/biz/ - Business & Finance

>>29573067
leave your failure of a country and either join us europoor or learn chinese

>>29573067
you go to jail

>>29573067
Don't cheat the government, it's your duty as a citizen to pay taxes!

>>29573522
>have government pay for accomodation and food for x number of years
>get released to 50x portfolio gains
nice

>>29573067
>move to canada
>renounce american citizenship
>declare crypto holdings
>pull all holdings out
>OH NO BOATING ACCIDENT
>declare bankruptcy
Canadians can wipe taxes out with bankruptcy, so all that kiked 50% tax they have means nothing.

>>29573067
>Why would I pay taxes on crypto
It's called being a decent human being.

>>29574191

>>29574326
Its called being a literal slave to niggers who take more in taxes than they pay. Why would I, a white man, from the only demographic who contributes a net positive to the system - feel burdened to contribute MORE?

You owe me.

Tell you what Im going to do. Im going to take all that money you niggers would have gotten and Im going to give it to the National Alliance so they can build a library named after William Pierce. Suck on that kikes.

>>29574609
>National Alliance
Better not use your Will to do that.....
https://www.cbc.ca/news/canada/new-brunswick/neo-nazi-group-loses-bid-to-inherit-250k-coin-collection-1.2667218

>>29573067
They'd charge penalties and interest on the penalties. And you might have to prove that you dont hold as much as they think you do, if you cant they'll tax you on that as if you sold it at that date, with a basis of 0. I might be wrong about that part though but that would make it a bad idea to try the "boating accident" meme. Also you can't just trade for xmr since crypto to crypto is taxable, so you would most likely already have trades prior to that, and you would need to report those anyway. If not you would still need to report trading for xmr. This is assuming you're talking about the US but I assume a lot of countries are similar anyway, tax is basically elementary school level math and idk why people act like it's complicated. Maybe just glowie bait.
>>29573522
No, worst case scenario they'd steal all your assets and garnish your wages.

>>29574477
I hate subsidizing people who hate me and bitch the entire fucking time about how horrible I am.

>>29574477
If I could pay 0 income tax I would.

>>29573470
This. We owe them nothing OP. The United States is one of the largest organized crime syndicates in the history of our species.
Reminder that if you ever want to renounce citizenship, if your net worth is over $2 million you have to pay something like 23% of everything you own to the government. (This was imposed by Bill Clinton during his presidency.) I personally am looking to get the fuck out of here at the earliest possibly opportunity. With that said, someone tell if this could work:
>transfer most wealth to XMR
>move to a private wallet
>sorry Mr. Shekelsteinmanberg, I got scammed for everything
>move to switzerland/chile/panama/wherever the fuck
>take my money out of XMR
>live a normal fucking life free of the actual slavery that is being a United States citizen

>>29574318
It amazes me how every Canadian on here completely misunderstands how capital gains are taxed here. You're not taxed at a 50% rate, 50% of your gains are taxable, resulting in around 15% tax on profits for most Anons (depends on your tax bracket).

>>29575253
you absolutely can do this. mcdonald's is always hiring

>>29575765
how did you derive that 15% of profit is taxed yet 50% of gains are taxes? I thought profit and gains are for all intents here, the same

>>29575765
>15% tax on profits
that's actually pretty fair.

>>29576038
wait are you saying only 50% of your gains are taxable at 15%???

>>29576038
I'm assuming most Anons here earn enough income to be at around a 30% tax rate after including crypto gains.

>>29576116
No. 50% of gains is taxed at your normal income tax rate. So even if its the 50% is taxed at 50% rate, it would still only be 25% tax on your entire gain

>>29575623
>>transfer most wealth to XMR
>>move to a private wallet
>>sorry Mr. Shekelsteinmanberg, I got scammed for everything
I think >>29575096 is what would happen:
> you can't just trade for xmr since crypto to crypto is taxable, so you would most likely already have trades prior to that, and you would need to report those anyway. If not you would still need to report trading for xmr.
>they'll tax you on that as if you sold it at that date, with a basis of 0
But it's fine if you want to live in some third world country, I'm guessing switzerland or panama would probably extradite you though

>>29576061
How so? For what reason does Canada deserve 15% of the money you made from the risk that YOU decided to undertake?
Any taxation where the amount you pay is non-negotiable based on the services that YOU PERSONALLY take advantage of, is theft. Plain and simple. Anyone trying to argue otherwise is a literal slave with stockholm syndrome.

just do your taxes or ngmi

>>29576463
>MOMMY IT'S NOT FAIR
Everybody knows it's not fair, there's no point stomping your feet and whining about it. You're free to leave the country if you don't like it.

