Bitcoin Stack Exchange
Bitcoin Stack Exchange

Questions tagged [taxes]

Questions about taxes due to mining, trading, and getting paid in Cryptocurrency.

84 questions
15
votes
5 answers

Do you have to pay taxes on Bitcoin revenues?

Disclaimer: this is not legal advice, and this varies from country to country. If you accept bitcoins as payment, do you have to pay taxes on that? And would you have to write an invoice? Since they are not an official currency, such a trade would…
o0'.
  • 5,240
  • 6
  • 38
  • 66
14
votes
2 answers

Tax implications in Canada of buying and selling Bitcoins?

What taxes should be paid in Canada on Bitcoin transactions? Has anyone gotten official advice on this? Is it relevant whether the Bitcoins were mined, received as payment for services, bought and then sold for a profit, or freely donated? Is it…
Kiv
  • 242
  • 1
  • 8
8
votes
4 answers

What prevents Bitcoins for being used to avoid taxation?

Today, states can follow money trails and transaction histories, usually involving checking bank accounts. As as I understand, It's impossible for anyone else to read your Bitcoin transactions and current balance without your consent. In a Bitcoin…
Martin Wickman
  • 218
  • 1
  • 9
8
votes
1 answer

bitcoin knowledgeable attorneys?

I'd like to accept freelance work with bitcoin, probably a large enough amount to consult a lawyer. What kinds of questions would you ask to make sure they're competent? How would you go about finding such an attorney?
John
  • 539
  • 1
  • 3
  • 10
7
votes
7 answers

Any multi-currency accounting ledger that lets me use BTC?

Are there any online or open source (i.e., free, or at least cheap) accounting systems that do multi-currency so that I can record revenues and payments made using BTCs in the same system that I use for USDs? If not, are there any suggestions for…
Stephen Gornick
  • 26,990
  • 12
  • 67
  • 141
6
votes
2 answers

Should earnings in Bitcoin converter to a traditional currency be treated as trading-income or non-trading income for tax purposes?

Should earnings in Bitcoin converter to a traditional currency be treated as trading income or non-trading income for tax purposes (for example, in Ireland)? Reason for them being considered trading income is that the Bitcoins need to be sold at an…
ThePiachu
  • 42,931
  • 25
  • 138
  • 347
6
votes
3 answers

Do I need to pay taxes if I sit on (do not use) bitcoins?

I've done some reading on the IRS bitcoin guidelines and I'm a bit confused how the capital gains taxes works. If I buy some bitcoins in Jan, the value of the bitcoins double by the of the year but I still keep them, do I need to pay a tax on those?…
concealed curry
  • 63
  • 1
  • 4
6
votes
3 answers

bitcoin donations tax deductible?

I work as a volunteer for a tax exempt organization in the US. We are currently accepting donations in bitcoin but not issuing receipts for those donations. I would like to start issuing receipts. Is there any legal guidance available online…
RentFree
  • 2,529
  • 2
  • 20
  • 35
5
votes
2 answers

If miners pay income tax, could a change in tax laws affect network security?

Assuming that more than half of the Bitcoin miners pay taxes on revenue gained, could a increase in income tax laws (or similar) cause those ethical miners to go out of business? ... and the Bitcoin network to be more vulnerable to attack?
makerofthings7
  • 12,656
  • 11
  • 60
  • 129
5
votes
4 answers

Bitcoin taxes question for USA

If one were to receive Bitcoins then immediately use a conversion service (for example to PayPal) would gains/losses need to be recorded? If so, is there any software that can do this automatically? Thanks in advance.
Scott
  • 51
  • 1
4
votes
1 answer

US Taxable Events for using Bitcoin for purchases

Is there any initiative to try to deal with the way Bitcoin is taxed in the United States with respect to using Bitcoin to pay for things without triggering a taxable event? Possibly a threshold being set for purchases below a certain amount?
ADH
  • 181
  • 1
  • 5
4
votes
2 answers

Tax implications of bitcoin income

I have a friend in the USA who can send me bitcoins. The idea is to sell the bitcoins in India and wire him back the money from the sales proceeds in India. What are the tax implications on the sale of bitcoins in India? What reason for…
bobdxcool
  • 41
  • 1
4
votes
2 answers

transferring bitcoin among friends and taxes

I gave my friend btc (ie sent it to their address) to trade together with their btc last week. I'm suddenly worried about taxes (in the US). If right now, they give me back exactly as much btc as I gave them, are there tax ramifications? Can I sell…
user50947
  • 41
  • 1
  • 2
4
votes
1 answer

Rolled out my own no-fiat service. What will the tax man need?

Background: I have programmed my own service using https://bitcore.io and I have a limited company set up in the Uk! My company's original intention was to deal with Paypal transactions. (but we are now going to only use Bitcoin!) We plan to only…
Ben Muircroft
  • 466
  • 3
  • 16
4
votes
1 answer

How to file bitcoin income to the IRS as a nonresident alien

I am a Chinese student in US right now, and my taxation status is Nonresident Alien. Since IRS has announced bitcoin as "property", I just wonder how to define my gains from my sell of bitcoin in US. My husband bought bitcoin on Chinese website by…
user14917
  • 41
  • 2
1
2 3 4 5 6