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2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance

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56826688 No.56826688 [Reply] [Original]

staked in v0.2? you owe taxes. simply putting your link in v0.2 is a taxable event.

>> No.56826709

>>56826688
Yep. I'm paying income tax on the LINK I migrated from v0.1, and I'll keep tracking income tax once every 1-3 months as my claimable rewards increase.

>> No.56826730

Yep. I'm paying income tax on the LINK I migrated from v0.1, and I'll keep tracking income tax once every 1-3 months as my claimable rewards increase.

>> No.56826731

I have never encountered a crypto-oriented group more obsessed with paying taxes than the people on this board who pretend to hold chainlink

>> No.56826822

Yeah, the rewards I got from v0.1 are counted as income. I will report that in my filings and mark the price of Link on that day so that I can calculate capital gains if I sell them in the future.

>> No.56826946

>>56826822
you must also pay tax on the principle :}
just fyi, buttercup

>> No.56826974

>>56826946
Absolutely, I'm right there with you. Managing the tax implications of my LINK migration from v0.1 is an ongoing task. I make it a point to diligently track the income tax associated with my claimable rewards, and certainly pay tax on the principle. It's crucial to stay on top of these details to ensure a smooth reporting process. And I'm meticulous about recording the price of LINK on the day of receipt, as it sets the foundation for calculating potential capital gains down the road if I decide to part ways with them. Tax season may not be the most exciting time, but being proactive makes the process much more manageable.

>> No.56826987

>>56826974
how much tax do you pay on link per year?

>> No.56827167

>>56826688
I keep hearing people say this but I don’t understand how it works at all and I’m not paying some Jew accountant so I can pay even more money to my Jew government LOL

>> No.56827172

>>56826688
Yes. And?
Only 5k gain

>> No.56827177

>>56826688
You're not going to get into early access or general access. Pool is closed, nigger.

>> No.56827204

>>56826730
>>56826709
Absolutely, I'm right there with you. Managing the tax implications of my LINK migration from v0.1 is an ongoing task. I make it a point to diligently track the income tax associated with my claimable rewards, and certainly pay tax on the principle. It's crucial to stay on top of these details to ensure a smooth reporting process. And I'm meticulous about recording the price of LINK on the day of receipt, as it sets the foundation for calculating potential capital gains down the road if I decide to part ways with them. Tax season may not be the most exciting time, but being proactive makes the process much more manageable.

>> No.56827437

>>56827167
Basically you can save lots of tax later when LINK is $1k if you pay a little bit of tax now.

>> No.56827452

>>56826688
Very strange thread a lot of chatgpt responses. You guys are weird.

>> No.56827486

okayyyyyyy well i'm not going to pay my taxes and nobody but me knows the passphrase to my wallet sooooooooo????????

>> No.56827611

Its not an income until you withdraw you fucking morons

>> No.56827639

>>56826688
no i dont because i dont live in a country run by kikes

>> No.56827773
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56827773

I don't care

>> No.56827836

>>56826688
Why would you stack your coins for a >5% if you are not a whale? I made 10% swinging my stack in less than a month. This only makes sense if your stack is massive. This does not remove any of the LINK in circulation and Sergey might just use this as an excuse to dump on us even more.

>> No.56827864

>>56826688
How would you know what country I'm even in you stupid fucking cunt to know my tax obligations what a dumb faggot

KEKFUDDIES

>> No.56827887

>>56826688
Absolutely, I'm right there with you. Managing the tax implications of my LINK migration from v0.1 is an ongoing task. I make it a point to diligently track the income tax associated with my claimable rewards, and certainly pay tax on the principle. It's crucial to stay on top of these details to ensure a smooth reporting process. And I'm meticulous about recording the price of LINK on the day of receipt, as it sets the foundation for calculating potential capital gains down the road if I decide to part ways with them. Tax season may not be the most exciting time, but being proactive makes the process much more manageable. Keeping a detailed record of all transactions and understanding the tax implications of each step not only keeps me compliant but also provides peace of mind, knowing that I'm prepared for any tax-related queries or audits. This organized approach helps me to efficiently plan my finances and avoid any last-minute tax-related surprises.

>> No.56827902

>>56827611
I can save potentially millions of dollars in tax by paying a tiny bit now you high-time-preference nigger.

>> No.56828209

>>56826688
it's only a taxable event if you are swapping for another token like with stake.link and stLINK

>> No.56828227

>>56828209
LATEST NO POOLER COPE JUST DROPPED BASED KIDDOS CHUDDIE

POOLS CLOSED CHAD SEETHE

>> No.56828268

>unstake link
Is this only for this week? If LINK is high in 3 months can we unstake and finally sell and live the life we wanted?

