How To Legally Reduce Your (U.S) Crypto Tax Liability
Now that crypto markets have flipped bullish, thoughts have turned once again back to profits and the inevitable cut we’ll need to pay the taxman when the time comes. Generally speaking, a taxable event occurs when you buy, sell, and trade crypto. You are required to report gains and losses on each transaction or when […]
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Does distributed presence create distributed liability? Does participation in a blockchain based decentralized autonomous organization (DAO) subject you to worldwide liability? While a one-sized fits all rule isn't possible, it may help to understand what jurisdiction means and how Courts acquire it.[1] (If you're trying to understand why this even matters, you'll find this author's views on the subject in an earlier post titled "How to Sue a DAO"). 1. What is jurisdiction anyway? Jurisdiction refers to a Court's authority to apply laws to disputes between parties and to do so in....
A reclassification of bitcoin by the United Kingdom's tax authority would put the nation in line with more liberal bitcoin tax rules initiated by Singapore, a professional services firm has claimed. Richard Asquith, head of tax at TMF Global, said the UK's tax authority HM Revenue and Customs (HMRC) is most likely to reclassify bitcoin as a 'private currency'. This would significantly reduce the tax liability compared to its current classification as a 'tradable voucher'. If HMRC classifies bitcoin as private money, then bitcoin holders would not be liable for capital gains tax.....
An NFT representing a 50% share in a St Louis home has been put up for auction on Mintable — but is it as good as a title deed? Investor Ivan Malpica listed a share in a property at 5828 Wise Avenue in St. Louis on NFT marketplace Mintable last night for roughly 42.43 ETH — worth nearly $76,000 at the time of writing.The listing promises "NFT fractional ownership (50%) of this fully gutted rehabbed home," noting the home had been appraised for $138,000 last year and currently generates $1200 in monthly rental income. The listing concludes:"Let's Make History together with the first ever....
A South Korean cryptocurrency exchange announced it established its first legally recognized branch in China. Although the nation banned all local crypto trading services, DBX said the firm already obtained a license to go ahead with the operations. Final Certificate of Incorporation Granted on February 5 According to Money Today, DBX received the operating license to establish the subsidiary in China as part of its overseas expansion plans. The crypto exchange is affiliated with the Korea Blockchain Coordination Association. Per the details given by the exchange, the Chinese government....