NEM (XEM) Official Thread - 100% New Code - Easy To Use APIs

[Nortan12rx]

NEM looking good
No more games, NEM very good for everyone even more now

Thank you everybody

it's only beginning.

[NorrisK]

Hi guys

I have a legal question.
Suppose a standard hypothetical scenario where NEM rises to 1USD in 1-2 years. I will want to withdraw some of my funds lets say 1 mil USD.
Now 1 mil USD will just arrive to my bank account - I would expect the financial police will be suspicious of how I could gain so much money.

Is someone here able to explain how this works in European legislation? Can I just withdraw money and say that I was a lucky NEM holder and everything will be fine?
Will I need to declare this as an asset gain and pay taxes? Or is this tax-free?

Thanks for your input!

You are liable for capital gains tax afaik

You will have to declare the value of your holdings every year in your tax forms.

If you do this every year, you will have a paper trail where you paid taxes if they were due and you can back this up with the historical data if questions are asked.

Most important thing to do is to call your bank before you request the transfer as the bank will immediately suspend your account for investigations. It may also be wise to call your tax agency to let them know you are cashing out on your assets so they know where it came from.

What if you cashed out through local bitcoins (cash deal)? . I know $1million would be a big trade and involve suitcases etc but you could do it in stages

You wouldn't be able to spend it on anything big as tax agencies will start asking questions how you bought this car or that house.

Would you really mind paying 10k USD if you made a million profit? I know I wouldn't if it means I made a million in profit.

[lordoliver]

...
Would you really mind paying 10k USD if you made a million profit? I know I wouldn't if it means I made a million in profit.

lol @ 10k...
if you made a million profit in short term it means 25% tax. I guess you would mind that ;-)

[Caladonian]

NEM looking good
No more games, NEM very good for everyone even more now

Thank you everybody

it's only beginning.

looking now inside polo it seems that NEM is really going up and doesn't wants to be interrupted, maybe a good day still for those who
is late comer, there's still a big chance to earn and gain a good profits better to buy more and hold for a while.

[Nortan12rx]

...
Would you really mind paying 10k USD if you made a million profit? I know I wouldn't if it means I made a million in profit.

lol @ 10k...
if you made a million profit in short term it means 25% tax. I guess you would mind that ;-)

rich rich rich

[gentlemand]

You wouldn't be able to spend it on anything big as tax agencies will start asking questions how you bought this car or that house.

Would you really mind paying 10k USD if you made a million profit? I know I wouldn't if it means I made a million in profit.

Anyone who isn't automatically pricing in and planning their tax already is a silly sausage. In this day and age you can't fart without having your account shut down. Good luck winding up with a million dollars in sacks of coins.

You'll never run short of hotdogs and parking. Everything else will be impossible to obtain.

[visaco]

Hi guys

I have a legal question.
Suppose a standard hypothetical scenario where NEM rises to 1USD in 1-2 years. I will want to withdraw some of my funds lets say 1 mil USD.
Now 1 mil USD will just arrive to my bank account - I would expect the financial police will be suspicious of how I could gain so much money.

Is someone here able to explain how this works in European legislation? Can I just withdraw money and say that I was a lucky NEM holder and everything will be fine?
Will I need to declare this as an asset gain and pay taxes? Or is this tax-free?

Thanks for your input!

You are liable for capital gains tax afaik

You will have to declare the value of your holdings every year in your tax forms.

If you do this every year, you will have a paper trail where you paid taxes if they were due and you can back this up with the historical data if questions are asked.

Most important thing to do is to call your bank before you request the transfer as the bank will immediately suspend your account for investigations. It may also be wise to call your tax agency to let them know you are cashing out on your assets so they know where it came from.

What if you cashed out through local bitcoins (cash deal)? . I know $1million would be a big trade and involve suitcases etc but you could do it in stages

You wouldn't be able to spend it on anything big as tax agencies will start asking questions how you bought this car or that house.

Would you really mind paying 10k USD if you made a million profit? I know I wouldn't if it means I made a million in profit.

i agree pay your tax and live... relax

[visaco]

SORRY ...DASH MONERO YOUR TIME IS OVER  
Only XEM Rocks



https://www.theregister.co.uk/2016/02/03/ec_virtual_currency_regulation_suggestion/
http://www.newsbtc.com/2016/10/28/italian-mps-aim-ban-zcash-anonymous-cryptocurrencies/
https://bravenewcoin.com/news/eu-parliament-states-virtual-currencies-cannot-be-anonymous/

ofcourse this wont kill dash/monero/zcash completely but will send them straight to the  dark underground
bad investment if you want to make a profit
i have zero position on so called "privacy coin"  too much Risky

[SweetHodler]

Lets go NEM! Surpassed ETC and XMR by marketcap  next stop, top 5.

