/biz/ - Business & Finance

There are counties with no crypto tax. Germany (if you hold for over a year), Portugal and Singapore come to mind.

Long term (1year +) only pays around 25%-30% in the US for federal and state.

Don't be dumb. Pay your taxes.

move

A friend of mine is also interested. Is Portugal an option?

>>20159637
>>20159647
So id actually have to move out of the country?

>>20159613
Welcome to Germany.

Self directed Roth IRA LLC

>>20159613
maybe best to just fork over the 20%

>>20159638
>only

Thats supposed to be a good deal now?

>>20159656
yes you retard
the US is a shithole anyway and one of the least financially free places in the world

>>20159613

>>20159684

Compared to his original statement of half (50%), it is.

Taxes still suck major balls though.

>>20159702
I hate being a burger

Imagine cashing out at 7 figures when you could easily have like fucking 12 figures in 2 years. Fucking hell man.

>>20159613
take out a collateralized loan against your link

>>20159740
I will keep 75%

>>20159715
>42 States
Don't summon him to another thread please

>>20159638
Its 15% idiot

>>20159794
15% federal then >>20159715 on top of that.

Here in Europe we have to pay 35% if crypto is worth over €30k

Extremely fucked up, Jewish system

>>20159929
Isn’t it 20% capital gains in the UK?

>>20159715
wow I live in WA and never even realized that states have cap gains tax. That's cucked as fuck. So if you live e.g. in OR and realize short term cap gains in the highest bracket, the gov will literally steal OVER HALF of your gains from you? No wonder nobody ever makes it.

>>20159638
You’re a retard. It’s 15%.

>>20159929
>>20160005
>Europe
>UK
American education everybody

>>20159854
Imagine paying a six figure tax bill to not live in Texas or Florida for six months and one day.

YOU ARE ALL TRAITORS !!!!
I AM NEVER SELLING !!!!
FUCK THIS TREAD !!!

>>20160012
wait so washington state has advantage?

>>20159715
how would one file taxes for gains from staking?

>>20160194
From googling around looks like it would be taxed as income.

>>20159613
You still pay federal taxes if you leave the country and you're an American citizen

>>20160005
Yes, it is. 20% of profit. Due to be paid on your next taxes, you get a 12k/year tax free allowance for CGT

What if you don't cash out and buy shit with BTC directly?

>>20159702
I don't think it works that way. I"m 99% sure american citizens owe uncle sam taxes regardless of their place of residence.. Only way not to is to get rid of your 'merican citizenship

>>20159613
you'll only owe 20% on profit if you've held for over a year, fyi

>>20159748
This

>>20160569
20% of my current profits is still a fuck tonne of money. When all our tax dollars goes to subsidizing our ethinic replacement while Apple pays zero capital gains then I'll not part with a cent of my money. Fuck kikes, fuck banks and fuck fiat

>>20160089
correct

>>20160607
this

>>20159613
>450k reporting in
>when my portfolio reaches seven figures
>$5.59
>when

>>20159613
I'm sure you can hire someone specialized in this

>>20160607
Based and Redpilled

At what point does it become long term capital gains tax. Do I just have to hold the asset for more than a year, or do I have to how the amount I'm pulling out for more than a year? How does it work for people that buy an X amount monthly.

>>20159613
You dont cash out, you live off passive income

>>20160607
Based and reason pilled, don't pay to fuck over your children

>>20159613
Where do you live? Answer this question and I can help you with non meme answers like “renounce your citizenship bro”

>>20160743
This

>>20160404
Uncle Sams hand will always be in your pocket no matter where u go....Muh freedom

>>20159638

It's 15% you ignorant slut

>>20160740
It's first in first out I believe. So if you have 10,000 link and half you had for a year, and the other half six months, you can sell 5,000 at 15% tax. The other 5,000 you hold six more months or pay like 30%.

>>20160034
United Kingdom is an island in Europe

>>20160743
>aka get btfo'd when the bear market dumps everything for another 4years

I've heard of a few crypto rich burgers moving to puerto rico to avoid taxes, but have to live there like a year or some shit. here (ausfag) every state is the same, and moving country counts as disposing of the asset for capital gains purposes

>>20159638
What if I’m single, and income is below 40k? Says capital gains is 0%

Take out a loan against your crypto

"Taking out a fiat loan or borrowing against your crypto assets is not considered a sale, and thus is not a taxable event. ... Because of this, many long-term cryptocurrency holders use crypto loans to gain access to US dollars and avoid paying capital gains taxes on their crypto gains."

>>20160964
The United Kingdom is a country with multiple Islands all around the world

>>20160923
jesus, how the fuck do you account for that? I have a 1.5k, but its been bought through the year until April. Does that mean I have to wait until April for all my assets to be considered Long Term capital gains tax?

