/biz/ - Business & Finance

Coinbase, it's literally listed in your own third world stock market fatty

>American here
Fuck off and kill yourself

>>57832305
Why would you want to "cash out" ?

>>57832339
hahahahahhah look at this SEETHING thirdie

>>57832386
I'm European retard

>>57832305
Become a citizen of Mexico and cashout there. The USA will ream you with taxes

Through a cex is the cheapest and most practical for larger amounts. I don't think you can withdraw from binance if you're a YS citizen though. CB is probably your only real option. Metamask has an instant ACH off ramp now, but I think it costs close to 10% after all the fees. I may actually try it soon though, just to see how it goes. I can't find many reviews on it yet.

>>57832450
Congrats on this Achmed, seriously

>>57832305
Kraken has the lowest fees and it’s a good cex
Just make sure that your coins have good volume and liquidity
If not it might be worth it to use Coinbase for less spread on price

>>57832453
It depends on the amount, your filing status, your deductions etc...but federal short term capital gains tax itself isn't that bad. I think it's 12% for under 90k this year and hits double digits over 240k. State taxes will vary, but it's around 4% where I live, regardless of the amount or hold time. The bigger issue (that I can see) is that you'll bump yourself into a higher tax bracket and kill your standard deduction. Definitely consult with a cpa or tax attorney before you make any big moves off an exchange. They can help you figure out the best strategy to avoid excessive tax penalties. You might be able to swap into Treasury bonds temporarily and avoid a lot of tax or something. Idk.

>>57832450
right

>>57832456
>>57832587
good advice ty

>>57832735
NP fren. Picrel is the 2024 federal short term cap gains schedule. First page of Google. I wouldn't take anything posted here very seriously. Posters like to spread fud about cap gains taxes for whatever reasons. I guess just regular old demoralization stuff.

>>57832735
Coinbase is super gay and has arguably the worst app ever invented. Total sham. There is nothing about coinbase that's considered appealing. Kraken is one option.

>>57832450
Yeah and?

>>57832587
I’m expecting to be in the top tier bracket this year so thanks for this info
>Linu maxi

>>57832587
Hey anon, you seem informed. Mind if I hit you with some follow up questions?
1) what qualifies as 'short term' capital gains tax? I've basically been DCAing since 2020 up until know.
2) At what point does my portfolio count as realized gains? The moment I sell for USD/USDC or the moment I try to move money off of the exchange?

anon you dont cash out, didnt they tell you this when you started?

>>57832305
>cashing out

Cashing out to fiat was pre 2024 anon

We're in the part where you sell it all for BTC and go self custody before someone from your CEX steals it because there are only 450 BTC per day and some jew wants to buy OTC for -20%

>>57832587
Also depends on how long it has been held for. I think over one year qualifies for regular capital gains instead of short term. I think short term is taxed at regular earned income rates. I could be wrong though. Keep in mind too you’re only taxed on the gains, not the investment, so you’ll get to count that against your overall burden. I think you can deduct fees as well. Obviously it’s not much but it’s something.

>>57834082
I’m cashing out my alts to buy a house this run, but never cashing out my BTC.

>>57832305
Coinbase, Gemini, or Kraken.

Register and KYC on all three. Get verified all the way.
Important: Be prepared to explain the origin of your funds. US exchanges are curious that way.

Compare fees, and sort out what it takes to pay as little as possible.

>>57833986
No, OP is wrong.
Short term capital gains are taxed as ordinary income.
Taxes on long term cap gains can be much smaller for small gains.
However, for non trivial amounts, long term cap gains are taxed at around 24.6% at the federal level plus whatever your state feels like adding.

1) anything held for less than 12 months will create a short term capital gain/loss when you sell it.
2) you realize your gains when you no longer have the asset. if you trade BTC into ETH, you realize BTC gains/losses and establish a cost basis for your ETH. moving value on/off exchange does not trigger a taxable event.

I have not made it yet, but this bull run will be the one where I actually have to worry about capital gains tax.
That makes me so mad.

>>57832450
Lol

>>57832355
Maybe some people want to see the fruits of their investment and patience and use the money.

>>57835607
Origin meaning the trading of the coins I did to get me to that point? That’s one of the reasons I haven’t cashed out. I did a lot of minuscule trades on binance in 2017-2018. Ended up consolidating into Link and Fantom and have just let them sit and have done extremely well. The trades were next to nothing back then but now I have like $200k

>>57832305
I've always wondered if converting everything you have into bitcoin, sending it to your cash app, selling it then cashing out that way is actually feasible on a large scale (six figures or more). Anyone done this? There's really only like two options within the US which is fucking retarded.

