Post
Topic
Board Legal
Re: Explain the income in bitcoin ?
by
qwertyup23
on 30/11/2017, 23:46:16 UTC
This is a legal issue no one has been able to answer me about

If you win bitcoin with investment, it's easy to declare

What about bitcoins you earn from jobs  ( bounties, regular incomes for helping teams in moderation, etc.) ? It is a job and an income but in bitcoin, so how is it considered and declared?

This depends on the laws on respective countries when it comes to taxable incomes and it will also depend on the scope of each government agency. My colleague interviewed the lawyer at our BSP (Central Bank) and asked if whether bitcoin is legal and taxable. They said that here in the Philippines, they see bitcoin as property, thus it is not subject to legal tender. Also, mining bitcoin falls under the category of 'other income' making it taxable. Since I do know anyone here who mines bitcoin, I really cannot answer if how they declare it under their income tax return. Bitcoin profits are an isolated case where it varies depending on the situation given.