/biz/ - Business & Finance

>>14090740
Well if you have held for at least a year it is only 15% cap gains tax. So, right there is a way to cut it by 50%

just sell low lmao

Wait for one year to pass. Long term gains have much lower tax rates than short term.

>>14090740
i dont cash out

>>14090749
this

>>14090756
based

You can't cash out.

>>14090752
Well if you live in the states maybe, but here in yurop you are cucked wahtever you do it seems. Buying gold or laundring them through a web casino is the only choice. No way im taxing 100k to fuel the mass immigration... FUCK

I don't even buy crypto anymore because taxes cost too much it will only accelerate white genocide so I just neet and play vidya while niggers rape and pillage western civilization

>>14090740
lol you cant cash out crypto

>mfw when I live in a borderline communist country
>mfw I have to pay taxes on every single crypto trade i make
>mfw i have no face

>>14090740
Just pay the 15% after holding longer than 1 year it's not worth risking getting fucked by the feds

>be bong
>have tax-free capital gains tax allowance
>sell just enough each tax year to use up allowance
>buy straight back in, increasing your average purchase price reducing taxable profit for the next tax year

>>14090818
This, so make sure you buy link and hold.

>>14090740

leave the money on the exchange and put it back into crypto. not saying thats foolproof but id assume if you are dealing with low capital the IRS would be much more interested in funds you transfer back to your personal bank account as apposed to subpoena an account balance from exchanges

real talk.
what stopping me from laundering money by buying bitcoin, send to binance, sell it immediately, and faking order history saying I bought it in 2011.

>>14090740
we don't. pay the big man. don't ruin your life by not paying the protection money to the state mafia.

>>14090825

by not being an amerimutt

>>14090752
If you did any trading between coins within the year then it already qualifies as capital gains at fair market value in dollars. Holding for another year doesn't get rid of the tax burden.

>>14090921
>If you did any trading between coins within the year then it already qualifies as capital gains at fair market value in dollars.

Somebody help me fact check this statement pls.

>>14090951
As of 2018, crypto to crypto trades are taxable events..for every trade made.. So,, yeah.

>>14090740
you don't pay taxes after net loss

>>14090740
why does Google Image Search say Senior Citizen

>>14091000
Why do you google image search, thats the question

>>14090998
based

>>14091147
For more pics of her

>>14090740
Local.bitcoin.com

I simply live in a (real) free country.

>>14090740
> don't cash out
> make it
> run away to island paradise
> cash out

>>14091226
>make it
>run away
>make it
anon....

>>14090869
an audit

>cashing out

>>14090980
holy shit. How is this legal?

>>14091200
fine

>have to pay 42% when I cash out.
You guys are lucky..

>>14090740
Don't forget state taxes fellow amerifats! Ill point out that if you are (or go) full neet the first 37,500 out is untaxed. Also remember anything you can classify as a business expense gets subtracted from income. (This one can be good if you are creative, not giving you my plan for this) Also none of you should be cashing out more than a fraction of your stacks at this stage of crypto development. good luck frens!

>>14090856
That is a realized gain. Trading Bitcoin for an altcoin it just doesn't make any sense to tax in fiat. How the fuck can the IRS manage to do that? I can see taxing once you cash back to USD or another fiat currency. But if you trade and never cash out into fiat, it should never be taxed. The fucking tax goyim once again trying to get their cut. This needs to come to an end. I'm afraid crypto is not what we all thought it could and would be. It's a rich Jew scheme now.

>>14091422
where u at?

>>14091200
ew why

If I sell my LINK for DAI and a year later sell my DAI for USD, how much am I going to owe to ZOG?

>>14090765
>Retards will dispute this

>>14090756
this is my strategy.
im literally just sitting on 100s of thousands in crypto with no plans to literally ever cash any out.

>>14091567
This, cryptos are the currency of the future. Why would you bother exchanging for fiat when you're getting a headstart over all the other normie fuckfaces.

>>14091322
it isnt technically legal which is why no one in crypto is paying the kikes in USD for crypto/crypto trades.

the very reason that crypto was brought into existence in the first place - replacing the USD and eliminating the dependency on fiat currencies in general - so taxing crypto trades in fiat is the govts way of trying to control something that for the most part can never be controlled.

anyone stupid enough to actually be paying tax on crypto to crypto trades doesnt need to own any crypto in the first place anyways.

