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/biz/ - Business & Finance

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57950640 No.57950640 [Reply] [Original]

US Tax bros, how do we not get fucked taking profits? This would launch me into the highest tax bracket!

>> No.57950688

>>57950640
Move to Florida, wait a year and pay 20% max.

>> No.57950695

i wonder how it feels to wake up, see seven figures attached to your name, and know you can just exit society and not have to deal with any of the shit the Joker rants about. it must be a euphoric feeling no drug could come close to replicating.

>> No.57950865

>>57950640
Revocation of election, send it to the Jew R S

>> No.57950927

>>57950688
You still owe taxes for this year on taxable events (trades). If he's in the long term bracket then yes just move and wait a year. Although that's going to bring him real close to the peak of the bullrun if not after the peak, so he might not make it.

>>57950695
You have no idea man. It's not euphoric. It's just normal. It's how life should be. It's like living with chronic pain and then you get the underlying issue taken care of, and you're not in pain anymore without any drugs.

>> No.57950954

Just sell a bit at a time, why would you sell your whole stack anyways?

>> No.57950992

>>57950688
always prioritize maximizing gains over tax strategies.

>> No.57951047

>>57950927
Move to florida now then, 6 months and 1 day puts your residency in the state you move to.

>> No.57951049

>>57950992
At this point, yeah do this. But also figure out what you'll owe for next year and cash that out now and set it aside. No reason to fuck it all up at the end and still owe the IRS hundreds of thousands.

Then next time make sure you do all your buys at least 15 months before the next halvening.

>> No.57951069

>>57951047
NY and Cali will still chase him for taxes incurred while a resident of their state. They're fucking evil.

>> No.57951089

>>57950992
Nah this is how you blow yourself up. When you get to the big leagues, you have to always be thinking of tax implications.

>> No.57951253

>>57951089
Yeah but just setting aside half your gains from a trade isn't hard. If anything the bigger deal is keeping clear records of each trade and your cost basis. Makes next year's taxes WAY simpler. But you also don't want to baghold into a -80% crash because you were afraid of paying taxes on gains.

>> No.57951472

>>57950927
>You have no idea man. It's not euphoric. It's just normal. It's how life should be. It's like living with chronic pain and then you get the underlying issue taken care of, and you're not in pain anymore without any drugs.

Brutally accurate, can confirm.

>>57951047
You still pay federal taxes in Florida. Go to Puerto Rico.

>> No.57951480

>>57951253
For most people, setting aside half your gains from each trade will leave them with less than if they just held their core positions and paid lower taxes. They will have enough fiat to pay taxes, but a much smaller crypto stack left over. NFTs in the last cycle were a HUGE trap for this reason. Only a small percentage don't regret trading NFTs.

They aped into NFTs, realizing gains on their ETH. Pay ~30%-50% tax on ETH. NFTs go to zero. They are just left with less ETH.

I would only actively trade between cryptos if you have a ton of conviction with what you're buying. There is nothing worse for taxes than gambling with shitcoins and NFTs, using your core position as the base currency.

>> No.57951481

>>57951089
Like the other guy said, what if you make some stupid amount off meme coin? Wouldn’t it be better to lock in the gains and accept being jewed rather than lose it all after some mega dump that happens before you start cashing out?

>> No.57951508

>>57951480

To anyone around in 2016/2017 NFTs were so painfully obviously a normie scam, a la NEO and other alt coins. Normies are cattle.

>> No.57951527

>>57951481
Yes of course if you are holding something extremely risky that won't be around next month, then lock in those profits at any tax rate.

>> No.57951530

>>57951481
>Wouldn’t it be better to lock in the gains and accept being jewed rather than lose it all after some mega dump that happens before you start cashing out?

100%

>> No.57951553

>>57950640
I just don't file. Seriously, everyone says I'll be fucked but I've tucked away about $2 million now tax-free by doing this.

>> No.57951571

>>57951553
kek you are gonna get raped so hard

>> No.57951583

>>57951553

Unironically probably perfectly safe to do this, but I never will. Kudos to you though.

>> No.57951587

>>57951553
You are already on a wait list at the IRS to be fucked if you used any of that to buy IRL stuff like a car or house. They will wait max year to get interest and penalties.