>>29573067
IRS charges daily compounding interest on your back taxes. And, if you make them audit you, they will decide what you owe and are never conservative, and they will audit you ever other year until you're dead so they can audit your estate

>>29574477
For racial justice and democracy in the middle east, anon.

>>29575009
They take crypto, I wouldnt even need to convert. Not even a taxable event.

>>29576353
I plan to bite the bullet and pay capital gains tax, I didn't really do anything to set myself up for avoiding that. I never actually expected to make money off crypto lol
I'm mainly looking ahead to avoiding the (((((((exit tax))))))) when I inevitably decide to leave this jewish shit hole. From what I understand, I basically have to keep my """net worth""" as low as possible.
This is the kind of shit we used to publicly execute officials for lmfao

>>29576600
thats literally worse interest than Mafia Loan Sharks I have dealt with.

think it’s a 20% fee on top of what you owed for non disclosure

so if you owed $1k in taxes and they audited you, you’d have to fork up $1200

>>29573067
Be a good goy anon

>>29573067
And so it begins

Because the longer you ride it the worse the consequences will be when you eventually get busted. Do it once and they’ll send you a letter giving you a chance to come clean. Do it twice and they’re fining you. Three times and it’s prison.
I don’t like being robbed by the government to fund Israel and niggers either but I’m not willing to go to prison over it

>>29573067
There are late fees and interest associated with it. I dont think it can exceed 30% of the tax owed though. Its probably a major pain in the ass which is what you really need to worry about

>>29576827
>This is the kind of shit we used to publicly execute officials for lmfao
Just wait for it...
=D

>>29574318
You cant just move to Canada as an American and just get Canadian citizenship

>>29573067
are you in the united states?
the 2020 1040 asks you on first page if you traded crypto.
if you say no, thats a felony.

>>29578899
it says virtual currency, not virtual assets?

>>29578899
if that was the case then a whole lot of people would be in prison right now. anyways im moving to Guatemala catch me if you can niggers.

imagine if it asked, have you traded pokemon cards and people thought that was something to be scared of like it's not going to be challenged in the courts. Some people don't understand how our government is designed.

>>29578889
I did it.

>>29576827
If you transfer what you need to ETH, Tornado, then XMR and then withdraw it from a new place you won’t get extradited. There’s literally no way they will know

>>29573067
Depends where you are - in some countries, like the UK, they can potentially charge you a 100% penalty, aka, seize the lot.

>>29577229
Oh, then that's not bad. I only made like a couple grand last year

>>29579181
How? Genuinely curious

Buying and holding digital assets isn't reportable to the US govn. Here is when you report to on taxes.... Fiat Deposit > Buy Crypto > Exchange Crypto Back to Fiat > withdraw Fiat to bank account. = Realized gains.

>>29578889
You can if you have hundreds of thousands of dollars, you think socialists wont accept money?

>>29579255
Cant seize crypto, when will they learn.

>>29579506
>Cant seize crypto, when will they learn.
You're a dumb nigger.
>https://www.cryptoknowmics.com/news/us-authority-seizes-crypto-worth-2-million-from-three-terrorist-groups/

>>29579437
crypto to crypto is a taxable event

>>29579437
I think this is how it works in practice, but that's not how the laws are written

>>29574191
this is unironically my hodl plan, I keep swinging and losing, so this is the only way I can realize my true potential.

lock me up faggots

A court order can force you to hand over crypto wallet portfolios.

>>29579614
Cant seize the crypto if they dont do some navy seal infiltration and take the physical unencrypted drives in some middle eastern country. Thats called getting lucky.

