[ 3 / biz / cgl / ck / diy / fa / ic / jp / lit / sci / vr / vt ] [ index / top / reports ] [ become a patron ] [ status ]
2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance

View post   
File: 42 KB, 300x300, 1FDBEAD6-F8F9-4F37-9FF7-5C1E40837F14.gif [View same] [iqdb] [saucenao] [google]
5613474 No.5613474 [Reply] [Original]

How Can I do this?
Real advice please

>> No.5613531

>>5613474
localbitcoins.com

in-person trades for cash

>> No.5613534

Just pay taxes. Once you go to prison your life is over and you might as well kys

https://www.youtube.com/watch?v=z8A85cl5w3s

>> No.5613561
File: 48 KB, 500x500, el.jpg [View same] [iqdb] [saucenao] [google]
5613561

>>5613474
There was a thread the other day about this
>>5554083
Prepaid debit cards & amazon are your friend

>> No.5613562

But you can't cash out tho?

>> No.5613600

>>5613531
thanks
>>5613561
This is awesome. Thanks for the info.
>>5613562
Lol

>> No.5613612

>>5613474
Move to a country that doesn't have taxes. Renounce your citizenship from the country you live in that does.Never come back. Ever. It's just that simple.

You'll have to fly your family to see you, because the taxation jew will have a warrant for your arrest and pick you up at the airport the moment you land if you try to come back.

>> No.5613639

>>5613561
so stay away from paypal?

>> No.5613640

>>5613474
mylocalbitocins is like the craigslist of crypto but its risky you could end up hurt. its the only way to far.

>> No.5613669

>>5613639
LMAO
do NOT touch paypal since it's bank-connected

>> No.5613712

>>5613669
so that amazon method.
just buy stuff, resell, profit?

>> No.5613716
File: 2.89 MB, 350x192, 1512085692975.gif [View same] [iqdb] [saucenao] [google]
5613716

>>5613474

>be canadian
>have a tax free savings account
>pay 0$ in taxes on my crypto gains
>mfw

>> No.5613755

>>5613712
yeah but don't go nuts all in one week kek

>> No.5613763

>>5613474
Bitpay debit cards. Convert BTC or BCH to USD to top them up.

>> No.5613791

>>5613600
>localbitcoins
watch out, the cops are all over this because this is how people get crypto for drugs. they also arrest the sellers for being unlicensed money transmitters.

>> No.5613824

>>5613763
>Bitpay debit cards

These crypto debit cards all report to your local tax man you dumb retard.

>> No.5613866

>>5613716
How's that work anon?

>> No.5613901

>>5613474
Anon just pay those taxes, you're staking everything here.

>> No.5613923

>>5613716
>my income isn't taxed because of my special savings account that i dont understand
the post

>> No.5613931

>>5613561
But then you have cash that you cant spend?

>> No.5613955

>>5613866

https://en.wikipedia.org/wiki/Tax-Free_Savings_Account

>> No.5613984

>>5613716
Did you deposit your bitcoin into the tax free account? The Canadian government sure is progressive.

>> No.5613992

>>5613931
Yeah it's called bitcoin.

>> No.5614014
File: 30 KB, 480x473, 1511862340349.jpg [View same] [iqdb] [saucenao] [google]
5614014

>>5613923

it is not.

>> No.5614020

>>5613474
move to a country that isnt a socialist shithole

>> No.5614034

>>5613955
Yeah, I'm Canadian, but how do you connect it with crypto? Are you buying crypto related stocks or something? Gbtc?

>> No.5614069

>>5613984

no. you open a tax free saving account. any gains derived from your investments are tax free. there is a limit to the amount you can transfer to that account though.

>> No.5614097

>>5613716
you transfer your gains into your tfsa? I didn't know we could do that. I haven't looked into taxes yet though I guess. My tfsa cant handle all my gains this year since its pretty well maxed already

>> No.5614103

>>5613716
uh that does not work the way you think it works anon.

>> No.5614106

>>5613474
Cash out at BitcoMATs at your local mall. At least in my country we have at one bitcomat in every major city.

>> No.5614123

>>5614034

open a TFSA directly with a broker. I am using quadriga and you invest from there. that's all.

