Should you pay taxes on Bitcoin?

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November 13, 2016, 1:43 am

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Should you pay taxes on Bitcoin?

Bitcoin is the crypto currency king and many people trade it, use it, and mine for it on a daily basis. It's becoming so popular that governments are scrambling to try and figure out a way to tax it. Just recently the IRS is asking the federal treasury to come up with a tax plan for this digital currency. The plan is to consider it an asset so that it can be taxed. They want you to pay taxes on digital wages and same small business or self employment taxes will be used.

Should you pay your taxes? The answer im going to give you is yes. You should not try and avoid taxes buy using Bitcoin. I know that not all people are honest and im pretty sure alot of people are avoiding taxes. The IRS will come after you and you will have to pay your taxes one way or another. I am not saying that its impossible to hide money what im saying is i don't recommend it.


Here are the new guidelines set by the IRS for you to follow:

https://www.irs.gov/uac/newsroom/i...urrency-guidance


As always thank you for reading please don't forget to follow me and like the topic.

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Lynne

Lynne

Thanks Jkeyz2. I thought that a huge part of the current appeal of Bitcoin is that it is not regulated in that way. I guess though that is was only a matter of time until the tax authorities get into it right? Quite rightly, it is an asset if it has monetary value.

I agree with you paying taxes is always the right thing to do.

0 8 years ago

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CryptoGuru

CryptoGuru

Its the rite thing to do especially for me. Im reading what Mike posted below though and he is making me rethink. It was only a matter of time before the governments started to try and tax it. The question should be should Bitcoin be taxed? if i was living here in the USA and i had a business in Europe and i had a bank account i would be paying taxes to Europe. If i only have Bitcoin well then guess what? Its like me having currency and making currency in a different country. Im not saying this is rite but if you use a hardware wallet, a VPN to access it, and you never cash out. The governments of the world have no way of taxing it, they also have no way to freeze your money if you dont pay. Here in the United States they will lock you up so pay your taxes lol!

0 8 years ago

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Corzhens

Corzhens

Is the IRS watching the Bitcoin owners? I wonder how you pay the taxes when the Bitcoin is just a pseudo currency. My take on Bitcoins is that it is a commodity with value because you have to sell it in order to convert it to cash. You cannot spend Bitcoin and use it to buy food in the supermarket, right? If that is a commodity then how would you pay the taxes?

0 6 years ago

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