Avoiding crypto tax

[Anonymous No.23946651]

Has anybody fine research on the best way to avoid taxes on crypto gains (American)? I'm willing to renounce my citizenship as long as I can have another decent passport. I hear Portugal is a good bet

[Anonymous No.23946664]

>>23946651
Pic not related.

[Anonymous No.23946674]

>>23946651
That map is so fucking inaccurate.

[Anonymous No.23946688]

>>23946651
live in the netherlands

[Anonymous No.23946740]

>>23946674
Lol I just picked the first one I found
>>23946688
How would an American go about living there especially with Coronachan blocking travel?

[Anonymous No.23947035]

>>23946651
Russia should be dark blue, wtf.

[Anonymous No.23947162]

>>23946651
Pay your taxes faggot

[Anonymous No.23947190]

>>23946740
There is some kind of Dutch-American treaty where Americans can get residency here if they're planning to start a business.

[Anonymous No.23947211]

>>23946651
In belgium we are not taxed on stonks and cryptos

[Anonymous No.23947224]

how safe is belarus?

[Anonymous No.23947227]

>>23946651
Poland my friend.
No crypto<>crypto tax here, ez life.

[Anonymous No.23947260]

>>23947227
I like Poland but what would I need to do to get a passport? I'm not slavic

[Anonymous No.23947523]

>>23947162
When you see this you know we are in a bullrun.

[Anonymous No.23947533]

>>23947260
can't help you with that unfortunately, just moved in myself from EU not long ago

[Anonymous No.23947551]

>>23946651
>US
>not ordinary income
lmfao

[Anonymous No.23947583]

>>23946651
>>23946740
i've heard that the US govt makes you prove you've paid all taxes over last 10 years in order to give up your citizenship. Real prison colony shit but wouldnt surprise me

[Anonymous No.23947615]

>>23946651
You launder them OP.
Just like drug money.

[Anonymous No.23947686]

>>23947224
if youre a fan of getting your wealth robbed by lukashenko-chan then go ahead

[Anonymous No.23947710]

>>23947211
We're taxed 33%, dingus

[Anonymous No.23947762]

>>23946651
Yeah Portugal gets mentioned ad nauseam on here.

IIRC even if you renounce, you still have to pay taxes before you renounce. See exit taxes.

[Anonymous No.23947766]

>>23946651
On spain is taxed as capital gains that map is bullshit.

[Anonymous No.23947809]

Does USA tax you on unrealized capital gains if you renounce?

[Anonymous No.23947959]

>>23947035
Capital gains?
How would they figure your cost basis?

For example I have a bunch of crypto on various wallets, some purchased thru US exchanges, some p2p ca. 2013, some exchanged via crypto pairs etc. What happens when I try to pull some into rubs through qiwi / sberbank?

[Anonymous No.23947971]

>>23947583
That's fine, I haven't sold anything. The goal is to renounce so I don't have to break laws

[Anonymous No.23947981]

>>23947809
They probably would want to but how are they gonna know what I have in my wallet?

[Anonymous No.23948061]

>>23947971
fair enough. but also most non shithole countries make you live there for like 8 years before you can even qualify for citizenship. dontthink you can renounce USA until you have another passport

[Anonymous No.23948076]

>>23947809
No, but most traders here don't even know what realized gains are. If you bough and held the coin, it is unrealized. If you are actively trading, you realize the gain (or loss) with each trade and those gains are applied to that tax year.
The most tax efficient way to buy and sell crypto in the us is to simply hold for at least a year and then sell. The maximum long term gain would be 20%.
For those that have been trading and not tracking/declaring, you are technically in violation, though it would likely never come up unless you are audited, or moving some serious funds, (like 20k+)
As for renouncing citizenship, that will almost certainly trigger an audit.

[Anonymous No.23948108]

>>23946651
Doesn't the Puerto Rico residency thing work any more? I thought you could move there for six months and cash out as much as you wanted.

You can also cash out up to about $34K (I forget the exact amount) with 0% long-term capital gains tax if you just hold for a year.

All that without doing anything illegal or renouncing your citizenship or anything.

[Anonymous No.23948213]

>>23947971
Absolutely based.
Ones with the big vision know, citizenship will be gladly traded for btc in the future.

[Anonymous No.23948216]

>>23948108
>0% long-term capital gains tax if you just hold for a year.
This, and it is up to $53,600.
Long term capital gains tax caps out at 20%

[Anonymous No.23948244]

>>23948076
Will gubment get the ginance.com?
In minecraft of course

[Anonymous No.23948418]

>>23948244
They seem to be taking a random screening approach to crypto and yeah, the IRS has options in virtually every nation the us trades with, which is effectively all nations.
In most cases, the person is charged back taxes, plus a fuck you penalty. Under normal circumstances, they reserve the right to audit anyone up to 3 years later, 6 years for especially large earnings, and there is no statute of limitations on willful obfuscation (fraud).
Considering the permeance of blockchain and the fact the IRS can freeze any bank account globally, there is going to be a lot of people absolutely fucked in the coming decades.

