A study recently found that drinking coffee in the morning reduced the risk of death in the next ten years by almost 40%.
So sod exercise (apart from 3 dog walks per day) I’ve switched my tea and coffee between afternoon and morning. 
But look out for that asteroid in 2032! 
BTW in case anybody else is in similar position. I spoke to my tax accountant today.
The burning process for Austrian tax residents is a tax event. While profits incurred on MAID until the burn are tax-free (bought before 2021, held for more than a year), any profits made on new ANT will be taxable.
Where Profit = Selling Price minus Cost Price (price on day of burn).
So looks like i won’t be burning anytime soon.
Doesn’t that mean that the burn is tax free, and then ANT will only be taxed when you sell, not when you convert?
Did you tell that Maid is a placeholder token for ANT, that Maid and ANT represent the same asset, that ANT is just a change in technology? As they represent the same asset then they also represent the same value, so no gains between them.
I have asked several “experts” and each one tells me something different. For some, it’s a taxable event, for others, it isn’t, and yet another says it’s doubtful and the best thing would be to ask the tax authorities. The reality is that no one has a fu*** clue.
And in many cases they don’t know either
Yes. I would treat it like capital gains. Normally capital gains are paid through the gains from the capital in dollars, when sold. The crypto is an investment vehicle like a stock. If the value is the same when burnt from a placeholder token to the network token, which are in truth, one and the same, there are no gains. No taxes.
If it’s a taxable event, the capital gain will be the result of the current value of the ANT exchanged minus the original purchase value of the Maid/Emaid.
yes, only if i sell ANT at a profit it is taxable where the price on the day of the burn is used for the cost price.
I hinted at that but he didnt really care. I’ll so some research myself.
Is there any documentary evidence that this is the case?
The question for me is more about which rules apply. As I bought the coin in 2017, the new 2021 rules do not apply - any gains are tax free. However, the new rules (all profits taxable) could apply as the burn is taking place after 2021.
Maid/Emaid are described as placeholder token in the whitepaper. The burn should not be any profit gain because there are no value gained, it is a switch of technology.
As a rule, each country has different regulations on capital gains tax, which includes profits from the sale of cryptocurrencies (even in the EU there is no uniform regulation on the matter), so it is best to ask at the relevant institution, in my country there is, e.g. the National Tax Information, which you can call and specify your doubts.
If there is tax in your country, again as a rule, income arises if you sell cryptocurrencies on an exchange, in an exchange office or on the open market, i.e. you exchange cryptocurrencies for legal tender, i.e. e.g. in USD, Euro or GBP.
Converting Maid or eMaid tokens into ANT is a technical operation as tobbetj wrote, and therefore not subject to tax.
If you acquired the tokens before the statutory introduction of the tax then they are not taxable at all, whereas the conversion of e.g. Maid into ANT is still a technical procedure and therefore still your tokens remain tax-free. E.g. in my country it is defined in such a way that an exchange between cryptocurrencies, whether it is done on an exchange or on a unitary basis, will remain indifferent in income tax - so an exchange from a token to another token does not generate income and only a sale in e.g. USD constitutes a taxable gain.
But it is best to ask the relevant tax authority about this, rather than various experts.
There are very few countries in the West where crypto-to-crypto transactions are not taxed and, unfortunately, not mine.
Moreover, the laws are very different in Portugal or Germany, where you are exempt from taxes if you hold them for more than a year, compared to France, where you also don’t pay for crypto-to-crypto transactions but you end up paying, when converting to fiat, all the gains accumulated from the very beginning.
Austria too are a paradise for holders with asset before march 2021.
In the USA, @rusty.spork is telling that it would be a taxable event, and in numerous other countries, I’m afraid it is the same.
On a visit or call, no official will be able to answer you, so you need to do what is called a “binding query,” which takes about six months and requires you to identify yourself and present your case to the administration.
I’m not sure if it’s the best idea…
Sorry folks, I just scrolled this thread, is this famous recap accessible somewhere? Maybe I’ve gone mad but I didn’t see it there.
Not that I didn’t enjoy scrolling the thread! David, you’re a powerhouse of a human, fair play to you for battling so hard. Enjoyed everyone’s forays into their health kicks too.
Also, the article in Digit - brilliant! I’m a bit text-centric, seeing interviews like that really does it for me. Look forward to more of those going forward, it gets the blood going seeing it in black and white like that (in a healthful way…).
It is hard to believe that in a civilised country no one is obliged to explain whether tax is due and to give the legal basis. I can call and I don’t even have to introduce myself, I ask a question and get a clear answer. Maybe you are right that such an enquiry is not the best idea, maybe it is best to assume that as long as you have the tokens they are not taxed, and when the office by some miracle finds out about the token conversion and considers it as income, you can explain that you asked the office but did not receive a binding answer.
Here we have self assessment aided by online tax forms/app
Basically a tax accountant can submit an assessment of your tax liabilities and the tax office can accept it or review it. Thus its upto the tax accountant (or yourself) to get it right. As long as it seems legit typically it will be accepted, except for rare random audits.
We have a thing called windfall profits, capital gains, income, etc and all have differing rules for taxing rates, reporting requirements, etc. For anyone who is not a simple worker, sole trader, pensioner then its wise to use a tax accountant/professional.
The tax office here can be asked for a tax ruling which is supposed to be binding. Or we used to be able, things could have changed. But that is also a double edged sword in that a tax official could be nasty bastard and make a ruling that is both unreasonable and very costly and it has to be abided by. At least without one then the tax accountant can make a reasonable decision and if found wrong by tax dept then its just pay the extra tax and small fine. If you go against a tax ruling then you can be up for major fines and/or being charged.