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27859106 No.27859106 [Reply] [Original]

How do I leagly avoid paying crypto gains taxes?

>> No.27859528

>>27859106
>send video email to state department ripping your passport and asserting your natural right as a human being to fuck off however you want

>> No.27859567

Boating accident following a laundering through monero

>> No.27859952

>>27859106
I'm going to send your IP address to the Government so that you are forced to pay even more

>> No.27860674

>>27859106
By breaking even or by taking a loss.... gains are taxed MF'er

>> No.27861901

>>27860674
>buy high sell low
it's all making sense now

>> No.27861966

become a sovereign citizen

>> No.27861970

take out loans with crypto collateral
pay the loan with crypto

>> No.27862016

>>27859106
I just reported you to the irs. Good luck.

>> No.27862025

Hire an offshore lawyer. No other credible answer could possibly exist ITT

>> No.27862040

>>27859106
By selling your old bags of shitcoins that have gone to 0. Losses offset gains within the same calendar year.

>> No.27862070

>>27859106
Make poor investments to offset your gains.

>> No.27862295

>>27861970
but when you pay the loan with crypto that's a taxable event.

>> No.27862373

>>27859106
Marry a girl, make her your housewife, quit your job and cash out $80k a year at 0% capital gains tax. Completely legal.

>> No.27862605

>>27862373
>marry no one
>cash out 80k
>pay 6k in taxes

>> No.27862734

>>27859106
Pay your taxes you fucking degenerate. You are inviting punishment not only from the law but also from God.

>> No.27863162

>>27859106
I just decided to bite the bullet and pay $59 for CoinTracker with Coinbase's integration.
I've been mostly in LINK and was feeling stressed about a winning ETH swing trade biting me in the ass on taxes, but I only owe $2,500 on short term capital gains despite cashing out $20k and trading $140k of volume in 2020.

>> No.27863215

>>27859106
never sell

>> No.27863226

>>27861970
you still have to pay capital gains on this

>> No.27863272

>>27859528
just remember to pay the citizenship revokal tax

>> No.27863293

>>27863162
I owe $58 from crypto trading and I'm not going to report it :^)

>> No.27863344

>>27862295
That's why you don't do that. You take out the next loan, pay off the old one with that and let it run.

>> No.27863359

>>27859106
Buy citizenship in a country without capital gains tax and get the fuck out of this decaying nightmare.

>> No.27863464

>500k gain
>tax man takes 50k
I don't like this

>> No.27863615

taxes are optional if you aren't spending money like a nigger who won the lottery

>> No.27863683

>>27859106
>on no my bitcoin got stolen and the thief cashed out in the Cayman Islands oopsies
>now he won't stop buying me shit off of amazon and sending it to my house someone stop this madman

>> No.27863760

>>27863615
unironically, pay tithes to a church or make donations to charities you actually care about. donations are tithing are both tax deductible, and that money could potentially go to a program that you actually care about. i dont give a flying fuck about iranian women being able to read but i do want the people in my community to eat. either dont pay taxes at all or make enough charitable donations to where you pay as little taxes as possible

>> No.27863766

>>27859106
>move everything into XMR
>move XMR into BTC on a different wallet
>move BTC onto hardware wallet
>stash hardware wallet for 1 year
>claim you found an old BTC wallet

>> No.27863803

>>27859106
That wouldn't be wise, Chris from Fort Lauderdale.
Watching you.

>> No.27863804

>>27859106
Nice try glowie

>> No.27863835

>>27859106
by not selling

>> No.27863871

>>27859106
Move to Puerto Rico, It's part of the US if you didn't know.
Thats what alot of the 2018 Bitcoin Billionaires did.
Or move out of the country. You only pay on gains over 90,000

Sell ALL your coins that are at a loss in December and but them back in January. You can offset taxes legally that way.

>> No.27863911

>>27862734
>You are inviting punishment not only from the law but also from God.
This is the best advice here. It is a fucked up pain in the ass but you should just find a way to report so you won't get ground up by the machine, squirell away some nuts for the yearly taxocaust and take pride in at least beating the tax rate. Just remember a bank would pay exactly fuck you in interest for the savings that you instead put into crypto. I've been thinking of taxes as a kind of negative apy effect and it really puts things into perspective.

>> No.27863951

Never unload any position in excess of $400k without consulting with a lawyer. And get a good lawyer. Their retainer is going to be pennies compared to what you might pay going about it on your own.

>> No.27863962

>>27863344
But doing that still slowly bleeds you from interest, no? Eventually you reach the point where you've cumulatively paid more in interest than you would've paid if you just did taxes.

>> No.27863978

>>27863766
>now cost is zero
>pay capital gains on all of it

Nice work, retard

>> No.27864017

>>27863803
Nice try, Chris from Fort Lauderdale.

>> No.27864037

>>27863871
This is actually the way.
>sell everything for stablecoin on Dec 31st
>convert it all back on Jan 1st
EASY

>> No.27864107

>>27859567
Okay can you explain how I turn monero into legal US tender and deposit without the irs knowing and shooting my dog?

