to taxes.
All income or any addition to your asset is subject to taxes even if it is from a donation or no matter what the sources are.
Bitcoin may not be considered as an asset but once you got an asset out of it then that is subject to taxes.