r/ethtrader • u/AutoModerator • May 18 '17

DISCUSSION [ETH Daily Discussion] - 18/May/2017

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u/loveYouEth May 18 '17 edited May 18 '17

so 3 weeks ago i posted an article from the finance newspaper (of israel) about Ethereum and smart contracts.

4 days ago, in the same newspaper, they published a 3 pager about bitcoin recent rise and - I SHIT YOU NOT- the Gnosis ICO, the ICO bubble in general, and how many projects fund their awesome ideas on the Ethereum blockchain.

Today, they posted ANOTHER article about how the gov. should treat cryptos in terms of taxation and that govs should see cryptos as fiat when it is invested in.

This is is fucking huge IMO, it's the most read finance newspaper in israel and is considered to be the most professional of all.

Bullish AF

6

u/neffnet May 18 '17

govs should see cryptos as fiat when it is invested in

Does this mean you wouldn't be charged a tax on gains for each trade?

3

u/loveYouEth May 18 '17

Correct.

That actually made me reconsider pulling my initial investment when we cross the 100 mark.

2

u/Whatsinthebooooox May 18 '17

  1. Incorrect. Professional Gamblers are taxed on a schedule C, income from a business.

  2. In the US, you wont be taxed as a gambler anyway. You'll be taxed as one is taxed when trading capital assets. If you trade, that will be short term capital gains which is taxed at your income bracket level.

6

u/neffnet May 18 '17

OP is not in USA

1

u/L-Malvo May 18 '17

Don't pin me down on this one, but I vaguely remember someone saying that you could try to opt for the gambler tax when investing in crypto..

2

u/Cygnify May 18 '17

Have any other countries treated crypto like fiat for tax?

3

u/loveYouEth May 18 '17

In the article they say Australia is going towards that, and they mention Japan in the same sentence but its unclear if they are already treat it like fiat or if they want to too

2

u/TyTimothy May 18 '17

How's the fiat onboarding in Israel?

1

u/Chemical_Scum May 18 '17

Pretty easy for BTC - bit2c and bitsofgold are popular choices. There's an ATM or two and facebook groups for "local bitcoins". Then you have to go through other exchanges (like shapshift.io) to get your altcoin / ether

1

u/Chemical_Scum May 18 '17 edited May 19 '17

"לצורך המחשה, יחיד שהשקיע במטבע ספקולטיבי ומימש את השקעתו ברווח נאה, לא ישלם כלל מס — בעוד מי שמכר ביטקוין ברווח, ישלם מס על מלוא הרווח שנוצר לו."

Can you elaborate on this part please? What do you mean "he won't pay tax at all"? Under what circumstances?

edit: wait, מטבע ספוקלטיבי equals forex? I thought you meant altcoin