How to avoid paying taxes?

[Anonymous No.20350653]

Tips on avoiding to pay taxes on your crypto gains? I got my crypto assets undeclared to the tax authorities and been swing trading for profit but now I wanna cash out.Any tips?

[Anonymous No.20350879]

>>20350653

Either don't, because you'll get raped and thrown in prison or buy gold with crypto and then sell the gold for cash.

[Anonymous No.20350909]

>>20350879
lol the only thing this changed is they'll ask where the gold came from instead of were the crypto came from

[Anonymous No.20351181]

Start an LLC.
Pay yourself a small salary from the LLC for pokey money.
Buy your car and home with the LLC.
Vacations are bussines trips for the benifit of the LLC.

[Anonymous No.20351221]

>>20350909

Haha yeah they'll surely track that physical piece of gold! Gold has been black market money since the dawn of time bro.

[Anonymous No.20351275]

>>20351221
the burden of proof is on you retard

[Anonymous No.20351365]

>>20350653
just pay the fucking taxes faggot or do this >>20351181
and buy more or less everything in the LLC as a 'bonus' to yourself and write the taxes off that

[Anonymous No.20351456]

>>20350653
Not worth an audit. When you’re getting fucked by the IRS that 30% will seem like a great deal. Just pay it and you won’t have to worry

[Anonymous No.20351483]

>>20351456
this is the right answer. i may not know every little thing regarding taxes on this stuff but i know enough not to play stupid with people who can wreck your day.

[Anonymous No.20351508]

Saw this the other day, thought it was quite clever.

If you have significant gains, however, I'd seriously consider moving to another country. There are plenty of countries with no crypto tax, or at least a decent one which doesn't try to jew you out of all your money.

[Anonymous No.20351546]

This is the million dollar question.

You make all this money but SNAP You cant spend it!

[Anonymous No.20351594]

>>20351181
Are you sure you don't have to pay taxes if you transfer your shitcoin ownership from yourself to the LLC?

[Anonymous No.20351617]

>>20350653
just pay the capital gain and dont sweat anything else

[Anonymous No.20351688]

>>20351221
uh, where do you think all your money is gonna go? under your mattress? avoiding taxes is literally nigger tier retardation with little upside.

[Anonymous No.20351727]

>>20351508
this doesn't work and if you think it does, have fun if you get randomly audited.

[Anonymous No.20351770]

>>20351508
Americans have to renounce their us citizenship to avoid us taxes.

[Anonymous No.20351782]

You basically have no choice, they will nail you so fucking hard if you dont pay up. Death and taxes, anon. During the next bullrun I wouldnt doubt that the IRS sets up a task force of people specifically out to get young retarded crypto guys such as yourself trying to evade. Not going to end well for you!

[Anonymous No.20351796]

>>20351508
Also selling for bitcoin is a taxable event.

[Anonymous No.20351828]

>>20350653
You can't cash out anyway. What? You thought the memes were just memes?

[Anonymous No.20351848]

>>20351782
Except for mcafee

[Anonymous No.20351852]

>>20351782
I literally cashed out and bought a Camaro, nothing happened till now...

[Anonymous No.20351906]

>>20350653

Christ, I hope Biden doesn't win. A 25% capital gains tax hike would be a serious kick in the balls. Also, the sheer balls of government to even have capital gains taxes in the first place

>make money
>government taxes a bunch of it
>take what you have left and risk it investing in an asset
>asset appreciates, hooray
>not so fast goy, the government's back to take another cut!

[Anonymous No.20351930]

Any ideas about the cayman islands? No capital gains tax there, so I imagine if you hold, then move there, then sell you'll have the money tax-free? Do you have to live there for X days before you can do that?

[Anonymous No.20351971]

>>20350653
Your best bet is just holding whatever you have for a year so you at least can pay longterm cap gains which is 20% max. Structure big sells across multiple years to reduce your average % owed. Typical avoidance stuff (legal).

If you evade then you'll never get to enjoy the money anyways, you'll be worried about getting a big fat audit cock slammed down your throat all day every day. And then eventually you will get audited, you'll deep throat the IRS' veiny member, and end up paying all the taxes anyways plus penalties and interest.

[Anonymous No.20351973]

>>20351906
You sound like a retard. Jews are subject to the same tax laws as you. Most of your taxes go to pay down the national debt anyway.

[Anonymous No.20351979]

>>20350653
Probably the only way to "avoid paying" taxes besides putting your coin on a hardware wallet and having it "stolen" is to just don't cash out completely and try too negate the cost of taxes on your bottom line with more earnings. Keep playing the game and re earn that 40% they took. And again and again until you aren't trying to cover 100k taxes but $10 because you diminished it all to nothing gradually.