>>57835607
Has anyone worked out what usually triggers the nightmare fuel situations where exchanges demand ridiculous amounts of documentation for months?

Convert all to LCX or BTC and just stake and gain 7% apy for euros. Than slowly cash out

>>57832305
https://stealths.net

>>57837322
Most exchanges maintain a transaction record. Print it if you can.

>>57835717
This is fucking bullshit. A 25% tax significantly adds to the amout I'd have to make to finally 'make it'. Help me out here tax bros is there anything else I cam do?

>>57832325
You wish you live live in this paradise, eurocuck.

>>57832450
>implying europe is not third world

>>57832305
Through Dplay, all your winnings can’t be taxed pajeet

>>57832305
Dextools
It's moistly made for decentralized coins, it's pretty good, fast and has no fees

For cash.

>>57832305
1. buy gold
2. bury the gold
3. "accidentally" find the gold
4. enjoy your tax free gains

>>57838809
Switzerland makes every other country on the planet seem third world honestly

>>57838560
If you want cash in your hand from the sale of your crypto, you'll have to pay taxes on the gains.
You need to factor your expected tax burden in your "make it" scenario.

There is one way to not pay taxes and still get cash on hand, and that's to borrow against your crypto. The cash you get from the loan is tax free. But of course, you'll have to pay interest, and you'll have to pay the balance back.
If your investment thesis is that fiat currencies will continue to devalue at a brisk rate against your crypto of choice, you may assume that you'll be able to roll the balance forward in new loans with ever increasing fiat balance, yet ever decreasing crypto collateral.
Even then, you'd remain at the mercy of the vagaries of the market, and crypto markets are, as we know, insane.

If you're looking for more boring paths that might allow you to still sleep at night, you could consider donating some of your appreciated crypto to a charity (which may be your own DAF or foundation), which presents some interesting tax deductions, but it'll only make sense if you really wanted to give a lot of money to charities in the first place.

Other things to google would include CRT and CRUT, which are more convoluted setups to turn your gains into lifetime income with various tax benefits while giving (some of) whatever's left to charities when you die, leveraging the IRS' questionable actuary tables to your benefit. It's a whole thing, you'll need a lawyer to set that up, and it's just loopholish enough that things may have evolved by the time you try to implement your own.

A competent tax and estate lawyer may be very helpful here, if you're playing with big enough numbers.

>>57837537
Our lovely laws forbid exchanges from telling us what's making them nervous.
You can only try and guess from the sort of questions they ask.

It could be one of this non-exhaustive list:
1. the exchange is not sure you are who you say you are.
2. the exchange is seeing you're playing with big amounts, and they're worried they won't have enough docs about it if the govt comes asking them about it.
3. the exchange is tracking where your coins have been, and they don't like what they see.
4. the exchange is tracking what you did with the coins you withdrew from them, and they don't like what they see.

1 and 2 are fairly straightforward. Send more docs, it goes in a big file that helps the exchange relax, and all goes well.

3 and 4 are bad. Your only way out is to demonstrate you acquired the coins *after* the bad things they tracked in 3, or no longer had the coins *before* the other bad things they tracked in 4. If there's any lingering doubt left, don't expect to be able to use your assets if you see fit.
In scenario 4, the exchange may not allow you to trade or withdraw crypto, but you may be able to liquidate everything and withdraw cash before the exchange closes your account.
In scenario 3, the exchange may completely stonewall you. You might need to lawyer up. For all kind of reasons.

>>57832450
thats even worse lmao

>American
Coinbase, but if you're not already on coinbase and haven't ever cashed out before prepare your anus for KYC/AML cavity searching like you wouldn't believe. You unironically may want to consult an accountant or lawyer to get it all processed.

I hope you have all the receipts for buying your crypto.

>>57839082
Your last suggestion sounds most palatable. I've thought about tethering up later this cycle and withdrawing on an as needed basis. Problem with that is whenever I need to make a large purchases the Fed will start asking questions about the origins of the funds. I would like to pay off school loans and buy a house from this cycle's gains. I think mid 6 figs is all but guaranteed this cycle. I might be able to reach 7 figs depending on how crazy the market gets from here, I mean we're already about to breach the previous ath and the halving is still a month out. But yeah I guess hiring a professional to go loophole hunting would be my best bet.

>>57832325
Coinbase will have (((degraded performance))) when you want to cash out and you'll be left holding the bags of institutions

>>57839624
This is why I am fine paying BlackRock a .25% annual tip for the privilege of owning BTC.

