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28477437 No.28477437 [Reply] [Original]

>see everyone freaking out about taxes
>never pay attention to it since I've never made anything in crypto
>look into it out of curiosity
>realize I'll have to pay up to 60% taxes on my gains if I do make it
What the fuck is this?

>> No.28477598

>>28477437
just never cash out and wash your coins through monero when doing irl transactions

>> No.28477722
File: 97 KB, 712x460, Cheerios.jpg [View same] [iqdb] [saucenao] [google]
28477722

>>28477437
Reinvest in gold or silver

>> No.28477852

>>28477598
I highly doubt I'll be able to buy a house with crypto.
>>28477722
How would this even work? I'm sure if there was a loophole this simple it would've been patched by now. Why wouldn't people use this trick with stocks?

>> No.28477853

>>28477437
What country makes you pay 60% capital gains? That’s a lot

>> No.28477873

>>28477437
anon, this image is awful

>> No.28477917

>>28477437
Also if you made losses in previous years get an accountant to help you write it off from your gains

>> No.28478011

>>28477722
Doesn’t work. Exchanging assets counts as selling one and buying the other in the eyes of the IRS

(This comment only applies if you are an ameriburger)

>> No.28478023

>>28477437
>turn everything into bitcoin, wait for bitcoin Visa cards,???, profit.

>> No.28478106
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28478106

>>28478011
The IRS can go fuck itself

>> No.28478134

>>28477853
japan has progressive tax for crypto gains, it can reach 85% or so

>> No.28478155
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28478155

>>28477853
Short-term, federal capital gains tax rate for the highest gains is 37%, California's capital gains tax rate is 13%. That's 50% right there minimum.
>>28477873
You need to go back.
>>28477917
Didn't even know you could do that, if I ever made it I'd probably get one just to make sure I knew what I was doing, and had felt out my options.

>> No.28478183

Anon please understand, Israel needs that money more than you do. They need more missiles to defend themselves from terrorists armed with deadly assault rocks.

>> No.28478232
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28478232

>>28478155
>posting an anime girl

>> No.28478261

Had a question while we're on the subject:

If I put 4k in, sold at a 2k loss, doubled after putting into some shitcoin back to 4k, would I need to pay tax?

>> No.28478271

>>28478155
what kind of retard lives in California

>> No.28478480
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28478480

>>28478232
>anime girl

Get out

>> No.28478590

>>28478261
Nope,
In fact if your loses exceed your gains you can write off up to 3k off your income tax per year. Pretty much the government says everyone should at least gamble in the the stock market up to 3k per year cause it’s free money

>> No.28478734

>>28478023
Hmm this might work, but wouldn't what this anon said >>28478011 apply since technically you're selling bitcoin to buy an asset like a house or a car?
>>28478134
Damn that's awful, I tried to find the worst case scenario just to see what I was dealing with, and the highest theoretical tax rate I could find in the US on crypto gains was 55% (left 5% for margin of error).
>>28478183
I wouldn't care as much if the government didn't waste so much money on stupid shit. I'm literally funding some lazy fuck's pension.
>>28478232
Again, go back.
>>28478261
Doubt it, but I'd like this answered too.
>>28478271
I don't live there, it juts has the highest capital gains tax rate out of any state.

>> No.28478846

>>28477437
Once youve made you can afford to pay a good accountant to fiddle around with your money and pay less. You think billionaires pay tax?

>> No.28478968

>>28478232
get the fuck off my board

>> No.28479303

>>28478590
Can you write off stuff like gas fees, wire transfer fees etc. since they were required to make the gains happen in the first place?
>>28478846
If I make seven figure heaven then I'll definitely get an accountant to figure out the details and understand what I'm dealing with. Tbh the tax code seems pretty convoluted from what I can tell.

>> No.28479349

>>28478734
My main thing against crypto is that its a non tangible currency based on a failing fiat. If the power grids go down or hyper inflation of the dollar kicks in crypto is going down with it.

I think the best way to avoid taxes would be to buy PM's with the crypto and get gold and silver sent to you.

>> No.28479366
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28479366

>>28478232
Go back.

>> No.28479451

White countries.
Get out while you can, OP.
Shitholes are better.

>> No.28479530

>>28477852
>I highly doubt I'll be able to buy a house with crypto.
That's why you build your own house.

>> No.28479582

>>28479349
What are PM's? I know pretty much nothing about gold and silver if they're related.
>>28479451
Tax rates are way too high here, but it's still overall better.

>> No.28479617

Just buy and hold to get long term bracket, and don't live in california like a reeeeetard

>> No.28479663

>>28479530
That's what the wife and I plan on doing. Buy some land dig a well and sceptic tank, and build it out. Even with a loan its much cheaper than a prebuilt property.

>> No.28479691
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28479691

>>28478232
back to plebbit u tard

>> No.28479743
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28479743

>>28478232
You are that image. You are probably one of those cunts who calls all weebs pedophiles because they like young attractive anime women. Do me a favor and actually go back. You do not understand chan culture on a base level.

>> No.28479805 [DELETED] 
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28479805

>>28478232

Based anon.

>> No.28479898

>>28479582
Precious Metals, a few different bullion dealers accept bitcoin. Silver and gold will hold value till we start mining and the big part is bringing back shit from asteroids and that's a bit of time out. I think of silver as my savings account cause I hate banks. PM's in general stay with and just beat inflation. Like I said above if there is any kind of "happening" or "collapse of the dollar" I'll trade my surplus of food, ammo, and water for silver and gold, not some kid who will get me back with some bitcoin when he gets a charge and wifi for his laptop.

If nothing happens fuck it ill burry a bunch of gold and silver and make my kids hunt for it when I die lol.

>> No.28479988

>>28479303
I think it’s not technically a deduction, but you can add the fees to your cost basis(which works pretty much the same way anyway) so say you bought 4K of Shitcoin and had 100 dollar fee you would just write that your cost basis is 4100 instead of 4000.

>> No.28480045
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28480045

>>28477852
>Why wouldn't people use this trick with stocks?
Heh...

>> No.28480100
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28480100

>>28479743
this

>> No.28480106
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28480106

>>28477873
i sense you're either new or on acid. if the former, go back. if the latter, godspeed friend.

>> No.28480166

>>28477852
I’ve seen houses for sale in Prague for btc...

>> No.28480215

>>28478232
GET THE FUCK OFF MY ANIME BOARD FUCKING NORMIE

>> No.28480577

>>28480100
80% of this entire site is just one big anime board but with different types of autism :)

>> No.28480769

>>28477722
checked

>> No.28481025

>>28477873
No, it's funny.

>> No.28481435
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28481435

>>28478106

Based.

>> No.28481571
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28481571

>>28477437
almost forgot you're a serf, didn't you?

>> No.28481916

>>28479349
If the power grid goes down you'll be giving blowies for cans of soup, faggot.

>> No.28482374
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28482374

>>28478155
That's for short-term capital gains tax and only applies to those over $518k (single). Not sure what California's brackets are, can't seem to find them, but the 13.3% is only for $1m+.

For long-term capital gains, the most you would typically be paying between all applied taxes is 25-30% even at the highest bracket.

>> No.28482467

>>28478106
Reported

>> No.28482628

>>28477437
Anon, go read this thread right now >>28464935

>> No.28483290

>>28478155
you live in commiefornia, kys
you are freaking out about capitols gains but dont know about capitol loss? stay poor faggot

>> No.28483546

>why yes I made 700k as income this year how can you tell
Rich people don't pay themselves 700k a year holy shit, even doctors run businesses that earn a profit