/biz/ - Business & Finance

>>10392761
there isn't any avoiding paying taxes, so might as well just bite the bullet and take the big fat socialist dick that this country has become

I'm not paying shit as soon as I cash out I'm withdrawing it all in cash and moving to Mexico

What do you mean "care" you underage tard?

If you cash out pay. Fiat is property of the government. If you want to trade actual Bitcoin, with real scarcity, for valueless paper that the government is printing trillions of a year, then why would you care about paying taxes? If you really cared about real wealth you wouldn't be trading crypto for fucking fiat in the first place. And you don't have to pay taxes on crypto to crypto trades unless you really don't own crypto just IOUs on exchanges known to rat people out right? Then you fucked yourself and should pay up and learn your lesson for next year.

>>10392766
>left leaning party is equivalent of the right leaning party of any other first world country.
>right leaning party controls every branch of the government

>socialist.

>>10392878
>And you don't have to pay taxes on crypto to crypto trades

WRONG.

Well, all of my cost basis was basically under a dollar so I'll just say fuck it and pay it from 0. No point in saving a cent on the dollar when I expect an evaluation of a shitload from each of them.

But yeah, I'm not planning on ditching the US and even if I did, that shit will follow you overseas. All in all though, as long as you qualify for long term gains (>365 days hold), that's 15% taxes which isn't too bad compared to the alternative. I mean, that's 150k off a cool million, but how many of us are going to have to deal with that shit?

You can dodge it for being broke as fuck but only up to a certain dollar amount as capital gains counts as taxable income. You exit the 0% tax bracket at $38,600, so if you're planning on using that method but are afraid of leaving your stack in the market, you're gonna be paying taxes.

Call it cucked if you want, but I don't need any problems with the IRS. Better to pay your way now than have the feds slap you with a felony charge and a 100k fine on top of the taxes you already owe.

>>10393061
Long-term goes to 20% after the first $425,800.

>>10392888
>shit loads of social programs
>shit loads of mandatory taxes that feed into these social programs
this is what socialism is.

>>10392761

>>10392891
No this is correct. Bartering is not taxable. For instance suppose I enter a trade with you. I trade my car for your jeep. No monetary exchange took place.

>>10393100


good point, forgot about that. probably cause I never had to deal with it lol

>>10392761

>Nice try FBI

>>10393061
>Better to pay your way now than have the feds slap you with a felony charge and a 100k fine on top of the taxes you already owe.
Exactly, you don't want to go to prison over this shit.

>>10393100
Long-term goes to 15% after the first 250k. Learn how to use a search engine before posting.

>>10393138
https://www.bizfilings.com/toolkit/research-topics/managing-your-taxes/federal-taxes/irs-cautions-bartering-transactions-are-taxable-transactions#comments-45ea2a42-eda0-6e2c-99ac-ff000086ceef_en

>>10393187
In the case I mentioned, two people trade a vehicle. All you have to do is say you both bought each other's vehicle for $1. If you are trading services, all you have to do is say you charged them $1 for the services. This is how you barter in 2018.

>>10392761
Yeah and there's a good reason why burgertown is the best country in the world with the best economy with the best universities with the best Militaries with the best freedom with the best nukes with the best porn.

Im on the low end of bracket 2 and I make less than someone at the top of bracket 1. Capitalist country btw

>>10392761

does anybody here actually have gains in 2018? why the fuck is anybody worried about paying taxes I'm going to get money back for capital losses once I dump my bags

>>10392761
only poor people can successfully evade taxes and only because the cost/benefit is not there for the IRS to pursue them.

>>10392829
a valid strategy but most people who say this are too spineless to leave

>>10392766
>Do no work
>Make money

Capital gains should be the highest of any tax and income should be the lowest.

>>10393138
This is just flat out wrong my man

>>10393163
No u.
>inb4 married, filing separately

>>10392891
You're only taxed when you cash out.

>>10393348

Nah man. That's what we need to strive for. Be the class enemy. Not all of us can make it. That's the joke. Keep em down by keeping the masses from financial independence. Most people don't even know what capital gains tax is. They are thrown into the game but never read the rule book. But you need to learn the rules to beat the game.

I'm in it to win it, can't let a little thing like systematic oppression keep you from playing.

>>10393450
How does that work if you cash out less than you put in?

>>10393535

If you sell off all your assets and they're worth less than what you bought, you can claim capital losses

>>10393603
I meant partially cash out your assets. Say I make profit but only cash out 1% and kept rest in wallet.

>>10393276
I cashed out a substantial amount in January 2018. Still debating how much of it that I'll declare on my taxes next year.

>>10392761
The way I understood it was that nobody cares about taxes until you do your final cash out.

If you never cash out - you never have to worry about taxes up to this point.

>>10393633

I got u b

You can select certain assets based on the time of purchase and cost. Say you bought BTC @ 1k, 2k, and 3k for a total of 3 BTC but you want to sell 1 BTC. You can choose the 3k tax lot for the BTC you want to sell, and so you'd be responsible for paying taxes on 15k-3k for a total of 12k taxable income. You can also choose the 2k or 1k BTC as well for a taxable lot of 13k and 14k respectively, but people typically want to minimize the taxable lot as much as possible. You can also average out the cost basis if you choose to do so, which in this case would be 2k avg cost basis for 13k average taxable income per BTC.

>>10393848

Short term capital gains (<365 day hold) are taxed at ordinary income. So say you cash out, and the capital gains + income for that year puts you in the 30% tax bracket; you will be paying 30% tax on the capital gains you realized.

>>10393348
>highest
>lowest.
Why does one need to be higher than the other?

>>10392761
Can someone help a burger mutt out? I live abroad in S.E Asia, but idk if I should just cash out directly to an American bank account or withdraw here. However I’m not sure if Thailand is scrupulous with taxes and I would inevitably have to pay taxes to that USA if above 100k. Any expat amerifats have a solid answer? Barely any Americans file taxes abroad anyhow.

>>10393138
You literally have no idea what the fuck you’re talking about kek

>>10393952
yeah dude wtf. im an american but i was born overseas and have never set foot in that shithole buy i have to pay taxes? how the fuck you manage this in s.e. asia?

>>10393115
>get rapped by taxes due social programs
vs
>pay no taxes but get rapped by insurance and hospital bills

It's all the same. You can't win unless you are rich.

>>10394117
I love getting rapped. Rap rap rap rap.

>>10394001
>>10394001
Most Americans never report their income abroad. It’s a waste of resources to combat it and has been an ongoing issue. Republicans did wish to omit taxing citizens abroad, but the socialists didn’t agree. I just want the best possible withdrawal strategy given my circumstances.

>>10392888
On immigration the democratic party is really far left and the republicans are center.
The idea of an amnistia for illegal immigrants in Europe or countries in Asia that have their shit together is laughable and a sure way to lse election.