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21679688 No.21679688 [Reply] [Original]

I'm an American who lives in NY. I have $700k in LINK and want to cash out $200k. What is the best means of doing this?

>> No.21679732

by waiting till it's worth a lot more

>> No.21679756

Swap link for bitcoin. Use bitcoin to buy gold. Sell gold

>> No.21679771

>>21679688
>What is the best means of doing this?
Only thing i can think of is just cashing out little by little to coinbase.. I know some people on here are trying to tax evade it's just not gonna work you're going to get caught.

>> No.21679788

>>21679688
Wait 6 months and cash out $300k from your $2.8 million LINK stack

>> No.21679821

>>21679756
hmm so you pay taxes when you swap to bitcoin and then pay taxes again when you use BTC to buy gold. Then you sell gold and have to pay taxes again....

>> No.21679869

>>21679756
gold is hard to sell and still have to go through a bank, I know, I've done it in the past

>> No.21679945

>>21679688
Contact a tax attorney.

>> No.21680005
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21680005

>>21679788
this

>> No.21680146

>>21679688
1. move to florida, nevada, or wyoming
2. cashout

Your taxes in NY will pay for the move and provide you apartment for 5 years vs the taxes you will pay.

>> No.21680384

>jack off
>coom
yes, it's that easy.

>> No.21680442

>>21679688
I thought ppl in ny aren’t allowed to trade crypto? Reported

>> No.21680485

>>21679732
This. And sell slowly on the way back up so you don’t crash the price.

>> No.21680526

>>21680146
Also this. I’m in Nevada for a reason.

>> No.21680631

>>21680146
What is special about those states?

>> No.21680632

>>21680485
Couldn't he just find a broker to sell OTC? I've been buying link from a broker based in the UK and they have an option to buy coins/token OTC for 'companies or high net worth individuals'

>> No.21680682

>>21680632
sorry, buy FROM companies or high net worth individuals.

>> No.21680843

>>21679821
You need to pay taxes on crypto to crypto transactions?

Taxation is really some fucking theft

>> No.21680904

>>21680631
no state income tax

>> No.21680916

>>21680146
>1. move to florida, nevada, or wyoming
bros should i move to nevada or wyoming

>> No.21681270

>>21680916

Zero tax on long term capital gains up to 75K

I don't know how your tax situation looks like but I would recommend that you handle the conversion legally and according
to IRS rules and regulations. Good news is that if your only source of income is from long term gains your gains up to 75K
is tax free and anything above that up to 450K is taxed at 15% Fed Plus your state tax.
Please see the following IRS link.
(NV does not have personal income tax- something to think about for future conversions....that’s why we move to Nevada.

https://www.irs.gov/taxtopics/tc409

Also look into opportunity zones.
You’ll be able to differ capital gains taxes for yrs by investing in low income areas in your state.

>> No.21681308

>>21681270
Basically, 1st quit your wage slave life.
Retire
Begin using your node gains tax free forever.

>> No.21681368

>>21681270
y'all forgetting obamacare tax of 3.3%. Net investment tax.

>> No.21681494

>>21680843
People usually understand how this works: you only pay taxes on your gains per transaction in the same way if you cashed out with usd. Basically the gains you made from link are taxed once you trade it for btc, then if btc goes up, you are taxed on that amount, if you then trade it to gold and gold stays stable you aren't taxed on that transaction necessarily. Losses offset gains aswell so if btc went out, you'd owe less taxes theoretically because you lost some taxable gains.

>> No.21681517

>>21679688
Find an OTC broker faggot. I think I found one that operates in NY and has a $75k order minimum so u should be good lemme look for it

>> No.21681563

>>21681517
https://genesistrading.com/trading/

>> No.21681613

>>21681563
thanks fag

>> No.21681644

>>21681613
Never used them but good luck. Hopefully they can help. Maybe you should hire an attorney too to make sure they don't fuck you

>> No.21681684

>>21679688
By waiting a year

>> No.21681774
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21681774

Do you hire a tax guy/attorney before or after you cash out. Can't I just cash out, set aside 50% for potential taxes, then contact a tax guy to sort this shit out?

>> No.21681783

>>21681270
>look into opportunity zones
this guy fucks.

>> No.21681837

>>21681774
You're supposed to be capital gains profits the same quarter you cash out. If you only owe them a few grand its not a big deal but if its like $50k+ they're going to expect payment that quarter

>> No.21681901

>>21679688
lol this pic is so fucking delusional i cant even

>> No.21681912

if you withdrawal over 20k a year from coinbase you will get a tax form in the mail for reporting. Sell to btc then buy usd then deposit in your checking, might have to let bank know what your doing first so they dont think its some shady operation

>> No.21682033

>Use a hardware wallet
>Turn Link into Etherium
>Send the Ethereum to an exchange.
>Claim you sold the Link at$13
>Claim you bought the Ethereum at ATH
>Less profit on Link on paper
>Record Ethereum at a loss
Won't reduce all your taxes but it'll help.

>> No.21682146

>>21681270
>Zero tax on long term capital gains up to 75K
What the fuck? How did I not know about this shit. I knew about the income tax but not capital gains

>> No.21682702
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21682702

>>21682146
Here to help a fren.

>> No.21682786
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21682786

>>21679688
checked
>>21679788
checked and based
just make sure you're in capital gains tax zone
https://www.youtube.com/watch?v=MIyBFNjc1kY
its monkey season $1000 eom

>> No.21682946

>>21682702
Brainlet here. Does this mean as long as I cash put less than 39k each year since im a single filer I dont have to pay? Or is it based on the actual gains of the coin?

>> No.21683147

>>21679756
Where can you buy gold with btc?

>> No.21683162

>>21679688
Set up overseas shell company in a country with no capital gains tax. Cash out your link into that company's bank account. Loan the money to yourself.

>> No.21683189

>>21681270
if i hold for a year to qualify for long term capital gain, when I crypto to crypto, is that amount from the initial buy still considered long term??

>> No.21683649

>>21683147
jmbullion for one