thejaytiesto (OP)
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July 11, 2017, 05:52:14 PM |
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http://www.zerohedge.com/news/2017-07-10/one-trader-made-200m-trading-ethereumand-nobody-knows-who-taxThe taxmen are getting nervous with people holding these massive amounts and not being able to tax it. Well, he didn't sold afaik so it's obvious now he holds less after the crash but he has a fuckton. Some guy makes a point: As he can't prove his entry point, the anti terrorisme act goes in effect, confiscation and guantanamo
Tax evasion as he didn't declare his positions... He's fucked
If you can't prove your entry points and you cash out.. aren't you fucked? They would keep the money and claim it's not clear where you got it from.
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xbiv2
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July 11, 2017, 06:08:58 PM |
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Fake news from ETH fake news network.
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Decentradical
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July 11, 2017, 06:09:21 PM |
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That's why anonymous coins suck, you won't ever be able to use them for anything other than petty purchases without triggering large fines.
If you held 200 million, wouldn't you just gladly pay off the relatively low capital gains tax just to make the entire thing legit? You'd be settled for life.
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Wal.Bob12
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July 11, 2017, 06:21:00 PM |
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You should be able to prove your entry points although I suppose with Eth it gets harder. I would recommend talking to an accountant ha Also, remember to keep good records because it's easier to keep up with record-keeping practices than it is to make up for a lack of records in your work. Cheers!
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Decentradical
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July 11, 2017, 07:12:00 PM |
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Any coin with a blockchain explorer will be easy to show your entry point. You don't even have to prove the actual transaction. Just note that wallet address(es) as yours and you're good.
In my country the tax agency uses January 1st as the price date. If I hold 20 bitcoin then I only have to say I own $998 x 20 =$19.960 worth of Bitcoin for 2017.
If Bitcoin suddenly becomes worth ten times as much on January 1st of 2018 then you note you still own those 20 bitcoins, now worth $9.980 =$190.960 and you pay the tax on it. My country's capital gains tax is absurdly low so I pay 1.3% ($248), but even if it were 15% or 20% I'd swallow and pay it, it means all the rest is gravy to do whatever you want with it.
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Nalien
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July 11, 2017, 07:14:48 PM |
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Any coin with a blockchain explorer will be easy to show your entry point.
Yeah sure, but if you trade alts things get very complicated very quickly with proving what has been going on.
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Decentradical
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July 11, 2017, 07:22:27 PM |
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If you're a high frequency trader then income tax rather than capital gains will apply.
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Josef27
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July 11, 2017, 07:23:41 PM |
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Hmmm can't come up with an entry point? Here let me help ya. I mined them back in 2015, or i bought a laptop at a flea market, or the contents of a storage locker that had a usb stick. Circumvent the problem 200 mill ?Become ex-pat denounce your citizenship move to singapore be happy.
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13abyknight
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July 11, 2017, 07:25:59 PM |
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Its stupid if you go out there claiming that you have 200 million dollars in ETH, the whole point of cryptocurrencies is making everything from storage to transactions completely anonymous. Of course the taxmen will be on his tail all the time now since he gave his identity away and he'll be in lots of trouble in the days to come.
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sui_generis
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July 11, 2017, 07:35:57 PM |
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That's why anonymous coins suck, you won't ever be able to use them for anything other than petty purchases without triggering large fines.
If you held 200 million, wouldn't you just gladly pay off the relatively low capital gains tax just to make the entire thing legit? You'd be settled for life.
Slave mentality
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Decentradical
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July 11, 2017, 09:49:12 PM |
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Yeah, a rich slave though. Not one that has to hand over every single penny and then some more for tax fraud.
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Spoetnik
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FUD Philanthropist™
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July 11, 2017, 10:44:34 PM |
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I seen a guy on CNN before who owned an investment house in the stock market and he said he made 2+ billion almost over night and he did it with ease laughing hard on TV..
Housing derivatives.. They knew a bail out was coming so....
