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Found 16 results
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  1. Hi guys... I'm trying to work out how to record my crypto capital gains( or losses) for this tax year just finished. What to actually put into a spreadsheet is a bit mysterious to me just now... I would welcome any opinions and discussion. These are my current (mis?)understandings: Every crypto trade (even Altcoin to Altcoin) is a tax event even if it doesn't go back to AUD. You need to work out its equivelant value in AUD to track gains and losses. The tax man is eagerly after crypto profits and not reporting isn't an option since the exchange's may be forced to give trade histories and also wallet addresses are required reporting by the ATO (Aust Tax Office). You could gamble that Kraken won't help the ATO but if they do, even in five years time, the ATO can go back through records and rip you a new one... Also it's in the nature of public blockchain that one wallet leads to another, leads to another, etc.... I'm just gonna pay my tax and sleep soundly. some folk think anything less than 10k AUD value is exempt but they haven't read the rules properly... that's only in very specific circumstances and is open to interpretation (that the ATO is unlikely to be generous with...) crypto held for more than a year has the CG halved The safest way to manage crypto CG (capital gains) is to FIFO (first in first out). High volume traders might want to LIFO but that's only in special cases. Generally I believe CG losses can offset CG gains in the year The recording must have the AUD equivalents (which can be from price graph records on major exchanges) AND wallet addresses. So working within that lot of constraints I've tried to envision what my Excel Spreadsheet should have in it... and it's a friggen mess. Some issues that I can see but don't know the answer to: The price can vary significantly on any particular day so is it ok to just use say Coingecko info ( which may be different to what I paid or received)? I'm thinking of ignoring fees and spreads and just looking at actual received result. Eg: sell Bitcoin for XRP and although I paid both spread and exchange fee.... just calc BTC sale value by: Actual XRP received x AUD XRP rate. How the heck am I going to keep track of the FIFO end of things... does my head in.... The current columns I have been considering are: Date, Time, From Currency, To Curcy, From AUD Rate, To AUD rate, From Amt, To Amt, CG hold days, CG profit, CG loss, Site, From Wallet, To wallet. As you can see it's not simple and some of that is a bit unclear to me. I figure that if I can get a sheet with actual CG profits and loss I can save a fair amount of accountancy fees. It presumably will also help me know when it's OK to do this "sell all crypto to move crypto into a SMSF" thing I'm planning on... Has anyone tackled all this as yet?
  2. I hadn't heard about this... could have contributed to the overall crypto market slump. Bitcoin Price Falls https://www.ccn.com/how-bitfinexs-tax-requirement-may-have-contributed-to-the-bitcoin-price-correction/ "On May 17, one of the world’s largest cryptocurrency and bitcoin exchange Bitfinex officially asked its users to submit tax IDs and social security numbers that could be utilized by government agencies in the countries its users are based into tax gains recorded in the cryptocurrency market." “We request that you complete the appropriate self-certification form and upload it to your Bitfinex account by May 24, 2018, at the latest. If you are a US person or an entity with at least one 25 percent owner who is a US person, please complete the appropriate FATCA form. You are required to provide us with such information,” said Bitfinex." "The period in which Bitfinex sent out its official statement to its clients coincided with the fall in the price of bitcoin on May 17, when the bitcoin price reached a two-month low at $7,925. It is highly likely that the price drop of bitcoin was largely caused by Bitfinex and the sell-off of investors on the platform trading the bitcoin-to-USD pair."
  3. Obviously the main aim of the game for everyone here is to buy low, sell high and walk away with full pockets. I for one am a little clueless about how crypto profits are treated in the UK. I did hear one person suggest that currently they are treated as gambling wins, and therefore tax free (which would be b-e-a-utiful) however I do have a feeling they don't fall into that gategory and will be subject to capital gains tax. Does anyone happen to have any first hand experience in this matter? Or maybe know of any handy resources. I will most likely speak to my financial adviser when the time comes, but it never hurts to be ahead of the game.
  4. Hi everyone, I often get the feeling that UK members are a minority on XRPCHAT, so I have decided to create a UK Hodlers group where we can post information and discuss everything XRP related which may be of most interest to other UK Hodlers. Please feel free to invite all those who you know are from the UK, or who would benefit from being a member here.