[Anonymous No.20351981]

>>20351617
This

[Anonymous No.20351991]

>>20351930
As a European, you need to be there 6months + 1 day, I have no idea if you're amerifat but I'd wager it's the same, unless you're politicians are very brainlet... oh wait

[Anonymous No.20352008]

>>20351930
This but read about tax residence in your country to make sure.

[Anonymous No.20352025]

>>20350653
Just move to Italy lmao

[Anonymous No.20352033]

>>20351275
>a-at least I still have my constitution

[Anonymous No.20352059]

i want to pay taxes (render unto caesar), but I'm too retarded to figure it out, and they didn't send me any tax bills. guess I'll go to jail.

[Anonymous No.20352079]

>>20351930
Are you an american? If yes you can't avoid us taxes with additional citizenships.

[Anonymous No.20352102]

You could also empty out any Crypto Machines you find for cash.

[Anonymous No.20352110]

>>20350653
Yes fellow anonymous users how DO you avoid paying taxes on MY hard earned gains.

[Anonymous No.20352119]

>>20350653
Become a Singapore resident

[Anonymous No.20352124]

pay your taxes, asshole

[Anonymous No.20352131]

>>20351971
On the "hold for a year" part, am I required to hold ALL my gains for a year, or can I sell 10% of my gains, pay the short-term taxes on those but keep holding the 90%?

[Anonymous No.20352135]

>>20351508

You don't get fiat on any of these, it's just trading crypto for crypto at interest. The cashing out part is missing.

[Anonymous No.20352140]

>>20352025
wait what? all of the taxes fears in here don't apply in my country? fuuuck I live my country now

[Anonymous No.20352143]

>>20352059
I feel the same way lol

[Anonymous No.20352164]

>>20351973
kek imagine being this retarded. Sure, our taxes go to paying off a multi trillion dollar debt that grows by the day (it's a mystery!), not straight into the pockets of your masters and their buddies. Keep thinking that.

>>20351688
>avoiding taxes is nigger tier retardation
Good goy, be a good citizen and do what we tell you.

[Anonymous No.20352172]

lmao at the retardads in this thread telling you to pay taxes

just fucking laundry the money like any drugdealer does you dumbass, there are a million ways to do it

[Anonymous No.20352174]

>>20352135

Or how about swapping that BTC for psychical BTC and going to a pawn broker! :D Shit, pay or dodge your taxes like a man.

[Anonymous No.20352195]

Okay so I have a double nationality. Mexican/American

Would it be possible to just move to Mexico and cash out over there?

[Anonymous No.20352235]

>>20350653
Just claim it's against your religion to pay taxes

[Anonymous No.20352266]

>>20352235
or identify yourself as an albino cucumber

[Anonymous No.20352268]

>>20352131
it's not 'gains' that you hold for a year, it's the asset in question. So if you hold 1000 LINK for a year, that whole stack is now a long term capital asset and any time you sell a portion of it, you realize gains on that portion only and tax becomes due on those gains. Gain is the price at time sold minus your cost basis (what you bought it for). If you sold to a different crypto, that crypto is a new capital asset and the long term maturation period begins anew on it.

I use bitcoin.tax, you can import your trades and it does all the math for you. Kind of a necessity if you make thousands of trades a year. They raised their prices for 2020 which blows though.

[Anonymous No.20352329]

>>20351973
>I don't like double taxation
>oy vey antisemitism!

Fuck off Chaim

[Anonymous No.20352351]

>>20352235
I've read some folks have renounced their citizenship and reentered the country as illegals just to not have to pay taxes. Apparently it works.

>>20352266
>albino
Not a good idea.

[Anonymous No.20352368]

>>20352079
I'm a leaf, but I think americans could register a company in the cayman islands to hold everything (although that might be a tax event in itself so you'd have to do it beforehand), then they could pay themselves with income or dividends slowly over time depending on what's more tax advantageous to lower the tax burden.
Or they could buy things for themselves tax-free through their company, like computers for their office and such.

[Anonymous No.20352384]

>>20351906
>Biden wants to increase capital gains tax
WTFBBQ
I didn't really care about this election, but now I'm really hoping he doesn't win.

[Anonymous No.20352470]

>>20352124
Why?

[Anonymous No.20352495]

>>20352164
>this is what happens when you literally believe everything you read on the internet and never think critically about the possibility that most random larps on anonymous boards likely have no idea what's really going on.

Useful idiot.

[Anonymous No.20352519]

Thread = greed

[Anonymous No.20352523]

>>20350653
You can literally live off crypto, check out bitrefill. Absolutely no need to cashout until you have make it money, when you do look into offshore banking.

[Anonymous No.20352524]

>>20352351
Sounds complicated. I'd rather just go to court and explain that my religion forbids the payment of taxes.

[Anonymous No.20352538]

>>20351688
wrong. youre the nigger and you work for the irs like the cattle you are. imagine thinking niggers know tax loopholes.

