/biz/ - Business & Finance

>>21154824
gtfo 50%?? most cucked thing I've hear all week.

>>21154824
It''s not a 50% tax. 50% of the capital gains is taxable. If you made $10k in capital gains, then $5k is taxable, I think it's taxed as income, and that depends on your tax bracket

>>21154824
If I ever made it, I’d just move to Portugal or some shit

>>21154824
don't worry anon
you lose so often that your profits won't get taxed at all

>>21154824
Retard.

>>21154824
50%? Holy shit. And I though Brazil was bad.

>>21155069
What happens if you have no income, is it taxed at the lowest bracket, or is it taxed as income itself?

>>21155069
W...Why not just reduce the taxation percentage by half, all across the board? BS level math student, what am i missing here??

>>21155222
https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/t4037/capital-gains.html

>>21154824
easy, dont cash out. we will be able to pay in crypto in the future.
if you need to cash out, become a resident of another country.

>>21155376

This. Swipe protocol already exists for just this purpose.

>>21155069
The government and bankers are lazy fucking pieces of shit that steal from you. That’s why.

>>21155222
>>21155292
The taxable half counts as income so it can bump you up to a different tax bracket. The other half doesn't affect your tax bracket. It's split in half because the other half is not counted as income and is not taxed. Why they do it like this I have no idea. But it means the tax rate isn't that bad and it won't effect your tax bracket as much as it would if it was all taxable at a lower percentage

>>21155292
probably because it means people would get fucked over with it being lumped in with income tax. If 50% of the asset you get to keep then it sort of negates that fact that you might be placed into a higher income tax bracket.

Another thing, the capital losses can carry over indefinitely. If you lost $400k in 2018, you can keep subtracting off your capital gains in subsequent years and you never have to pay tax or count it as income until your capital gains are in the green again

Glad I'm going to CostaRica, no extradition law there.
Be nice if I could speak Portuguese though, Portugal would be better

>>21155516
This is my thinking at least. I maybe don't give the UK enough credit. Here e have three tax catagories: Income, capital gains and miscellaneous. For each you get a £12300 tax free 'allowance'. Essentially, you could work a part time job earning 12300 a year, make 12300 a year on real letting real estate and 12300 selling assets. That's £36900 ($48000) tax free.

>>21154824
50% is taxable not taxed

>>21155516
Thanks, that is what I thought but I haven't discussed this with anyone so I wasn't entirely sure.

Its 15% capital gains tax in CostaRica.

However things are looking shaky with Carlos Alvarado,PAC,as President.

When there's lefty gov's in place expect higher taxation .

like others have said the most you'll pay is 50% of 50% so 25% of your whole stack...and that's only if you're in the highest tax bracket if you're not then its whatever tax bracket % of 50%.

I thought the whole point of owning bitcoin was so the gubment couldnt tax you

>>21155069
universal healthcare isnt so cheap

>>21156079
Well what's the capital gains tax in America?

>>21156020
not really but you don't pay taxes owning bitcoin anyways, you pay taxes selling bitcoin

Bitcoin is traceable though, you can thank firms like chainalysis for that.

Might be risky to mix and chainhop your coins though. Dunno what the penalty would be if you get caught

>>21154824
Think of your holdings in USD. Pay the conversion % in tax, its usually 30% and call it a day.

And i thought 30% in Sweden was a lot...

>>21154824
im literally not paying taxes on shit, ill purposefully take out only the smallest amount to remain tax free each year and live poor rather than finance this nigger hellscape

>>21154824
If you pay tax on crypto you are the biggest cuck in the universe

>>21156323
this

Agreed, I'm going to CostaRica, worst case scenario, but if I find waifu in Portugal then Portugal it is.

Learning a new language will be a new challenge for me

>>21156164
just go through Monero one time, and the chain is destroyed

>>21156323
> the smallest amount to remain tax free
What's that amount in Canada, so they are not investigating you?

Its 50% OF 50%.

Yeah but if the exchange is KYC your still screwed.

