Author

Topic: NEM (XEM) Official Thread - 100% New Code - Easy To Use APIs - page 533. (Read 2985369 times)

legendary
Activity: 1946
Merit: 1007
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%.
legendary
Activity: 2590
Merit: 3015
Welt Am Draht
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.
legendary
Activity: 1946
Merit: 1007
...
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.
sr. member
Activity: 382
Merit: 256
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.
member
Activity: 73
Merit: 10
Be a NEMber- nem.io
been watching XEM and its steady rise but right now it looks like its a pump. be alert for a big dump soon
hero member
Activity: 1148
Merit: 504
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.
member
Activity: 178
Merit: 10
Lets go NEM! Surpassed ETC and XMR by marketcap  Cool next stop, top 5.
sr. member
Activity: 359
Merit: 250
SORRY ...DASH MONERO YOUR TIME IS OVER  Grin
Only XEM Rocks Cheesy



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
sr. member
Activity: 359
Merit: 250
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 Smiley 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
legendary
Activity: 2590
Merit: 3015
Welt Am Draht
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.
full member
Activity: 177
Merit: 100
Nordway
...
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

hero member
Activity: 1302
Merit: 540
NEM looking good
No more games, NEM very good for everyone even more now

Thank you everybody

it's only beginning. Smiley
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.
legendary
Activity: 1666
Merit: 1020
expect(brain).toHaveBeenUsed()
...
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 ;-)
legendary
Activity: 1946
Merit: 1007
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 Smiley 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.
full member
Activity: 177
Merit: 100
Nordway
NEM looking good
No more games, NEM very good for everyone even more now

Thank you everybody

it's only beginning. Smiley
sr. member
Activity: 359
Merit: 250
legendary
Activity: 1050
Merit: 1000
NEM looking good
No more games, NEM very good for everyone even more now

Thank you everybody
legendary
Activity: 1666
Merit: 1020
expect(brain).toHaveBeenUsed()
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!

As far as I know, you only have to pay tax, if buy and sell within a year. So if you were one of the Nemstake holders its longer than a year already and tax free.
But I suggest to consult a tax advisor. I guess you can afford by then ;-)
hero member
Activity: 577
Merit: 500
@visaco - thanks for the links
legendary
Activity: 1279
Merit: 1018
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 Smiley but you could do it in stages
Jump to: