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20154995 No.20154995 [Reply] [Original]

How do I avoid paying taxes with my crypto earnings, or at least minimize the amount I have to pay?

>> No.20155038

>>20154995
Idk man. I’m trying to figure it out. Crypto is considered property by the IRS so maby that’s a starting point for you

>> No.20155153

>>20154995
Best I can find is hold at least a year so you don't get short-term taxed, and move to a no tax state likeTexas before you cash out. Unless you want to try Puerto Rico for no tax but lots of red tape and shitty living environment.

>> No.20155168

Pee pee poo poo then take that and mail it to the IRS
Should have you covered

>> No.20155180

>>20154995
Just don't pay lol dab

>> No.20155436

>>20155153
What tax does Texas not have that you're talking about?
I don't understand what you're saying.

>> No.20155468

>>20155436
Texas does not charge state tax on investment returns.

>> No.20155502

>>20155468
What about capital gains tax retard

>> No.20155515

>>20155468
This. In addition to Federal taxes most states tax you as well. (And can be quite high in Cali it is an additional 15% on top of your Federal).

>> No.20155530

>>20154995
Making a post about tax evasion here is a bad way to start the process OP.

>> No.20155601

>>20155502
Sigh. What a dumb fuck nigger

>> No.20155668

>>20154995
by reinvesting all of your profits eoy so your taxable income is zero.

>> No.20155778

>>20155668
Wrong. A taxable event is created as soon as you go to fiat. There is a threshold of around 40,000 you can cash out a year of long-term capital gains tax free. Can't remember if that figure you have to remain below includes regular income too.

>> No.20155810

shouldn t be crypto threated as foreign currency ?

>> No.20155927

>>20155810
They should, but how are we going to be able to Raise money to send to Israel if they aren't taxed?

>> No.20155947
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20155947

I remember coinbase settled with the IRS to disclose users with $20k or more fiat withdrawal. Under that amount and you prob won’t prok the system alert. Tbh the IRS is swamped with people to chase after money they always go for lowest hanging fruit. Crypto is a bitch to trace and build a case, not worth it sub 6 figures. They may send you a letter if they suspect you making a killing but even then you provide adequate proof and pay a nominal tax they will probably take your monies and fuck off. Too much work chasing crypto losers who probably lost it all anyways. Don’t take my word for it dyor this is just a frens opinion.

>> No.20156099

>>20154995
Try Avoiding fees first, oh wait you can't.

I already pay gst per trade so there's no point in trying to avoid tax.

>> No.20156158

>>20155530
It's finding a way to pay the lowest tax possible not evasion. As long as its done legally whats the issue?

>> No.20156160

>>20155778
capital gains increase your total AGI, but they don't increase the tax burden of normal income.

https://quarryhilladvisors.com/blog/can-capital-gains-push-me-into-a-higher-tax-bracket

>> No.20156947

I think that this year with coronavirus would be the year to try and wiggle your way to the """"lowest""" possible tax obligation possible.

The IRS isn't going to be going after crypto autists, they are auditing the fuck out of these PPP loans.