[Anonymous No.23948428]

>>23948216
Oh damn that's perfect for me.

[Anonymous No.23948568]

>>23948418
Glowy

[Anonymous No.23948589]

In Germany selling crypto is tax free as long as you HODL for a year and don't otherwise profit from it (e.g. via staking) which would increase the HODL time to 10 years.

I don't think this will last much longer though...

[Anonymous No.23948615]

>>23946651
>Africa

[Anonymous No.23948626]

>>23948568
He's helping at least. You can never be too careful

[Anonymous No.23948631]

>>23948568
Paranoid is more accurate.
Had a hell of a time learning all this for the 2017 tax year and an even tougher time doing the accounting. Worth it though, doesn't matter if you are trading stocks, crypto or MTG cards, the same rules apply and you can save yourself a lot of money by knowing the system.

[Anonymous No.23948737]

>>23946651
>Sicily
>Sardinia
>no tax
what lel

[Anonymous No.23949079]

>>23947615
Laundering is more expensive than the taxes you would pay.

>inb4 I know how to do it for cheap/have contacts/whatever

[Anonymous No.23949089]

Slovenia. No tax on crypto here as it's considered a currency.

[Anonymous No.23949121]

>>23946651
>argentina
>get taxed out of the ass
>after you get usd it gets converted to monopoly money forcefully with a shit ass exchange rate, eating up at least 50%of your usd and then you get taxed again

[Anonymous No.23949281]

>>23948631
I hear you. I did so many bad trades at one point, that will benefit me when it comes time right? Losses help balance out the gains right?

[Anonymous No.23949367]

>>23946651
the fuck is this map? Crypto gets taxed as income on Sumatra but on any other part of indonesia it's tax free? Come on, son.

[Anonymous No.23949479]

Anyone know what the story is with Ireland. Is it crypto to crypto taxable events or is it only once realised back into fiat.

[Anonymous No.23949538]

>>23949479
Don't trust this map too much..

How can you move to Portugal. I hear if you main income is crypto you have to pay tax anyway.

[Anonymous No.23949539]

>>23946651
imagine paying tax. I fucking hate Spanish stupid half niggers come to Ireland and want socialism here got back to your shithole country you fucking half Arab mongrel its not your money

[Anonymous No.23949598]

>>23949281
Yes, but only in the same tax year. You can't offset the previous year gains with this year's losses, that can be a killer in something as volatile as crypto.
If you are frequently swinging your whole stack, it actually makes sense to cash out completely on Dec 31st, set aside taxes and buy back in Jan.
Ironically this saved me from the 2018 crash.

[Anonymous No.23950033]

>>23948108
I guess, but now you gotta pay another special $5,000 fee if you decide to move to Puerto Rico. Law 40 or some bullshit like that.

[Anonymous No.23950154]

>>23946651
retarded map
in the netherlands we have a tax on capital held, starting from €35k
so €40k in fiat or crypto would get taxed the exact same way

[Anonymous No.23950740]

>>23949598
Lol imma just send it to my people outside the us and claim bankruptcy.

[2009 is the answer to 1971 No.23950752]

>>23946651
Don't care , never selling, not paying one cent fuck you boomers.

[Anonymous No.23951006]

>>23950033
Apperantly it's $5k yearly. Can anybody clarify that? Anybody in PR that wants to trade anything without paying Federal capital gains needs to pay $5k yearly? That can't be right

[Anonymous No.23951007]

>>23946651
this map is bollocks im in ireland we got 33% tax

[Anonymous No.23951031]

>>23946651
>crypto investment as income
why canada is so faggy?

[Anonymous No.23951238]

>>23947224
not safe

[Anonymous No.23951321]

Why is only Sumatra in Indonesia highlighted?

[Anonymous No.23951376]

>>23946651
That mal is complete bullshit and entirely wrong. I know several examples without taxes in the blue areas.

[Anonymous No.23951394]

>>23951031
way better than a lot of countries still desu, especially for regular folks

[Anonymous No.23951663]

>>23947224
It has bad press but it looks like a well functioning society overall

[Anonymous No.23951736]

>>23947959
They look at the wallet it came from and determine when you got it, how long you held it, and what the gains from it were. They also subpeona any exchanges you sent it to for your trade history by looking where those wallets are from as well. The only way to avoid this is trading it out in small quantities for cash, either by mail or in local swaps.