[Anonymous No.20352555]

>>20350653
buy gold anonymously using your anonymous bitcoin and then sell the gold tax free

[Anonymous No.20352566]

>>20352384

If he intends to do even a 1/3 of the things he's promising, he's going to need to raise a lot of money. And nothing's better than "soaking all those billionaires who pay less tax on their investments than hardworking Americans pay from their actual job"

[Anonymous No.20352575]

>>20352368
I believe you mush have at least 8 paid overseas employees to qualify.

[Anonymous No.20352597]

>>20352524
You will lose and wind up with an ass full of nigger semen

[Anonymous No.20352609]

You all act so tough but then spread your cheaks for big gov.. Fuck taxes. Just trade to XMR then cash out in a ATM.

[Anonymous No.20352629]

You can get these debit cards that you can credit in crypto and use in shops.

[Anonymous No.20352637]

>>20352597
>implying an ass full of nigger semen is a bad thing

[Anonymous No.20352649]

>>20352164
hope you don't mind when jamal is raping your wife then since you seem to think the rule of law doesn't matter. fucking nonce.

[Anonymous No.20352670]

>>20352629
>You can get these debit cards that you can credit in crypto and use in shops.
Dont they report to the gov? Doubt i can max it out without big gov getting pissed

[Anonymous No.20352676]

>>20352566
Raising capital gains will not affect the top of the money pile. It will only affect middle class people and their involvement in the market. Biden won't win anyway so it's a moot point.

[Anonymous No.20352715]

What about when LTC implements mimblewimble? It doesn't look like a privacy coin dump if you do it now and wait.

>>20352609

[Anonymous No.20352717]

>>20352637
>t. Has AIDS and loves it

[Anonymous No.20352730]

>>20352676
You really think Kanye is going to pull it off?

[Anonymous No.20352759]

Not telling you my secrets glownig

[Anonymous No.20352777]

>>20352730
He has God on his side so yeah.

[Anonymous No.20352824]

>>20352676
>It will only affect middle class people and their involvement in the market.

Yes, that's how it ACTUALLY works, but lazy retards who don't aspire to anything bigger than McDonald's manager will cheer for it anyway because muh billionaires

[Anonymous No.20352836]

Cash out into a foreign bank account, and buy a house with cash. Real estate is a common laundering technique.

[Anonymous No.20352851]

>>20352495
Sure, we'll go with that, remain ignorant.

>>20352649
lmao what kind of interpretation is this? Must suck having a room temperature IQ

[Anonymous No.20352873]

>>20351796
This. Too many don't understand this.

[Anonymous No.20352921]

>>20352676
>Raising capital gains will not affect the top of the money pile.

depends, they could just boost AMT rate instead, or literally just use a graduated tax rate for capital gains as well.

anyone rich making mostly in cap gains is basically hitting AMT anyhow.

t. hit AMT basically every year.

[Anonymous No.20352930]

>>20352629
there's kyc on that

[Anonymous No.20353034]

>>20352921
Do you have a legal entity, or is that from your "paycheck" from said entity? Either way, it's not like there's not ways to get around a lot of it. And it won't generate much vs the actual tax debt. It's simp placating. But we know this.

[Anonymous No.20353055]

>>20351848
That dude literally eats shit, and fed his neighbors corpse to a pack of dogs.

He might be right about taxes though.

[Anonymous No.20353075]

>>20351456
Thirty-SEVEN percent goy

[Anonymous No.20353118]

>>20353075
I'm Jewish so paying taxes and not cannibalizing child penis is against my religion.

[Anonymous No.20353145]

>>20353118
This

[Anonymous No.20353182]

>>20353034
I don't have any LLC, pass-through or other tax avoidance outside of normal write offs. I just wage and trade here and there.

and yes, all taxes on rich generally fail to understand the actual day in the life of the rich. whatever, we'll see. Dems have a chance of flipping the whole government.

[Anonymous No.20353188]

Can't you just use localbitcoins and withdraw cash?

[Anonymous No.20353224]

I dont mind paying capital gains but I got 2000 fiat on paypal while getting neetbux years ago. I am afraid they will get me for that cos it was freelance

[Anonymous No.20353239]

>>20352523
Is that legal?

[Anonymous No.20353315]

>>20353182
I don't see them flipping much. Though that may not matter as far as fucking the public goes.

[Anonymous No.20353370]

>>20353182
We're all totally fucked if the dems do that

[Anonymous No.20353690]

>>20353370
In some ways this is why it may be better to pay your tithe now while Trump is in office than wait and get buttfucked even harder later

[Anonymous No.20354327]

I'm currently living in Amsterdam and I am a Dutch citizen. I never reported my tax to the authorities and there's no way they'll find out about my crypto savings. I've accumulated my wealth through reinvesting all my profits but now I want to enjoy some of it before the next bull run

[Anonymous No.20354458]

What about this. What if someone buys link in 2018, but then has significant profits in another crypto, say RLC. They sell the RLC and buy more link. Then cash out the original link. Then you could say you only sold the link you bought in 2018 and only pay the long term Capital gains rate right?

