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State Tax Issue — DeFi yield farming tax treatment

Started by just_curious_creator_CA · Oct 24, 2024 · 1,225 views · 9 replies
For informational purposes only. This is not legal advice. Laws vary by jurisdiction. Consult a qualified attorney for advice specific to your situation.
JC
just_curious_creator_CA OP

Has anyone dealt with something like this? I'm not sure what my options are.

DeFi yield farming tax treatment. I've been dealing with this for about 14 weeks now and the situation isn't improving.

I have already done some research online but did not get a clear answer.

Should I hire a lawyer for this or try to handle it myself?

TW
throwaway_worker_help

This happened to me too. Have you tried filing a complaint with the relevant agency? In my case they investigated and it got resolved without needing a lawyer.

VA
VCAnalyst_SF

Not a lawyer, but I have direct experience with this.

I ended up hiring an attorney to send the initial letter, which cost about $2-4 but saved me a lot more in the long run.

FB
frustrated_business_owner_advice

NAL, but from what I've read, you should check your state's specific laws. That said, definitely get a lawyer to look at the specifics.

TL
Mod_TermsLaw Moderator

I specialize in this area of law. Here's my take on the legal issues.

Based on what you've described, you likely have a viable claim under the relevant statute. The standard is whether a reasonable person would find the conduct actionable.

I'd recommend documenting everything in writing from this point forward. Keep copies of all communications.

OD
OpenSourceLawyer_Dan

I went through almost the exact same thing.

The biggest mistake people make in this situation is filing with the appropriate government agency. I'd recommend gathering evidence first instead.

HC
HRManager_Chicago

Been there. Here's what I learned.

In my case, it took about 4-8 months to resolve. The key was filing with the appropriate government agency.

AC
anon_contractor_legal

I work in this industry and unfortunately this is very common. The good news is that when people actually push back with legal representation, companies usually settle.

CM
ContractorMike_CA

I've seen this play out several times in my field.

The biggest mistake people make in this situation is hiring an attorney to send the initial letter. I'd recommend being patient with the process instead.

HM
help_me_investor_2024

I work in this industry and unfortunately this is very common. The good news is that when people actually push back with legal representation, companies usually settle.

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