Tax evasion general

Sir_Gallonhead
Sir_Gallonhead

Now that we're all counting our mEth profits we need to start finding ways to dodge the tax man. Simply dumping 100k into our bank accounts will only result in Uncle Tom taking a sizable chunk to be re-distributed to Akiesha and her six illegitimate burdens of the state.

Do BTC to Cash ATMs exist?
BTC to Gold?

SomethingNew
SomethingNew

write it off as capital gain. it takes away 15 percent. But in this case who really cares
Or sell it in cash and commit tax evasion you do you.

Playboyize
Playboyize

Honest question, I just save money here and there but I'm an unemployed student (studying for MCAT) and I live with my parents, how does the capital gains tax work on my stock assets and crypto?

Gigastrength
Gigastrength

move part of them to a paypal account for online shops

Snarelure
Snarelure

BTC to Gold?
Yes. All of the major PM sellers accept BTC (in the USA).

Emberburn
Emberburn

Coinbase is based out of Panama they don't report shit

DeathDog
DeathDog

You pay capital gains on the profit once you sell. Until you sell, you don't pay anything.

BinaryMan
BinaryMan

you'll probably lose about 10% when selling crpyto for cash in person on localbitcoins. long-term capital gains is only 15%. so fuck i'd just pay the extra 5%.

GoogleCat
GoogleCat

Wouldn't my capital gains rate be less than 10% since my bracket for income is low?

Stark_Naked
Stark_Naked

its always 15 percent

Need_TLC
Need_TLC

They don't, but your bank will when $50k randomly gets deposited to your account from some company in Panama.

Snarelure
Snarelure

What wallet do you guys use?
Wanna store my ethers

SniperWish
SniperWish

I just left all my stuff on coinbase. i can do that right?

LuckyDusty
LuckyDusty

lol I didnt report any of my 2016 ETH gainz. Just my robinhood shit.

ZeroReborn
ZeroReborn

I do the same for kraken.
Don't know how hard it is to hack it though.

GoogleCat
GoogleCat

I just left all my stuff on coinbase. i can do that right?
If you're happy with Coinbase owning all your shit.

StrangeWizard
StrangeWizard

mmm cant wait to collect dem sweet whistleblower gains thanks to this thread

Need_TLC
Need_TLC

If you make less than 36,900 annually, and you've held the asset for at least one year before you sell it, then you pay a long-term capital gains tax of 0%. Above 36,900 it's 15% until you hit some obscenely high income like $450,000/year, where it jumps a whole 5% to a whopping 20%.

Short-term cap gains (sold within the same year bought) are taxed at whatever the tax table says for your income bracket (including the income you make from selling your asset, of course).

askme
askme

This. I'm not sure why you're so against obeying the law. The US tax rate is pretty fucking low. Try getting any amount of money in Europe - they're on your ass just for selling a car and putting the money into your bank account.

hairygrape
hairygrape

The 15% capital gains is valid if you go long (which you should be). Anything short you'll likely be hit with income tax within your respective brakes.

If you just got in, it moons, and you want to go xmas shopping later this year count on 25-39%...unless you're Akiesha.

Methnerd
Methnerd

Heres my plan

send all eth from coinbase to kraken
convert it to btc
sell btc for usd (less fees than selling directly from eth)
transfer usd to coinbase
trinkle cash from coinbase to paypal

As long as you don't sell it on coinbase or deposit all your cash into your bank account all at once, theres a good chance the irs won't notice correct? Or if you just so happen to forget to tell them they will warn you before they butt rape you...?

GoogleCat
GoogleCat

scratch the paypal part of this, just keep it i coinbase and only withdraw what you want to spend.
paypal reports to the irs if amounts exceed 20000$

Lord_Tryzalot
Lord_Tryzalot

The way I see it, if you make less than 20k or so, sell for cash on local bitcoins or go find an atm. Get a few hundred every couple of months for a few years and use that money to buy food or video games or whatever.

If you make more than 20k, get a tax lawyer and get yourself sorted out. Sure hiring people and paying your taxes will hurt your gains, but it seems better than trying to do it yourself or getting caught trying to dodge taxes.

Based on what I've read about taxes and stuff, it could be a little more complicated than just paying a 15% capital gains tax when you cash out. If you get audited they would probably want a full history of every single transaction you've made ever which means going through your entire trade history on whatever exchanges you used and they could consider each of those transactions a taxable event.

Poker_Star
Poker_Star

I have not been taxing my adsense and affiliate money for more than 4 years. Actually I am even not allowed to have business

it is the same like with any other crime only fraction get noticed/solved but media want you to think otherwise

ZeroReborn
ZeroReborn

What if we had a coin that's relatively stable and by design is meant to replace USD/fiat rather than fluctuating greatly.

This way, when you sell your coin, you're safetly holding it in this very low risk crypto instead of USD or volatile crypto. When you want to invest further just take this coin and buy more of the investment tier cryptocurrencies. This way, you avoid using banks entirely.

If crypto becomes more widely accepted as a payment you won't even have to use fiat for many purchases.

Nojokur
Nojokur

Are you sure there won't be one day were you get comepletely assblasted, balls deep, by the IRS and put in prison? Right now, you're good, yeah... but you gotta think long-term.

Sharpcharm
Sharpcharm

if it's currency, buy shit with it. If it's not currency, liquidate, pay taxes, and be thankful you have a profit.

Firespawn
Firespawn

I'm not from US.
of course I am not sure.
I'm willing to take a risk

Luckily more and more affiliate programs offer possibility to pay in crypto.