Post
Topic
Board Economics
Re: Bitcoin and not Paying Taxes
by
tylerderden
on 23/03/2018, 16:55:58 UTC
I ran across this video a while ago on what can happen to you if you don't pay your taxes.  At some point during your Bitcoin career, the cryptocoin will be converted to fiat and that's how they will catch you.


https://www.youtube.com/watch?v=hf2fNEUPjQw
This is the reason that I always cash out my bitcoins in a different account than my usual account which I use regularly so as to keep track of the money that I have made in INR with bitcoins, if it goes above the non taxable limit then I pay whatever the tax applies so as to not get into any legal trouble, as getting into a legal trouble like tax issue will hamper my reputation in my community which I respect the most even more than the money I make as money can be earned again, but if reputation get tarnished then it's pretty hard to earn it back.