/biz/ - Business & Finance

>paid 480k in taxes

>>9927458
ahahahahahahahahhahahahahahahahahahahaaahahhahahahahaahahaahahaahhahahahahahahahahahhahahaha

>>9927448
>he pays taxes

>>9927458
Yes, short term capital gain is treated as income. It's called being an adult and paying taxes and not going to jail you buffoon.

Also, I'll post proof. But I'm going to wait for all you retards to call me out for larping, then I will drop all the caps you need to give you the motivation to kys

50% tax. Sure ez bait go and kill yourself useless fuck

>>9927471
confirmed cuck lol. go give tyrone your money little man.

>>9927480
Califag here, it's 49.9% when you make 940k via income in a single year.

show proof

>>9927505
Hahahahahahahhhaha

>>9927505
I'm not sure why you're bragging. I've made way more and just moved out of Cali to avoid the 53% tax rate.

You're cucked.

Good for you OP. But fuck that shit. 49% is socialist levels of tax. Simpler just to wait 1 year and get a much lower rate b/c of long term tax.

>>9927505
there's so many ways around not paying that tax legally yet you chose to donate 10 years worth of wages HAHAHA

>>9927502
yeah, sure, I'm a cuck.

You will literally get destroyed by the IRS if you make a million dollars and don't pay tax on it. If you try to launder that much cash via localbitcoins or whatever, you will literally go to jail. Your cell phone is listening to you in your pocket right now, you think they can't track down large scale money launders?

You just have never made enough to matter which is why you think you can break the law. Like I said, you're a 30 year old teenager living in a basement. I'm a 26 year old half millionaire. Will post proof after sufficient larp accusations.

>>9927527
Oh yeah? Name one legal way to avoid paying taxes on a million dollar income in a single tax year.

Fucking idiot.

>>9927471
Nah I'm gullible and I believe you, I got in in January, congratulations on getting what you were looking for.

>>9927546
could've tethered
renounce citizenship
move state (reduce tax atleast)

yet you chose to feed families for years with your generosity LMAOOO. Paying upto 20% is acceptable, anything more is anal rape

>>9927505
The cost of diversity lmao what a fucking shit hole

>>9927458
WHAT A KEK HAHAHAHAHAHAHA

>>9927471
that's about the amount i'd need to renounce my US citizenship and buy one of those Caribbean meme passports

>>9927596
Dummy, you don't even know what you're talking about. You will never find out making minimum wage the rest of your life, either.

>>9927665
haha ive already made it with the absolute gems of coins im holding. Also born with a silver spoon so idk what minimum wage looks like. Enjoy working

>>9927596
yeah he's LARPing. no way he wouldn't at least move to Washington (no income tax) for a year. He could've saved about $200k of that alone.

>>9927448
>he didn't take out several CDPs against his crypto

>>9927471
I believe that you made that much but I don't believe anyone could possibly be as retarded to volunteer 50% tax rate so I'd like some proof of that

>>9927529
>Your cell phone is listening to you in your pocket right now
the state really lives rent free in your head huh OP? I think you might have watched one too many c-span hearings

>>9927448
>1,000,000-480,000=480,000
Why can't the yanks into maths?

>could have been set for decades
>gives half to Kendrick Lamar's cousin
>bragging
jfc

>>9927448
Larper post proof now

>>9927448
no problem!

>>9927448
Good job, OP. I don’t think these people have ever owed taxes or have any knowledge of what happens to tax dodgers in the real world. Congrats on an outstanding year.

>>9928167
>I made almost a million dollars
See that word 'almost' you dumb cunt. Why can't eurotrash into english?

>>9927448
nice haul OP, are you leaving illicit unregulated securities for good or will you still try to make it here?

>>9927448
What's with the IRS psyops on this board to convince neets to file taxes on cryptogains? No one pays taxes on this shit, stop trying to scare these poor folk

>>9927471
>pays taxes to avoid jail
What a world we live in.

>>9927596
>>9927700
You two are the most retarded people in this thread.

To idiot 1: Yeah, I could do that, and face criminal tax evasion if I ever try to come back to the states.

To idiot 2: Income tax is gathered from the state you worked from, so I suppose I could change states if I had a time machine where I could go back to 2016 and tell myself to move.

Both of you, kill yourselves.

>>9927772
Like I said, any of you geniuses know how to cash out 1MM without paying taxes or going to prison and bunking with Tyrone?

No? Cool.

>>9928937
did you think about consulting with someone who could have helped you avoid getting hit with that much tax or did you just cough it up no questions asked? Genuinely curios, is there no way around that rate? Cali is fucked if so

>>9928620
exactly, people here are retarded and have never made a significant amount of money in their lives

>>9928669
I put 50k back into BTC when it was 7.3k. I will probably start trading again, I think another bullrun will occur soon.

