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57664660 No.57664660 [Reply] [Original]

Is there even any point in worrying about taxes for crypto if u never play on ever actually withdrawing large sums?

>> No.57664667

I guess what im saying is, I have no plans to ever withdraw 500k-1M+ to a bank account and leave it there

Id rather just keep everything in bitcoin or stables for the rest of my life.

>> No.57664688

Laws vary wildly by country and sometimes by municipality within countries. Ask either a lawyer or a tax accountant

>> No.57664698

>>57664688
You dont get it

1. done everything without KYC
2. no intention of ever cashing out large amount

The only KYC i did was on-ramping my local currency into USDT, but no off-ramping.

I have no plan on ever off-ramping significant amounts. Holding Bitcoin over the decades going up will out-pace any kind of growth in rental and food prices.

>> No.57664727

>>57664660
if you are converting large sums between cryptos and into stablecoins over many years without paying taxes, I imagine most countries would have significant punishment for that. How do you plan to ever cash out one day? People are already having issues with banks asking for a paper trail and source of funds when withdrawing from exchanges.
There is also a movement at least in the U.S. to kyc individual wallets that connect to an exchange so I think it will be more and more difficult to stay off the grid with crypto.

>> No.57665216 [DELETED] 
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57665216

>>57664660
you will have to do something about it anytime soon, it doesn't matter if it's not a lot of money eventually they will notice that you will have a lot of nice things
that's when they will start to suspect that you are a tax evader and they will stick their fist up your ass, I even talked to an accountant for fear that they will take away everything I have in BIGMIKE

>> No.57665221
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57665221

>>57664660
you will have to do something about it anytime soon, it doesn't matter if it's not a lot of money eventually they will notice that you will have a lot of nice things
that's when they will start to suspect that you are a tax evader and they will stick their fist up your ass, I even talked to an accountant for fear that they will take away everything I have in spx

>> No.57665264

Depends why you want crypto?
To never sell, are you banking on CBDCs and such never coming into fruition and mass adoption of regular crypto? personally I don't see either of these being true.
Tax departments in each country will only get better at sniffing out your crypto and trades over time, no matter how incompetent they are currently.
Selling small amounts every now and then thinking it will fly under the radar...won't fly forever.

>> No.57665272

If you are
>Holding and not selling
>Never off ramp
Then no

I have off ramped a ton so I am the IRS's slave now. It's still worth it.

>> No.57665300
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57665300

>>57664660
If they can get capone they can get you my dude. You're not entirely protected. And besides, lets say you make 150k on icp pepe or your shitcoin of choice tomorrow and suddendly you want to buy a nice car, what then? You're fucked you have no way of realistically buying it without the IRS going apeshit on your ass. Face it, smarter minds than yours pay taxes, if they can't get around it, neither can you

>> No.57665326

>>57665300

>lets say you make 150k on icp pepe or your shitcoin of choice tomorrow and suddendly you want to buy a nice car, what then?

I just said I have 0 intention of ever off-ramping any significant amount, like nothing ever over $2-5k at most.

I want to keep everything in crypto for the rest of my life

>> No.57665335

>>57665264
Im banking on one day Bitcoin is accepted for large payments, like buying a house. I'll just keep renting until then.