/biz/ - Business & Finance

nobody actually evades taxes with privacy coins. they LARP about trading in and out of BTC pairs but really, the time it took to find liquidity for the trade is a tax on the trade itself, and none of those traders are profitable in USD terms.

>>53067602
>>53067638
Monero chuds just larp or have an insignificant amount of money

>>53067602
I'm not exactly a tax evasion expert
but once money is in monero it's gone, so selling and buying stuff for monero is a good start
>>53067638
lol

>>53067602
Nigger as long as you hold crypt no tax is required. You are supposed to pay only when selling for cash. Else its unrealized gains

>>53067692
That's not how crypto taxes work in the US. If you are using transparent crypto linked to a kyc then rip because chain analysis can see you aren't reporting anything on taxes.
>>53067602
By using it
>>53067638
Glownigger

>>53067602
Do XMR ATMs require KYC? If not, then that. Or localmonero.

>>53067638
>>53067671
Monero is only a suggested means to an end, not a required venue. I just need a way to earn money without the government bleeding out my income.

>>53067672
Starvation, then. The local Piggly Wiggly can't into Monero.

>>53067833
>What is coin cards
You can easily get Walmart gift cards through there.
Plus you can find numerous things to buy with XMR. You fudders are retarded.

>>53067744
>localmonero
literally NOBODY wants to buy xmr with cash
t. trying to get cash for xmr

>>53067716
can you point me to any case where this notion has been enforced? every tax attorney I have seen comment on the matter says that the tax code is completely non-committal about crypto-crypto transactions and either recommend paying tax only to "err on the side of caution" or to ignore it because there is no actual language stating what you claim. the irs itself has flipflopped on whether staking rewards and airdrops are taxable to the point where I (and probably they) don't know what their official position is anymore

>>53067917
The only people (so far) that have been targeted with this have been individuals who are selling Bitcoin in large amounts.
The concern is that as chain analysis improves you are suddenly left with a public ledger showing you moving cryptocurrency and not reporting it. If it's a small amount you are probably fine. But if it's a lot?

>>53067941
Selling in large amounts and not reporting it*
Also people doing illegal things such as money laundering or buying drugs.
The amount of people getting caught through chain analysis will only grow over time is my when point. And yes, it is the law. I saw a thread linked here from plebbit and a Bitcoiner got raped for not paying taxes on crypto sales.

>>53067956
bitcoin for other crypto or bitcoin for usd? crypto for usd taxes makes complete sense, it's crypto-crypto that doesn't

>>53067969
You are actually incorrect. Crypto to crypto is a taxable event. Look at the IRS tax rules for crypto.
It also is for crypto to any type of good (e.g. if you were to buy a computer at online retail with crypto)

>>53067998
i'm asking for cases where the like-kind rule has been enforced for crypto-crypto transactions because in practice that makes no logical sense and many tax attorneys have struggled with the question of whether the language is legally applicable

>>53068013
Just do it by the rules for securities and you'll more than likely be fine. Obviously talk to a CPA first and all that good shit but I fail to see how cashing out into a stable that you hold for a year and a day and then pay 30% or whatever in taxes on would get someone in hot water.

>>53068013
People trading on KYC exchanges and not reporting their trades.
Yes, people have gotten fucked for this.
>Many tax attorneys
You are pulling this out of your ass. These laws have literally been enforced lol. It's just they are only going after bigger fish right now.

>>53067602
Just use light protocol on solana.

Swap to usdc, then send to coinbase, kraken, binance, or kado money.

Cost basis is 1 dollar per usdc
Profit = 0
Capital gains = 0

Any inquiries, just say your savings are in usdc

>>53068069
if you take two seconds to google us tax attorney commentary on crypto like-kind exchange you will see they are befuddled by irs guidance (or lack thereof), which continues to change and about which attorneys can only offer caution rather than hard rules

>>53068373
.......just do long term capital gains on whatever stable you cash out into when you convert it to fiat. If the IRS want to be faggots and be hardline about "NOOOOOOO ANY TIME YOU MAKE A TRANSACTION THE TOTAL AMOUNT HAS TO BE TAXED EVEN IF NO MONEY WAS GAINED OR LOST NOOOOOOOOOO" then you still paid what you thought your tax burden would be in good faith to begin with and can decide what to do from there. The second it started affecting the truly wealthy it would no longer be an issue any damn way, uncle sam doesn't give a fuck about anything but getting his cut so if you're paying something it's always gonna be better than nothing.

