/biz/ - Business & Finance

>>29384031
Why would this prevent you from having to pay capital gains?

>>29384154
It's called tax evasion and money laundering. Get with the program

>>29384154
Agree, the card is on your name so it can be traceable, try to pay out like 100k i total with a crypto card... They will immediately report it and you are a suspect of spending illegal 100k in bitcoin you just make by selling drugs on the internet until proven otherwise, then, pay those 30% citizen plus some jail time because of not reporting the income, but you can play it on dumb, say sorry and pay some fine but only for a single time. There is no way around fren, only cashing out on localbitcoins or btc atms where you dont put your name and ID and pay everything in cash.

You'll have to pay capital gains on each transaction though as it gets converted to USD on the spot

>>29384031
Got a monolith card. It has a decent app with a wallet that is non custodial (that was key for me), eth wallet lets you swap your shitcoins for DAI which you then load the card with like a prepaid/travel debit card. Great for cashing out small amounts for online shopping, or at least was great up til 2 months ago and now it's fucked due to the gas prices. Pointless paying $200 to swap $500 worth of something to load the card with.

Signed up for a coinbase card but who knows when that will roll out, and desu i just don't see myself using something custodial.

Just move to Portugal or Slovenia or Germany or some other place for like a year. And get tax registered there. You'll get a vacation that will pay for itself instead of taxes.

>>29384991
>>29385116
You dont pay capital gains when you spend money on goods and services, you pay capital gains when you trade for the australian dollar and the japanese yen, then move it back into USD.

If you spend bitcoin, never actually converting to USD in *your* wallet, you never got USD at all.

>>29385398
>If you spend bitcoin, never actually converting to USD in *your* wallet, you never got USD at all.
fucking lmao

Heres how to understand this.

I go to a bank. I get 10,000 Canadian Dollars with my 1500 American Dollars. I now go and buy a hamburger, near the border, where they often take canuck bucks.

I dont pay capital gains.

What about Coinbase to Paypal and buying random shit < $5000/month?

You pay bitcoin. The merchant accepts bitcoin. The *merchant* converts said bitcoin to USD. You never converted to USD, no tax.

Also theres the "you never exchanged your crypto only loaned against it, whoops you borrowed all the value of your crypto we will just cease that (as payment)" model.

seize*

Always wondered how this shit works tax wise. If I get a card on which I use max 500-1000euro at a time (and more often 50-100) do I have to declare this? Asking from France.
From what I've read, in frogland you only pay tax when cashing out and its considered as revenue/salary but I don't really know what the cut off value is. I also have already cashed out 3k no problem to the bank, no questions asked and no tax but that's also because my initial investment is 10k.

>>29385163
interesting, so having a monolith card that you send on usdc directly from a cex without swaping is worth it?

>>29385721
But say I go grocery shopping and pay with my crypto card. Sure I'm paying them in btc but they sure as hell don't accept btc obviously, they need fiat which binance or whatever card provider you're using provides. Someone's gotta eat the tax no? If the card supplier is the one who exchanges crypto for fiat aren't they the ones that need to pay tax?

>>29386526
no you

>>29386294
Bongland you get an amount of cgt untaxed first, then gains after that are taxed. I just stay below the limit and use it for consooming. But it's fucked - cex route doesn't work as to load the card you are interacting with your wallet - its done through the app but it's non-custodial, so like interacting with metamask. As a result it costs gas to top up the card - route would be CEX -> app wallet -> card. 2nd arrow in that chain costs gas.

>>29386526
>Someone's gotta eat the tax no?
No, not really. Thats the whole point is it games the rules.

You pay tax if you bought bitcoin and then waited until it went up and then sold it. If you sold it at a loss, you dont pay tax. If you sold it at a break even price, you log the transaction but you dont suddenly pay 30% of it or w.e. Youd pay tax - on the gains themselves.

Party A owns Bitcoin. Party B has a good or service to sell. Party C acts as a middleman and liability firebreak (thats Binance).

Party A and B trust party C to have a system whereby party C takes Bitcoin from party A and *on behalf of party B, the received of funds, the provider of goods* exchanges Bitcoin from party A into USD. Party A - never exchanged his crypto for dollars, never made gains on his capital. He spent it. Thats what currency is for and Bitcoin is importantly - not a security.

Party B, the good/service provider had *his* bitcoin exchanged at equal value to dollars at the time of exchanging goods and services for said Bitcoin.

NOBODY pays tax, the system gets a broken glass bottle shoved up its asshole.

(Stores are going to be more accepting of crypto but srsly you wouldnt do groceries with a 100$ a transaction crypto, Id use Litecoin. Semantics though.)

>>29387171
Ok i understand now, thanks for explaining anon!

>>29386983
>route would be CEX -> app wallet -> card
oh, If I got it well, the app wallet -> card part is done automatically when you pay irl with your card, as long as you have gas in storage. Its not like, you load the wallet then you load the card from the wallet. And its done through a smart contract.
Btw how much is it in gas compared to a uniswap transaction and simply sending eth from one address to another, relatively speaking (and abstracted from gas price) ?

>>29385398
In my country you are supposed do pay TAX even if you are buying service or stuff with btc

>>29384031
DR;NS

>>29384031
you still have to pay taxes retard, Binance has a copy of your ID and puts the card in your name...

>>29385497
this is literally the shittiest analogy I've ever seen
god damn loonies and their toonsies dollar

>claim crypto is the future
>use visa system
Big brain

>>29387627
they are 100% wrong please do not listen to them
paying for things with crypto is treated as a bartering transaction and the capital gains are realized when you exchange crypto for pretty much anything, including other crypto

>>29385398
all this card does is automatically cash out for you, I assume you owe tax on all purchases. If you're just using it for purchases under $10k you probably won't tip them off though

>>29384031
Just cach out in a different country

>>29390560
That better means Switzerland

>>29384991
No you just deposit usdc and pay normal taxes since it is 1:1 with the dollar

Can the IRS tax me if I just do a crypto to crypto trade?

>>29384031
I will only use this if it let's transgender and non-binary persons of color display their True Name (TM) like this great mastercard.
https://www.mastercard.us/en-us/vision/who-we-are/pride.html

>>29390914
Those ITK have been doing this with the swipe card for months.
Big difference between using the swipe card and crypto.com card hence why SXP will be $100+ at the peak of this bull run.

All these comments and none of them made any sense whatsoever. Either properly explain this shit so a 2bit brain idiot can understand it, or just dont bother.

>>29391764
because nobody fucking knows. Just cash out and if you get asked for tax, then pay it, if not then count yourself lucky.
Its like pirating films.

>>29385721
>You pay bitcoin. The merchant accepts bitcoin. The *merchant* converts said bitcoin to USD. You never converted to USD, no tax.

this is complete bs, stfu

VISA has categorically denied that they will accept crypto as a payment currecy. It HAS to be converted beforehand, anyone who tells you differently is a chink shill

crypto.com masterrace

seriously, nobody above, nobody alongside, they are best in market

>>29393784
oh and btw, you can't dodge taxes with any visa card, as the card issuer/ money license holder has to comply to KYC and AML laws

>>29385398
The Fed disagrees. You can't spend crypto, you can only spend USD.

>>29386294
Check your tax laws on crypto, but more likely than not your govt already knows and if you're moving to make those crypto into fiat, you will pay taxes. Only way around is paying goods with crypto, which will only charge you VAT or whatever tax you have on purchase of goods and services.