>>14091594
im so fucking comfy with 480k in DAI sitting earning 8% interest tbqh.
i have no reason to ever cash out to fiat.

Search a cardealer who accepts btc as payment. Buy car and sell it back for cash

>>14091226
Yeh, let's cash out on those atms made out of coconuts.

>>14090740
Bunch of KYC, bootlicker faggots in here.
>Thanks USG for stealing from me through taxes and inflation and creating regulated (((banking))) monopolies, thereby creating a need for crypto. I owe you big time!
>Is this enough daddy? I logged every single trade and only wrote off $3k loss (max allowance for little people)
Not going to make it

>>14091604
Exactly. These faggots think crypto was made for moonshots.
Think bigger. Starve the beast, they ain't got shit for control over crypto. Hence glowfag CSW.
This is literally what it was made for if you all weren't so cucked.

>>14091677
fiat cucks are literally plugged into the fucking Matrix bro
they are so enslaved to fiat they actually believe its a good thing
some ppl you cant save bc they are too busy eating the blue pills in life

>fiat currency created by central banks is the greatest kike scam to be legalized and enforced in the history of the world

https://amp.reddit.com/r/tax/comments/9tcnu8/did_i_ruin_my_life_by_trading_crypto/

Dude owes 400k and is being chased by the irs

>>14091623

As soon as you drive that car off the lot it depreciates by almost half.

>>14090740
I never cash the fuck out, thats how you get raped.
I spend cryptocurrency like its fucking CASH bitch!

>>14091863
I really worry about biz sometimes. A car needs to be registered and tax paid upon purchase of even a used car. This leaves an obvious paper trail that often gets people in trouble with the IRS when they buy cars with unreported cash. Is the average age here as young as /pol/ or younger?

>>14091863
This isnt directed at you anon as much as the whole car discussion.

>>14091903

What did you just fucking say about me you little bitch? ....Jk, the poster I replied to was saying to sell the car back for cash as if it were some way to launder his crypto into fiat. But yes, a ridiculous premise for the reasons you mentioned as well as mine.

>>14091937
Mmm, yes. Shallow and pedantic.

Pay the tax you fucking degenerate.

>>14091439
This is all because Bitcoin started out with a public ledger instead of being a true anonymous coin.

>>14090740
Think outside the box anon.
>tumble your coins, buy gold with them, pawn them off for a slight loss.
>tons of reliable vendors on the darknet that send you cash money in the mail (example, you send 1.1BTC and they send 1BTC worth of USD in the mail, they have to make some profit)
I’ve done both methods before.

I mean if you have massive gains, like millions, you renounce citizenship, move to tax haven country and cash out.

>>14092000
Its pseudonymous unless your dumb ass did KYC, but even then, there's ways to fix your mistake

>>14091981
Yes goy, only degenerates evade taxes goy.

>>14092025
>make millions only to have to live in a tent somewhere in the Cambodian jungle

What the fuck is the point then? If you're not a multi millionaire in the west, there's no point having that much money anywhere else. By the way your idea is fucking shit and absolutely nobody would do such a thing. No amount of money will be worth having to live forever in a 3rd world shithole. If you make tens of millions you can cash out, it just takes some time and legal manoeuvres.

>>14091614
how does it earn interest?

>>14090811
>czym jest flyingatom

>>14092056
>doesn’t know about tax havens

>>14092025
As soon as you leave Australia’s borders you are considered to have discharged all of your capital assets, which means you owe money on your crypto gains. It’s literally impossible to beat the kangajew.

I didn't. Don't be like me

>>14092036
>Its pseudonymous
Nope, it's always been completely traceable. I bet you think Tor is secure too.

>>14092223
>>>>>"renounce citizenship"

You just fucking said it. Try to keep up with your own words faggot.

>>14090740
Buy things with it
Oh wait, bitcoin segwit is a store of value now.
Try Bitcoin (BSV)

>>14092223
You can't get into them if you're an American.

>>14091981
Only poor people pay taxes, faggot.

>>14091376
first pic was better

>>14092265
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH

>>14092463

>>14090980
2014, actually.

Just get a job and get treatment for your gambling addiction.
It's the best thing you'll ever do with your life OP.

