/biz/ - Business & Finance

yeah those 120% tax rates really get you

>>54388798
what this means is you set aside some of what you sold to pay for tax. dont go spending it all on an xbox5

>bro, you gotta buy crypto bro
>ok youre accumulating crypto bro, nice
>bro ok, but bro, you cant sell it bro, yeh, you dont want to pay taxes, so just dont sell bro, just hold the crypocurrency forever and never sell it
>oh whats the endgame of this? idk just hold until youre dead lol

Someone explain this to me? Seems to be this whole "taxes omg" is just another fud to keep retail holding bags while big money has fun selling and taking profits

>>54388798
>take a loan out against your crypto into stables
>convert stables to USD
>liquidating assets is not considered a taxable event
>?????
>profit

>>54388841
If you buy something then sell it later for more money, you pay taxes since it counts as earnings. It has nothing to do with crypto and more to do with you earning income. Same goes for literally anything you sell at a profit that can be tracked.

>>54388798
one hour with your mom is also taxable event

>>54388931
is there a decentralized way for me to sell my crypto for cash to people on the street? Don't see how that could be tracked feasibly. L

>>54388798

>>54388798
Tax man wants a share of your earnings but not a share of your losses. They risk nothing.

>dad works 40 years
>is taxed every one of those years
>income goes to an account
>dad dies
>you receive this account full of after tax income
>gets taxed 50% again anyway
>sorry for your loss

>>54388798
Never sell, never taxed
Figured out the problem faggots $$$

>>54388798
I turned an 80k airdrop into 6k thinking this way
And I still paid taxes

>>54388841
I think the idea is that you never sell it but rather you take out a loan and use it as collateral.
In a market where the value of your collateral is constantly going up and interest rates are low, this is a good strategy.
A lot of people swore by this until fall 2021.
In our current market, you hodl or DCA and wait for spring

>>54388798
even the tax guys pay taxes. it's fuckin nuts dood

>>54388798
my balls in your mouth are a taxable event

>>54388798
>be self employed
>work to earn money
>have to work more to pay taxes on money already earned
>have to work more to pay taxes on money earned from working more to pay taxes on money already earned
omg you're so right what a con

>>54389167
>get paid
>get taxed 35% on the income
>buy something
>get taxed 20%
>company that made the thing had already paid a 20% tax and included it in the price
>invest
>taxed 20% of your investment income
>put money in bank
>taxed 20% of interest
>die
>taxed again
I estimate that 75% or more of my income goes straight back to the government

>>54389167
That 50% tax only applies to estates worth more than $20M or whatever

Its really interesting to see these IRS threads considering that its obvious as hell the USD is about to hyper inflate. Taxes are probably not going to be a thing in a year because the government fucked up. When 1 million USD is worth 1 dollar right now what will be the fucking point of even filing.

Might as wait a year or 3 and see what happens. Its not against the law to simply not file at all. Sure you might end up paying a fine but what does it matter if fiat completely fucking dumps. Every one of you IRS agents making these stupid fucking threads you are all about to get cut from you job.

Want to know why? Because as of this week its been established that the USD is not the world reserve currency anymore. You want to know what else? If they make a CBDC then taxes will be 100% automated.

You guys are absolutely fucked out of your jobs. Just stop posting these threads. Go ask chatgpt where you should be able to find work.

>>54388798
>ur mom is (NOT) a taxable event

>>54388841
Protip: pay your taxes in BTC. Several states (yes, in the GoySA) already offer this

>>54388841
The tax laws for crypto is beautiful in my country: Every single transaction with crypto is taxable. Especially if you exchange one coin to another.
Sell at a loss that you'd normally be able to deduct like with bonds and stocks? Doesn't matter, you still owe taxes.

>>54392408
You cant owe money on a loss, that makes absolutely 0 sense.

>>54388798
Declare the pennies on your eyes.
https://www.youtube.com/watch?v=gMdcE8jdz70

>>54392414
Explain that to our version of IRS. You could invest $1000 in one coin, it loses value, so you exchange to another coin, it loses value, so you exhcange to a third coin etc. until you're left with $0, and cut your loses.
"IRS" now knocks on the door with a 27% tax quote for every single exchange. The more exchanges you did, the more you owe.

>>54388879
>convert stables to USD
would this not trigger a taxable event?

>>54388841
These people are imagining a bitcoin scenario where they buy 100,000 tokens for a few dollars and hold them for a decade until they're worth millions.

>>54392443
I think you might be retarded. Which country would that be?

>>54388798
I've been submitting my pages of transactions since I started. That meant I submitted hundreds of pages last year. Is that really still necessary? Should I keep it up? I think I'm gonna be lazy this year and not even bother correcting most of it because what's the point

>>54392458
Denmark. This is our most well known case: https://www.dr.dk/nyheder/penge/kryptovaluta-kan-give-skattesmaek-folkeskolelaerer-skylder-28-millioner-kroner

>>54391662
>living in a state with state taxes
make it status: not gonna