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RE: A Bitcoin Crypto-Tax??? Is it coming?

in #bitcoin7 years ago

I sure as heck hope not, although unfortunately I do see it being rather likely in the future. But I keep thinking, to be able to tax something, surely it has to be exchanged into the fiat currency of the nation you're transacting in? Unless governments started accepting cryptocurrency as a form of tax payment, which seems unlikely. I keep thinking that as long as you transact in nothing but crypto, never exchanging into fiat for a purchase, then I cannot see how it could realistically be taxed. But I guess it really does depend on the country you live in and how tyrannical the government that rules over you is. We just have to stay ahead of the curve.

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@savetheanimals
Suppose you buy a brand new car with like, 12 BTC. You'd have the new car, and the government / tax man would audit you for the car and likely say, "You owe us $XYZ in taxes for this purchase.

I guess I can see how they couldn't really track if you bought some headphones with 15 mBTC or a PS4 for 100 mBTC, it'd be damn hard for them to prove it. Right? Unless the SOMEHOW have capability to monitor your bitcoin address for a transaction...

So VAT when purchasing, etc.? I was thinking about Bitcoin / crypto as an income also. How could they tax that? "We take 20% of your Bitcoin" If governments started accepting Bitcoin as payment, that would essentially be mass-adoption!

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