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/biz/ - Business & Finance

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14311379 No.14311379 [Reply] [Original]

/biz/, when bitcoin is 100k+ in 2021 and we all make it, how do you intend to go about taxes?

I really don't want to pay 6 figures in taxes. Share your best tax strategies and countries to move to with no capital gains taxes.

>> No.14311388

>>14311379
evasion

>> No.14311393

>>14311379
hire an accountant you want to keep your burger citizenship no matter how much it costs faggot

>> No.14311411

>>14311379
BTC > XMR > Globee/LocalMonero
I'm a poorfag sub 1 BTC so unless my alt stack outpaces BTC in sats I'd only have 100k max anyway.

>> No.14311416

If I make more than $100k on crypto, I won't mind paying tax on it.

>> No.14311424

>>14311416
100k isn't making it
we are talking about 3M+ here

>> No.14311441

You can run everything through Monero, it's quite easy. Withdraw your BTC from the exchange, run it through Monero once and if anyone asks you lost the coins. You will have to use the BTC to pay for things though instead of using a FIAT off-ramp though, but in 2021 this should be a lot easier

>> No.14311446

>>14311379
As an American you will always have to pay your taxes, whatever the country you live in. And any bank account you open in the world will be reported to the IRS. Even in my country banks ask any client that open an account if they have a US tax number.

So you either pay your taxes, goes to jail or cancel your US citizenship (but you need to get a new one first).

>> No.14311450

>>14311379
Just pay your fucking tax man it's not worth it

>> No.14311471

What I am thinking is to keep most of your money in stablecoins like DAI or USDC. Regulators don't seem to care about taxing those stablecoins at the moment.

>> No.14311479

>>14311379
Asset backed loan based on your BTC. You don't have to sell anything and as a burger you get a tax discount based on the loan interests.

>> No.14311503

>hey biz any tips on tax evasion? Asking for myself.

Top key m8. Federal capital gains wont fuck you up too bad. Just move Texas or Florida to avoid any state taxes on it.

>> No.14311516

>>14311388
dual citizen here, just put my us passport in a drawer and let it collect dust then enjoy myself in the country of my birth.

>> No.14311553

If I make 2mm in the next run which is quite possible, that’s 300k in taxes. That’s gonna sting bad but I guess 1.7mm is nice for just buying some meme coins.

>> No.14311557

>>14311379
By the time it’s 100k+ you won’t need fiat for whatever you may want to purchase. You already don’t.

>> No.14311566

>>14311450
this
https://youtu.be/ez6xH-su2xI
https://youtu.be/G56VgsLfKY4

>> No.14311634

>>14311379
do your best to keep the majority of your stack as long term capital gains - Basically don't trade unless you've been hodling for a year+.

If you cash out $1mil worth of crypto and you've been day trading depending on the state you live in you'll pay $350-500k

If you cash out $1mil of crypto that you held for longer than a year you'll pay $150-250k

I got really fucked on short term cap gain taxes from 2017-2018 so this time around im holding like 80% of my crypto at least longer than a year before i think about cashing out.

Its actually a lot less stressful strategy as well to not be freaking out about daily price movements.

also 15-20% of my profits i don't feel so bad paying that, but 40% of my profits it gets to the point where i'm really not happy to pay that.

buy your crypto and hold it for longer than a year.
or move to puerto rico , or renounce your citizenship and move somewhere else. but i don't want to do either of those personally. PR is kind of a shithole, wouldn't want to live there unless i was already worth $2mil+

>> No.14311683
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14311683

>>14311379
If you are not American, just move to tax-shelter country such as Dubai, Monaco, or the Bahamas.

>> No.14311716

>>14311379
I'd pay taxes.

>> No.14311761

>>14311683
lmao id rather pay 80% tax than live in dubai

>> No.14311844

Convert everything to monero and live off the grid

>> No.14311925

>>14311761
Wut you don't like sand or something?

>> No.14311950

>>14311634
Ok but.i didn't sell last bullrun cuz of ST capital gains and saw my shit go down from 300k to 50k.

>> No.14311956

>>14311761
>>literally no tax
>>beautiful sun
>>women don't have rights
>>people catering to your every need
>>women don't have rights

whats not to love?

>> No.14312005

>>14311479
But won't you then be accumulating interest debt
Mind expanding on this?

>> No.14312167

>>14311950
lol damn yeah of course there are times when it can be better to just take the short term event and pay double the taxes if things are super overextended - it's definitely not exclusively one or the other at least in my strategy. When your dealing with really large amounts though and you can time it right it will make a huge difference. I wasn't even aware of this shit the last cycle until after i made all the money and started doing the taxes homework. my long term holds are chilling since this spring 2019 so they should be positioned well before where i think i want to take profits (like end of 2021-early 2022)

>> No.14312208

>land of opportunity
>if our citizens make it mildly we will knock over any other country make their exchanges snitch on US citizens so we csn milk them for everything.
I'm moving to Australia Tbh.

>> No.14312276

>>14312005
It's just something I heard the celsius network jew say and it sounds good. If your crypto value outpaces the interests on the fiat loan it's profitable. Also I think paying off a loan isn't taxed so you can just pay it right away using crypto.

>> No.14313043

>>14311950
>Ok but.i didn't sell last bullrun cuz of ST capital gains and saw my shit go down from 300k to 50k.

This a psychology problem unless you strategy was always zero or hero.

I did much the same but went into it eyes open that I was either making it or going to zero, one way or the other. My financial planning guy goes crazy over this but whatever.

>> No.14313065

>>14312167
>my long term holds are chilling since this spring 2019 so they should be positioned well before where i think i want to take profits (like end of 2021-early 2022)

likewise, everything I am holding now has been since 2018, so i am well into long term gains bracket now...

>> No.14313111

>>14313043
>zero or hero
more like zero or an hero, the 4chan way