>> No.57951589

>>57951553
This.

>> No.57951609

>>57951571
I stopped filing in 2017 and nothing has happened. I am serious about the $2 million but at this point it's been years. And every time I mention it I hear the same response, that I will get "raped".

The max penalty is like 50% of what you already owed right? Lol.

>> No.57951634

>>57951609
Max penalty is jail. Do you not use your money to buy anything?

>> No.57951682

>>57951253
With that kind of money wouldn’t it be viable to borrow using the stack as collateral? In some jurisdictions that’s not a taxable event, allowing OP to lock in money without paying immediate capital gains. Another alternative would be to buy a put option, selling part of the stack to finance it. If I was sitting on 1.5 mil I’d want to lock it in immediately, 6 months is a lot of vol in crypto land

>> No.57951685

>>57951634
>Max penalty is jail
You don't think I'd simply file if I were on the verge of going to jail? Also I work a regular W2 job and I don't spend above what I make at that job, at least not yet. My total compensation for work is about 200k, and I marked myself as "exempt" so my company does no withholding years ago.

>> No.57951723

>>57951480
The smartest thing to do is simply not daytrade like an idiot. Just buy shit and hold it a year and a day and THEN consider selling it. Some people get lucky, but most just fuck around and lose all their money and then wind up surprised when they owe the IRS on gains that they then lost like an idiot.

>> No.57951726

>>57951553
They literally hire people to browse here and remind everyone to pay taxes so when you make posts like this it makes them absolutely seethe

>> No.57951743

>>57951587
2017

>> No.57951748

>>57951685
>My total compensation for work is about 200k

That's your only shot at getting away with it then. If you keep it all in crypto without depositing to your bank, you can eventually move to another country without them noticing.

Because I've heard this before

>everyone says I'll be fucked but nothing yet

And then years later one day they get fucked. You can't just file earlier years when you are being audited. At that point, you are at their mercy. You can voluntarily disclose now though.

>> No.57951762

>>57951682
If you know where to buy a put option on crypto please let me know.

>> No.57951769

>>57951609
Reminds me of that meme with Dante and Vergil about tax evasion.

>> No.57951782

>>57951748
>At their mercy
Sorry but again the max penalty is like 50% of what you already owe, right? And apparently jail time but I seriously think I could work out something before going to jail...

>> No.57951820

>>57951743
People who haven't filed crypto since 2013 are still being audited now.

>>57951782
>but I seriously think I could work out something before going to jail...

It's really easy to talk this way now and be brave before you are caught. When they catch you, your attitude will change. Or you can try hard balling them and refuse to give up your private keys and go to jail. Good luck

>> No.57951849

>>57951553
based, fuck the irs

>> No.57951876

>>57951762
Well, there are option DEX protocols like Lyra. A short perpetual future position would be another alternative, those are available on both CEXes and DEXes.

>> No.57952790

What if I make all my trades on DEXs? Can they really prove it was me?

>> No.57952831
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57952831

The only good Jew is a dead Jew.

>> No.57952853

>>57950640
move to germany, hodl 1 year, cash out taxfree

>> No.57952855

>>57951553
Absolute legend if true. Fuck those kikes

>> No.57952888

>>57950640
just dont pay

>> No.57953555

>>57952853
US citizens owe US taxes everywhere. If OP renounces his citizenship he owes an exit tax equal to the accumulated capital gains. He might be able to sell the tokens at cost to a corporation he controls in a jurisdiction without capital gains though, but IANA tax lawyer.

>> No.57953795
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57953795

>>57953555
>he owes an exit tax equal to the accumulated capital gains.
No retard, it's 0% under two million and goes up from there. It's literally one search away.
>these are the people providing tax advice on 4chan.org/biz

>> No.57953815

>>57953795
Sorry I am from Moldova and don’t know much about US taxes

>> No.57953908

>>57951553
There's no statute of limitations for fraud or no returns.

They're going to come get you, especially if you've owed $2M to them.

>> No.57954092

>>57953815
>Knows nothing about the tax code
>comments anyways
Thirdies should be prohibited from posting

>> No.57954313

>>57953555
O! say can you see