Anyone supporting what happened here last few months such as MARK CUBAN ..are scammy losers.
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FUD first & ask questions later™
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pynetx
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July 12, 2017, 04:47:41 AM |
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Don't trust everything you read online
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Ipwich
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July 12, 2017, 05:43:38 AM |
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I don't know how I would handle that situation if ever I got that money, well I know if we will still continue to hold and accumulate we will surely have that value soon. Speaking of taxes, I think that depends on to your country's regulation so we should know what are those so as not to violate and penalize.
The bottom line is if we will not declare all in exchanges they will not notice it, what I'm trying to say is we can withdraw it slowly or whatever we will do just to launder the money we have.
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Herbert2020
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July 12, 2017, 06:12:09 AM |
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Fake news from ETH fake news network.
not necessarily a fake news. that is what happens in a pump and dump system, people get rich over night and very simple. you just have to learn to see the reality not the hyped up bullshit that the shills of each altcoin spread over the internet. and many investors made a lot of money out of the past 3 months altcoin pump. this is just one news... for example in case of ETH, you should have bought it back when the shills weren't being paid to advertise and nobody were talking about it. by that time price was lower than 0.07-0.01 BTC. then you should have dumped it on top when all the shills were getting paid to make topics all over the internet every day and not wait for it to drop. this coin had over 1000% rise pump.
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Weak hands have been complaining about missing out ever since bitcoin was $1 and never buy the dip. Whales are those who keep buying the dip.
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jaberwock
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July 12, 2017, 06:47:36 AM |
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I think there is no taxes until you sell for money or buy something with ETH.
I don't think the tax people would worry about, because if you cash out too much or buy expensive things avoid taxes would be impossible.
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BTCwriter
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July 12, 2017, 07:09:21 AM |
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The writer of the article is stupid, not everyone is living in the U.S., I heard somewhere the trader is most likely from Malaysia, Indonesia or Singapore, something like that. These countries don't give a fck of taxing crypto. But then probably Eth insider moving Eth around to one account. These crook Eth insiders are mental crazy from start to pump this vaporware to the price it have today's
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Decentradical
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July 12, 2017, 08:05:16 AM |
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Sure if you lived in a developing country you could easily evade any taxes. Either because their tax agency isn't equipped to detect your wealth or because you could simply bribe the taxman at a very low cost. The bottom line is if we will not declare all in exchanges they will not notice it, what I'm trying to say is we can withdraw it slowly or whatever we will do just to launder the money we have.
Most countries have a small amount (up to $2.5k-5k) which doesn't have to be declared. Anything above will have to be declared (and that will be noticed by the banks). If you become a multi-millionaire people usually want to start solidifying their wealth rather than continue speculating. A diverse set of shares, real estate etc. You won't be able to get any of that with undeclared money. You can launder the money, sure, create some business font and declare it all as income. But in most countries that only makes you end up paying more tax than when you would've simply declared your coins. Laundering is for when you get money illegally. Black labour, theft, scams, drugs, weapons, anything on the black market. People that make money this way accept the higher tax cost because it means their money would at least appear legit and usable. But cryptocurrency isn't illegal. Your trades are completely fine. Laundering money and paying a higher income tax because you wanted to avoid capital gains tax is silly.
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pedrog
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July 12, 2017, 08:40:56 AM |
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http://www.zerohedge.com/news/2017-07-10/one-trader-made-200m-trading-ethereumand-nobody-knows-who-taxThe taxmen are getting nervous with people holding these massive amounts and not being able to tax it. Well, he didn't sold afaik so it's obvious now he holds less after the crash but he has a fuckton. Some guy makes a point: As he can't prove his entry point, the anti terrorisme act goes in effect, confiscation and guantanamo
Tax evasion as he didn't declare his positions... He's fucked
If you can't prove your entry points and you cash out.. aren't you fucked? They would keep the money and claim it's not clear where you got it from. If no one knows who he is, why are people assuming he is from USA?
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