/biz/ - Business & Finance

Nice try IRS

>>25692323
Seriously though, I'm looking around and there does not seem to be a way to buy crypto without handing over your personal data.

Mine is quite simple. This August Im having a wedding. Im planning to cash out into cash from some bitomats, or with binance CC, and then put it all into my bank account. If these niggers ask from where this money is comming from I will tell its a donation from my family for my wedding which is legal and not taxable in my country. The only issue is that I will need to do it in August or eoy at max.

There's a tax break for capital gains if you sell under a certain ammount per month here. Don't even have to do illegal shit not to pay taxes, HUEHUEHUEHUE.

>>25692234
I would never hide money from the IRS. Its simply not worth the hassle. Just pay your taxes and you never have to worry.

>>25692480
>40%

>>25692458
lei burra do caralho

What steps? I buy all my crypto with legal money and there's only taxes when I make a profit (aka, actually selling it back for fiat).

>>25692390
good luck selling that when you get audited anon

I don't sell so I don't have to pay taxes

>>25692234
XMR NIGGER AND I HAVE NO PROBLEM TELLING YOU THAT MR CIA FAGGOT BECAUSE YOU'LL NEVER CRACK IT. HAHHAHAHAHAA FUCK YOU FAGGOTS YOU'RE NEVER GETTING MY MONEY AHHAHAHAHAHAHAHA
FAGGOT NIGGER FAGGOT NIGGER FAGGOT NIGGER FAGGOT NIGGER FAGGOT NIGGER FAGGOT NIGGER FAGGOT NIGGER FAGGOT NIGGER

>>25692385
Bro, it's the same as broker accounts and the stock market. You need to give them the data.
Why does it surprise people?

>>25692234
I would pay them, but I'm never selling.

>>25692458
Maybe I should move to brazil and start cashing out, you think they'll let me live in pomerode?

>>25692234
just suterusu. really the only thing i need
https://medium.com/suterusu/an-introduction-to-the-suterusu-protocol-fe890bc49ead

>>25692914
Brazil is expat friendly. But consider just cashing out with a holding company in a tax haven country, or something like this. There's not need to move at all, check out Nomad Capitalist.

>>25692234
by buying XHV

>>25692836
That picture is frightening.

>>25692914
If you're going to move, do it to a fiscal paradise that is nice to live in, not to fucking Brazil lmao

So I just worked out, if you cash out $1M here in my country, even with long term capital tax, you have to pay about $250k in taxes. Thats 1/4 of you're earnings for fuck sakes.

None, individual trades aren't taxed here unless you put in effort to raise value (like shilling) which turns it into work instead of speculating.
Only the value of possession is taxed once a year which is fair

>>25692385
I am currently using coinjoin for btc and of course just buying monero :)

Losing it to benchot pump n dumps

>>25692458
You technically have to declare it even if your capital gains aren't going to be taxed, but I don't think Receita really gives a shit.

>>25692654
Just pull out less than a million at a time? Isn’t the 40% tax only on million dollar or more profits?

Convert my coins to a stable coin once I have the desired amount and then move to Portugal as a EU citizen and open a bank account there. Finally withdraw the stable coin to my bank account paying 0$ in capital gains

>>25692480
This, and also never sell. Or take out loans against some of it while that’s still relatively unregulated.

>>25693420
Are you in the Netherlands?

>>25693763
Yeah

>>25693721
wouldn't the stable coin still be a reportable gain in your current country?

>>25693947
Not him but most countries don't consider crypto gains until it's converted into fiat. Not everyone has to deal with the IRS's style of bullshit.

In most of the world the smart thing to do is to move to a stable USD token (not Tether) and slowly convert to fiat in order to avoid the capital gains threshold.

>>25692234
There is none, all the exchanges do KYC for a reason.

Best I could do is move to somewhere without CGT and live there for a year without selling.

I think Americucks can't even do this lmao.

>>25692458
If Brazil weren't so shit it would be the best country to cashout crypto gains

>>25693699
Wait what, 40 fucking percent? Is this America?

