Taxes for accepted Dash proposals

[Barrett Davis]

@younglegend do you mind sharing some of the ways to get DASH to USD? We know of uphold but thats about it.

 

[younglegend]

You mean in usa? Don't expect many fiat gateways in usa.

usa was the heart of all the financial problem. Most exchanges

will try to avoid selling or buying cryptos from usa. Also if you know uphold why would you

ask to change dash to btc?

 

[Lorax]

Our team is about to submit a proposal and we wondering how the tax implications are for the US. Say you get 400 dash from a proposal to pay a team of 4, 100 DASH each.. the next steps to pay your team are:

1. Dash -> BTC (exchange)
2. BTC back to coinbase or gdax to USD
3. Going from BTC to USD will be a tax hit (short-term capital gains.. right?)

So we take the first time capital gains hit and then we have to pay income taxes per employee too right?

How is dash core or marketing etc doing this?

Any recommendations would be great.. trying to do some financial planning

www.losthorizons.com

Unless you are a federal employee, there is a 99.9% chance you do not legally owe a penny.

I can understand this is confusing and daunting to you and you are scared to do the right thing and its not your fault. Americans have only been lied to about the income tax since it was created. So you have been conditioned to just except it as normal.

Anyways, you can learn the Internal Revenue code and figure out where you stand on the income tax laws.

Capital gains taxes are only owed on federal permissioned income. If you make 50k as a Starbucks manager, and put 5k into verge 1 year ago, and 2 months ago you sold for million you would not owe even $1 in capital gains taxes.

If you leased land from the govt, cut down the timber, and made furniture, and sold the furniture for $100k, and your after expenses income is only 80k, then you would legally be required to pay federal income taxes on the 80k. Now if you also then took that 80k and made 500k in capital gain, you would also owe capital gains taxes.

How you actually earned your original money matters as to whether or not you owe the federal govt a cut or not.

The income tax should be called the ignorance tax.

 

[Nat]

make sure that you have a tax ID and set up a coinbase business account so that you're taxed at the corporate tax rate rather than the individual tax rate.

I don't think Coinbase would open a business account for this type of thing. Most merchant accounts they approve are e-commerce services selling physical goods so I would be careful relying on Coinbase to provide business account.