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/biz/ - Business & Finance

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15202701 No.15202701 [Reply] [Original]

Just help out anyone with a decent stack:

Selling any of your stack will show intent to dispose and therefore you will be liable for tax at up to 33%.

However, you can transfer some of your LINK to a company and if you don't sell for 2 to 3 years (current de facto IRD brightline) you will likely be able to sell after this point untaxed. This is similar to how an investment property is treated currently.

With a CGT dead for the foreseeable future this is the way to go. Note that you will need to pay tax when you transfer from your personal account to a company. Although now is the time to do it with the price low.

>> No.15202706

>implying LINK will ever go above $10

>> No.15202707

>>15202701
Who gives a shit about 33% when RFR will make me 50M? I'll happily pay a few mil to keep the monkeys off me.

>> No.15202719

Monitoring this thread.

>> No.15202727

>>15202707
Explain?

>> No.15202755

>>15202727
It's a paid shill advertising a cryptocurrency scam. Welcome to /biz/.

>> No.15202785

>>15202701
Can you go into more detail? What would be involved on the company side? Asking for a friend.

>> No.15202822
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15202822

Monitoring this thread

>> No.15202825

>>15202785
I'm doing it through a crypto accountant so not sure of specifics I'm afraid. But yeah, definitely worth doing as any activity will make your entire stack liable to tax. I'm going to transfer half and sell on the way up (while getting income from staking on all of them that will be taxed at normal rate) and then if we get the big numbers can sell the other half tax-free in a few years. No need to feel guilty as boomers get the same deal with selling off their properties (five year brightline applies).

>> No.15202832

Can't you just get a citizenship in 'certain' nations and cashout over there?

>> No.15203006

>>15202701
>With a CGT dead for the foreseeable future
What you mean?

>> No.15203070

He's from New Zealand, he means capital gains tax

>> No.15203138

>>15202701
FUCK JACINDA AND HER CGT.

>> No.15203182

>>15203070
My bad I thought it was an Aus flag. That sucks kiwibros

>> No.15203245

>>15203182
Just to clarify, it's actually pretty good as there is no CGT. But if you want to cash out any amount or trade in the short term then you're screwed. This company method gives a good workaround.

>> No.15203318

>>15202701
Why do you need to transfer to company? You don't get taxed on the full amount, just the amount you transfer, if you are taxed, right? Why doesn't the IRD brightline work for individuals, partnerships, self employed? Had a quick look at the IRD site on how they treat crypto a while ago and it just said it is treated like property. Am I missing something?

>> No.15203462

>>15203182
We have no capital gains tax in NZ and the recent attempt to create one failed. I got no idea what OP is on.