>> No.5614143

>>5614069
The point of taxation is when you convert to fiat though. Which you can't do within a tax free wrapper.

>> No.5614150

>>5613716
yes my accountant friend basically told me to deposit the amounts slowly into your TFSA until you make your contribution, then transfer that off into a GIC or something similar.
Problem is theres a limit with how much you can put in a TFSA

>> No.5614153

>>5614097
you absolutely cannot put crypto into your TFSA. the closest you will get is putting it into a stock that is crypto related.

>> No.5614163

>>5614097

no you open a TFSA with a broker and invest from there and then you can cash out your gains tax free. that is the whole point of a TFSA

>> No.5614173

>>5614069
>>5614034
the investments have to be inside your TFSA retard

>> No.5614191

>>5613474
Bitflur. Thank me later.

>> No.5614198

Is there an amount under which u dont have to pay? 10k I believe

>> No.5614203

>>5614123
Yeah, but you need to pay tax on the gains you cash out of quadriga, you can't just put money in a tfsa and it suddenly doesn't need to be taxed. The gains you make WITHIN the tfsa are tax free.

>> No.5614204

>>5614163
they have to be in a TFSA account. you can't use mental gymnastics to make crypto into a TFSA account.

>> No.5614274 [DELETED] 

>>5614034
you cannot buy OTC stocks like GTBC within a TFSA account.

>> No.5614297

>>5613992
lol

>> No.5614312

>>5614274
https://www.google.com/amp/s/amp.reddit.com/r/PersonalFinanceCanada/comments/77d74r/you_can_now_buy_ether_bitcoin_in_your_tfsa_rrsp/

You can do that actually

>> No.5614348

>>5614034
you cannot buy OTC stocks like GBTC within a TFSA account.

>> No.5614357

>>5614203
Dude you can't use TFSA to purchase crypto. That's not how it works. The only way this works if quadriga allows you to open a tfsa account, which they do not because they're not a registered financial institution. I don't know what these idiot accountants have been feeding you but trust me on this you'll get flagged. I'm trying to figure out a way myself and TFSA is definitely not it.

>> No.5614359

>>5614191
>no tax records
>no ID needed
It’s literally perfect for tax evasion

>> No.5614406

>>5613561
I was in this thread. Lurking.
Helped me out.
Fuck coinbase, that’s all I know

>> No.5614435

>>5614312
>>http://www.fin.gc.ca/act/fim-imf/dse-bvd-eng.asp

>>The Department of Finance maintains a list on its website of designated exchanges, which includes 41 exchanges in 28 countries, ranging from the U.S. NASDAQ to Israel’s Tel Aviv Exchange. The list includes most Canadian and U.S. stock exchanges but Over-the-Counter Facilities such as the NASDAQ OTC Bulletin Board facility and the Canadian OTC Automated Trading System are not on the list.

>> No.5614459

>>5614191
>>5614359
>can only buy amazon or google gift cards and other shit like that
Nigga I need CASH can't buy a LAMBO in giftcards

>> No.5614460

>>5613474
hahaha looks like we've arrived at this point again. Where another poor soul finally realizes that crypto is a scam because you can't cash out.

You LITERALLY can't fucking cash out. Seriously, try it. You wasted all your money on internet bucks. There is no way to convert it back to fiat. All those "exchanges" that claim to deposit your money into your bank? Those are scams, the deposit never goes through. All those people saying it isn't a scam? They're shills for the scam "exchanges."

Anyone who tries to refute this post is a scammer shilling for scammy exchanges.

>> No.5614481

>>5614359

You do know if you make more than $10k with Paypal they send you a 1099 right?

>> No.5614517

>>5613534
>fort doge
lmfao

>> No.5614526

>>5614460
What are you talking about?

Cashed out some money with kraken a few times

Never a problem, takes like 2 days

>> No.5614565

>>5614460
Literally cashed out £10k last night, straight to bank no problems.

>> No.5614570
File: 73 KB, 970x727, bitcomat.jpg [View same] [iqdb] [saucenao] [google]
5614570

>>5613474
Literally find one of these. It cashes out the recieved BTC/LTC/ETC into your hand and nobody asks questions.

