****
My take is that with ICN, you have to report dividends to the government and pay taxes on them. But with ICNX, you do not have to pay taxes on them until you sell them.
My take is that with ICN, you have to report dividends to the government and pay taxes on them. But with ICNX, you do not have to pay taxes on them until you sell them.
Good joke man for me. Where those ICNs are rigged to one person
? Or where on ETH network any token have owner ?As you see is IMPOSSIBLE to tax you directly. In EU that works that way you have to sell crypto to fiat make bank transfer and then you report income and pay tax. ICN like ICNX are same in matter of taxation till you sell your dividend for ETH for fiat USD/Euro you have earned 0.
Unrealized profit is not real profit in crypto until you will find fiat buyer you can not say you earned anything.
ICNX and ICN are same in taxation - in my country gains come when you capitalize in fiat profit not by just keeping it.
In stock market people are avoiding keeping cash on account at end of fiscal year they buy stock report 0 income then they sell next day to keep fiat in broker account until you move money in fiat out of stock market you have 0 to pay. This is good tactic in tax dodging.
Besides of that in EU there are countries where you have 0% capital gains
like Estonia.https://en.wikipedia.org/wiki/Capital_gains_tax
But every country is different while your ICN on your ETH wallet are not bound to anyone - but I don't stop you for paying if you really want.
That doesn't fly. I am morally opposed to any taxation, but leagaly speaking, you have to pay taxes on any gains you make, fiat or otherwise. For example if you trade bitcoin for ethereum, you must pay taxes on any gains you made from that trade.
Uh no you don't pay taxes unless a profit is realized. Your example doesn't make sense. Say you trade btc to eth for a profit but then the price of eth goes down and you are now at a loss. You don't pay taxes on the gains you could have made in the initial trade because those profits were never realized. If you sold the eth at the lower price for a loss you would now have a loss you could report.
That'S not how it works. profits are realized when you trade one asset for another. Say you buy BTC, and then the price of that BTC goes up. The minute you buy trade that BTC for something else, you have insured a capital gain. Of course, you are correct, at the end of the tax year you add up all your gains and losses, and if your gains are more than your losses, you owe taxes.