CryptoGOV

12 Mar 2023 15:30

Regardless of it being 0 or current price, should it be income or capital gains? As long as you pay taxes that is the decider. What does the tax guide say?

CryptoGOV

12 Mar 2023 15:10

Well, conversely should you treat it as income when the HEX is newly minted at 0? You are NOT avoiding taxes, you are just classifying it as capital gains and not income. Judging by how the protocol operates, that seems accurate.

CryptoGOV

12 Mar 2023 12:44

@RichRichie001 u an old vet here...i remember

CryptoGOV

12 Mar 2023 09:59

They may remove your freedom of movement very quickly

CryptoGOV

08 Mar 2023 18:04

Interesting, that's better than straight income.

CryptoGOV

08 Mar 2023 17:50

Apologies, there is a difference between Uk and us tax regarding airdrops.

CryptoGOV

08 Mar 2023 16:29

I've always heard that airdrops are considered income

CryptoGOV

08 Mar 2023 12:48

That’s exactly how an airdrop is taxed. If you claim yield then it could be considered as income

CryptoGOV

08 Mar 2023 08:03

It's not an airdrop if you mint it.

It's produced by the t-share, so I'm claiming as reward (it's yield, just not like-kind)

CryptoGOV

08 Mar 2023 02:41

Then why do you feel this need to report? If I made a $100 at the blackjack table, should I report? According to strict tax law, I suppose. But really?

CryptoGOV

07 Mar 2023 22:43

That's too much of a b.s. by the book answer. We're you issued 1099's or some kind of equivalent that was filed with the IRS?

If I may ask, what kind of gambling income amounts and gambling loss amounts are you talking about?

CryptoGOV

07 Mar 2023 19:14

Yes I manually override the software (I use crypto tax calculator) and put cost basis at 0 for yield

CryptoGOV

07 Mar 2023 17:52

Do you put in a purchase at a cost basis of zero for the yield? (Not income then.) thx

CryptoGOV

07 Mar 2023 07:14

i use standard deduction and my accountant says I can't net it out and I have to act like my wins were income, but losses don't exist

CryptoGOV

07 Mar 2023 06:41

How does gambling winnings work for amateur in usa: If I have 10 bets each 1,000 and I lose 6 and win 4 for total net loss of -2,000. Can I take 2,000 off of total net income from regular 9-5 job or do I have to count 4,000 profit to add to income and I have to ignore 6,000 losses?

CryptoGOV

12 Mar 2023 15:21

New hex is minted at current prices at time of mint not 0

CryptoGOV

12 Mar 2023 12:59

Still a tad confused on why you would have a cost basis of 0 for hex yield/ reward

CryptoGOV

12 Mar 2023 12:38

How is hong kong tax?

CryptoGOV

12 Mar 2023 09:59

Let me know how that convo goes with the tax man

CryptoGOV

08 Mar 2023 17:50

Uk can be defined as airdrop at zero value, then only CGT if you didn’t do any work to achieve them

CryptoGOV

08 Mar 2023 16:38

yes, that is one way to account for them. You are being gifted free tokens. If those tokens have value at the time of receipt, then that would be considered income in some tax jurisdictions

CryptoGOV

08 Mar 2023 15:01

BLUR.SUPPORT has been banned! Reason: CAS ban.

CryptoGOV

08 Mar 2023 08:04

I'm claiming as reward (not taxed until sold)

CryptoGOV

08 Mar 2023 05:33

You guys deal with Canada's shitty tax laws too?

CryptoGOV

08 Mar 2023 01:34

No 1099...small amounts

CryptoGOV

07 Mar 2023 19:16

Also, not all smart contracts are the same. So I only take this approach on hex stake. I treat yield from ICOSA/HDRN stakes differently

CryptoGOV

07 Mar 2023 18:47

Jinsong Shashi Bhusan has been banned! Reason: CAS ban.

CryptoGOV

07 Mar 2023 09:35

Hi, when staking hex does it trigger a CGT?

CryptoGOV

07 Mar 2023 07:04

I would just net it out. I'm not sure what would happen if you don't itemize. Over 90% of u.s. tax filers don't use Schedule A tax deductions, because their standard deduction is so high and deductible SALT limits of $10K.

When I played poker back in the day, I had enuf other deductions, whereby I could just net the losses through Schedule A deductions. With Trump tax reform, it appears to kibosh that benefit if your Schedule A deductions R not big enuf.

CryptoGOV

06 Mar 2023 21:27

just noticed there is a HEx taxation guide in the files here.