>> No.5614617
File: 28 KB, 203x241, 1390976750663.png [View same] [iqdb] [saucenao] [google]
5614617

>kept excel spreadsheet with CSV proof of every single transaction i've made in the past two years
>every documented event showing fair market value of coin, amount purchased, exact date purchased, amount in USD and BTC purchased, price of BTC at time
>comfy tax day when I get to only pay 10-15% on my 3400% crypto gains since i actually took the time out to make a profit/loss statement
>never have to live in fear of uncle sam busting down my door for his cut
>get the lowest tax possible since i did it smart (half of my investments held for 1+ year for that longterm investment bonus)

>> No.5614621

>>5614570
so lets say im filthy rich on btc.
I fly myself out to poland or wherever this is and cash out entirely?

>> No.5614692

>>5614435
Yeah you buy it off the Swedish Nasdaq, it's included on the list. You can buy eth too

>> No.5614742

>>5614617
>dumb hodler saves 20% on tax, loses 2000% in possible gains

>> No.5614772

>>5614621
Enjoy withdrawing large amounts of cash over several days, maybe weeks depending on refill schedule, then getting clonked on the head by some polish football hooligan and robbed.

>> No.5614802

>>5614621
You may have to go around several of these and take couple of bodyguards to take you safely into currency exchange and back to airport.

>> No.5614804

>>5614621
can only cash out $1,500 a day at all the ones iv seen unless you verify an ID which moves it up to $3k a day.

>> No.5614819

>>5614621
there are limits but if your filthy rich just stay there a week and cash out in increments.

>> No.5614938

>>5614034
Wire the money from your exchange to tfsa

>> No.5615015

>>5613612
Lol @ americans
Most euros just have to spend more than 6 months abroad the year they cash out not to pay taxes and we're never going to jail for not paying taxes, I would open a bank account in singapore

>> No.5615040
File: 84 KB, 808x805, 74FBB926-EBCB-43A5-A4AD-195E3784F72E.jpg [View same] [iqdb] [saucenao] [google]
5615040

>>5613561
>trade doge for amazon codes on flur
>buy items
>sell on Craigslist

>> No.5615117

>>5613474
Localbitcoins
tenx

>> No.5615252

>localbitcoins.com
>cash meet
>safety deposit box
>feed money into bank slowly

>> No.5615438

>>5615040
You'd have to sell at less than retail. Just pay the tax at that point.

>> No.5615575

>>5614459
Just go to a coinstar near you and cash in the gift cards there

>> No.5615581

>>5615040
Too much fucking effort

I just want the cash on my bank account and put it into fonds or stocks to become financially independent.

>> No.5615689
File: 173 KB, 2688x2688, 9d5.png [View same] [iqdb] [saucenao] [google]
5615689

why cash out at all

>> No.5615841

>>5614621
>poland
Spend it on fit Polish girls too whilst your there
VOE

>> No.5615889

>>5615841
retard detected

>> No.5616055

>>5613791
STFU NIGGA

>> No.5616075

>>5614804
Where do I find one of these anon? I can afford the vacation

>> No.5616271
File: 24 KB, 640x480, sd.jpg [View same] [iqdb] [saucenao] [google]
5616271

>>5614191
https://bitcointalk.org/index.php?topic=2637444.0
good shit

>> No.5616336

>>5614460
>it doesn't work because i can't withdraw to my royal bank of india account

fuck off

>> No.5616339

>>5613474
I'm not into crypto, but I know a bit about tax. Companies are usually required to report it to the IRS if you buy something expensive, so be careful with this guy's >>5613561 advice. If you know someone else who is into Crypto, what you can do is buy a used car from them at market value, and then sell it immediately. Although that's obviously not pragmatic. Your best bet would be to search for giftcards you can buy online that don't require personal information. You can then take that and buy things anonymously; so long as it doesn't end up in your bank account, you probably won't be flagged for an audit. Remember that the tax on crypto would be a capital gains tax, so you are only paying money out of the profit you earned. It's honestly not that big of a deal, so it would be best to just pay up. Getting a CPA and a Tax Lawyer to try and keep you out of prison will cost a lot more than like 15% of your good boy points. Use this tool to determine the appropriate tax rate: http://www.moneychimp.com/features/capgain.htm

Also I suggest keeping records of your transactions. That way if you do get pwn'd by the IRS you can just feign ignorance and then pay them what you owe, some late fees, and interest. Otherwise they can just arbitrarily set whatever fine they want.

