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Flare and Taxes


brianwalden
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2 hours ago, CountZerpula said:

For my money 'haven't discussed it yet'  doesn't really square with  'know how they expect them to be taxed'.

Sorry, I meant haven't discussed it publicly. For example we have public statements from Flare's Twitter and Hugo himself about the airdrop and taxes. I haven't seen anything about F-assets and taxes.

I'm quite sure that they considered tax implications just as much as we can see from their pubic statements that they considered regulatory implications.

What I meant to say was they have a position, they just haven't revealed it.

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  • 1 month later...

So I was just thinking, I think most people will agree that wrapping coins (in the traditional way) is not a taxable event. But what if I just straight up trade ETH for somebody else's already existing WETH, or whatever, without going through the wrapping process. Is that a taxable event? Why or why not?

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  • 2 months later...

It depends on what kind of taxes we're talking about. I try to do it consistently on time and only to trusted individuals or companies because I've heard how many scammers have appeared in 2021 who are trying to cheat you and make money on everything. It's harder to keep track of assets that remain in your custody that you can transfer to Celsius or Power Piggy and that they have been removed from the purchase pool, allocated to the collateral module, and then at some point returned to the purchase pool. The excellent site https://www.thepaystubs.com/ helps me with this one. They have great results that I am more than happy with. So I have no problem with paying my taxes. I think this might be helpful information for you as well.

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