Last of the V8s
Legendary
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Activity: 1652
Merit: 4392
Be a bank
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November 02, 2018, 03:42:08 PM |
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Someone please break it to me gently where is the Aston? Can normally spot these a mile off...
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Yaplatu
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November 02, 2018, 03:47:10 PM |
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Got to " Full Global Money ", just HOLD
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Cassius
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Activity: 1764
Merit: 1031
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November 02, 2018, 04:03:03 PM |
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Interesting, I think when I finally start cashing large portions of my HODLING’s I’m going to have to try & emigrate. I am not willing to pay 45% tax on what I sell.
Good job you only have to pay 20% then. You're welcome to pay the extra 25% voluntarily. That'll fund another council bum wiper for me. So you’re right - https://www.google.co.uk/amp/s/www.dailymail.co.uk/money/experts/article-5019947/amp/Do-pay-tax-sell-bitcoin-big-profit.htmlI have to admit I’ve never declared anything I’ve sold, (please don’t track me down HMRC - good luck on that though ) I assumed it was 45% tax here as it’d be a lot to sell GBP wise. This makes me very happy, thanks. Nope, cap gains is 20% in UK. If you earned large amounts then you'll be in the 45% bracket but if you're cashing out some long-term holdings then it's CGT not income tax. Remember too that you have a £11,500 CGT allowance (might be a little more this tax year) and that if you have a spouse you can also use their unused CGT allowance. I just filed and paid my tax return, having taken significant pains to account for everything. I'm still living in fear of an audit because there's no way HMRC understand this stuff and a bunch of exchanges from 2014-15 are defunct, so proving I've acted honestly would be well-nigh impossible. Posts like yours encourage me, because I know HMRC has limited resources. So it's a bit like the old joke: Two guys are in the jungle when they see a lion running towards them. Frantically, one of the men starts putting on his running shoes. Surprised, the other man says " What are you thinking, you can't outrun a lion!!!" " I don't have to outrun the lion," said the man, " I just have to outrun you."
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julian071
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November 02, 2018, 04:14:11 PM |
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Is there really a country in this world where you can just cash out and nobody will even think of telling you to pay tax on your newfound wealth?
Here in NL you only pay tax on the amount you own, irrespective if it's in BTC or cash. You get taxed 1.2% over the value of all your belongings on the first of january of that year, so that's everything in cash, crypto, bank accounts minus all your debt* and minus 25k euro untaxed amount. Cashing out and trading are not taxable events. So this year I will have to pay taxes on what my stash was worth the first of january =(. Luckily the percentage is very low. *excluding mortgage
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Cassius
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Activity: 1764
Merit: 1031
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November 02, 2018, 04:15:55 PM |
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Is there really a country in this world where you can just cash out and nobody will even think of telling you to pay tax on your newfound wealth?
Here in NL you only pay tax on the amount you own, irrespective if it's in BTC or cash. You get taxed 1.2% over the value of all your belongings on the first of january of that year, so that's everything in cash, crypto, bank accounts minus all your debt and minus 25k euro untaxed amount. Cashing out and trading are not taxable events. So this year I will have to pay taxes on what my stash was worth the first of january =(. Luckily the percentage is very low. That's a weird system. Kind of like inflation or a negative interest rate on all of your net worth.
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julian071
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November 02, 2018, 04:19:04 PM |
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Is there really a country in this world where you can just cash out and nobody will even think of telling you to pay tax on your newfound wealth?
Here in NL you only pay tax on the amount you own, irrespective if it's in BTC or cash. You get taxed 1.2% over the value of all your belongings on the first of january of that year, so that's everything in cash, crypto, bank accounts minus all your debt and minus 25k euro untaxed amount. Cashing out and trading are not taxable events. So this year I will have to pay taxes on what my stash was worth the first of january =(. Luckily the percentage is very low. That's a weird system. Kind of like inflation or a negative interest rate on all of your net worth. It does work like that, but it's not unreasonable imho to tax accumulated riches. But if you look at it differently, you get a 1.2% discount if you buy a Ducati from your stash.
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Cassius
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Activity: 1764
Merit: 1031
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November 02, 2018, 04:20:19 PM |
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Is there really a country in this world where you can just cash out and nobody will even think of telling you to pay tax on your newfound wealth?
Here in NL you only pay tax on the amount you own, irrespective if it's in BTC or cash. You get taxed 1.2% over the value of all your belongings on the first of january of that year, so that's everything in cash, crypto, bank accounts minus all your debt and minus 25k euro untaxed amount. Cashing out and trading are not taxable events. So this year I will have to pay taxes on what my stash was worth the first of january =(. Luckily the percentage is very low. That's a weird system. Kind of like inflation or a negative interest rate on all of your net worth. It does work like that, but it's not unreasonable imho to tax accumulated riches. But if you look at it differently, you get a 1.2% discount if you buy a Ducati from your stash. That's a fair point. Possibly has much the same purpose as sub-zero interest rates, i.e. discourage holding unproductive wealth.
