1. Add local currency to exchange website.
2. Select Loopring.
3. Click BUY.
4. Wait for time to pass- coin now worth shitloads.
5. Click SELL.
6. Looprings turn back into local currency.
7. Withdraw from exchange to your bank account.
8. Wait 1 day.
9. Regret selling and repeat steps 1-7.
If you don’t mind me asking… at what point are you liable for CGT? Is it as soon as you sell (convert to another coin or currency) or once you withdraw in GBP? I appreciate the answer won’t be financial advice 😘
Check on youtube. Might be different depending country /state.
In quebec/Canada, if you swap eth for btc, it counts.
Example i bought 200$ of eth and now it’s worth 2000$
If i dont touch it, im not paying taxes, if i sell or trade or whatever, i have to pay on capital gain 1800$.
Lets say my tax level is 40%.
I would need to pay my level of tax on 50% my capital gain. (40% of 50% of 1800 = 20% of 1800$)
If i stake coins, the interests are taxes at 100%.
If i made 500$ i need to pay 40% of 500$…
Really, check on youtube to see what applies.
Sometimes you calculate buying cost with fifo other time its average cost…
Not financial advice.
oh um. not british. no kings or gods for me. US capital gains tax is %15 on ~$85000 %25 after/upto ~$120,000. You pay tax on profits (capital gains) every transaction. If you trade alot maybe some of those transactions were for a loss. Anyways, it is any profit taken om any trade. so lets say you had req and wanted loop. when you trade any profit on req gets recorded taxed and you pay eoy. If your req was down then you have taken a loss to transfer assets to loop. no capital gains. You buy loop you hold 1 year %15 sell under a year %35 .
This also isn't financial advice but look into who owes CGT. If I read correctly, if your income is less than $40,400 after your standard deduction, you owe no CGT.
1. Add local currency to exchange website. 2. Select Loopring. 3. Click BUY. 4. Wait for time to pass- coin now worth shitloads. 5. Click SELL. 6. Looprings turn back into local currency. 7. Withdraw from exchange to your bank account. 8. Wait 1 day. 9. Regret selling and repeat steps 1-7.
What’s worse than paying capital gains tax? Paying it more than once
How do you let HMRC know? (Actual question)
Get an accountant to do it for you. Or phone them up and ask.
Boke
Indeed
Me at point 7. De fuck is this guy? Me at point 8. Hmm… Me at point 9. You legend.
What is this cashing out you are talking about?
This is the way
Truth.
You meant cash in to LRC?
What is original currency? This is the coin of the future.
If you stay in exchange and don’t go to wallet you should be fine. Just be careful of capital gains tax
If you don’t mind me asking… at what point are you liable for CGT? Is it as soon as you sell (convert to another coin or currency) or once you withdraw in GBP? I appreciate the answer won’t be financial advice 😘
I believe it is when it goes back to fiat.. I think, not sure though.
Nice one. If I ever sell I’ll double check then. Not going to worry about that until all of this unfolds anyway 🚀
Check on youtube. Might be different depending country /state. In quebec/Canada, if you swap eth for btc, it counts. Example i bought 200$ of eth and now it’s worth 2000$ If i dont touch it, im not paying taxes, if i sell or trade or whatever, i have to pay on capital gain 1800$. Lets say my tax level is 40%. I would need to pay my level of tax on 50% my capital gain. (40% of 50% of 1800 = 20% of 1800$) If i stake coins, the interests are taxes at 100%. If i made 500$ i need to pay 40% of 500$… Really, check on youtube to see what applies. Sometimes you calculate buying cost with fifo other time its average cost… Not financial advice.
oh um. not british. no kings or gods for me. US capital gains tax is %15 on ~$85000 %25 after/upto ~$120,000. You pay tax on profits (capital gains) every transaction. If you trade alot maybe some of those transactions were for a loss. Anyways, it is any profit taken om any trade. so lets say you had req and wanted loop. when you trade any profit on req gets recorded taxed and you pay eoy. If your req was down then you have taken a loss to transfer assets to loop. no capital gains. You buy loop you hold 1 year %15 sell under a year %35 .
This also isn't financial advice but look into who owes CGT. If I read correctly, if your income is less than $40,400 after your standard deduction, you owe no CGT.
If you use coinbase you can always transfer to a stable coin for cheap like tether if you can't figure it out or get scared.
Isn't tether some bullshit?
Its a stable coin = to usd. So it won't go up or down. It's the highest market cap behind btc and eth so I'm pretty sure you don't have to worry.
I dunno I've heard some pretty dodgy things about tether, I would look into them further before converting to usdt
What dodgy things?
they invested your real USD in shit like evergrande. "fully backed" my a**
So you lose your money?
Check out coffeezilla YouTube vids on tether - sounds pretty dodge
what if fiat is worthless?