[Anonymous No.23951894]

>>23951736
What would happen if you went all in xmr, sent it to xmr wallet. Send that xmr to trusted individual in minecraft. Declare bankruptcy in minecraft.

[Anonymous No.23952065]

>>23951894
They have no way of tracking minecraft trades, only legal exchanges for currency. They monitor for what address you trade to or from when you cash out with a KYC exchange, they don't track the rest of the network transactions. That's why I said to trade it into cash in small quantities, even if it's a little inconvenient. If you ever get spooked by volatility, you can still tether up and trade it back into XMR for when you want to swap out enough for rent or whatever.

[Anonymous No.23952083]

>>23946740
>>23946688
Moving to the Netherlands to not get taxed is hilariously retarded. Seriously go look up their income tax rates.

[Anonymous No.23952105]

>>23952065
cash out/in*
basically if you ever buy or sell anything needing an ID, they know

[Anonymous No.23952204]

>>23952065
Right so sending xmr to another xmr wallet is essentially bulletproof as long as xmr isnt a honeypot.
I dont doubt binance would comply with irs when it comes to tracking individuals.
Im pretty much fucked if they have my DL right?

[Anonymous No.23952512]

>>23952204
>sending xmr to another xmr wallet is essentially bulletproof as long as xmr isnt a honeypot.
For the foreseeable future. Nobody is even close to cracking XMR. It's also open source, so no honeypotting. This doesn't effect things like XMR>USD cash outs though, because they would still be able to see who and where it came from and went to with centralized banks because of how USD works. The only thing they couldn't see is the transactions between when you bought and when you sold, but they would be able to see how much you bought, how much you sold, how much the wallet you cashed out from now holds, and what the current price compared to your buying price would be. Basically it's fucked if you're trying to avoid taxes no matter what coin you buy if you ever exchange it with KYC. With XMR, you could technically claim losses if there's a difference between what you bought and cashed out, but only if it's a lower amount than what went in. If you're also cashing out with KYC from a bunch of different wallets and claiming "losses" for each one that's lower than your initial investment, good fucking luck getting them to believe that. The best you can do is use cash only for cashing out XMR from here on, and claim losses when you get audited.
>I dont doubt binance would comply with irs when it comes to tracking individuals.
They would, and they already have for anyone they get the subpeona for. Protecting one anon trading internet money is not worth their entire billion dollar business going under for tax fraud.
>Im pretty much fucked if they have my DL right?
If you've ever bought or sold with KYC, they know something about where your crypto went or comes from. This could be as little as which wallet the funds went to when you bought, which would come up if you ever get audited, to your entire transaction history from when you bought to when you cashed out with another KYC exchange when they audit for taxes because of you cashing out realized gains.

[Anonymous No.23952662]

>>23952512
Imma go ahead say im a drop in the bucket with my holdings. Less than 100k.
Not really too worried atm. If btc really does follow the halvening log chart ill glady pay. I just dont want to be fucked over before that happens.

[Anonymous No.23952764]

>>23947710
You are retarded. It isnt taxed at all if it is defined as good management of wealth.

[Anonymous No.23952813]

>>23952662
>im a drop in the bucket with my holdings. Less than 100k.
Probably, but never underestimate the authoritarianism of the taxman. They exist to squeeze the little guys more than the big guys in all honesty to prevent them from becoming big guys. At the very least, consider your options for cash only trades from here on out, and stay safe fren.

[Anonymous No.23952860]

>>23946651
I'm from Brazil and fuck taxes, lmao. Not gonna declare my cryptos.

[Anonymous No.23953016]

>>23952813
Uhh imma keep swingin shitcoins on chinance. Using a vpn ofc

[Anonymous No.23953039]

>>23952764
Go on. I am a passport holder of ur country.

[Anonymous No.23953324]

>>23952860
yea im thinkin ur based

[Anonymous No.23953371]

This map is wrong. It's capital gains in Canada

[Anonymous No.23953425]

>>23947162
>>23946651
American here, gotta agree. Pay your taxes faggot.

[Anonymous No.23953808]

>>23953425
you're pretending that the majority of people are making money in crypto

[Anonymous No.23954189]

>>23953425
Fuck off. I haven't realized any gains yet. I'm opting-out of paying for Biden's wars

[Anonymous No.23954470]

>paying taxes in the Weimar Republic
NGMI

[Anonymous No.23955225]

>>23946651
>Armenia trying to be western and sucking to white nations
Cringe

[Anonymous No.23955245]

Portugal NHR VISA/Golden VISA. However you need to renounce USA citizenship.

[Anonymous No.23955346]

>>23955245
In portugal you will get taxed if crypto is your main income