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/biz/ - Business & Finance

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30308749 No.30308749 [Reply] [Original]

Alright anons. I'm a late blooming link marine, got in at $1. Link was my first crypto purchase with the intention of hodling instead of buying drugs. When I first heard the term "six figure hell" I thought it was funny. Sure, Sudden Wealth Syndrome, taxes, etc, but I didn't know how real those factors were until I started approaching that hell myself. I'm thinking if rubic moons then I’ll be approaching seven figure hell, or I will be in a position to reinvest and probably reach seven figure hell somewhat easily. The biggest fear here is reaching one of these layers of figurative hell but not being able to enjoy it because of capital gainz tax.

So I found this pajeet article that’s kind of insightful, and seems to be copy pasted on other sites like medium and forbes word for word.

https://www.cointracker.io/blog/pay-zero-taxes-on-crypto-bitcoin-profits

It says that if you hodl for over a year then you don’t have to pay taxes at the same rate. It also says that if you are simultaneously unemployed then you may qualify for a lower rate, as well as if you are filing as single.I’ve traceably cashed out many times, meaning I’ve swapped whatever shitcoin was into eth, sent the eth to coinbase and cashed out to my bank account and usually reinvest it later. Since I’ve gotten in to crypto, there have been lots of transactions on the books, lots of traceable gains and untraceable losses.

So I wonder, should I buy $1 worth of BTC or ETH and hodl for a year in case I ever want to cash out of rubic or something similar? I would swap my roobies for eth or whatever and send it to coinbase and cash out the eth that I’ve technically been hodling for a year now? Any other possible methods? Direct buyers? Wait for a BTC direct exchange? Wait for new laws?

I’m hoping insight from biz elders will help newfags and oldfags alike this tax season

also dubs is the price of rubic eoy

WAGMI

>> No.30309018

website seems legit

>> No.30309107
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30309107

If you're cashing out high six figs/ millions, hire a tax lawyer or CPA accountant. Not that hard retard. There's a lot of newfags here claiming they know how tax laws work in your country/state and you will 100% get fucked. Put that money into good use, especially since you have a lot of Tx's. If you want to know a good accountant, find some rich fag or a boomer since those kikes love to use creative accounting. Good luck.

>> No.30310205

>>30308749
tax strategy is move to a country with no capital gains tax.

>> No.30310332

>>30310205
>come home for christmas
>detained

>> No.30310480

>>30310332
you don't even have to come back. you'll just get extradited and brought back to answer for your crimes. unless you move to north korea or iran of course. and renouncing your US citizenship doesn't work either, because part of renouncing includes paying your outstanding taxes

>> No.30310603

>>30310480
>want to leave
>have to pay
>also have to pay again just because
Truly a Jew owned nation.

>> No.30310931

>>30308749
Anon you only need to worry about taxes if you buy something big like houses and cars. And even then just wait more than a year to cash out and you will be in long term capital gains territory. No taxes for the first 70,000 then like 6% up to 120,000. Super simple to file.
Before trumps tax changes I got hit for a $60,000 tax bill because I bought a $2/3 million property and house. But then after trumps tax changes it went to like 8k the next year.
That beautiful orange man.

>> No.30311070
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30311070

>>30310931
People are gonna feel it in their pocketbooks once the Dems have their way. Pic related, their collective faces when they get assraped to feed Mohammad and Jamal and their 20 kids.

>> No.30312630
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30312630

Sound advice anons. I've definitely thought about leaving the country, not because i care that much about the money, more because I have a gf that loves me enough to follow me and other than that I have very little to lose if anything at all. I think when I cash out my money is going straight into boomer stocks or some of it at least going to a trusted financial advisor, as opposed to making big purchases. I'm 26 and have been homeless and poor as fuck since high school so the idea of a house is very appealing, but again, I have very little to loose unless the crypto market tanks permanently and I fucking rope. I guess by the time rubic moons it will be listed on coinbase and finance and shit so we good. Capital gains taxes confirmed retarded though

>> No.30312729

>>30310931
I'm gonna miss him, bros. How am I gonna explain my niggercoin gains now?

>> No.30312819

Step 1: don't be a burger

>> No.30313059

Dude, fly your ass to Switzerland and open an account in one of their domestic banks (one that has no branch in the US), and move your coins into that account...they will give you a check book and a credit/debt card that will work world wide. Ask them to set something up for you so that you can buy a home as a business (or similar)....

The US government was going to send your money to foreigners anyway...the IRS has no moral authority due to this fact...

Good luck.

>> No.30313086

>>30310931
It's still longterm gains if you transfer from 1 wallet to the exchange wallet right?

>> No.30313840

I've only dumped money into exchanges. I've never realized a single.gain.

And now TurboTax and cointracking and coinbase/pro are making reporting my transactions literally fucming impossible.

So you mmow what? Fuck it. I tried to be compliant. I tried to report. I really did. But they are making it so fucking difficult that I've been forced into non-compliance. So you kmow what, even though I have almost 70k in crypto right now and almost 20k in gains on the year...since I haven't cashed out a cent im gonna some fuck the irs.

If they send me a letter next year ill print out my cointracking report and send it in with what I owe. But if I dont hear from them then fuck it. I'll pay my taxes if I ever cash out or if they make reporting less of a cluster fuck.

>> No.30313865

>>30308749
Just use koinly.

>> No.30313960

>>30313086
As I understand it. Its long term gains so long as the path from fiat and back to fiat (or a consumption good) takes longer than 1 year.

>> No.30313970

>>30308749
>Defi
>No KYC
Blacks will run everything in 10 years. Wait for the US government to burn down.

>> No.30314025

>>30312819
Step 2: eat a burger.
t. cannibal

>> No.30314233

>>30313086
^this. i'm pretty sure but not certain. in my case i'm using coinbase wallet and reg coinbase as an exchange wallet, so i'd assume it's more traceable for tax purposes. again, not certain

I'm also curious about how to define a year long hold. If I add to my stack after a few months does that addition count as a new hold that I have to wait a year to sell? I'm assuming I could still sell my initial 1+ year stack and dodge some tax

These are the details that fuck me up and make me just want to get a lawyer if I hit 6 figure hell

>> No.30314288

>>30309107
good advice here

>> No.30314565

>>30313840
anon you might be fine, I think you only have to pay taxes on it if you cash out

>> No.30316115

>>30314565
In the us crypto to crypto swaps are taxed too.

>> No.30316716

>>30316115
how is that possible when you're trading equal value of crypto to equal value of crypto, or sometimes, with market place trading fee

>> No.30316791

>>30316716
If one of those cryptos appreciated in value while you held it, then the pedos in government will want their share.

>> No.30316923

>>30316716
because the people who wrote the crypto tax code are tech illiterate boomer idiots

>> No.30317056

btw crypto taxes arent even constitutional, I won’t be surprised if these billionaires getting into crypto take the govt to court sometime in the next few years

>> No.30317250

>>30316115
Truly fucked nationa xd

>> No.30317328

>>30308749
This article is stupid. What good is being unemployed so you can pay 0% on gains only up to $40k. The best you can do is defer and reduce your tax by investing in opportunity zones

>> No.30317479

>>30308749
just get an accountant who is of Christian extraction and have them handle it, o poorly disguised concern trolling demoralization thread OP, may you boil in a lake for your deceit and lies

>> No.30317492

>>30308749
Actually declares taxes
Ngmi

>> No.30317615

>>30316791
But how am I supposed to know what it's worth? They don't have value in USD because they're traded in USDT which is not dollars

>> No.30317714

>>30317615
>They don't have value in USD because they're traded in USDT which is not dollars

That just means determining the market value takes an extra step.