ARE YOUR TAXES AND TESTAMENT OR WILL, CRYPTO INCLUDED OR NOT ?

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Authored by @BRITT

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https://pixabay.com/nl/illustrations/bitcoin-munten-virtuele-valuta-4205661/

When you have crypto , you need to pay tax aswell, because its income. Fuck, I hate taxes, and I am sure I am not the only one. In this blog I also have three questions, and I would appreciate your personal answer.

I did a blog about it two years ago [ on the other platform ] but rules changed and I want to know what you think. In Holland but also around the HIVE world.

More and more people see opportunities to disrupt crypto. Partly because of the hype of the price, but also because you no longer receive interest on savings in the Netherlands belly a. And even have to pay for savings. So crypto in every shape and form is an opportunity. Bitcoin is the most popular in the Netherlands in any case. But then comes the question can I invest without paying taxes? And what do I have to state in my tax statement that must be completed in the Netherlands before 1 May. For crypto, the same applies as any other assets you have, and the value on the reference date is considered. For the upcoming tax return that must now be submitted before May 1 for the year 2020, the reference value date is January 1, 2020. You can enter that value of crypto currency on that date in box 3, just like savings and assets. Also the amount exceeds the exemption (for 2020 this exemption was 30,846 or 61,692 for tax partners) if it exceeds it, you have to pay capital gains tax on it.

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https://pixabay.com/nl/illustrations/bitcoin-munten-virtuele-valuta-4205661/

But while banks report savings to the Dutch tax authorities and you yourself have to disclose matters in your tax return, there is no authority for crypto. It is also likely that not everyone gives up everything. Also understandable of course. The chance that the tax authorities can find out what your crypto earnings or savings balance in crypto is not very high, because of the anonymity. But then make sure that the nergen is traceable or that you brag about it in social blogs. An investigation can always be started. Yes they exist eager tax inspectors, or angry jealous neighbors. This year, the declaration of bitcoin possession other in the Netherlands is a lot less painful than in 2018, on the reference date January 1, the coin was worth 11,000 euros, but at the end as we all still know “only” 3,500. On January 1, 2020, the bitcoin was worth 6416.18 but now 50.00 so make a smiling declaration. My tax declaration has been filed, but I have 3 questions for the Leo Community here,

So to all Leo’s on Hive :

~ Do you have your crypto in your will?

~ Where do you want your crypto to go in the unlikely event that something happens to you?

And

~ Have you described how to get all your crypto and how to open all accounts, because it may be that you are there for a while who do not invest in crypto or are Hiver.

( ofcourse you don’t have to give out keys,

just tips,
what to do
and the fact that I like to know who made his or her
will or testament crypto included,
because when I talk to others
they hevan’t done that yet ! )

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Lover of Life and L❤️ve in General - @brittandjosie

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Date : 22 march 2021



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22 comments
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Bang, I did it again... I just rehived your post!
Week 49 of my contest just started...you can now check the winners of the previous week!
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No will, but an emergency doc of how to get most of the cryptos.

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A CRYPTO EMERGENCY KIT cool. That’s being prepared I love that thanks

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And key is to write it simple and stupid, with a step to step guidance.

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Yes thats the main thing , keeping it very plain and simple. Because the chance that the other will be as big of an addict as wee are is small.

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I have so far compiled my seeds and keys, but have not made any doc relating to how to access them. I may have to make something similar. Thanks for the idea!

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Interesting points! I don't pay taxes (there's no income tax in the country we live in, and we're exempt in our home country for being overseas workers) but I'd love to see what the answers here will be.

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The rules haven’t officially changed here so as long as you don’t cash o you’re fine so mine doesn’t need to be done! What I throw into crypto is basically like a black hole for now

Which is why I’m trying to secure as much cheap Sats as I can while I can! As well as earning crypto if it all comes down the value at settles at is not too far from what I put in

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But did you make a will or did you write down what to do with your wallet(s) when something horrible happens to you ?

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(Edited)

Nope If I die those coins will be lost forever and gift the community since those coins will no longer be in circulation! I don’t see the point in passing on wealth allow the best capital allocators to do their thing!

No one passed me down anything and I did just fine

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But the fact that you earned all by working hard is such a shame to let it go to waste. Maybe give it to charity

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I don't think it's a waste, but maybe when I am older I may feel differently and start a business funding thingy. I do give money to a cause that pays for kids uni in the area i grew up in because there is very little opportunity to do so from where I grew up

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Thats so cool so why not leave them all , but indeed all can change when you have a family. I just say this because i see wallet from people that died , and they are left untouched , i say better prepare than let that happen
But i love the fact you help kids from the former neighbourhood

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This is such a good thing to think about....
I haven't added it in my testament, but my partner knows I have some online earnings.
I've documented it and she knows how to access this when something might happen to me.

Posted Using LeoFinance Beta

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Well that's great and if that is taken care of the will is not needed anymore.

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I began wondering this in late 2017 when I'd only been here three months. So, in early 2018, I made all the necessary arrangements for my Keys to be transferred to someone I trust in the event of my death. That person is already here and familiar with the platform, so they will be able to delegate on my behalf with no difficulty.

That person isn't as active here as they once were, however, so I might be switching to a different party soon. It will be someone I really trust, same as before, and I know they will manage the crypto in a responsible manner. 🙂

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I knew you always go prepared, and the fact you have another Hiver as beneficiary is Great no need to explain keys , codes and all that , I know that some left a full wallet because eno notes were made after something horrible happened

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Tax issue will start to affect everyone, one has some homework to do. Writing a notebook with wallet numbers (cold wallet) placed in a safe with family aware, is a good start. Keep a thumb drive with same information and hand it to someone you trust, who knows how to work with crypto, difficult when many have no clue.

Be sure to deduct original price purchased at, deduct time spent online, electricity used to generate. If taxman wants to take, make sure you deduct whatever in your country allows under working from home conditions.

Depending on where you live in the world some tax collectors are treating as capital gains tax, if you mine/trade it is added to income profits.

No clear call to action has been outlined I read online where I live they are already sending out letters to people on exchanges to declare apparently.

Again hearsay media tends to blow things out of proportion, on the other hand our government is bankrupt who knows what lengths they will go to.

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Working from home and all the deductions is a great recap and consideration gonna make a list of that

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