Help me

Maybe try going into BTC and transferring that to Coinbase, and then buying back. A little cumbersome and some added fees, but I did that just a week ago to go from Binance to Coinbase and it worked fine.

> He thought he could withdraw

HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA

He's probably a fellow burger. Once Binance.us launches in September I'm probably leaving Coinbase to go back. The constant outages on Coinbase are absurd.

This would be a taxable event my dude as you are realising gains

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You already committed a taxable event by buying LINK from either BTC or ETH in the first place.

No you didn't unless you realised gains in doing so

come home white man

Enjoy the audit, lmao

Ok I'll bite. Say you send $1000 to binance and immediately exchage for Eth which you then exchange for chainlink. You have $1000 of chainlink having made no capital gains.

Tax is only due if this value of link rises above the capital gains threshold in your country and you realise that gained value by again trading. Please do correct where appropriate my man

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I’ve tried that already several times

You're right that in that scenario you effectively have no actual gains, but you're still required to report it. If they audit you they'll assume that you received all your LINK with zero cost basis and tax your entire stack, forcing you to then go through the hoops of tracking all your trades. And are you sure that's literally all you've ever done? You've never ever not even once purchased some ETH, get distracted for 24 hours, have it pump 20%, and then buy LINK?

Then I'm not sure. I do know that when I tried withdrawing the first time I got some new identity confirmation prompt and they told me my balance was zero, but I logged out and logged back in it apparently forgot and I was able to transfer to Coinbase. Binance is a little fucky lately, you might just have to wait a couple days.

If the value of the ETH goes up before you swap for LINK then you realized a profit on the ETH which is taxable.

I believe where I am in the UK, we only need report on any gains made. It's a very simple before and after value calculation especially for that given scenario. We don't have to report anything until we owe cap gains tax.

I'm very hands off with crypto, bought link 2 years ago and haven't touched it since

I agree with you on this. In my situation it didn't at least not in any meaningful measure that would be anywhere near the cgt threshold in the UK (£12000)

I am. But apparently I can’t fucking leave binance

That's probably different then. US capital gains taxes are a lot fuckier than most others. Good show m8

Coinbase is FAFT compliant, so Binance might be taking time to upload what data they have onto you to Coinbase for your transactions to all be marked in your personal name for both exchanges.

in the uk, if you earn under personal allowance, what tax would you pay on say, 100k worth of linkies? would that be classed as earnings and put you into the 40% tax bracket?

But why wouldn’t they send me a withdrawal confirmation email? My withdraws eventually end up getting cancelled every time too.

In uk this year the CGT tax rate is a flat 10% on any gains above £12000 if other annual income is below £50,000. If you earn over £50,000 your gains above threshold are taxed at 20%. I think my job income is right on the line so would need to look into that or pull back on overtime near end of tax year..

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I should add that gains are taxed as gains alone and are not counted as earnings. This is good overall.

fucking sweeeet - thanks bro

Bump

No worries, I received it