/biz/ - Business & Finance

>>30106851
You're full of shit. If you really cashed out only $40k you would owe 0% in taxes.

>>22865672
Move to America. The most you would ever have to pay here is 20%.

Assuming long-term capital gains, it's actually really not that bad in burgerland. And if you keep most of your wealth in stablecoins after you've made it, you can choose to only withdraw it piecemeal in order to stay in lower capital gains brackets. There's also state-level capital gains tax, but switching residence to another state is easy as fuck.

Now yes, technically you're also supposed to pay capital gains whenever you do crypto-to-crypto shitcoin flipping. But imo fuck that noise. They're not going to come after you, especially if you do it where you're not KYC'd. Just pay your tax on the net difference between fiat in and fiat out and you'll be fine. But trying to bypass the tax overall, at least in significant quantities, just isn't worth it. Yeah you can get physical cash from a bitcoin atm, but those things have fees that are almost as bad as taxes. And then you're stuck with fistfuls of cash that can't be safely deposited anywhere anyway. And you can't use it for any major purchases without the IRS getting notified either.

>>21380734
Honestly long-term capital gains aren't that bad, at least in America. You can take out 40k/yr (assuming no other income I believe) completely tax free, if I understand it correctly. More if you fell for the vaginal jew. Just don't cash it all out together like an idiot. Take out only what you need. Probably just easier than dealing with the whole crypto-collateralized loan thing, although it's still clever

Of course, capital gains rates could skyrocket under a mommy kamala presidency if that happens, so who knows.