/biz/ - Business & Finance

without gov you wouldnt have the internet get a grip

>paying taxes

if you are NEET no one expects you to have any income to be taxed

>>2171995
>redistributing half of your gains to ignorant nocoiners

Capital gains is 20% not half

Just buy your Lambo with bitcoin.

>>2171974
Nigga if you make less than 75k per year you pay 0% in capital gains taxes. You stupid fuck.

Also fucking use cash instead. Money laundering isn't hard.

>>2171974
>15% senpai
>marginal rate on 50% in canada too
>0% in denmark... think about getting danish citizenship... any danish qt3.14s around?

>>2172042
only true if you're talking about capital assets you've held longer than a year.

>>2171974

Pay your taxes sometime between 2018-2020 to maximize gains. After that, Dems roar back into office with a thirst for taxing the rich to buy shit for Millennials. You will want to keep everything in crypto through the early 2020s when this happens.

>>2172069

That's... not how taxes work.

>>2172069
Nah you've got till 2024, Hillary wants to gift the election to Trump again.
>>2172096
>tax policies don't change depending on who's in office
Wrong.

>>2172063
still not true dude it's 15%

>>2171995
If the internet was free I'd agree.
But I pay an ISP for my internet connection, AND it's shitty because the government doesn't shit all over the one company here in bumfuck nowhere for antitrust. If the internet were free to access you'd have a point though; as it is, you're double-paying with your argument.

Sure the government uses money for a lot of useful stuff but it's also got a lot of bloat.

>>2172126
15% tax bracket has 0% longterm capital gains tax. You can make up to $48k(assuming single with no dependents) counting your standard deduction and personal exemption and stay below that. So his number is wrong but the concept is right.

>>2171974
Question for anyone who understands how capital gains works, if I take out the value of my initial investment but leave my gains in crypto, would I still be required to pay taxes on the value I withdrew? I've got to get some fiat back by sept/oct to pay my fall tuition

>>2172261
Yes. You pay tax on the growth compared to what you bought in at. So say that your cost basis on that $5k was $2k, you'd owe taxes on $3k.

>>2171974
Has anyone actually established what country anyone in particular is actually talking about the taxes for?

>>2172261
If it were a stock purchase, you would calculate based on the price you purchased the shares for and the price you sold them for. Relatively easy to do if you just bought and sold some ETH. Much more difficult if you bought some ETH, sent it to kraken, exchanged it for BTC and then bought a menagerie of alt coins.

In the case you're trade trail is an unholy mess, you're probably ok if you make note that the money you took out equals the money you put in and that all your future sales have a 0 cost basis, you'll probably be alright. Your best course of action is to spend some time researching it on google.

>>2172334
Not sure what other countries have as draconian tax laws as the US, but I'm under the impression we're usually talking US taxes because Uncle Sam wants your money no matter where or how you earned it.

>>2172365
>realized today that the IRS is going to want a record of every. single. transaction.
>will tax every single one of these transactions

Fuck me.

On a side note, move to a state without income/captal gains tax if you're going to cash out.

>>2171974
>not changing to monero and cashing out via the dark net

Do you even cyberpunk ?

>>2172260
What if you're a NEET with no income? Does that mean you pay 0% on any long term capital gains, even if it's millions?

>>2172019
capital gains is 0%

AKA FREE if income is <35k

>>2172388

do they actually send the cash tho

>>2172387
Really?
Because most of my transactions are on Cryptsy

>>2171974
Alright guys take it to /pol/

>>2172387
This is false. There should be no reason for the IRS to need to know every transaction. Perhaps BTC to ETH since ETH can be cashed out in USD, but that's just an example.
Nothing else should be taxed.

>>2172402
Depends, are you withdrawing the millions all at once or are you just withdrawing a bit at a time? If you're a NEET and withdrawing under $48k a year of longterm holding you owe no taxes though you would still be required to file taxes claiming the income.

What about UK fags? I've not paid taxes on my gambling earnings for the last 4 years, it's fucking gambling... Isn't trading this shit just gambling?

>>2172489
>taxes aren't related to business or finance
You sure are a stupid nigger.

