Are Harvested XEMs earned taxable in the USA?

Tech Support
#1

Once we start delegated harvesting. Are the XEMs earned from it are taxable or are they considered savings?

#2

I think that it was better to consult with your tax accountant.
I am a Japanese, but if a person not qualified advises the individual about tax, it will be punished.

thanks

#3

Thank you @mizunashi . I understand.
If there is anyone who has harvested and has knowledge on tax liability, please do share it here.

#4

I am not a tax accountant either but common sense says that harvested xem are some kind of income and thus are taxable. Of course there could be a tax free amount of some kind.

1 Like
#5

Like BloodieRookie said, theoretically those XEMs are taxable.

#6

Thank you @BloodyRookie.

#7

I live in USA (non-citizen), I am thinking of transferring XEMs to India to my family. Now, where do i pay tax India or USA assuming i haven’t started harvesting?

#8

I think you will pay taxes in the country from which you will withdraw your money.

So if you send XEM to an exchange and from that exchange to a bank account from India, then you will pay taxes in India.

#9

(For US.) Consult a tax professional. With that said, harvested nems can be considered income (taxable). Exchanging nem to another cryptocurrency is taxable. Nem to fiat is taxable. I used this site to track everything: https://bitcoin.tax/

#10

Thank you @nemismatic

#11

Thank you @ronin5