RE: The Play2Earn Report - Resurrections...?
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Taxation and crypto is a very tricky combination and it will be different for every country as tax laws are usually extremely complicated.
In the Netherlands, as long as you’re not actively trading, it should count as capital for which there is a small percentage to be paid over the total value on 1st of January.
If however it looks like your activity was the reason for the growth of your assets, then it could be seen as ‘income from other work’, which means you will easily have to pay 40% tax on these gains and over 50% if it is a lot.
So, is doing daily missions and taking part in tournaments enough reason to make it work, or is it still capital that just happened to increase quickly due to the market?
It is sad that some of your relationships turned toxic after people heard about your success with your splinterlands investments.
Take your time, but do engage with us from time to time. There’s quite a few people here that have similar stories, perhaps on a smaller scale. So they might treat you differently.
In Germany it's basically income tax (42% for me) whenever you earn any crypto. Because it gets staked right away it means that I will have to pay tax on any staking rewards again and I won't be able to sell it without paying tax again for 10 years after unstaking. I only pay tax if it goes up in value of course, but if it goes down in value I don't get any tax back. So in essence I pay tax upon tax upon tax... pretty annoying stuff :-/
I will start to engage more with Hive again, really blown away by all the comments I got on my post, never expected that!
Wow, that’s indeed a tax system that doesn’t work at all for crypto, especially hive with the 50% staked rewards and rewards for staking/curating.
I’m glad you got those responses on your post. As early adopters of crypto we should encourage each other. A lot of other people still don’t understand.