/biz/ - Business & Finance

How DO the income brackets work? Say you're jobless but strike it north of $600,000 and cash out immediately; is it 10% or 40%?

>>7739153
if that money is income it will move your bracket up, if its capital gains it will depend on your country

>>7739180
I believe they're considered capital gains how the fuck does that work?

See the thing is, I wanted to say I bought crypto a year ago (even though I bought it less than a year ago) and say that I just held the ether and made x gains. I think if you make under 30k a year you pay 0% would be cool if someone can back me on that. I realize if I say I just found the money it would be income and that would yield a huge tax

>>7739042
You can say whatever you want, but if the IRS investigates you, YOU have to prove your claims. They don't have to prove you cheated. Your ass is going to prison, idiot.

>>7739042
This is basically true. Think you have to hold the asset for longer than a year though. The rate is determined by how long you have held the asset before you sold it. If you organize as a corporate entity it's better to take dividend payouts.

Why don't drug dealers just say "Oh,these 10k bucks are totally legal, I found them on the street. Take my word for it"

goddammit shit, so people basically have to plan to buy stuff at least 1 year before taxes. Bought my stuff last summer. Any bros know how I can beat the system? What are the odds of IRS investigating me if I say I just held the eth I bought and cash out what that eth would be worth?

>>7739703
kek

I've seen videos about companies like apple paying 1% and stuff like that for taxes and I'll feel like an inept faggot if I fork over 30-40% of my shekels

I can't wait to laugh my ass off at all the news articles coming out later this year about bitcoin holders going to prison for lying on their taxes.

>>7739042
poor people evade taxes because they are poor and the IRS doesn't care they only have $1000 they didn't report.

rich people avoid taxes because there's no way to hide the sums they are moving. you need very expensive tax attorneys for that. if you're somewhere in the middle, pay your fucking taxes properly now because when we're all millionaires in 5 years, the IRS will want a piece of our ass and you don't want to be filing amended returns for all the years you fucked up.

>>7739768

I wouldn't chance it, once the mania phase really kicks off and crypto is consistently headline news the IRS is going to come down hard to make an example of people. If you were a pro sleazy jew there's probably some ways to weasel out of it, but if you're asking on 4chan it's probably not worth the risk/trouble short of leaving the country and renouncing citizenship.

>>7740007
gahhhhhhhh
I'm like lower middle class, damn diggity do I have to prove all my trades? I'll have to cash out a good chunk to pay the IRS but if I have to track all my trades I might off myself. Was thinking of fabricating a trade just to justify my 10x or so gains

>>7740172
is you want to stop being poor you're going to have to stop being a retard (which is your current course of action).

use bitcoin.tax or one of the other services since an accountant will probably charge too much for this for you. worst case just go to an accountant and tell them you can't prove cost basis so you want to pay full tax to make it easy, but bitcoin.tax should work just fine.

>>7740221
I've used VPNs to participate in ICOs and have used exchanges that restrict people from the U.S. I don't see how I'm gonna get out of this without some lying

>>7740330
the IRS is not the SEC, so at the end of the day they just want to tax you on your income. unless you're a whale who profited majorly off said ICOs, I doubt there will be any repercussions for you if you file properly, but you'd need to speak to a lawyer who knows how ICO rules and how the IRS is treating them to really figure that out. keep in mind tax fraud is likely worse than any punishment you'd get for buying ICOs. just wait until they hit exchanges next time unless you plan on living off the grid long term.

>>7739611
>"I put all of my money on bitgrail in XRB"
>all records deleted, no access to my account
>verified on Bitgrail, there is evidence that I used this exchange
What do they say now?

>>7740708
they say "okay, but we'll be watching your bank account for any large deposits for the next few decades"

>>7740759
>cash out to bank account in country that has no tax on crypto
>launder money with business
Is this /biz/ or is this /brainlet/?

>>7740708
Cough it up bro, I think I'm just gonna end up paying for Shaquisha's deli sandwiches and cigarettes

>>7740906
thanks for the advice jason bourne

>>7740906
fuck honestly, where I live I see a bunch of spicks using barber shops to launder money, it can't be that hard can it?

>>7739551
They'd say show us a record of the transaction of you buying the coins. If you can't show them they assume you either stole them or are a drug dealer. If you say mined them I believe you are taxed on their current value not just your gains.

This thread just shows how underage /biz/ is

>>7739042
Well ask yourself this. Do you think they’d accept the reason that I found a substantial amount of money on my walk home to explain my source of income?

>>7739703
Cause it's cash and they deal in cash. They take out a loan for a cash business to wash said cash.

>>7739551
Where do you live where under 30k doesn't pay taxes?

If you have any doubt that uncle sam is not going to enjoy every minute of ass fucking all you little cryptokids then dont pay your capital gains. Crypto has zero lobby. Fucking over crypto holders is a win win situation. Coinbase, Kraken, and Poly did'nt just hand over the traders they handed over everything. Go ahead fuck with the IRS.

I love how people think they can 'trick' the IRS by making claims without any kind of proof, thinking that the IRS is the one that has to prove anything. LMFAO. You're guilty until you prove yourself innocent. Not the other way around.

>found my coins
Then your cost basis is $0. Congratulations, you owe capital gains on the whole thing.

>>7741013
>youre guilty until proven innocent
dont mess with the taxjews

>>7741253
>>7741255
it just shows how poor /biz/ really is. truth is everyone claiming "taxation is theft" probably earn less than 10k a year and wouldn't even owe taxes if they did file.

I was audited 14 years ago. They claimed I owed 11,000 more than I paid. I gathered my returns and showed them how wrong they were. They said they would review my information. 30 days later I had a letter and notice informing me I had accrued 3,000 more in penalties. There was no appeal. Pay or fucking jail. These fuckers don't give a shit and they are never wrong.

>>7741253
>april 16: slaves freed
>april 17: pay taxes

>>7741401
what are you not telling us? obviously they had extra income reported to them from you that you apparently didn't have. but I'm willing to give you the benefit of the doubt if you say an employer screwed you over with tax fraud on their end.

>>7741523
>trusting a govt agency over a fellow anon

you're cold

>>7741401
should have hired a tax Jew to deal with that retard

>>7741550
I'm not cold, I work in finance and know bullshit when I see it

>>7739611
They do have to prove you cheated. Fucking brainlet.

t. Do all my own taxes, and have CPA friends.

/biz/ this is my biggest issue

like say i turned $100 into millions of dollars thanks to crypto

can't i just pay 50% of what i cash out to the government and call it a day?

hope some laws like that come out. fuck else am i suppose to not end up in butt fuck me jail for getting rich

>>7741401

Tax men are kikes that need to rounded up and stuff into an oven.

All income tax laws are unconstituional but people pay the tax kike anyway out of force. Fuck that If the tax kike comes for me I'll just bury my bitshekels and go to prison.

/biz/ if I just hold and don't trade at all will I owe any taxes?

>>7741779
only when you sell then

Fuck it all, fuck it all. I never sold my eth, you fuckers can't prove nuttin HODL LYFE

>>7741179
under 42k doesn't pay tax if you hold for over a year, the US. only state tax. fucking brainlets I swear google "capital gains tax"

Next year it's higher because of the increased standard deduction

>>7741676
I hope so too but then how would they know that some drug dealer putting 2m in his bank isn't just going to say oh crypto lol. You have to have some proof if they come knocking

Holy shit everyone on biz are pure retards.

I'll give you a hint:
look into incorporate a firm.

haha, kanker.