Quote from: BillyBobZorton on November 27, 2017, 02:49:36 PM

Quote from: Julia_KA on November 27, 2017, 02:42:13 PM

Quote from: HeRetiK on November 27, 2017, 02:11:28 PM

Quote from: Rosilito on November 27, 2017, 01:55:32 PM

Base from my recent post "Does bitcoin could be call a job?" I have read your opinions regarding to that. Doing these things is a form of earning money basically we have income. So does it need to be taxed? Because this is also a source of income, and we might call it as a job?

Depends on (a) your local government and (b) the amount and type of income.

In some countries, under certain circumstances, there's no tax on capital gains on Bitcoin. However if you accept bitcoins as a form of payment, depending on the amount, you very likely will have to file it as part of your tax report.

I guess if there is a capital gain tax in the country, gains from bitcoin fall under tax. When we talk about capital gain, taxation happens when the gain is realized - that is when the capital asset is sold. When you sell bitcoins for USD that you receive on your banking account, you can be asked about the origin of the money. The question is, how can the government estimate your real gains from bitcoin: what was your cost of mining that can be deducted from the revenue received from selling it for USD. I'm sure very soon they will try to come up with a methodology of some sort.

It depends on the country. Some countries will need that you report every single trade, including trades between altcoins which is insane I know, but I don't make these stupid laws.

Also in some countries you have to pay every month if you are making money every month. I had no idea about any of this when I got into bitcoin so I just focused in making BTC, then I found out about the taxing thing. I still have no idea how it works because this is so new that there are too many grey areas. Im scared to cash out some and get my account frozen by the bank, so I will wait until it's more clear.

Oh and in a lot of countries you must prove the origin of the funds. You can't simply cash out but demonstrate that you made the money legally.

That's right, although there is no actual "need" for countries to do that. I think that if a country sees fit that it's a good way for them to earn more money and add revenue to the government, then it is well within their power to actually impose taxes on bitcoin use or cryptocurrency-related activities, in general. I think that since the crypto market is rising, it is already in the sights of many countries to try and exploit that continued rise by way of imposing rules and regulations with it with which one of those regulating means is taxation. It's the main means of any government to add profit to them for their own used and advantage, and given the value exhibited by cryptocurrencies, it not at all a surprise if governments would impose taxes on it.