>>9928672
If you don't make a lot with crypto the IRS probably won't fuck you.
If you literally launder all your money with bitcoin, they may not catch you, but if you start buying crazy shit they will find out and fuck you.

I put it into my checking and then legally diversified into other assets. Paying taxes was the best solution for me 1) I made an insane amount of money for doing zero work 2) The IRS WILL go after people like me. You might be able to get away with even cashing out 200k without paying taxes, but seriously, try cashing out 1MM+ without paying anything and see what happens. Mob bosses get taken down by the IRS, they show no mercy.

>>9928981
I did consult with multiple consultants. There are strategies that could have saved me money, unfortunately those must be executed BEFORE you start trading. I just threw money into crypto, got ultra lucky, and cashed the fuck out. Therefore my tax burden is based on straight california income tax, literally like a company paid me a lump sum with no way to put that into some kind of fund to reduce tax liability.

But look, im not complaining. I had to pay a shit load of tax, I also have almost half a million dollars that I didnt have last year.

>>9928950
Ok retard, here is how you could have done this legally.
1) File an LLC from a P.O. Box in a state with lower income tax. Even better if you pick a state that treats investment income different. Your LLC is a passthrough status so you can pay yourself as your only employee.
2) You could have taken your investment income from that year and reinvested it into other things you value, like property, or a car or anything else.
This is even more diverse when you buy it with your pass-through LLC. You can call your business an alternative investment firm and you could have even bought art, rare clothes collectibles as long as you can show later that you are doing long term alternative investing.

But, property makes the most sense. Because with 480,000 you could have levered up on a mortgage and bought a house even in california. You would then even get homebuyer credit. The government would have paid you to buy investment properties.

Here's what else you could have done.
You could have used that money to buy crypto miners, or stock. That is capital reinvestment and the money was never income then, it was just your business operating on growth. Then the dividends would have been your income.

What is really cool with online businesses, your book doesn't show where you did business. You could file for an LLC right now and just say your crypto was in that business.

These larps are getting heavier by the day

>>9927505
You might be the dumbest person to have ever made money. You don't deserve it

>>9929051
>hurr durrr file a LLC in a diff state with lower income tax!

Whoa! thanks for the advice man, let me just hop in my time machine and head back to Jan 2017!! How could I have been so silly as to not realize that I would make a million dollars from trading shit coins? I'm so foolish!!!

2)reinvest your investment incume DURRRRRR

Again, good thing I have a time machine! I'm so silly! If only I had structured my LLC as an investment firm specializing crypto and real estate before I made any money, I would have paid such a lesser amount of taxes! I'm so stupid for not knowing to do that before I started trading!!!111!!

faggot.

hind sight is 20/20 are you fucking retarded

>>9929083
Another genius. What is your strategy for circumventing taxes legally? Would love to hear it, you dumb teenager living in a moldy basement who makes 8 dollars/hour

>they fell for the taxes bait
>the fell for the math bait
>they fell for the slide thread

Initiate CRAB-17 while they are distracted

>>9927448

>he cashed out in a high tax country instead of moving abroad

>>9928672
This. I swear it's the fucking IRS posting this shit themselves. Who in the fuck brags about paying taxes? It's the dumbest shit I've ever seen.

>>9929102
>>9929095
take it easy my boy

>>9929133
I wouldn't renounce my US citizen ship for a 500k extra dollars. I'm not a stupid useless NEET like you, therefore that isn't some kind of insane number to me.

>>9929051
That long of a post for complete nonsense.

In any case, OPs effective tax rate is 48%.

Cap gains are taxed at 20% plus an additional 3.8%. Then you got state taxes and what have you. Still a very very far way away from 48%.

Ordinary rates are top out at 40% roughly not including states taxes.

So yeah, I believe OP wholeheartedly

>>9929159
that's long term cap gain rate you fucking idiot. I did not qualify for long term since I was triggering a taxable event like 30 times a day with dozens of different coins before consolidating into btc and eth to sell via coinbase

>>9929140
Right? Every-other-day there's a thread essentially like this

shit larp

>>9928950
>any of you geniuses know how to cash out 1MM without paying taxes or going to prison and bunking with Tyrone?

Step 1: Buy Lambo with BTC directly from dealership
Step 2: Sell Lambo on Autotrader for fiat

Dealerships have their specially set up ways of getting around shit with crypto which remain legal.

Wow that was hard.

>>9929095
how about instead of calling people idiots you actually post the proof? I've seen quite a few larp accusations. And there's no fucking way this isn't bait, since you obviously know this board has a boner for going at tax payers.

>>9927546
Do you realize how much worse you made the country? Did you put any effort into keeping the money away from them? You are a fucking piece of shit.

>>9929021
Pretty much this. Anons who remain in denial as to their obligations will be paying full price when their retarded evasion 'strategies' fall over in 6 seconds, assuming there ever actually is another golden bull run. Goys need to be realistic and prepare in advance.

>>9929157

Post proof La Forge or get going