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The coming millionaires of XRP

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5 hours ago, Elysium2030 said:

The coming Millionaires

meanwhile, xrp 0,32 $

There are quite a few people (at least in the hundreds) who held or bought a significant amount of XRP when it was less than 1 cent who would have become millionaires in the deal.

If XRP goes past it's ATH (it will) then thousands more will become millionaires 

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In my country any gains from crypto are absolutely tax free IF you hold it for at least one year.

Honestly, if Ripple does make no mistakes and XRP really takes off, many of us could be (near) millionaires, i strongly believe it. XRP really is a chance to change your life right now.

It won´t stay that low if we get broad acceptance, all we need is time and hope that Ripple does not screw up.

Edited by Nintendo

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5 hours ago, Nintendo said:

In my country any gains from crypto are absolutely tax free IF you hold it for at least one year.

Honestly, if Ripple does make no mistakes and XRP really takes off, many of us could be (near) millionaires, i strongly believe it. XRP really is a chance to change your life right now.

It won´t stay that low if we get broad acceptance, all we need is time and hope that Ripple does not screw up.

Which country plz ? :D

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6 minutes ago, XRPSlovenia said:

Also in Slovenia you don't pay taxes if you are not a company. If you are normal person, we say "physical person" and not "legal entity" you don't need to pay taxes from crypto trading.

I would like to add, in case you are trading, you need to register a business and that is when you start paying your taxes as a legal entity. But the line between traders and holders is not clearly defined. And you are right, holders (which can do occasional trades) are not subject to taxes - YET :)

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1 minute ago, Global said:

I would like to add, in case you are trading, you need to register a business and that is when you start paying your taxes as a legal entity. But the line between traders and holders is not clearly defined. And you are right, holders (which can do occasional trades) are not subject to taxes - YET :)

That's why I want XRP to moon ASAP, so that my government won't tax me for my profits :)

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On 8/24/2018 at 2:37 PM, XRPto50dollars said:

this is where people confuse things. Taxes and the FBAR are two separate things. FBAR has nothing to do with taxes.

if you live in the US, you have to report your XRP when any buy or sell or hold leads to a transfer of any kind. if you used cash to buy BTC, then to Buy XRP.. you pay tax.

then.. you ALSO have to file the FBAR, every year,  if your XRP is on an foreign exchange for ANY period of time in a 365 day period

https://bsaefiling.fincen.treas.gov/NoRegFBARFiler.html

maaaaaaaaaaaaaaaaaaaaany people dont know about this and will be fined MAJORLY in the future. this is why its important to do research prior to investing.

This is new information to me, even though I’ve been using Bitstamp for almost a year. When you file the FBAR, what exactly is asked? Since it’s not taxes as you say, do we have to pay money or is it just something we have to file with info?

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1 hour ago, Pauly_jay said:

This is new information to me, even though I’ve been using Bitstamp for almost a year. When you file the FBAR, what exactly is asked? Since it’s not taxes as you say, do we have to pay money or is it just something we have to file with info?

its all right here..

At first it seems overwhelming because the form is incredibly long, but then you realize you only fill out the one section which applies to you. once you figure it out, it takes all of 5 minutes.

you dont pay anything. its just to keep track of foreign accounts. very routine. of course, ask a qualified professional if youre not sure.

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34 minutes ago, XRPto50dollars said:

its all right here..

At first it seems overwhelming because the form is incredibly long, but then you realize you only fill out the one section which applies to you. once you figure it out, it takes all of 5 minutes.

you dont pay anything. its just to keep track of foreign accounts. very routine. of course, ask a qualified professional if youre not sure.

This always seemed like such a gift to US folks, @XRPto50dollars ; really dodging a potential bullet.  Also, it's another reason I was glad to move to Uphold for XRP.   But if TRX moons, I'll know what to do :lol:

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