>> No.27864143

>>27863978
How would they know? You don't actually have to report the "found wallet". Just don't cash out at KYC exchanges.

>> No.27864229

>>27864017
Mind your business, Eric from Wichita.

>> No.27864480

>>27863962
Run the numbers. Your first loan has to be structured in such a way, that assuming X% increase in BTC's price per year on average
> all interest will be payed when the loan is due (for example over a 5 year runtime)
> buy BTC, so that once the loan is due, you have a greater or equal value sitting here to take out the next loan
> whatever fiat yield you want to have over these 5 years, say $3000 a month

Of course you need an assload of money to begin with.
As long as the price increase in BTC is larger than the interest on the loan, this works out. If you assume very conservative numbers for BTC, like 10-20% increase in price per year, this is a very save bet. Kind of like what Saylor did with his bond offering. You won't get 0.75% on the loan, though. BlockFi offers 4.5%.

>> No.27864495

>>27859106
by never selling

>> No.27864514

>>27864017
>>27863803
Guys I didn't do anything wrong

>> No.27864609

>>27863951
by unload do you mean before you convert into usd or before you send it to your bank?

>> No.27864837

>>27863911
Oh and I also imagine a situation where you make it, and decide "ok NOW I need to do my taxes" and become accountable for years of missing past tax data relating to crypto. Times are achanging and I imagine an auditor being unboomer enough to use a simple dapp to look into crypto-to-crypto for any wallet address that had been tied to your identity via some kyc crap the monkey in question has filled out. You'd have to pull some untouchable caste tier scam off like creating a fabricated etherscan pdf/xls and blindly hoping the guy scrutinizing you is a sexagenarian. Like whatever you do to compensate is gonna be some stupid crap, on some level, including capitulating and paying extra for guilt fees lol. Just pay the big brother standing army owners their protection fee and save yourself the risk of becoming an extremely fucked jackass.

>> No.27865244

>>27864837
Also, make sure you convert to a stablecoin on Dec 31st and back on Jan 1st so that you can offset gains with losses and then rebalance your portfolio!

>> No.27865375

anybody ever try some bitcoin ATM's or just purchasing prepaid cards / things such as that? do they work well enough?

>> No.27865511

>>27859106
Even Coinbase doesn't report your crypto gains anymore. Not that you don't need to declare them yourself, of course.

>> No.27865679

>Send to external wallet from coinbase
>Send back to coinbase from external wallet
>Download coin tracker and link coinbase account
>Coin tracker says I am at a $708 loss from 2020 despite taking out $3500 from uniswap freebies

Can't argue with that.

>> No.27865741

>>27865679
Happened with me on Blockfolio. Apparently my average buy in for Ethereum is 2100 kek

>> No.27865822

>>27859106
Just don't report it lol. Last year only something like 800 people reported holding crypto to the IRS. They can't arrest everyone if no one reports, and if they do decide to go after anyone it will only be the massive holder, because they're the only ones worth it if they have to pick and choose between millions of people to audit.

>> No.27865998

>>27865822
Last year only 800 people had any gains

>> No.27866194

>>27864480
Liquidations are taxable event as well

>> No.27866459
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27866459

>>27859106
Americans pay taxes after crypto holdings?
In Yurop we only have to pay taxes on what we cash out.

>> No.27866582

>>27863464
>you still have 450k

>> No.27866583

>>27862605
kek thats not bad. i have trouble making it to long term taxes tho

>> No.27866790

>>27866583
Single filer has a capital gains threshold at 40k; married 80k- after that 15%, you're only being taxed 15% on the next 40k for short term capital gains.

>> No.27867500

>>27866459
Technically Americans are supposed to pay capital gains on all kinds of shit. I think the crux of the issue is that there's no way to enforce speculation exchange and currency exchange differentiation like there is for fiat. With fiat it's easy to define an exchange as speculative (for FOREX markets) or genuine currency use (bank changing and what not), and thus have cap gains on one and not the other. With crypto there's no way to make sure all currency speculation happens on a regulated exchange where taxes can be enforced, and thus allowing tax requirements to be relaxed everywhere else. If the FED said gains tax applies here but not there, people would just set up exchanges over there and trade without gains tax. I don't really see a good solution (obviously I prefer no taxes but that's not a solution from the government's perspective), other than the sensible thing to regulate on/off ramps more and establish cost basis and gains there. I don't think the amount lost from people making gains in crypto and spending it before switching back to fiat would be worth (from the government perspective) the outrage from people having to be so autistic about taxes in regular use I F a large amount of people used crypto as money. The most important thing is that a large portion of people buy in to crypto as a means of exchange sooner than later so there can be sufficient push back against onerous regulation.

>> No.27867612

>>27866194
You aren't liquidated. You pay back a loan with another loan, which you took out againt BTC you bought with the first loan. How is that a taxable event?

>> No.27867966

>>27862373
exprain