I don't know of a DEX that handles monero with KYC verification unless you got one on hand.

I'm still gonna hide behind a VPN and tor.

>>21154824
that's right you better pay up goy, how else are jamal and abdullah gonna get their free healthcare?
don't forget stacy and her 4 bastard children. someone has to pay their bills

>>21155069
So if you make $1,000,000 then $500,000 is taxable and that puts you in the 33% tax bracket so you then pay the Jews $165,000.

I meant without KYC kek

>>21156020
No you could get paid entirely in bitcoin, you still owe income tax on it. It can be harder for the government to audit you but not impossible. It wasn't like this when bitcoin first showed up because nobody knew what it was or how to handle it but there's plenty of laws for crypto now

Simply purchasing and holding cryptocurrency is not taxable though. You can use this to your advantage by laundering it through a privacy coin and trading it on an exchange not tied to your identity, then you won't need to pay tax on trades because the government won't know about it

>>21154824
does your country also give you 50% of your money back when you lose on an investment?

At that point, what's even the fucking point. Imagine if you played roulette at a casino and when you lose, you lose all the money down, but when you win, you only win half. What a load of shit.

>>21156323
Its 2x the minimum tax exempt amount, which is 13k I think, so 26k a year tax free if you have no income, otherwise whatever you take out uses your tax bracket at 50% of the amount.

>>21156522
Yes

>>21156569
It's not 50% it's more like 7%-15%

>>21154824

Do you get the 1 year HODL CGT discount?

>>21156552
>You can use this to your advantage by laundering it through a privacy coin and trading it on an exchange not tied to your identity, then you won't need to pay tax on trades because the government won't know about it
How the fuck is it even possible to withdraw crypto to fiat without KYC shit?

>>21156722
At a atm I think, for huge fees.

>>21156079
its like 24% for me total dude. i looked at americas tax rates and it wasnt much better average.

"Simply purchasing and holding cryptocurrency is not taxable though. You can use this to your advantage by laundering it through a privacy coin and trading it on an exchange not tied to your identity, then you won't need to pay tax on trades because the government won't know about it"

Can they still go after you if you opt to leave country to another one without extradition laws?

Like I said CostaRica has for a very long time a lower tax rate and historically has been a decent destination to launder money.

There are better options yes but I'm a citizen there and speak the language

>>21156760
I thought those ATMs were only for taking your dollars and giving you bitcoin, not the other way around.
Either way, the ridiculous fees on those pieces of shit make it not worth it. Especially since you're now stuck with a barrel of physical cash and still have to figure a way to launder it. But laundered money will still have to be reported, so you're still fucked unless you literally want to pay for everything in cash, and even that isn't possible since buying things like cars/houses in cash causes an automatic investigation by the feds

>>21156722
It's not, you just never cash out. You might be able to buy prepaid visas or use a bitcoin atm for small things but for large purchases you will need to find sellers who accept crypto

>>21156867
hopefully we'll get to a future where crypto adoption is fairly widespread and you can comfortably pay for most things without ever touching filthy kike dollars

>>21156414
and then you can't cash out on an exchange, gj

I do have crooked family In CostaRica. A few brokers and lawyers buy you know what they say.

"Never allow family to stand in the way of opportunity."
Rule of acquisition No.#6

>>21156850
Some you can cash out, I know only because I had a friend who chose to cash out of an online betting site with btc and used an atm to withdraw it. I think the fees are over 10%, like 15% I think but I dont remember. Plus they all have cameras so you would have to wear a disguise when cashing out. Not really realistic to do with any serious amount of cash but it is a method.

>>21157180
and at that point it's useless anyway since long term capital gains are like 15-20% anyway.

>>21157212
Yeah, I think its mostly for the tinfoil hat types that don't want to be on a list because they fucked with crypto when it was the wild west.

>>21154824
>50% capital gains tax

>>21156569
If you lose 1,000 then that's a capital loss you can use against capital gains if 1,000.

t. Accounting Dept dropout

>>21156141
currently 20%
Biden wants 39%. In which case i plan to move to PR