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/biz/ - Business & Finance

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24240254 No.24240254 [Reply] [Original]

>buy Ethereum on Coinberry, which is another one of those centralized exchanges with "Know Your Cuckstomer" bullshit, they have my ID and KNOW that I bought 2,000 dollars worth of Ethereum
>send ALL of it to a long-time online friend's metamask wallet
>friend generates 1,000,000 in profit

I wouldn't have to pay taxes for his gains, right?
As long as the trade didn't happen on an address that *I* have associated my ID with, the moment it leaves me, I don't have anything to do with it, correct?

And my friend couldn't possibly be audited as long as he didn't post his Ethereum address anywhere that could confirm his identity, right?

"Him" and I are both Canadian.

>> No.24240280

Plus, there's no way for the government to link the wallet of a CEX to a DEX wallet.
>literally not me
>just some random guy I sent 2,000 worth of ethereum to
>why?
>he's a friend, it was a birthday gift

>> No.24240307

>>24240254
How is he gonna convert it to cash?

>> No.24240328

OH NO STEP-IRS I'M STUCJ+

>> No.24241379

>>24240280
>>literally not me
how it would go :
>just some random guy I sent 2,000 worth of ethereum to
>why?
>he's a friend, it was a birthday gift
>ok you're going to jail unless you pay x amount.
>wtf!!! it's a gift lol why do I have to pay-
>you have 45 days.

>> No.24241541

>>24240254
Not in EU.

Unless you convert to cash or buy something expensive with it on a white market.

>> No.24241572

>>24240254
Pay your taxes anon. Also, API3.

>> No.24241658

>>24240254
Sending money with the intention of receiving that money in order to avoid a tax is considered tax evasion. OP I can garuntee you won't be able to think of something they know of because you aren't jewish enough to outkike a kike.

>> No.24241864

I'm gonna take the 200IQ play and HODL until major industries and real estate accept crypto outright and avoid the cash out tax bullshit.

>> No.24242172

>>24240280
You would have to pay gift tax nigger. They are better at jewing than you are.

>> No.24242351

>>24241864
Still taxable :(

>> No.24242412

>>24241658
this. you were born into the slave caste. There is no way out. You must work for a living. Others dont have to. Unless we see a revolution, you are a slave

>> No.24242535

>>24240254
Retard

>> No.24242685

>>24242172
>gift tax
topluj

>> No.24242742

>>24242351
In germonkey if you hodl a crypto for a year and then use it as money it's considered a currency

>> No.24243519

>>24242172
Gifts are free in the US up to 15k annually per giftee and 1M lifetime limit.

>> No.24243531
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24243531

>>24240254
you "people" are so fucking stupid you deserve to be poor and in jail, but do carry on

>> No.24243584

>>24241658
>Sending money with the intention of receiving that money in order to avoid a tax is considered tax evasion.
What is it called when banks give you a mortgage then?

>> No.24243631

>>24243584
That's called a loan, not tax evasion lolbertarian

>> No.24243671

>>24243584
fractional reserve lending/banking. (they) have a license, you do not.

>> No.24243680

>>24242412
But I don’t wanna be a slave no more

>> No.24243912

How do you plan on answering if they ask for your friend's info?

>> No.24243968

>>24240280
your friend would get massively fucked by the tax agencies.
you are guilty until proven innocent

>> No.24244841

how about hold it for at least a year so you pay a quarter of the normal capital gains tax

>> No.24245312

>>24240254
bros lookup mirror.one protocol - a dex for stock trading - no kyc. is it worth it?

>> No.24245461

If you ever hit real “made it” money you should just buy some kind of cash operated business ( car wash, barber shop, bar etc) with your cash on hand and slowly funnel your crypto gains into your business
Off ramping from crypto to usd could be a bit tricky but there are def avenues.

>> No.24245817

>>24245461
Can’t make a cash business when they’re killing small business and cash at the same time with a fake pandemic

>> No.24246362
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24246362

What if my friend never, ever, ever cashed out?
It's BULLSHIT to pay tax on every single transaction.

It's complete bullshit and the government realizes that. God, I fucking hate the state so fucking much.
>JUST GREAT RESET, BRO

>> No.24246531

>>24246362
Just give it some time bro. The IRS knows the system is fucked too. They will most likely simplify it, especially under new treasury leadership and with mass adoption of crypto.
This issue should resolve itself. Its fucking stupid to track hundreds of txns across multiple exchanges and wallets and then say you cant claim ignorance and that you shouldve known. All of this is new. I think they will eventually simplify it.

>> No.24246730

>>24241379
jail or prison? are there niggers in this jail?

>> No.24246731

If you have a lot of crypto just leave the country before you sell, duh.

>> No.24247073

>>24246731
Hold on, how does that work?
I'm gonna be in Korea all 2021 and this is when I expect to make most of my money.
Is there....
an option I have for cashing out according to Korean law?

>> No.24247540

>>24246362
just claim long-term capital gains on whatever you cash out
the vast majority of people probably do that, crypto to crypto is bullshit

crypto investing is risky as-is with situations like making 10x from Bitcoin in 2017 and then buying Nano and riding that into the ground for a -95% loss but still being liable for short-term capital gains tax on the Bitcoin even though you have 1/2 of your starting capital