Can bitcoin be taxed?
Can bitcoin and altcoins be taxed?
A friend told me that if I make money, I must pay taxes for them, and that not doing so is a crime.
But... can bitcoin be taxed?
Isn't it anonymous?
Can bitcoin and altcoins be taxed?
A friend told me that if I make money, I must pay taxes for them, and that not doing so is a crime.
But... can bitcoin be taxed?
Isn't it anonymous?
In Canada you have to claim how much Canadian Dollars you are recieving, during that process if it was due to trading any assest, anything at all, then you must pay the fair feer depending on the province.
Get a bitcoin funded debit card and let government go to hell!
As long as you don't withdraw BTC to bank account, they can't do anything!
They are NOT anonymous. If I had your wallet address I could see every single token you have. Yes they must be taxed. But they are similar to stocks. They aren't taxable until they are turned into USD. So as long as you keep it as bitcoin until you figure out your tax situation, you should be fine.
I meant it differently.
The address is not anonimous, but does anybody know that I have that address?
Can they know that in any way?
Not easily, but if you start spending more money than you can obviously make from your job: as in if you make a million off of bitcoin and start spending it. They will know that you are spending more money than you are capable of earning and therefore will audit you. Likewise your IP address is linked to your computer and therefore your bitcoin wallet transactions. This means they can find your IP address and link it to Bitcoin Transactions. Bitcoin is not anonymous. Get Monero if you want anonymous.
What country are you in? Different countries have different rules. USA, 100% you need to pay taxes
Many countries are like that.
So is mine.
My question is different.
'Can' it be taxed? Is it possible for the government to tax it? How?