  5. The Plan Create a tax free vehicle that allows you to buy cryptocurrency and trade it in real-time if desired. Alright I figured I would share my experience with you on "avoiding taxes" For 2017 There isn't much I can do about it except choose to commit federal crimes....not saying I am. There is a long term plan to circumvent taxes and that is a Roth IRA. People have generally been disgruntled about the like kind exchanges even if many did not bother with a 1031 exchange. the assumption of not cashing out and still paying taxes seems like a low blow for majority of investors. There is another way. Self-Directed IRA LLC In short this is an IRA that is managed by you under an LLC. Fidelity, DT Ameritrade, Charlse Schwab, These guys have nothing to do with it. You manage the money in an account you directly own via the LLC. You invest in assets of your choice whether they are physical, virtual, business, etc. Doesnt matter. there are a few rules to what you cannot do. Alternatives http://bitcoinira.com These guys use a 3rd party to manage funds and it is still a 3 day settlement period just like public stocks. 3 days is a month in crypto. There is no way I would trust another company with my coins and wait 3 days for them to settle the money. Some Restrictions With S-D IRAs https://www.biggerpockets.com/blogs/1123/7902-what-you-can-or-cannot-purchase-with-a-self-directed-ira Sound complicated? Not really. There are a few parts to it which may appear to complicate things. The process isn't all that hard. Entities Involved 1. LLC Management Company - Checkbook IRA, LLC - http://www.checkbookira.com/ 2. Kingdom Trust - https://www.kingdomtrust.com/ 3. A private bank - Friendly to Self Directed IRAs. (Solera Bank is one) http://www.bankrate.com/banks/solera-national-bank/3397233/ Cost - 1500.00 The cost is a bit up there but its the general price for doing all the work below. However as we are in a dip and if you had one setup and bought in now with the day trading you may or may not do then it is totally worth it. No taxes - Remember that! Process 1. Find a company that manages Self directed IRAs. The one I chose is https://www.checkbookira.com 2. Checkbookira will create the LLC for you in any state you choose (You must have a physical address in most states or use someones physical address as reference.) This is so that inside the state in the event that the state must mail documents to you they can send them to that address. 3. They then start the process with Kingdom Trust. KT is a custodian for the IRA. You may do a cash contribution, rollover/transfer and IRA from another custodian like Fidelity. 4. Kingdom Trust sends you documents to sign and where the money is coming from whether its cash or another custodian. 5. In tandem Checkbookira creates the LLC. Once the LLC is complete you may open up your bank account under the LLC. This cannot be a personal account. 6. You send over documents from Checkbook ira telling Kingdom Trust what the LLC EIN # is and where to send the money to. (This is your LLC Checking account) 7. Create new accounts for your crypto exchanges. Remember if you mix LLC money and personal money you are "piercing the veil" This may cause huge tax implications. Piercing the veil basically means to not follow corporate law which may include mixing personal and LLC money. 8. Once the money settles then you are now ready to buy up all that crypto and day trade like a whale all tax free! Noteworthy articles regarding Kingdom Trust and Crypto https://www.coindesk.com/bitgo-acquires-kingdom-trust/
  6. Arizona lawmakers passed a bill earlier this week that will allow the state citizens to pay taxes using Bitcoin and other cryptocurrencies. The bill was passed by the Arizona Senate that will allow taxpayers to not only pay their taxes using cryptocurrencies but any interest and penalties to Arizona’s Department of Revenue. https://viraldocks.com/arizona-senate-may-start-to-accept-cryptocurrencies-for-tax/
  7. Coinbase was down for Maint last night right before this big decline. Then everyone with trading "volume" over 20K was emailed a notice during this outage from CB partner Track1099.com saying my 1099K is ready and to see it I concent to have it E-Filed directly to IRS. On Coinbase, I'm lucky if I've every traded 2-5K USD max when BTC was around 6000 USD. ***FYI... I now use BITSTAMP and only have been trading and proud to be maintaining about 3600 ZERPS since I left CB. I think this is scaring a lot of people!!!!!!!
  8. Yes that's right another tax topic. I feel we really need to start drilling down on how to avoid our nefarious tax obligations. Similar to the world's global corporations - why should the little guy pay? Anyway I`m UK based and so I was pondering the following way to weasel out of paying my unfair share: I purchase XRP @ £0.02 I gift 100k XRP to friend - under inheritance tax laws if I survive 7 years then no tax is liable on gifts from my estate. Friend sells XRP @ £10 per XRP. They have no capital gains tax to pay as they never purchased the XRPs in the first place. Friend gifts £1million back to me - again under inheritance tax laws then if they survive 7 years no tax is liable on gifts from their estate. Any tax accountants out there want to tell me why this doesn't work or does anyone have a better grasp on it that me? Nothing better than getting tax advice on an internet forum. I will of course approach a real accountant when the time comes.