>> No.5616400

>>5616339
so basically..your best option would be to move to a country with little to no taxes

>> No.5616406 [DELETED] 

pay your fair share
somoboyd's got to pay for mohamed to have separate houses for each of his wives

>> No.5616511

My plan
>large amounts
no escaping capital gains tax
>small amounts
amazon gift codes

>> No.5616649

Anon, you were able to get gains because of the country you live in. If you lived in Africa, you probably wouldn't have access to a computer or whatever. Just pay the taxes. It's a part of living in a decent country.

>> No.5617008

>>5615015
>singapore

Apparently you haven''t heard of FATCA/AEOI

Better to give no advice than bad advice. Fucktard.

>> No.5617024

>>5616400
If you really wanted to not pay tax on crypto, you could move to Switzerland which has a 0% capital gains tax. Honestly it doesn't seem worth it unless you have several million dollars, due to the increased cost of living, and lack of opportunity in that country. Plus the U.S. charges expats taxes anyways, so you'd have to go through an entire bureaucratic nightmare of denouncing citizenship and not paying taxes. Of course it's not that easy. There is an "exit tax" which the IRS charges to people denouncing their U.S. citizenship: it can be as high as 23%, higher than the capital gains rate. It's honestly better to just pay your taxes.

>> No.5617077

>cucks itc being completely ok with their gains going to support the scum of society

>> No.5617104

>>5613534
You're not going there for tax evasion XD

>> No.5617290

>>5615889
Honestly, yeah, go for Czech girls you fool

>> No.5617328

>>5616649
>it's the price we pay to live in a civilised society

Fuck off commie. Blockchain will make all you shits obsolete

>> No.5617490

>>5617328
>unironically not understanding why taxes are necessary
:P

>> No.5617590

>>5613716
wow you guys are fucking retarded and going to jail. thats a tax free on savings interest account you spastic. You are not exempt from income tax. Enjoy prison foo.

>> No.5617634

>>5617490
They are only necessary so retards who can't produce value can have some lame ass paperpushing job. Welfare.

>> No.5617767

>>5617634
yeah i'm sure if we put up a donation drive for things like infrastructure and a police force, everyone would willingly chime in however much we need

welfare is only 6% of the US federal budget dude lmao

>> No.5617827

>>5617767
You didn't get the point but I'm not surprised.

Literally everything worth having around can be privatised and would work much better.

>> No.5618423

>>5613534
lmfao jesus christ

>> No.5618645

Pay your taxes.

No greater sense of accomplishment then driving down a street and being like "my money made part of this street".

You will realize that we live as a community, all chipping in money for the greater good.

Then you hit a pothole and it breaks your tire while the mayor and chief of police zip by in a BMW drunk and swerving with hookers in the backseat.

>> No.5619020

>>5614459
you buy a lambo with bitcoin directly you fucking retard.

>> No.5619207
File: 409 KB, 1750x2500, adult-fbi-costume.jpg [View same] [iqdb] [saucenao] [google]
5619207

>> No.5619442

>>5613474
Pay your fucking taxes anon. That money rightfully belongs to the people.

>> No.5619781

http://www.coincloudatm.com/lucky-dragon-bitcoin-atm/

buy a burner phone or three

>> No.5619908

>>5618645
That's right. They also spend money intended for charity on themselves

>> No.5620515
File: 784 KB, 1106x1004, cryptoes.png [View same] [iqdb] [saucenao] [google]
5620515

>>5616339
All you retards just do this...just pay the small amount of capital gains, and sleep well at night knowing your shit is straight.
This isnt crypto, but in 2004 I won an online contest and won $25,000. I simply didnt pay taxes on it and a few months after filing, I got a letter from the IRS saying i owed 8k on it with 2k in penalties and interest...I had to get an attorney and pay them $1200 to reduce it down to payments of 200/mo for 24 months. HUGGGE hassle and sleeplessness. I keep all my receipts now and give all my shit to a tax attorney who is also a cpa. Seeing him in two weeks as a matter of fact and he'll tell me about my crypto gains. All trades and withdrawals/losses are fully in view.
Just do the right thing now...gets easier as you get older and richer.