[bamboylee]

looking now inside polo it seems that NEM is really going up and doesn't wants to be interrupted, maybe a good day still for those who
is late comer, there's still a big chance to earn and gain a good profits better to buy more and hold for a while.

It is not too late, it has only just began. At today's price, it is still great opportunity to buy xem and hold them. With xem, do not settle with small profits. Think big because NEM have big plans.

[vinci]

been watching XEM and its steady rise but right now it looks like its a pump. be alert for a big dump soon

[suky321]

been watching XEM and its steady rise but right now it looks like its a pump. be alert for a big dump soon

That's part and parcel of currencies.  Peaks and troughs.  Looking at the long term picture however, the outlook is positive and the growth is organic.

[NorrisK]

...
Would you really mind paying 10k USD if you made a million profit? I know I wouldn't if it means I made a million in profit.

lol @ 10k...
if you made a million profit in short term it means 25% tax. I guess you would mind that ;-)

Depends on the country and the tax regulations there.

If you are not an extremely active trader (read: it is actually your job), you are only subject to capital gains tax in The Netherlands, which is between 0,8 and 1,8% next year.

[gentlemand]

Depends on the country and the tax regulations there.

If you are not an extremely active trader (read: it is actually your job), you are only subject to capital gains tax in The Netherlands, which is between 0,8 and 1,8% next year.

You lucky personage. It's 18-28% in the UK and probably going higher. I will soon be imprisoned here as well so won't be able to spend that tax avoiding year making Lederhosen in Bavaria that I was planning on.

[NorrisK]

Depends on the country and the tax regulations there.

If you are not an extremely active trader (read: it is actually your job), you are only subject to capital gains tax in The Netherlands, which is between 0,8 and 1,8% next year.

You lucky personage. It's 18-28% in the UK and probably going higher. I will soon be imprisoned here as well so won't be able to spend that tax avoiding year making Lederhosen in Bavaria that I was planning on.

Ouch...

The Dutch tax office uses an "expected return" on your investments. This expected return is now 4% annually (Will change slightly in the future to a sliding scale depending on how much you have). This 4%, which they say is the profit you made over your investments, is then taxed for 30%.

The only thing that matters is the value on January 1, it doesn't matter how much it was worth on December 31 of that year, they assume you made 4%. It doesn't matter if you gained or lost money, it simply is 4%.

[sammart57]

been watching XEM and its steady rise but right now it looks like its a pump. be alert for a big dump soon

it's already happening, hit 408 million market cap there for a bit, now back down under etc. Volume almost doubled when the price started dropping.

[gentlemand]

Ouch...

The Dutch tax office uses an "expected return" on your investments. This expected return is now 4% annually (Will change slightly in the future to a sliding scale depending on how much you have). This 4%, which they say is the profit you made over your investments, is then taxed for 30%.

The only thing that matters is the value on January 1, it doesn't matter how much it was worth on December 31 of that year, they assume you made 4%. It doesn't matter if you gained or lost money, it simply is 4%.

So what happens if your return is far over the 4% mark? Do you have to declare all of your holdings beforehand and you're taxed on them even if you don't cash them out?

Personally I'm fine with capital gains. It's far better to tax idle profit than everyone's day to day necessities.

[gaazje]

Ouch...

The Dutch tax office uses an "expected return" on your investments. This expected return is now 4% annually (Will change slightly in the future to a sliding scale depending on how much you have). This 4%, which they say is the profit you made over your investments, is then taxed for 30%.

The only thing that matters is the value on January 1, it doesn't matter how much it was worth on December 31 of that year, they assume you made 4%. It doesn't matter if you gained or lost money, it simply is 4%.

So what happens if your return is far over the 4% mark? Do you have to declare all of your holdings beforehand and you're taxed on them even if you don't cash them out?

Personally I'm fine with capital gains. It's far better to tax idle profit than everyone's day to day necessities.

It really means you pay 30% over the 4% gains, effectifly 1.2% over your capital. ie €1200 for €100K total capital per year.

[gentlemand]

It really means you pay 30% over the 4% gains, effectifly 1.2% over your capital. ie €1200 for €100K total capital per year.

Hmm. Well if there are any Dutch people here interested in a gay marriage of convenience hit me up. I'll split the tax savings.

[The Crypto Baron]

It really means you pay 30% over the 4% gains, effectifly 1.2% over your capital. ie €1200 for €100K total capital per year.

Hmm. Well if there are any Dutch people here interested in a gay marriage of convenience hit me up. I'll split the tax savings.

LMFAO