/biz/ - Business & Finance

>>24455033
Puerto Rico is a crypto tax haven if you buy some property there and become a resident.

>>24455087
I have looked into this.
This will not work if you made your gains BEFORE you gain puerto rico residency.

For example if you made 10,000% returns on chainlink and you lived in the US during this appreciation, you are still liable to pay capital gains on your link if you gain residency in peurto rico after the fact.

>>24455161
just lie retard?

>>24455161
If you already made the gains you already owe the tax, there is no legal way to avoid that.

>>24455782
theoretically of course

wait a year
only cash out 52.4k (40k tax free ltcg + 12.4k std. deduction) every year after that
pay zero taxes

How would the IRS even know about the gains? Their reporting seems to be entirely voluntary.

>>24455782
pretty sure you need to provide records proving that the date of your gains is after the date you gained residency retard?

>>24455033
No way to get around it if it's already done.
This is the issue for people who get lucky. The system is trying to make it very hard to make your way into the upper echelons by taxing your luck. Once you make it past 8 figures, you'll have a lot more options for avoiding tax. Right now you gotta focus on making it first, 400k gain is not enough since you'll need to spend well over half of that on setting up the right entities in the best jurisdictions + lawyer fees, etc

does the irs really give a shit about my meager $700 crypto earnings?
I'm not looking to to avoid my taxes but I see myself fucking up when it comes to doing the math on all of my metamask + uniswap transactions which I just learned are all taxable.

>>24455033
hold it for longer than a year?

>>24455954
If you get randomly audited you will get screwed no matter what, even with $700

cash out through bitcoin atm in minecraft

>>24455161
what if you cash out in puerto rico? or some other country.

start company
accept donations
“omg someone donated us $xyz”
pay 21% tax instead of 40%+

>>24456158
nigga we tryna pay 0 here

>>24456158
in minecraft btw

Another anon and myself posted a guide on how to do this.

here is a quick high level summary:
Before you cash out go to legalzoom.com and open a 501(c) in your state, register yourself as the president and find a corporate secretary (this is legally required)

Surrender the crypto wallet to the 501c. Open a coinbase prime account using the 501(c) (they are going to request business information)

-Profit.

>>24456177
godspeed brother
i think u could just move to a country in europe that has 0% crypto tax and renounce your US citizenship, then cash out

>>24455161
lol how would they fucking know?
coinbase > wallet a > monero > wallet b > fiat
>i lost my crypto in a hack irs
its that easy

>>24455033
make a uniswap shitcoin with a tornado-cashed alt-account. Rug your main account repeatedly by buying into your fake token pair. Fantastic, on paper now you've lost all your profits and your tornado-cashed account can store all the profits in in dai, frax, or even usdc. When you want the money again reverse the process except now from your main account (create a uniswap pair and rug your tornado-cashed account repeatedly. You can draw out this process over a year to recognize long-term capital gains. Congrats, you now have the flexibility to pay zero in tax this year while banking your gains and in the long-term can shift these gains to long-term capital gains. Crypto to crypto taxation is retarded and unethical enabling exploits like the aforementioned. Crypto to USD makes sense.

As a bonus, name the rugged shitcoins things like AAPL, AMZN, TSLA, and SPY

another option that could be done in theory totally made up not something i am planning to do but go to some bank in s.e.a sign up for one of the banks that doesnt do kyc ... profit transfer funds into your reg acct that should be a credit union not the big fags (wells,chase,BoA,cap1)

>>24456246
This is stupid. You're asking to get fucked by the IRS. The easiest and safest way to do this is to open a non profit and surrender the funds to the non profit that you manage.

>>24456233
also in minecraft

>>24456233
>Europe
>0% tax on anything
If they could they'd tax oxygen usage.

>>24455909
any KYC exchange is required to report their users every year

>>24456323
Portugal AND Germany have 0% crypto tax, Switzerland also I think.
France is 30% though.

>>24456262
LOL this one is really good

>>24456206
is this an iron clad strategy? You actually know for a fact people have done this successfully?
>>24456262
holy shit, I never thought of rugging myself on uniswap, thats actually kind of clever. Thanks anon I definitely won't be considering this in the future because I plan on paying all of my taxes in full.
also for tornado cash, is that full proof? Last time I looked at it the volume wasn't very good. I suppose I could test it myself

can i ask what you guys are buying to get so much profit? my coins are stinkers atm....

>>24456403
thats the only good thing about our taxes.
t. Alberto Barbosa

>>24456530
All our old people move to Portugal for their retirement because taxes are far lower and so is the cost of living.

>>24456502
ETH, BTC, LINK, ADA

>>24456634
>ADA
>profit
How big is your bag ?

>>24456634
API3

Wait a year or two for DeFi to evolve.

Never need to cash out.

>>24456502
what do you hold and why did you buy them?

just leave the country. if you low level make it (Say 2 million or so) why would you want to live in burger land anyways?

basically, once you live abroad, there is only so much they can do besides, scold you. just as an extra precaution avoid banks with U.S branches and you good to go.
so called exit tax only applies if you meet a certain threshold or havent filed taxes correctly. By the time they found out about your white lie, you will be out of jurisdiction.

alternatively, dont drop your legal status, but dont do anything (and have no forfeitable assets back home). So long as you dont sell your crypto for $ on coibase or something silly like that, burden of proof is on uncle sam that you are committing tax fraud since they need to prove taxable events.

dont want to say. im too late to make life changing money with the big boys so im trying to pull 10xs on microcaps

>>24455033
Donate it to a 501c3 registered charity.

>>24457573
ha this comic is actually pretty funny

>>24456469
>You actually know for a fact people have done this successfully?
The Clinton Foundation? Joe Biden's cancer "charity"? John McCain's "foundation? IKEA? The Second Amendment Foundation? The entire fucking United Way?

"Charities" and "nonprofits" are nothing but a tax dodge. IKEA spends a couple of million dollars on "ergonomics research" (seriously) and the rest of their billion-plus dollars of annual profits are taxed at a lower rate thanks to Swedish law.

Joe Biden's "cancer charity" was spending 98% of its "donations" on salaries and expenses.

The SAF, run by convicted tax fraud Alan Gottlieb (he was convicted BEFORE he started this dodge, BTW), pays for his annual Hong Kong tailor trip, a "company" Corvette, and no-show "jobs" for his wife and kids and their spouses. He also owns the building that he leases back to the "foundation". And a lot of other slush activities.

The NRA was caught doing the same for Wayne LaPierre. He has something like a $100,000,000 "golden parachute" clause if he gets ousted, too.

The Clinton Foundation paid $6,000,000 for Chelsea's wedding, and provides her a very nice salary for doing essentially nothing but existing. Meanwhile, they sent a convicted child-snatching pedophile to Haiti to "help" people there (and maybe snatch a few kids for rape dungeons).

Hi there fellas, what do you think about baseprotocol.org?

Run into many helpful reviews about it, everyone are talking that this is the new DeFi Gem. What are your thoughts about it?
Is it good to invest in it now?

>>24455033

I’m looking at conservation easements

>>24455087
How long do you have to stay there each year?

>>24457863
how do you surrender the wallet without the tax burden?