I’m running a stake pool as a business, and the pool got its first rewards at the beginning of epoch 217.
I need to withdraw some of the rewards to pay for hosting fees, etc. but my current bank rejects transfers to/from crypto related services. I’ve previously used Etana to get around that, but its a bit of a tedious extra step. I’ve also tried services such as Revolut and TransferWise, but they do not allow crypto related transfers either, and MisterTango is way too pricey.
Does any of you have some recommendations to a bank / EMI that could be used? Preferably a service which also offers a Visa or Master debit card? Or how are you withdrawing your rewards to fiat to pay for hosting fees?
And regarding accounting/taxation, I’ve read that the correct way to tax the rewards, is to tax the value of the ADA at the point in time where they were rewarded. so I guess the most safe thing to do, is to convert all the rewards to fiat, when they are rewarded, to avoid price fluctuations resulting in not being able to pay the tax of the value of the ADA. For example
- The price of the rewarded ADA in epoch 217 was approx 0.98$
- If some rewards are withdrawn at the end of year, to pay tax, and the current value of the rewards are 0.5€ (unlikely ofc), would it still be 0.98$ per ADA that would have to be paid taxes of? Or would it be possible to deduct a realized loss on the total price?