It's 20% in the UK but my plan was to just move to some EU country before selling.

Nave cash out and then Kill yourself , problem solved

>>25692234
Offshore shenanigans. Britbong here, that's what I did when I made it, but it's only something you do if you've truly made it, just hire an accountant and they'll guide you through it and it's all perfectly legal. It's not something you do if you don't have at least 7 digits.

>>25692234
I don't. I just dont cash out until I made it, and then I flee to Monaco. They don't extradite for tax evasion.

>>25694771
Not currently, but allegedly Biden is going to raise capital gains to 40% for amounts greater than 1mil/yr.
Honestly not the end of the world because that already assumes you've made it anyway, and I don't see any reason to cash out more than a million per year anyway. I know technically you're supposed to report crypto-to-crypto as well, but fuck that.

>>25692390
>I will tell its a donation from my family
>can you proof that sir?
>whats this binance_CC-adress-91082381881 for a family member?

>>25695271
Muhammad bin Ance, you infidel. He's my cousin, we share a goat.

Just pay your taxes idiot

>>25692390
>This August Im having a wedding
>planning to cash out
ngmi

>>25695182
>1 million
>made it
what fuck year do you live in, 1930?

>>25695713
1 million PER YEAR, you fucking retard. If you own, oh say, 10 million in crypto, there's zero reason you need to withdraw over a million to fiat each year.

>>25695713
>millionaire from this bull run
>realize this anon is right and I haven't truly made it yet
>need another 3x to be truly comfy

One day, we'll have to come to terms with the fact that Bitcoin can only survive if Satoshi's original vision, that of the currency being used on its own, comes to fruition.

Bitcoin's (and crypto's) long term success depends on people realizing not that they're good ways of earning fiat, but that they're the only reasonable ways of doing commerce in a world that doesn't give a shit about controlling inflation anymore.

>>25692234
I don’t need to hide it. If I sell less than $40k every year it’s legally tax free money.

>>25695785
One day when you realize you are to greedy for your own good your actually understand what making it is

>>25695785
You can easily live off of 1 million for at least 40 if you don't fall for the CONSOOM meme. Invest into balanced ETFs, withdraw each month for a total of 4% a year and you're done

>>25695785
Just move to africa or something, then you made it.

>>25695985
its just demoralizing fucks setting up unrealistic standards to fuck with the newfag npcs don't you notice that they never post proof and only larp? holy fuck how new are you lurk more

>>25695985
All I want is a fully paid off house, and enough passive income to be comfy for the rest of my life. Stretch goal being enough to help start my business ideas. Is that too much to ask for?
>>25696027
I'm scared the balanced ETF 4% thing won't be safe if the world keeps going to shit, so I want more to be on the safe side.
>>25696074
True, but I want to stay near my family and can't convince them to move to Africa with me.

>>25696112
If you're scared of that but not scared of investing in crypto there's something amiss

>>25696087
>don't you notice that they never post proof and only larp
Come on anon, BTC alone has gone over 10x in less than a year. It's not unbelievable that some of us made bank, especially considering the LINK pump earlier.

>>25696162
Once I move into that, I'd have to trust the 4% ETH meme for decades to live on it. Investing in crypto now I only need to worry about the near future (besides the portion of my stack that I'll never sell). Besides, BTC > fiat.

>>25692234
Ledger, use mixers, and use a dvpn for all your browsing, research and transactions. I use spiderdao

>>25696166
>some
ofc also post proof faggot or fuck off with your fantasies did you forget where you are?

>>25696239
*4% ETF

>>25692385
what is the issue with that? you don't have to pay taxes on buying
now if you actually want to sell on a centralized exchange, you're fucked. but honestly, selling crypto for fiat is kinda retarded

>>25696303
My shit is held across many wallets and my bank account, I'm not going to be able to show that easily. I did show an anon that I have 1 million PNK before in this thread
>>/biz/thread/S24045835

Not going to blow money on gas fees now to transfer anything else to prove something.

>>25692480
THis.

