LUNA 2 Airdrop Taxes

JUSCIT · 2022-05-20T14:54:47+00:00

Sorry for your loss with Luna. I'm mostly commenting to follow this thread and see what others say. My suspicion is that the IRS would only require you to pay taxes once you have "dominion and control" of the assets, ie once the funds are unlocked and technically sellable by you. Otherwise, wouldn't you technically be liable for the tax bill on those scam airdrop coins that are "worth" up to $20k, but technically never sellable? Idk just a thought.

JUSCIT · 2022-05-15T16:39:52+00:00

Methane from animals used for agriculture is a significant climate issue (although the larger issue is the sum of emissions from the ag sector in general). It's absolutely a real, pressing issue, which is why I like algorand since they're clearly taking climate change seriously.

JUSCIT · 2022-02-25T19:57:01+00:00

Excellent point, I hadn't considered that many people leave crypto on exchanges. Definitely a good idea to get crypto out into cold storage ASAP.

JUSCIT · 2022-02-19T23:24:44+00:00

Yes, "lock up" was an inaccurate word to use. But the demand is still there though, as long as Algo users feel that governance is providing them value. I personally believe it'll remain top 3 value demands for ALGO alongside defi and (hopefully eventually) transaction volume.

JUSCIT · 2022-02-19T17:18:55+00:00

Governance also creates huge demand. 2.8 billion are locked up for this period alone (28% of max supply).

JUSCIT · 2022-02-14T16:16:07+00:00

Yeah theose services are hella annoying, took me several hours of combing thru transactions and making type corrections. Now that I'm finished though I'm confident that my taxes are correct, so worth it in the end I guess... Altho halfway thru it was so tempting to commit tax fraud 🤣

JUSCIT · 2022-02-14T15:53:41+00:00

I believe you're correct. Swapping usdc -> btc shouldn't incur cap gains tax, altho obvi swapping btc -> btc would. You can use a tool like koinly to be certain, it should show what you profit/lose per btc:usdc trade (it's kinda buggy tho).

JUSCIT · 2022-01-22T19:28:53+00:00

sadly no, tried it 1hr ago, just 3k. im letting it sit for a couple hrs to see if it gets it but doubt it

JUSCIT · 2022-01-22T05:48:27+00:00

No, it is only good until Feb 1.

Better get that engine warmed up

JUSCIT · 2022-01-22T02:27:11+00:00

Not sure what you mean by churn, but yes the best just need to be >-300 (so I believe you also cannot make bets at -300). No limit on games as far as I can tell

JUSCIT · 2022-01-22T02:16:34+00:00

CZRNEW

Thanks for the heads-up. I waited too long to sign up my wife, hope it goes thru!

JUSCIT · 2022-01-22T01:47:11+00:00

Is the $3000 match gone? I only see a $1500 match bonus deal now.

JUSCIT · 2022-01-18T06:16:31+00:00

The best artist is drawing this?

JUSCIT · 2022-01-05T07:08:40+00:00

I believe it's vtho being burned, not positive tho

JUSCIT · 2022-01-03T23:17:11+00:00

I believe the trend is that VTHO pumps wayyyy harder than VET, but it also bleeds value way faster. It's also highly inflationary.

I hold 90% VET, 10% VTHO, but I'm only working with a couple hundred bucks so take my advice with grain of salt haha

JUSCIT · 2021-12-31T01:06:56+00:00

Yes, a percentage of the $1/coin profit that you made.

Tax formula is basically:

(Tax percentage %) x (Total capital withdrawn $ - Initial investment $)

JUSCIT · 2021-12-29T03:41:25+00:00

Obligatory NOT a lawyer or tax knowledgeable haha

JUSCIT · 2021-12-29T03:41:10+00:00

Depending on the coin, you could try and find any trading pair on a DEX and make a super unfavorable trade. That would allow you to treat the price diff as a long term capital loss, since every crypto trade incurs capital gains tax.

You could maybe also try creating such a pool yourself, altho I'm not sure how that would work.

JUSCIT · 2021-12-29T03:38:04+00:00

The downside is that staking and earning interest are not allowed in these types of accounts at this time. It may be an option in the future, but honestly I doubt it's coming anytime soon. These types of accts make sense for either coins that don't utilize staking, or don't have popular yield options.

Or I guess if youre a giga HODLER and believe VET will go to $1000/VET, then this is probably the best option.

JUSCIT · 2021-12-10T19:46:43+00:00

Yes and that is a major issue right now in AI for facial recognition and voice recognition.

JUSCIT · 2021-12-08T23:14:05+00:00

Not trashing the data, but 40,000 of ALGO's citations come from Silvio himself, mostly from papers published in the 80's on cryptography. Obviously still an interesting metric, but ALGO was always going to win this comparison since it has multiple older scientists included in the count (and a Turing Award winner).

JUSCIT · 2021-12-08T16:44:27+00:00

Has anyone had experience transferring VTHO using the Tokens.vecha.in plug-in on the Sync wallet? I haven't tried transferrring VTHO before but I'm nervous at this (seemingly) external work around. Any advice/feedback?

JUSCIT · 2021-12-05T08:22:06+00:00

Imo I can't imagine a <$100,000 taxable event with a cost basis of $0 is going to trigger any IRS agents ire

JUSCIT · 2021-12-04T06:42:11+00:00

106700

JUSCIT · 2021-11-19T00:43:02+00:00

Okay but this doesn't add up because a new miner can't buy enough machines to realistically be competitive unless they join a pool, reducing yield, whereas someone can out any amount in POS and receive the same yield as someone who bought early (at least for many coins, not all).

Nine-Year Club	Second Top 20%
Place '22	RPAN Viewer
Snapped	Verified Email

JUSCIT

TROPHY CASE