>>57832355
to get real money I actually spend to buy stuff.

>>57839651
There is no reliable way around documenting the source of your funds.
If they come asking for them, they will be holding a big stick behind their backs, and they will expect good answers.

As Andres Antonopoulos once explained, our monetary system has deputized every financial institution into being cops on their behalf. It is the cost those institutions willingly pay for being able to do business in our regulatory framework.

My advice is to gather all your transaction history documents ASAP and store them carefully
Unless you do have something to hide, in which case, well.. [taken]Good luck.[/taken]

>>57838560
He (>>57835717) is wrong anon. Short term capital gains are taxed as income. Long term capital gains are taxed at 0% up to ~$45,000 combined gains/income that year, then taxed at 15% until you hit like ~$490,000 combined gains/income that year. After that it's 20%. So if you were withdrawing $100,000 longterm gains per year as your only income, you'd only get taxed about $8250 on that (15% on the $55,000 after the untaxed $45,000). This is only federal though, state taxes vary.

>>57839624
I'm already on CB and did KYC through them years ago

I just made the thread to see if there were any other options that were better

>>57832305
I'm reporting you to the IRS.

>>57839694
That's retarded. NYKNYC. You're losing the optionality of fleeing the country with 12 spicy words in your head worth thousands to millions. You're trusting BOOMERS to actually hold BTC and not fuck it up somehow.

>>57840138
Nah, because even if some exchange has looser KYC requirements than CB, the bank they send the money to will also freak out and start asking questions. CB, being the biggest and working more closely with banks, will be able to answer some of the questions on your behalf and calm some boomer at your bank down when you suddenly get a pending deposit of $XXX,XXX.

If you did KYC years ago then yeah you're probably fine. Just don't freak out if it gets held up and keep in mind you can always get a professional accountant or lawyer to help you out getting the money unstuck. Yeah, it sucks to have to pay someone to unfreeze your money, but it's better than letting it just stay frozen for months.

>>57840105
you're forgetting the net investment income tax which adds 3.8% (not 4.6%, my bad) to large enough capital gains.
So 23.8% is what the federal tax rate on sizeable long term capital gains will tend toward.

>>57840562
sounds good, fren

>>57840617
WAGMI brother.

>>57839841
Why gather all transaction history asap? I don't plan on realizing any gains until 2025. 2026 absolute latest. My money is clean. Its mostly from hodling.

>>57840993
Because your exchanges won't let you download your transaction history forever.
Grab them now, you'll be glad you don't have to try to remember or guess when the Man comes a-knocking.

>>57841115
Thanks anon.

>>57832305
Move to Portugal and enjoy your 0% tax on crypto.

>>57841520
This comes up often.
> Move to Portugal|Germany|Mars and don't pay taxes!

Alas, US citizens live in the only (erithrea isn't a real country shuddup) country that taxes its citizens no matter where they live.

A US citizen living in Portugal will be required to pay the exact same federal taxes as any other.

Which takes us to the inevitable follow up.
> lol renounce US citizenship and profit!@

That also doesn't work because somehow the US government thought of it too, and they have put in place an onerous "exit tax" that will require you to pay taxes on your *unrealized gains* before you're allowed to leave.

That's right, it's insane, and you can't escape.

>>57841625
IIRC the exit tax in USA is 0% up to a million or so. Might be 2 million. If someone were planning to go that route, they should leave early before their crypto moons.

The other problem with renouncing USA citizenship is it makes you a defacto enemy of the USA and they don't recognize your human rights at all. And no other country can stand up to the USA AND let you own guns.

It's better to fuck off to the mountains somewhere in the USA than it is to leave and chance it outside the states.

The key for Americans is to move to Puerto Rico before your crypto moons.

>>57839694
You don't own any then lol

pastelink
net/exedl3sk

u7s9h7r3d8

>>57842103
>paying taxes on crypto

Do Europeans really?

>>57832305
USDT
ETH

Crypto for gift cards.

It's not illegal but you'll save yourself a hell of a headache just telling the government you lost it in a boating accident and the gift cards came from friends

Work a regular part time Job to show you're an average struggling Joe and pay for everything you want in Prepaid Credit Cards.

Not illegal since you can't cashout in bulk.

>>57832355
This. Just swap person to person and don’t pay taxes

> please no discussing tax evasion

Please kill yourself

>>57836063
Just evade taxes

>>57832305
Guys I lost all my transactions data from MexC can I just ballpark my gains to be taxed?

Top signal... Newbies already trying to cash out. Fake tether printer can't have people leaving the casino (the money isn't there).