[Anonymous No.20354630]

>>20352172
name one

[Anonymous No.20354696]

>>20354458
Bump for this question. Anyone think this will work?

[Anonymous No.20354745]

>>20354458
First in first out

[Anonymous No.20354770]

>>20354745
Thanks anon

[Anonymous No.20354816]

>>20351973
>Jews are subject to the same tax laws as you
lmao
> Most of your taxes go to pay down the national debt anyway.
The national debt has been skyrocketing my entire life. What the fuck are you even talking about.

[Anonymous No.20354898]

>>20351508

This is fucking stupid as the way it counts under IRS code right now means that you would pay taxes on the transaction.

I’m an accountant (an auditor not a tax accountant to be clear) and my current plan is:

1. Claim account was hacked
2. Send tokens to various wallets I maintain possession of (laundering in various amounts through various wallets)
3. Create 2-3 various consulting businesses (one cryptocurrency business, one “lifestyle,” one real-estate) as LLPs
4. Invest in the LLPs with whatever cash you have, and then receive revenue through your token of choice. Then this revenue will be weighed against whatever expenses you choose to take (ie reasoning for lifestyle advice consulting, you can run through ridiculous shit as COGS)
5. Take dividends as long term capital gains rather than pay a salary to avoid double taxation (this is what people like Obama, Clinton, and Biden do with speech fees)
6. You end up paying long term capital gains while also not paying taxes against expenses.

[Anonymous No.20354904]

>>20352523
Crypto to crypto is taxable tho...

[Anonymous No.20355527]

>>20351973
>Pay down national debt
>National debt go bigger
Based

[Anonymous No.20355581]

>>20354327
I would just pay the taxes. Avoiding it seems like just a huge hassle.

[Anonymous No.20356323]

>>20355581
That's how they get you anon. Encountering a little resistance shouldn't make you want to give up straight away, that's how they get away with everything. They make it difficult on purpose.

[Anonymous No.20356535]

>>20351973
>Jews are subject to the same tax laws as you
The rich barley pay their "muh fair share"
>Most of your taxes go to pay down the national debt anyway
Retard

[Anonymous No.20356577]

>>20351508
if you have serious gains, move to another country and setup a series llc (nevis / caymen islands) . No even a divorce court judge can steal your linkies

[Anonymous No.20356639]

>>20352649
Kill yourself faggot there's no pride in paying your taxes

[Anonymous No.20356768]

>>20351483
You mean wreck your life

[Anonymous No.20356822]

>>20354816
Ignore irs glownigger bait and keep stacking

[Anonymous No.20356908]

What if PayPal does start to incorporate crypto and I can just buy everything with that? Is that still taxed if I’m just buying with crypto? What if I buy gold with crypto also and say I found it?

[Anonymous No.20357186]

Declare it, then don't pay taxes on it by offsetting your profits with deductions. You get audited when you fuck around and try to hide shit. If you are transparent and use the same laws rich people made for themselves, you'll be fine.

Schedule C lets you deduct business expenses, like business travel, business meals, business use of your car, your new business laptop, etc. If your business doesn't make money because you are an incompetent moron it's all deductions from your taxable income.

Schedule E is for when you buy real estate. Homes are money pits. If you rent that home, or attempt to rent it by listing it on airbnb for a month but do a shit job at getting anyone in there, then it's all deductions. The improvements on your home can improve your property value so you can get cash on a refi or profit if you ever sell, and those improvements are essentially subsidized as a loss on your Schedule E that turns into a refund for you.

Schedule F is when you buy your compound innawoods and try to grow tomatoes for profit. Maybe you got $5 for your shitty tomatoes, but had to spend a shitload on a tractor to grow them. Maybe you've always wanted to raise chickens. Do it, spend all the money getting a nice chicken coop, then sell half a dozen eggs to your neighbor for a dollar. Your chicken fantasies, turned into reality by your crypto riches, are now subtracted from your taxable income.

Depreciation is magic for showing huge losses. Cars and real estate depreciate. When you initially buy real property or blow a shit ton of money on improvements, these can be one time 1 year depreciation deductions.

With capital gains, long term rate is lower BUT if you have assets that are mixed long/short term, the short term may have a higher basis. Then you have less profit that gets taxed, i.e. a lower overall taxable income.

Don't hoard your profits. Declare them, spend them on good stuff and you don't have to give them to the Beast. Cross post this on /pol.

[Anonymous No.20357213]

>>20350653
Any tips for the UK?

[Anonymous No.20357463]

Get crypto.com visa compatible card and start just buy shit with it.