It was an amazing presentation yesterday, and I am very happy, that the Nash team really delivers their promises. The easy to use UI is not just written in the whitepaper, but seems to become reality in a few weeks. Geat job!
One issue that noone really likes to talk about are taxes, however it is an important one: My question is: Will Nash make taxation reports as easy to accomplish as the whole exchange is designed with all the other services?
For instance: 1. When trading: Will Nash offer a detailed list of all the trades, that could optionally be downloadable in different file formats (excel, pdf, etc.) that lists all trades including the amount of trades (gaines and losses) in a prefered fiat currency (dollar, euro)?
2. When staking: Will Nash offer a list of the revenue received through staking Nash-token, that lists all dividend received in a certain period of time in a prefered fiat currency? If that could be downloadable in different file formats as well, that would be awesome.
In my opinion, that would be a great benefit for alle users and a good step, as the whole industry gets more mature and compliant.
An answer would be very much appreciatet. Thank you
I also have the same question. Will Nash provide a dividend warrant of sorts for documentary proof in case the revenue authorities in my country demand documentary evidence? Dividend warrant containing the KYC details of dividend receiver and the dividend value preferably expressed in fiat would be great. Such documentary proof would also be necessary in case one wants to take advantage of Double Taxation Avoidance Agreements (DTAA) which kick in when income is derived from foreign assets (in this case - NEX token - a registered European Security).
Depending on your country, it will have different rules. For most commonwealth countries, the dividends would be treated as income and included as such for tax purposes on your tax return. If you cashed out to Fiat immediately when the dividend is paid, that would be the total income amount.
If you keep the dividend in BTC, NEO, etc, the dividend amount you include in your tax return should create your Tax cost base. When you sell in the future if it has increased in value, you would then have a capital gain on the difference between the Fair Market value when you sell, and the tax cost base you had previously included in income.
Depending on what country your in, Crypto to Crypto sales may be considered a disposition or a transfer to a like asset. If its considered a like asset, only a trade to Fiat would trigger the disposition and Capital gain.
It’s heavily dependent on the country your in, but most certainly the dividends will be included as investment/dividend income.
