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59548533 No.59548533 [Reply] [Original]

What is the maximum amount of crypto i can sell on a kyc exchange and have deposited to my checking account without getting butt fucked by the IRS?

>> No.59548700

>>59548533
$0

>> No.59548732
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59548732

>>59548533
47k per year

>> No.59548755

>>59548533
Right right, you're triggering a taxable event at any amount, so what you want to do is minimize your tax burden as much as possible.
The basics:
- sort out your cost basis. the IRS recently came out with newfangled nonsense to make that harder to tweak. still, you only get taxed on the difference between your cost basis and your sell price, so do what you can there.
- hold for at least one year to get "long term capital gains" tax rates. if you're tweaking with shitcoins, this may be very difficult to accomplish.
- as >>59548732 shows, the IRS does some half-assed attempt at progressive tax rates on those things, so smaller amounts get taxed less.
- if you're playing for non trivial amounts, an additional NIIT tax at 3.8% may apply on top of it.

>> No.59548840

>>59548700
This is bullshit and you know it

>> No.59548844

>>59548755
Taxes are too hard to figure out so im just not going to pay... Hahha sorry, but.. im just not going to lol!

>> No.59548920
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59548920

>>59548844

>> No.59548935

>>59548844
based. Not only do these ZOGolems want to steal your money, they also make it so that you have to work to help them steal your money under the threat of jail

>> No.59548938

Pay your taxes.

>> No.59548942

>>59548920
kek

>> No.59548946

>>59548732
>$47,025
This is only if you're single with a taxable income of $0 USD. The mean, per-capita income is around $40,000. This means you can claim $7,025 in capital gains, taxed at 0%. If you earned over $7,025 in capital gains, the rest would be taxed at 15% (up to $518,900).

>> No.59548957

>>59548732
How do you read this and come to that conclusion? Do you not understand how taxes work?

>> No.59548992

>>59548920
>Hahaha... I'm just going to cope with the anxiety of possibly being arrested for tax fraud, cuz, I'm sorry, it's just that I'm not gonna pay (the taxes).

This is one of the dumbest thing I've seen on biz. But I'm fairness, someone this dumb probably wouldn't experience any anxiety about it.

>> No.59549017

>>59548732
I have to report my shit as ordinary income because I made trades. Fuck this gay shit and this gay country.

>> No.59549129

I never got sent anything from gemini. Does kraken send out forms when you sell crypto or only for staking gains?

I pay all my taxes anyways.

>> No.59549176

>>59548957
>cash out more than 47k
>either have to report your cost basis in their new jewish reporting scheme
>or have your money stolen by the government
yeah, I'd say you're getting fucked by the IRS

>> No.59549201

>>59549176
IRS scrapped their new reporting requirements btw

>> No.59549365

>>59548844
My tax guy says always pay something. It's not as big a red flag and if they catch you it's an error and not evasion.

>> No.59549665

>>59549365
This makes sense, thanks