>>25693007
This

>>25692480
True. Prison would suck ass. Just dot all your "i"s and cross all your "t"s until you can get citizenship somewhere more friendly and you're good to go. Treat it like it's the mafia extorting you, since that's basically what it is.

>>25692458
so are you telling me if I sent a friend i 100% trust who's there now (native) and is coming back here one day, he could gradually cash out for me and bring me cash?

>>25692458
>>25692390
>>25692480
>>25692700
>>25693643
>>25693699
>>25694379
I only posted the IRS pic because it's the most known tax related organization.
I live in a shithole where the general public does not invest, they have two things: cash and/or their houses.
The law knows nothing about crypto, so basically it counts as income. There for if I cash out I have to pay not only taxes (15%), but healthcare contribution, so basically I'd have to pay 26%+. Basically if I made 100 dollars I'd have to pay about 27. I'm not even sure I could explain to the retarded, uneducated tax guys how I mad e the money, they might not even subtract the worth of the investment when I entered the market.
>>25696246
But when you convert it you have to register at an exchange, no?

>>25692480
yes, give money to the goverment so they can redistribute to low iqs that have 5-7 kids each

>>25696403
my point

>>25696688
You point is what?

>>25692234
You’ve heard of Freeports I assume ? Like they retarded tenet movie.

People are already moving ungodly monies around in NFTs. It’s going to be pretty common soon, keep an eye out on DGCL

Not today CIA
Nice try FBI
Hands off my largesse, IRS
Dirty tricks MI6

>>25696708
the larping

>>25696746
what do the acronyms stand for sir

>>25692480
Haha no I will not pay to propagandize and subjugate my own people

so I have 10k of those fucks
how do I realistically turn this into cash/other crypto without much fees?

I heard its some token only for "them" and has some 0.10 usd value always and you cannot really swap out

some shill or some faggot here care to explain?

>>25696863
Believe what you want fren, I'll still have the money either way.

>biden and kamala may very well tax every fucking trade you make to "DEFEAT WALL STREET!!!"
How much fucking more of my money do niggers need

>>25692836
Dangerously based

>>25696975
I wish people would realize taxes like that aren't sticking it to the rich, they're just making it harder for new people to get rich. The super rich have ways around taxes either way.

>>25692234
Protip: most blockchains are transparent.

>>25697027
This is how it always goes with Democrats
>we are gonna stick it to walstreet your taxes won't go up!!!
>oh well we couldn't get it through without a compromise so you have to get taxed as well!
>think of all the inner city doctors and rocket scientists your money will go to!

To be honest it is disgusting.

>>25697165
I wouldn't tax myself either, lel.

JUST USE HAVEN (XHV) it is a fork of XMR that gives you the power to offshore your crypto gains into stablecoins with 100% PRIVACY

>>25692480
Fuck Off. I'm not giving money to politicians.

>>25692234
Hate the IRS. Taxation is theft. Still report my trades like a good goy because I don't want to get federally assfucked

>>25695777
>10 million in crypto
>implying it will stay that high

>>25697899
stablecoins are crypto too, mong

>>25692234
they can't track paper wallets

>>25695985
>>25695785
1 million is well off, but with another million on the table (2x) that you EARNED you'd be exponentially better off (2+x)
this is not a goddamn question of what you NEED to survive, this is a question of what you're entitled to

>>25692234
Buy high, sell low. Never had a single problem with the IRS coming after my losses.

>>25693947
Yes. Our policy is retarded.
You could maybe get away with just paying your capital gains, and hoping they won’t dig in deeper if they’re getting a decent 20% cut if you ever convert to fiat, but it’s risky.

>>25698240
You should be writing off your losses on your taxes you mong

>>25694952
>they don’t extradite for tax evasion
Is this true?

>>25692234

lol if u dont know, u dont know

MONEY LAUNDERING

>>25698378
money laundering != tax evasion. When you launder money, literally the entire point of it is making it look legitimate, which also means paying taxes.

