We have had loads of requests for a refer a friend system from our users since launching, so it immediately shot to the top of our development list. After testing a few pre-packaged systems, we decided that none of them provided the level of service and functionality that our users deserve, so we decided to build our own!
Here is all the information you need to know about how it works and how you can earn yourself some Bitcoin for helping out your crypto buddies!
The basic idea of the refer a friend system is to reward our users for spreading the word about Recap to their friends who need help to calculate their tax position on crypto investments. We wanted to make it a fairly generous system as we have a lot of love for our users and believe our product can save a lot of time and stress for the crypto community.
The process is as follows:
Most importantly, seeing as we help you calculate your cryptoasset taxes, we should probably explain how this referral commission should be treated for tax purposes if you choose to withdraw your credit in Bitcoin.
As you have done some work (referred a friend) to earn this Bitcoin, it should be considered against income tax. When you dispose of the Bitcoin earned, any gain or loss should be considered for capital gains tax.
When Bitcoin payouts are enabled, the income and acquisition transactions will automatically appear in Recap. If you sell this Bitcoin on an exchange, Recap will calculate the capital gains tax too.
That’s it – we believe simplicity is key, so we wanted to keep this as simple as possible - #Give20Get20
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