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28127958 No.28127958 [Reply] [Original] [archived.moe]

where the fuck do taxes come into all of this? can't you just keep your shit in an exchange and not worry about taxes until you cash out?

>> No.28128179


Fuck off newfag

>> No.28128245

they send you a slip of information at the end of the year

>> No.28128336

I'll give you a hint Anon

DeFi / DEX
almost impossible to tax

>> No.28128368

wallet, my bad

>> No.28128458

dont cash out, dont trade into cash, if you have big money use multiple adresses, buy / sell in different exchanges if you do cash out in a stablecoin

>> No.28128560

but if you're an american you're probably fucked either way

>> No.28128763

thanks anon, will probably move to puerto rico or some shit

>> No.28128798

Dude, just stop being poor. Once you made it, hire a good accountant that can find some loopholes or whatever, get some offshore bank accounts or the like.
Of course that doesn't pay off when you just want to cash out a few thousand bucks. In which case you maybe should just get a crypto debit card and use that.

>> No.28128878


>> No.28128923

What about not cashing out at all and just spending crypto using a crypto debit card?

>> No.28128946
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pls spoonfeed me, I'm on Binance EU

>> No.28129129

According to the IRS you have to calculate for gains/loss for every single trade you do in a year :)

>> No.28129181

Just don't use Goybase
If the exchange doesn't report anything to the IRS, you don't have to report it (well you do but they'll never know)

>> No.28129278

Am I OK as long as all my holdings are kept outside of an exchange?

For example:

- deposit fiat into CEX (coinbase)
- Buy ethereum
- transfer out of coinbase
- do any swaps / trades / etc with that wallet
- never send back into coinbase.

Is that safe?

>> No.28129413
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good thing I only lose

>> No.28129629

PR has extradition with the US. Go somewhere that the gay american empire can't get you.

>> No.28129740

crypto debit cards are much easier to get in the EU. You don't need a spoon, look it up.

>> No.28129968

I believe so, just do all the transfers in non-KYC exchanges. VPNs may help you sleep better but never swap currencies or cash out in shit like coinbase unless you want to pay taxes. By the time the IRS gets there shit together, I don't think you can operate the way you are right now.

>> No.28130045

Cash out in New Hampshire

>> No.28130453

If you keep your coins in wallet/exchange you dont pay taxes, this is considered unrealized gains. Once you cash out you have two possibilities..

1. If you cash out after holding for less than 1 yr, the profit = value - principal (if positive) is considered income and you add it to your base wages before deductions. if you cash out a loss, then you can deduct this from your income.

2. If you hold the investment for over a year before cashing out, your profit is subject to capital gains tax which I guess is less than income tax, so GG.


>> No.28130467

Wat? Redpill me pls

>> No.28130822
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> not worry about taxes until you cash out
That's not how it works goyim
> trading from crypto to crypto is a taxable event
> gib me 40%

>> No.28130974

Fidelity sends me a form which I send to Northern Trust and my tax person figures it out what I owe and takes care of it.

>> No.28130994

27% in my country

>> No.28131133

so would I get taxed for liquifying my assets just to pay for the crypto tax on top of the crypto trade tax?

>> No.28131222

is wrong
the government cant legally do this since you dont pay cash for swaps, unless they want to get paid in RBC or some shit lmao

>> No.28131332

will my bank rat me out if they see a sepa transfer from binance?

>> No.28131453

Thanks anon

>> No.28131686

wish more places would accept crypto directly so i would not have to worry about this shit

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