>>25694952
Have fun staying within a 1 square mile radius for the rest of your life

>>25698525
>1 square mile radius

>>25692480
I agree fellow law-abiding citizen, I am also sure to pay 100% of my crypto taxes as well as throw in an extra tip for the hard work the glorious IRS does for our country.

>>25692700
Trading crypto to crpyto is a taxable event. If you made a profit from a shitcoin to shitcoin transaction you have to report it and pay capital gains tax.

>>25696401
>have number go up on a computer
>can't do shit with it because you can only buy relevant stuff with fiat

Yeah that's why Bitcoin is fucked.

>>25692390
In 2017 i just threw it in my brokerage and started buying stock with it, only ever paid on the CG from those stock trades
Nothing came of it

>>25692390
my grandma says thanks for spreading covid.

>>25698240
kek

I just do not declare. Simple as.

>>25698888
Tell your grandma to stay home if she's so worried about the flu

>>25695785
some homes are so expensive, that I think I'm gonna need 10 million. I just want to live somewhere with no niggers and have a car I can keep in a heated garage that won't get destroyed.

I plan to give up US citizenship. There are several countries that allow this by donating money to the country. You buy citizenship.

Nevis:$350,000
St. Lucia: $250,000
Grenada:$250,000
Vanuatu:$180,000

I'm thinking of Nevis because of their banking secrecy laws and they allow bitcoin to buy citizenship.

>>25692836
holy based

Isn't localbitcoins the best option here?

>>25692234
Bitcoin is going to $1000 000 within the next 5 years and you want to cash out ??!! that's insane

deposit on a swiss account
travel to thailand
spend the rest of my life on cocaine and thai femboys

>>25699974
go broke and then sell your US citizenship

>>25699974
thats too expensive.

>>25692385
If you're still around, here's a legit answer - BISQ - price may not be great though.

>>25697478
>Taxation is theft
This is how 12 year olds and extreme leftists think

>>25700766
no peepee poopoo youyou

>>25699974
You can do it in Turkey with a $250k home purchase, which is enough to get you a nice place. No taxation on crypto gains, either. I can't see doing any of the Caribbean ones with that being an alternative.

>>25692234
I report everything, if they raise taxes I just don't take profit, only spend crypto and only when I need to spend

>>25696946
Its only worth 2 cents ATM so just hodl for now. You can exchange like any other coin on their excahbge or uni tho

>>25692234
PS a fake passport. Fly up to Canada and sign up for all foreign exchanges that will accept a pic uploaded, rather than a video of your PP. I don't know if you can access those accounts when you get back to your US IP, but you probably can.

>>25700872
who in hell would relocate to turkey?

Gift my bitcoins to my wife for her birthday and Xmas. Have her cash it out for me. Since it was a gift to my spouse, the IRS won’t tax the transfer, and since she isn’t a US citizen they don’t have jurisdiction to tax it when she sells it.

>>25700554
depends on how much you have.

>>25700951
you don't actually have to live in these places. you just buy a passport. some of them require you to live there a few weeks out of the year or buy real estate. Austria is probably the best choice of these countries, but it costs 2.5 million for citizenship.

Can't get audited if you live 25 miles innawoods in a mudhut

>>25697027
It is absolutely already well known and fully utilized to decimate what’s left of the middle class

Bump

>>25692234
>People storm Capitol Building two days ago
>More government agencies on 4chan than ever before
>Gee guys, how can I scam the IRS?

>>25703277
Who the fuck do you think made the thread, retard?

t. government agent

>>25695182
That's at the high end, but taxes will be increased for incomes below that, just not as much.

>>25692234
Do IRS agents actually believe they’re safe in public? When the dollar collapses and they start asking for money I’m pretty sure they’ll be hunted down like subhuman animals in Minecraft.

>>25692836
based and methpilled as fuck

I just pay capital gains. I use cointracker

>>25692385
Another amazing reason why bitcoin never was and never will be fully encrypted and anonymous

>>25692234
>>25692385
Bisq

>>25703529
all feds are fucked

>>25692385
There are ways to buy BTC without handing out any personal data.