>>2172543
The way I do it, yes.

>>2172520
Clarification on this post, when I say $48k a year of longterm holdings I mean $48k in gains. Principal does not count towards this of course.

If Trump passes his tax plan you can just set up an s Corp and pay a max of 15% tax, no need to hold for a year. I'm waiting to cash out until this is in affect.

>>2171974
I hope that the rich coin owners and tycoons of the future will fund a revolution to protect our mad gains

>>2172825
>Trump
>getting anything done

>>2172365
>>2172543

I (OP) am a UcucK so our taxes are probably going to make yours look light

Wait, can we get away with not paying shit for taxes on these if we just call it a gamble? I'm not sure that'll work

>>2173621
What does the UK consider Cryptocurrency? US considers it property, thus it is taxed.

>>2173647
It comes under capital gains tax. Read this - https://www.gov.uk/tax-sell-shares

Pay up for your subscription to The United States Government®

>muh decentralization

fiat will always be king

>>2172543
Wow really? Can you get away with that? I was under the impression that it was capital gains see >>2173672

>>2173672
You sure? It mentions nothing about Crypto. US put out a complete regulation on Crypto in around 2014 I think.

>what is debit card

>>2172012
>Thinking capital gains tax is 50%

What is this, the postwar boom?

>>2173731
Nah I'm not sure at all. I just assumed that buying and selling came under capital gains.

Redditors seems to think so - https://www.reddit.com/r/Bitcoin/comments/5cdyl9/bitcoin_taxation_in_the_uk/

Bitcointalk users also think so - https://bitcointalk.org/index.php?topic=1678405.0

So I'm not sure what to make of that. It makes sense to me but... treating it as gambling also makes sense

>>2173782
Redpill me on Bitcoin visa cards

>>2172577
>>2173621
>>2173699

But aren't we just spread betting?

>>2174150
https://www.gov.uk/government/publications/revenue-and-customs-brief-9-2014-bitcoin-and-other-cryptocurrencies/revenue-and-customs-brief-9-2014-bitcoin-and-other-cryptocurrencies

Thoughts?

>>2174278
I don't think it's spread betting if you actually own what you're betting on. Since you own it, any change in price is capital gains/loss.

>>2172345
what do if unholy mess?

>>2174549
Fair. Think its gonna be hard for them to fleece out of us tho. Own bitcoin, buy shitcoin, sell shitcoin, own more bitcoin. They aren't taxing that trade, they're gonna tax increase in value of BTC, right, not your trade profit?

>>2174930

Nah it'll be like FX, so buying bitcoin won't be taxed as that's your starting point. Selling it for a shitcoin won't be taxed as they'll be worth the same as the bitcoin. Selling that shitcoin back into btc when it moons, however, will be liable for capital gains tax.

>>2174968
only when you cashout tho, eh?
just gonna buy the lambo in coin

>>2175029

No, as btc is treated as currency. Every trade you make, including shitcoin to btc, is a capital gain. Converting to fiat isn't necessary to be liable for tax.

It'd be true only when you cash out if bitcoin was treated as property, but, as the lack of VAT shows, HMRC considers it a currency in its own right.

Not very clear, but that's where we currently stand.

>>2175074

So basically only worry about tracking Shitcoin to Bitcoin and bitcoin to fiat? What about btc to shitcoin on bittrex transactions.

>>2175209

All trades on all exchanges. Even places like yobit and c-cex

You'd realistically have to keep a log of every trade you do and the value of bitcoin at the time of the trade to be accurate.

You get £11k tax free - after that its taxed at 10% (then 20% for higher tax brackets).

This is presuming you can't pass it all off as gambling winnings.

>>2175472

im uncle sam so i think the tax is like 15% or something. So literally just maintain a record of every transaction. Just say its a 1 to 1 transaction and negate fees?

>>2172007
Until the IRS is on your ass because they have all of your banking information.

>>2175540
He's talking about the UK.
In the US, the only time you should be taxed is when you cash out BTC/ETH/LTC or whatever is actually directly connected to USD.
Shitcoin into BTC can't be taxed because shitcoin isn't based in USD.