>>29575623
>he thinks he can leave

>>29579225
This is what I was thinking. Once I've renounced my citizenship and set up somewhere with reasonable taxation, how would the US know? Especially if I went somewhere like Switzerland and was able to negotiate a flat-tax treaty.
God I hate this country so fucking much bros.

>>29579939
And you can ignore those, and then turn into a ghost, buy a SIN off a bum for 100$ and disappear.

>>29579614
"$2 million from over 300 crypto accounts"

>terrorists keeping coins on exchange

>fud level -1

Seriously how is someone going to seize a paper wallet in an undisclosed location?

If the courts order you to hand over assets, you either do it or they lock you up and hire forensics to try and crack it. Either way, you're fucked if you resist.

I highly - HIGHLY suggest everyone here watch this Matthew Cox guy, hes pretty much the slipperiest weasel to ever admit how he did it.

https://www.youtube.com/watch?v=DcpIsapqbAc

>>29579954
Why is ((((((((nationality))))))) so cucked, lads? Most nations have been a net detriment to anyone who isn't a welfare goblin for decades now. We are literal cattle holy fuck

>>29580173
Cant arrest someone who doesnt exist. Identity theft is a thing, and its surprisingly easy.

>>29580173
How are they gonna do that to hundreds of thousands of crypto holders?

>>29575765
Most of us are retarded, this country is dying.
Not dying slowly either, dying very very fast.

How does crypto tax work for ausfags? Taxed per year, or only when you cash out?

>>29575765
Federal and provincial taxes amount to 48% combined depending on province.

if you bought crypto on an exchange this is logged. When you go to cash in back to fiat and the amount is 100x higher, this is also logged. You're a dumb nigger if you think you can get away with paying taxes lol.

Like the only way is to buy crypto and never exchange it back to fiat.

>>29575096
>garnish wages
>implying id wage slave after crypto tax evasion
Oh no the horror

>>29580357
Yeah sorry I was talking about the only province that matters, Ontario.

Question for you guys, since I don't know much about XMR.
How do you cash out?

>>29580476
When you make an account on Binance, nothing is logged. When you use a dumb phone SMS with a fake name attached to it, nothing is logged.

>>29580645
>When you make an account on Binance, nothing is logged. When you use a dumb phone SMS with a fake name attached to it, nothing is logged.
You can't do this anymore lol

>>29580700
Cant do what? Make no KYC Binance accounts? You can outside the US aka get a VPN.

>>29580759
Fiat to crypto is always logged. No matter what kind of bullshit account details you set. Most exchanges don't allow credit cards now. To even get large amounts, you link your bank account.

>>29580916
Thats fiat to crypto. Yea if youre trying to what, use your credit card? Anonymously? Where did that make sense in the first place?

Crypto to crypto. You know you can buy this shit on the street for cash right.

>>29580604
>lose wallet keys in a boating accident
>move somewhere with reasonable taxes
>renounce US citizenship
>cash out as normal

How much you Ameribros pay on taxes?
It's 33% here in Eastern Europooria on selling, fuck me.

>>29579872

>receive letter from IRS
>shit bricks
>1099-INT for supposedly $24 of interest paid
>relief
>receive another letter
>shit bricks
>notice about receiving stimulus
I think they just like fucking with people

>>29581227
>How much you Ameribros pay on taxes?
>It's 33% here in Eastern Europooria on selling, fuck me.
37% here

>>29579225
Doesn't this hinge on obfuscating the initial transfer to ETH?

>underestimating the tax jews from sniffing out your money

https://youtu.be/DcpIsapqbAc?t=1501

>>29581096
What if I'm from leafland?

When does the whole "hold for one year to get capital gains tax rate" meme kick in?
Is it 1 year from initial investment in a crypto? Like I put in money up until that one year and then take out the gains at that rate? Or is it one year from the last time you put money in?

>>29574326
>decent human beings fund the bombing of Palestinian villages

>>29581658
Idk, you'll have to do some research to find your own way of dabbing on your feds.

>>29581686
1 year from when the asset is purchased, you're overcomplicating it.