>>20161767
It's actually a nation that used to have multiple islands around the world, now its just a few since we're splitting hairs
However the center/administrative part of the United Kingdom is England which is in northwestern Europe

>>20159929
There is no "we", get fucked.

t. Flemish person that pays 0% cap gains tax

>>20160557
This is correct. There may be some truly autistic ways to get around it but for the most part you have to renounce to avoid taxes.

>>20161730
That’s interesting. Will have to research it

>>20162431
have fun explaining why you put that much money in funny money, that’s not what being a good father to you’re money is and then you do have to pay 30%. Taxes

T, flemish accountant

>>20159656
and renounce your citizenship. us expats pay taxes on all income worldwide. and then you'd have to pay taxes anyway in order to renounce.

>>20159715
good god. I live in Hawaii. How soon can you file for Washington. Do you just need to live there?

puerto rico has no tax on capital gains and american citizens there don't have to pay

>>20162611
you might have to live there for a certain amount of time before it kicks in, figure out the rules and don't fuck up.

Fuck I'm moving to either Nevada or Wyoming.

>>20161300
whats aus position on crypto tax? 40% or something...

>>20162578
A friend of mine cashed out without any issues. He even contacted the tax department and they told him there were no taxes to be paid. Mind you this was before 2017 though.

>>20162684
It's just regular capital gains per your income tax bracket for that period, where every single transaction (lol) is a taxable event

>>20162611
Make friends with someone in one of the tax free states. Start having your mail, like a utility bill, sent to their address. Also use that address as your home of record in order to get a driver’s license and register to vote In that state. I did this to become a Texas resident to avoid taxes.

>>20162736
I don’t actually live in Texas though. Just on paper.

>>20162717
meaning every trade you made should be getting taxed regardless of whether the trade has been done only in crypto? What is the ausjew?

>>20160384
Everything I’ve read has started this, that you’re taxed for the value of the asset the day you get it. My question is what happens if I don’t sell the day I get it, it raises in value, then I sell? Or if the shit crashes.

>>20161690
Anyone? Been reading on this, it’s confusing

>>20162684
>>20162717
>>20162918
capital gains profits are added to your income and taxed the same, but with a 50% tax discount if you held for at least a year. So maximum possible tax is around 25%.
Every time you trade one crypto to another you're disposing of the asset and acquiring a new one, so you pay tax on any profit at that point. Burgerland works the same regarding disposing of assets from what ive read

>>20159748
How do you do that

>>20162918

Taxable event doesn't necessarily mean you will have to pay tax, just if you make a capital gain on the trade you have to pay capital gains tax on it. If you buy eth with AUD and then send it to IDEX and use it to buy some coin more or less immediately then you havent had any capital gain, but if eth gained like 20% before you bought a coin you would pay CGT on that percentage. That's how I understand it anyway could be wrong

>>20161690
Capital gains add to your AGI but are not taxed as ordinary income. So if you’re a true NEET and cash out $1 million, then you pay 0% on the first 40k, 15% up to 250k (I think) and then 20% after that. I also think there is another 3.8% added once you have capital gains. You can thank king nigger for that tax being added in Obamacare bill.

>>20163881
*3.8 is added with capital gains greater than 400k.

>>20159638
This.

>>20159637
Belgium too

>>20159613
In the UK you pay 28%. If you want to pay no tax you pretty much have to spend a minimum of 5 years in a tax haven. Tbh I might just start a prop business and apply for entrepreneur's relief which brings it down to 10%.

>>20160437
Well you're actually meant to pay tax on crypto transfers (which I don't think anyone actually does). Not only that but you'd really only be able to buy shit online.

>>20159613
Move to Portugal, Belgium or the Netherlands.
You're on team globohomo when you make it to a certain degree anon, use it.

>>20164234
The UK won't let you take out tax free gains unless you've been gone for 5 years. Bastards.

>>20162683
fuck off we're full

>>20160688
maybe expecting a correction

>>20164127
>link is residential property
Idiot

>>20161982
Yes and same here except im at 2k (we are all in this together)

>>20162578
You're wrong, I've read the rules and it's not like I went "all-in". Also, it's not funny money they're utility tokens.

>>20164284
Luckily I’ve been away for 7, when my REN hits 1$ and I make one million I’ll be withdrawing it all!!!!!

>>20163685
>>20163708
Can an Australian move to New Zealand and liquidate crypto there without incurring cgt? I don’t think there is cgt in nz.

>>20159613
If you arent a faggot, if you holded it for 2 years it got no taxes

>>20160607
Which came out of money left over after you paid your fed and state taxes in the first place. The fact that they want to double-dip is fucking disgusting and I'm having none of it. I'm not going to let my money go to border-hopping Jose's welfare check or pay for some dyke to groom my kid into a tranny cum guzzler in a public school full of shit skins. I've got enough time and assets to save up the $2,350 to denounce my US citizenship, pay for a year's worth of living expenses in a country with no capital gains tax, and hire a shark lawyer to make sure my shit is air-tight and no issues arise when I cash out.

>>20159638
Dont be dumb goy, wilingly allow 30% of your money to be extorted. Get fucking gassed you yid.