CryptoGOV

16 Mar 2023 06:07

I’m mobile and deff not in usa

CryptoGOV

16 Mar 2023 06:05

As for my understanding, every outgoing transactions that is to an address which is not yours, is taxable for IRS (in USA)

CryptoGOV

16 Mar 2023 06:02

So basically I can actually label it as lost

CryptoGOV

16 Mar 2023 05:52

You can treat it as you sold for something that is worthless

CryptoGOV

16 Mar 2023 05:46

Is it technically not a donation? As we sacreficed for free speech?

CryptoGOV

15 Mar 2023 14:15

Tough one to call, but worth mentioning again, that it was an accountant who mentioned what I wrote. You can try to find the post, pretty recent.

Remember we have no clear guidance. As long as you aren't trying to cheat the government, you can argue what you want. (nothing crazy of course.)

CryptoGOV

15 Mar 2023 07:31

I understand what you're saying with the fair market value determination. I would assume you put a value to it the moment anyone owns it. So for hex yield the moment its minted and in your wallet from interacting with the contract, that is when its fair value is realized.

CryptoGOV

14 Mar 2023 22:50

Question about A charity remainder trust for taxes…. I know the charity doesn’t pay taxes on trades… But what if i make some trades and lose all the funds… *cough* maybe intentional…. What happens to charity trust if the balance is $0?

CryptoGOV

14 Mar 2023 21:03

But there is like a yield and or air drop law the IRS has written down. Its based of fair market value. The moment you receive your yield its the market price not 0. I Might be getting confused lol

CryptoGOV

14 Mar 2023 11:05

If it’s easy to do, you can do it yourself. I used an accountant for this first time to showcase that I got a professional in (I paid the insurance incase I’m investigated)

CryptoGOV

14 Mar 2023 07:13

But why do you put the yield at 0? Why wouldn't it be the current hex price automatically once its created?

CryptoGOV

14 Mar 2023 04:37

Can I report capital gains myself in the UK 🇬🇧 or should I go get professional advice? Cheers boys

CryptoGOV

13 Mar 2023 05:37

How do i treat coins i earned playing game with nft i bought in usa?

CryptoGOV

12 Mar 2023 20:41

👍 trying to help where I can. I had to go through my Uk tax self assessment beginning of this year so can share what the accountant told me etc

CryptoGOV

12 Mar 2023 15:34

From His HEXellency - Technically speaking, the hex is burned via the smart contract when you stake (now mine?). The tax softwares I've seen treat a "burn" as a deemed sale with capital loss. My accountant and I don't take that approach since that would be a bit aggressive in that you are claiming a tax benefit. Instead, we call it a burn but treat it as a staking deposit and set those staked coins out of the remaining hex inventory I possess. When a hex stake ends, the principle maintains original cost basis and the hex yield/reward has cost basis = 0 since the smart contract is programmed to tokenize time and inflate your principal

CryptoGOV

16 Mar 2023 06:06

Even if you consider it as a gift, it is taxable for you

CryptoGOV

16 Mar 2023 06:02

Because there was no expectation

CryptoGOV

16 Mar 2023 05:56

Every crypro tax platform has their own classification, and different interpretations of which transaction is taxable, so it doesn't matter how you call it. Deside if a transaction is taxable or not and chose whatever applies.

CryptoGOV

16 Mar 2023 05:48

/channel/CryptoGOV/35292

CryptoGOV

16 Mar 2023 05:46

Hey! Anyone know what to label the transaction of money I sent to Pulsechain sacrefice?

CryptoGOV

15 Mar 2023 07:34

PLS and PLSX makes sense to have a 0 value at launch because there is no bridge to assets that have monetary value. After the ETH bridge opens and people start spending things with USD value for things that don't PLS and PLSX will have an actual USD value. Hex yield on the other hand does have a value. Someone can buy eth with a credit card then swap for hex.

CryptoGOV

14 Mar 2023 23:02

It will certainly be zero. And that is by design.

CryptoGOV

14 Mar 2023 21:21

When is fair market value determined? If this is handled correctly there will be no unambiguous answer.

It should arguably be determined when a person with basic knowhow can access this asset. For PulseX or Pulse, likely at time of official launch. If there is no market for it at that time, then one can make the case it is simply zero. If the IRS would try to impose something else, absence compelling reason otherwise, it would be plain old arbitrary.

CryptoGOV

14 Mar 2023 16:46

Thanks for the responses guys 🙏🏾

CryptoGOV

14 Mar 2023 11:01

I think because you got it for free and your cost basis is zero. Search for the original post, not that long ago.

CryptoGOV

14 Mar 2023 05:42

I don’t see why not I do myself in USA

CryptoGOV

13 Mar 2023 17:12

When in doubt, normal income. The only thing you really have to pay extra penalties on is anything that gave you a tax advantage to begin with (ie pulling from a retirement account)

CryptoGOV

12 Mar 2023 21:49

Curious to know from anyone here how they have handled lifestyle purchases and taxes.

Whatever you sell or use with a crypto debit card, how much do you keep aside for taxes? I’m planning on 30-40% as a worse case scenario but curious how others do

CryptoGOV

12 Mar 2023 15:37

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

CryptoGOV

12 Mar 2023 15:31

And I believe a tax accountant came up with the reasoning if you scroll up the thread.