>>53068373
Yeah that befuddlement is surely stopping people from getting fucked by the IRS.
>Which continues to change
It's been the same for years with Monero.
>Only offer caution
Lol wtf are you talking about.
Again, if you are dealing with any large amount of money and your attorney is giving you this then your attorney is probably Nigerian.

use monero

>>53067602
Step one: post about it on a honeypot forum!

>>53067602
You don't. Monero is a honeypot and the shills on this board are feds. Try ARRR. It's atomic swappable with 99% of all the other crypto there now. https://anonset.dexstats.info/zswaps.php

use monero

>>53070559
90% of the total supply was mined with only one transaction in the block, the miner reward. Literally a miner scam ghost coin.

>>53068419
Wouldn't the captial gains on a stable be zero

>>53067602
Evading taxes isn't the essence of privacy but to shield transactions from prying eyes on the blockchain. Monero chuds suck.

>>53067602
Privacy won't go away even though scallywags like you try to give the fed some reason to

>>53067602
I would like a very detailed breakdown of this method too, please.

>"evasion" and not "avoidance"

glow thread.

>>53068983
You typed a lot without mentioning a single case anon.

>>53070754
Bobos always getting the essence of privacy wrong.. imagine thinking you can evade taxes with monero, if the feds want you they getting you for sure..

privacy for me is having scammers awat and having full control of your data without big tech selling you out

>>53072866
Cuck

>>53067602
Monero is a midwit scam

You can't evade shit, also your account probably gets redflagged the moment you purchase monero

>>53072862
https://www.teddit.net/r/BitcoinMarkets/comments/thg7oi/my_irs_audit_experience_a_work_in_progress/

>>53067602
1. Ask for payment in XMR
2. They send you the XMR
Congratulations, you evaded taxes.
Also, ask to get payed in bulk so that your client pays less tx fees.

>>53072866
communication data/privacy gets a good shout in that regard

>>53073218
don't you have to send to Cex to cash out?
Or you gonna spend Monero in the real world lmaooooo

>>53073255
Got sylo for that
secured communication data backed by web3 and the blockchain

>>53073489
You don't cash out, no taxes

>>53073255
the recent issues with twitter files is another reason why you can't trust most of these social big tech companies

>>53067602
xmr -> magic dust -> optionally cash

>>53067941
Guess I'm going to have to work out a payment plan with the IRS of about $5 a month because I'm completely broke after consistently losing ever bit or XMR I buy.

>>53067638
I've paid 0 cap gains tax, probably own close to 10k that I've just nignored by throwing it all into XMR

>>53067602
1st know the tax laws in your country, if unofficial money isn't recognized then it might (not) be taxed differently

2) with theoretical illegal money/value you always run into the issue of how to spend sizeable amounts

purely logically speaking ->monero->monero only stores->delivery to PO box->sell 2nd hand->cash

congrats you have cash, but now you run to issue 2)

The real question you're asking is how to solve 2)

Use monero

>>53067908
really? what country/region?
i know theres a massive market for it in russia, but i dont think many people want rubles right now

>>53067602
The only real way to do this would be to trade your monero for real things and not fiat. For example instead of converting your monero to USD and buying a car you could just buy the car with monero directly. The US gov is planning to crack down on this method however so you need to find people that don’t give a fuck about the law.

>>53067602
Tell me you retards don’t really believe you can evade taxes with a digital currency

>>53067602
so this is the future of finance. top fucking kek.

I'm from Brazil, you would have to open an account with a beggar's CPF, do like me, I have several beggars' accounts, I pay them 50 dollars to use the documents to get rid of taxes.

>>53072131
kek what will blow your mind is that this is actually how they mine tax evasion schemes

>>53073104
Holy shit