>> No.56828494

>>56827902
Lmao

>> No.56828599

Thats weird because last I checked I moved it from V0.1 to V0.2 without ever taking ownership of the tokens??? Technically if I never had control of the tokens I can’t claim them. Of course you already knew this though. You are a brownoid and your 15 Link won’t make you rich due to the fact that you will sell it for a shitcoin hoping for an immediate release. You should have never come to /biz/ in the first place.

>> No.56828608
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56828608

>> No.56828856

>>56828268
If you unstake it takes 28 days to withdraw

>> No.56829228

>>56827773
This. OP is a faggot of the highest order

>> No.56829279

>>56826731
the sad part is these guys are obsessing of a few grand of interest income larping as if it's some high level decision. I get second hand embarrassment just reading these threads

>> No.56829813

Your wrong, you just pressed a button to contine staking it. It didnt become available to you, its not in your wallet. KYS FED ORC

>> No.56829989

staking is not a taxable event for the principle. if you want to pay the irs something for that,go ahead, but you'd be a retard to do so. The staking rewards are of course taxable at the time of withdrawal.

>> No.56830018

>>56829989
okay and 323 chainlink is around $5k usd income right now. better to pay a few hundred dollars on that now, then pay the income tax later when you withdraw to your wallet at $100 per link

>> No.56830152

>>56829989
This. Retards don’t know how to taxes

>> No.56830237

>>56830018
i redeemed by staking income as part of the migration process and will pay tax on that as normal income for this year. As it's now re-staked, it is converted from income to principle if/when i eventually withdraw that 323 link, assuming it's in >1 year, I will pay long term capital gains tax on it.

>> No.56830848

We had the option to withdraw a custom amount of link? Who is to say we aren’t withdrawing some of the original principal? I migrated anyway but maybe some food for thought.

>> No.56830974

>>56826688
Moving your link is not a taxable event. Receiving the rewards in your wallet is.

>> No.56832364
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56832364

>>56828608
>Rolf has the same voice actor as Goku
HAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
ED BOYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYY

>> No.56832622

>>56828494
Don't tell me you're one of those idiots who thinks you can actually cash out millions of dollars and just not tell the tax office, right? Tax avoidance is about knowing how the system works and doing beneficial things, not just pretending that you can hide from them. Want me to calculate exactly how much tax I'm saving by paying it now rather than if I sell at $1k?

>> No.56832840

>>56830018
>Better to pay it now
This has to be a joke right? If Link is $100 you'd only need to cash out 50 Link to get 5 grand. The tax is the same either way. You only occur the taxation at the end of the tax year on which you withdrew the rewards

>> No.56832854

>>56832840
*incur

>> No.56832892

>>56832840
>The tax is the same either way
Check your individual country's tax law. In mine, we get a 50% discount on long-term capital gains. Meaning I want my link profit to be in capital gains as much as possible rather than straight income. I know talking about tax on this board is like talking to a brick wall, but does that make sense to you?

>> No.56832952

>>56832840
>You only occur the taxation at the end of the tax year on which you withdrew the rewards

So don't stake everything and spend the equivalent of your rewards? Cool.

>> No.56833301

>>56832622
Why would you need to pay tax now? If you migrated to v0.2 the rewards never hit your wallet and there is no taxable event

>> No.56833305

>>56829813
OP’s wrong what?

>> No.56833478

>>56833301
Because... It's better for me this way.
Jesus fucking Christ this board is retarded. If you can actually have it spelled out for you this much and still not understand, then there's no saving you.

>> No.56834036

>>56833478
it's not income if it doesn't hit your wallet you retard

>> No.56834181

>>56834036
Okay, this is the absolute last post I will ever make about taxation on this board. You people genuinely don't deserve my professional advice.

Option 1:
>Pay income tax now
>325 LINK * $14.50 = $4,712.5 taxable income
>Pay capital gains when selling at $1k
>50% discount on capital gains
>325 LINK * $1000 * 0.5 = $162,500 taxable income
>Total: $167,212.5 taxable

Option 2:
>Don't pay income tax now, wait until you sell at $1k
>No discount, because no capital gains
>325 LINK * $1000 = $325,000 taxable

So you've just chosen to pay AT LEAST 1.94x as much tax, not even factoring different tax brackets and any depreciation that you can claim in that year.
Go for it. You deserve to pay more. I won't reply to this post, I won't answer any more taxation questions on this board, and you can all stay poor.

>> No.56834224

>>56834181
i understand your strategy perfectly, what I'm saying is that it isn't an actual taxable event if you simply migrated without actually claiming the rewards, and if you were to get audited by the governing body that oversees your tax jurisdiction they will figure that out and potentially fuck you over

>> No.56834453

>>56834224
if you put in your principle + your rewards into v0.2, the rewards are most definitely claimed and taxable

>> No.56834507
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56834507

There a breaking point on profits?
What if I'm so shit that I didn't break even?
hypothetically....

>> No.56834819

>>56826688
Yeah, those are great digits but the thing is I’m just not gonna pay my taxes. I’m just not going to is all.