What happens if you just cash out what you need every few months? Can they prove that you're making gains and not just cashing out your initial investment?

>>14092067
http://compound.finance

>>14090740
>cash out
This guy

>>14093087
>Can they prove that
That's the thing, they don't actually have to prove shit, they just accuse you and then you have a limited window of time to prove your innocence.
>land of the free
>>14090756
Based
>>14091614
Redpilled

>>14090740
You already didn't pay taxes on crypto to crypto exchange, and you haven't been paying quarterly taxes, so don't worry, you're already liable for fees and interest. Just sit tight and wait for IRS to get to your case within five years.

>>14093277
Unironically this
The IRS just pushed along the progressive acceleration. They really don't have the manpower to audit all the trade logs and itll only get harder for them

>>14093435
I was trying to scare him. IRS WILL come for him.

>Cashing out
Why. You people are still thinking small. This is the currency of the future you're accumulating. You won't NEED to cash out, you'll be buying your lambos and mansions with those shitcoins.

That feel when live in a jurisdiction with no capital gains tax, feels good man.

>>14090740
Without what? Not paying tax, wew mr taxman, I pay ALL my taxes to mr.goldberg.

>they fell for the audit boogieman meme.

The absolute state.

Why not just do your taxes on your massive crypto earnings and then do your tax return for the following year?

>>14093797
Youre running off the assumption that an absolute retard like Goerge Soros actually knows how to create a government and isnt just some retarded child playing in a sandbox. Youre drastically underestimating the ability for "smart" people who run the world to fuck things up left and right.

>>14091439
>>14093664

>>14093987
>>14093987
>Youre drastically underestimating the ability for "smart" people who run the world to fuck things up left and right.
So far they outplayed you X100.

>>14090773
Perhaps if you live in a socialist shithole. Just move to Portugal and cash out tax free.

>>14090740
>cashing out
Where do you think you are?

>>14093444
it's hard to convince an escort to take linkies

>>14090740

>cashing out

Do you not see what we’re trying to do here?

>>14094993
Just convert to btc then pay

is there an exchange that doesn't log trades?

>>14090756
Based and warren Buffett pilled

>>14090740
live in a country that isn't cucked

alternatively, tether up and buy shit with the crypto you got on amazon or any other online shop, however tether and amazon can potentially be subpoenad for your records so be wary of that

>>14090783
Based as fuck

MY COUNTRY DOESN'T TAX CRYPTO AHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHHHAAAHAHHAHAHAHAHAHAHAHAHAHAAHAHHAHAHAHAHAAAHHHAHHAHAHAHAHAHAHAHAHAHAHAHAHAHHAHAHAHAAA

stop me where I'm wrong /biz/
>buy btc on coinbase
>send to my wallet
>send from my wallet to binance
>gift myself btc from binance to coinbase
>sell on coinbase
>no taxes

>>14095359
I doing the same. These fags don't it

>imma goin' to prison

>>14095359
You realize converting crypto to cash is a taxable event regardless of the source right?

>>14095400
not if it's a gift

>>14095359
>sell on coinbase
That money hitting your account means you're instantly on the radar. Expect an audit for all your "gifts" from an exchange.

>>14095438
well shit nigger how would you do it then

>>14095422
Yes for fiat currencies up to a certain amount you're correct but Bitcoin isn't USD, it's Bitcoin. You're selling Bitcoin on coinbase for USD and that's a capital gain, and don't be surprised if the IRS audits you because you're receiving arbitrary Bitcoin as a "gift"

>>14095475
what about btc to usd coin?

what about a shell account on an exchange?
>set up shell account that you feed with btc
>sell btc with shell account
>send usd to real account
>???
>profit

>>14090740
Get an accountant, simple

>>14090740
>cash out without paying 30% in taxes?
You buy stuff with crypto XD
The govt cant and wont cut x% of a solid product LMFAO

Just hodl coins with a large trading volume which increases overtime (btc, eth, ltc, xmr, bch, etc).

>>14090740
Btc atms. They are everywhere now

>>14090740
Just buy stuffs with, like fake fiat currency.

>>14090740
By being Bong where capgains are 10%

how the hell are you guys so retarded to make it easy for the IRS to know you hold/trade crypto.

FFS use localbitcoin or some other thing to cash out

paying taxes for crypto should be a meme