/biz/ - Business & Finance

>be me
>30
>mba
>high 6 figure crypto port.
>qt blonde housewife
>pumping out kids (on 3)
>clean house
>all meals cooked
>dont have to do stupid shit like kids soccer practice or grocery shopping
>mfw the 1950s had it the best for men

enjoy your working wives getting fucked by their coworkers while you both slave away for a single family home.

kek

>>8000303
>when your memelines come true

>>5781706
So let me school you, and you can copypasta this into the next SALT thread or whatever.

I'm in corporate (((banking))), I'm not a tax lawyer or an accountant but have enough knowledge to explain this.

So you are all correct that when you take a loan out against your collateral (BTC in this case) you do not create a taxable event. It's tax free fiat.

The problem comes in when you default on your loan, and your collateral (BTC) is liquidated. When collateral is liquidated by the lender, the borrower owes taxes for the collateral liquidated.

So:
>you take out 10k loan against your 1 BTC
>yay you have 10k untaxed fiat, nice!
>you default on the loan and never pay the 10k back
>your btc gets liquidated (TAXABLE EVENT)
>you now owe the taxes for the liquidated collateral.

This is exactly why SALT didn't sky rocket to $25. Because people honestly, don't give a fuck enough to bother with all of this, and rather just sell their BTC. You're opening yourself up to taxable events at the hands of an unnamed lender.

I'll stick around itt to answer scenario questions for the brainlets

>yfw you bought the dip at the very bottom

>paid 11 cents USD during the ICO
>mfw