  9. Hi everyone, Firstly a disclaimer: I am NOT trying to avoid paying my fair share of taxes. However, what if I don't have to pay them? Basically the way I see it is that capital gains tax applies to cryptos in Australia the same way that it applies to stocks. If you hold your crypto for under a year and sell for a profit, the full CGT rate applies. However, if you hold for longer than a year, you are entitled to a 50% discount on the CGT amount. No issue there. My query is the following part of the tax treatment of cryptos in Australia. Where they say "bitcoin" they are referring to cryptocurrencies in general. (Full webpage here: https://www.ato.gov.au/General/Gen/Tax-treatment-of-crypto-currencies-in-Australia---specifically-bitcoin/): ---------Begin quote-------- Disposing of bitcoin acquired for investment If you have acquired bitcoin as an investment, but you are not carrying on a business of bitcoin investment, you will not be assessed on any profits resulting from the sale or allowed any deductions for any losses made. If your transactions amount to a profit-making undertaking or plan then the profits on disposal of the bitcoin will be assessable income. Capital gains tax may apply to personal transactions. Note: There are no GST consequences where the bitcoin is not supplied or acquired in the course or furtherance of an enterprise you are carrying on. ---------End quote-------- Now I'm not sure about you, but the message seems fairly plain: You don't have to pay taxes on cryptocurrencies acquired "as an investment." My take on this is that you only get CGT taxed if you're trading in and out of cryptos for fiat (i.e. "trading" like a day-trader, stockmarket trader or for profit-making endeavours) or if you're using them for "personal transactions" - i.e. using cryptos for personal consumption. (They say that the latter tax only kicks in at $10000 worth of crypto.) So basically my take is that if you've "invested" in cryptos then you are tax exempt on disposal of them. The questions is: what do they mean by "investment"? My gut-feel is that the tax office doesn't want to miss out on collecting your other taxes if your investment goes bad - in which case you can do a write-off on your profits elsewhere. But what if your investment does well? I honestly think this is a loop-hole which might get closed off soon enough. I may even seek a tax ruling on this, since I basically buy and hold and feel I fit into this "investment" category. Cheers, Trippy
  10. guys what do do you think about paying Taxes for crypto trade? Does somebody has some experience with that?
  11. So, my team are conducting some research on the purchase of Cryptocurrencies. Very basic, would love to have your thoughts, if you could spare 5 minutes. https://goo.gl/forms/1hhD8IGnd9m1rq192 Will share the results when we get the opportunity to in the next week...
  12. Hi everyone, I'm in the midst of planning on my exit strategy, and have concerns on how to clear tax requirements with the regulators in my country. So far, no one has been able to advise how to go about it, especially when it comes to providing documentation. Has anyone gone through the process and can shed some light in this area?
  13. Hey all I just thought this might be a useful starting place to combine all our tax knowledge for the UK. No offence to other locations but there is little point confusing an already complex subject with other jurisdictions tax legislation. My opening gambit is that XRP is seen as an asset and is therefore subject to Capital Gains tax. This means that post your personal allowance of £11300, you will pay 20% tax on all XRP profits in that tax year. Obvious ways to mitigate this are to sell over multiple years, though obviously if you have £1,000,000+ it starts to become a tedious waiting game. I think that futures, spread betting or gambling profits are not taxable for CGT and are therefore free. I also understand that HMRC are very under resourced on this and have little established positions or policy on this https://www.rossmartin.co.uk/tax-guides/110-capital-gains-tax-rates-a-allowances Thoughts folks?
  14. There was a lot of talk about taxes and which countries that have the most favorable tax structures for traders and/or capital gains tax. So I thought, no serious financial forum exists without its own tax thread where people can discuss this very relevant topic Now with the recent gains, I'm sure there are many people here who are wondering what, how and why when the fiscal year of 2017 ends. I guess I can start with a question. Is there anyone here who has made a successful move to a low taxation country, with the sole objective in mind to minimize their tax burden or to simplify the reporting of taxes. -DISCLAIMER- There will be lots of people giving advice in this thread I'm sure, but DO NOT take any tax advice here as absolute truth but rather as guidance. Rules and regulations change all the time in each individual country so make sure you consult a professional tax consultant if you're serious regarding tax planning as you don't want to get into trouble with the tax authorities.
  15. Hello to all from England. I must first say that as someone, like many here, who have had enough faith in Ripple to have held on through the attempts by He Who Must Not Be Named to ruin us, it is wonderful the way things have now started to go our way so dramatically. Now that the good times are arriving may I ask the more knowledgeable two questions ? Firstly, since the value of our Ripples has exploded so much, will the Evil Taxman be wanting a share ? Secondly, since Ripple is becoming, if I can call it so, "more mainstream", will we get to a point where we can buy things with them directly, not by converting to Dollars, Pounds etc. ? I am speculating that perhaps Banks using Ripples may issue "Ripplecard" ( or even Ripple Labs may issue Ripplecard ) which would be like a Visa Debit card, linked to our wallets, tracking the balance and value and able to be used in shops or online like the Visa. Any thoughts on these ?
  16. Hi all, I hold a small amount of XRP and I am pretty much break even (no significant profits or losses to date). I plan to hold long term and I am not in for the little pump and dumps.. My question is, since my balance is all XRP, am I obliged to 'show' my XRP balance or its usd equivalent for tax purposes or should I worry about tax if and when the balance ends up in real currency in my bank account? This has probably been discussed already so if there is a previous post, just point me in the right direction. Cheers
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