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crypmike
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November 02, 2018, 04:24:15 PM |
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Ok guys... time to continue the game Where was this photo taken? Myeong Dong https://goo.gl/9FQyQnKnew it looked familiar. Been there. Right)
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El duderino_
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Activity: 2646
Merit: 12951
BTC + Crossfit, living life.
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November 02, 2018, 04:54:16 PM Merited by LFC_Bitcoin (1) |
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El duderino_
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Activity: 2646
Merit: 12951
BTC + Crossfit, living life.
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November 02, 2018, 04:58:57 PM Merited by LFC_Bitcoin (1) |
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THATS THE KIND OF MUSIC I WOULD ALWAYS BE PLAYING OUT LOUD !!!!
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El duderino_
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Activity: 2646
Merit: 12951
BTC + Crossfit, living life.
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November 02, 2018, 05:07:07 PM |
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THANK YOU PLEASEtime for the every friday portion of LES MILLS GRITT work out, gotta stay sharp, cause when the price is gonna take of, then i do not want to miss a second........
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Phil_S
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Activity: 2107
Merit: 1531
We choose to go to the moon
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November 02, 2018, 05:15:50 PM |
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I usually roll my eyes when I hear "Taxation is theft", but this?
Them wanting to tax the cash in my wallet sounds crazy to me...
Yet you guys are talking about it like it's most normal and reasonable thing.
Mind-boggling.
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Last of the V8s
Legendary
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Activity: 1652
Merit: 4392
Be a bank
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November 02, 2018, 05:55:33 PM |
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So Bloomberg's finest got through to a secretary who said 'no idea' and 'nunya bizniz anyways' and an article was born.
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Biodom
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Activity: 3892
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November 02, 2018, 06:14:39 PM |
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just for kicks, see "Time traveler" report/retort. not my opinion, but quite curios...mentions africa specifically. https://www.reddit.com/r/Bitcoin/comments/1lfobc/i_am_a_timetraveler_from_the_future_here_to_beg/Something like a dystopia, which can teach us something, but what? No disrespect, but bitcoin in Africa/Uganda would not result in anything good long term, IMHO. Would Blockchain space in Nevada become a "Citadel"? Or, maybe, Malta would have first dibs since it is in a nicer environment?
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jbreher
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Activity: 3038
Merit: 1660
lose: unfind ... loose: untight
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November 02, 2018, 06:26:05 PM Last edit: November 02, 2018, 07:27:24 PM by jbreher |
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Yeah but... They show a balance of about $1.8B, while Tether market cap (according to CMC) is about $2.5B. edit: $1.8B. Mea culpa. I swear that browser tab couldn't have been more that a couple days old. Where did $700 million go overnight? Still... For some reason, this does nothing to assuage my skepticism.
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jbreher
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Activity: 3038
Merit: 1660
lose: unfind ... loose: untight
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November 02, 2018, 06:27:52 PM |
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WAY better than nothing. Though "portfolio cash value" is not the same as USD Fiat on deposit. It could be all on Tesla stock for what we know or any sort of high risk high yield investments.
The portfolio may even be in the form of Tether! P.S.: Also one single signature from some UNIDENTIFIED person and not even an official bank seal..... It's almost comical when you are certifying almost 2 Billion USD.
For reals, dude.
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Last of the V8s
Legendary
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Activity: 1652
Merit: 4392
Be a bank
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November 02, 2018, 06:31:11 PM |
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Yeah but... They show a balance of about $1.8B, while Tether market cap (according to CMC) is about $2.5B. For some reason, this does nothing to assuage my skepticism. mebbe you misread cmc vol is 2.5, cap is 1.7 dunce hat for u but yeah, letter schmetter
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cAPSLOCK
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Activity: 3766
Merit: 5146
Whimsical Pants
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November 02, 2018, 06:42:54 PM |
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Look at those Bollinger bands on the 1D and 3D charts.
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DaRude
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Activity: 2893
Merit: 1886
In order to dump coins one must have coins
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November 02, 2018, 06:45:41 PM |
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WAY better than nothing. Though "portfolio cash value" is not the same as USD Fiat on deposit. It could be all on Tesla stock for what we know or any sort of high risk high yield investments.
The portfolio may even be in the form of Tether! P.S.: Also one single signature from some UNIDENTIFIED person and not even an official bank seal..... It's almost comical when you are certifying almost 2 Billion USD.
For reals, dude. "USD Fiat on deposit" is nothing if you don't know their debts. i.e. money could've been borrowed for a day and deposited to the account short term just for the letter. Bottom line, it's most likely illegal and will always require trust in 3rd party. Those that don't know history are doomed to repeat it.
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