Wait a second. I live in the US.
Let's say I made 300k in crypto and want to cash out... I have to pay 115K in taxes?
ARE YOU FUCKING SERIOUS? THAT'S MORE THAN a 1/3RD OF MY PROFIT.
WHAT THE FUCK IS THIS BULLSHIT? THAT'S MORE TAX THAN APPLE AND GOOGLE PAID LAST YEAR COMBINED.
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BitPay credit card.
lol
welcome to the bullshit
protip; just never cash out
pay for everything in crypto from now on
open a bank account in a tax haven and cash out there
Render unto God what is God's and unto Caesar what is Caesar's. Evading taxes is a good way to wind up in jail. Look at it this way: you're still up $185k
Doesn't it depend how long you hold it? Long term capital gains tax is 15%, so you would owe $45k.
LT is holding over a year.
Just hold them for over a year. Then you can claim long term capital gains of 15%. You don't have to pay taxes until you cash out, I remind you, similar to stocks or any other asset.
now the rich fag corruption is understandable, isn't it?
Dude this is fucking bullshit. This is god damn America not fucking communist China. Where the fuck does all our tax money go? The infrastructure is shit, roads are full of pot holes. Is it going to niggers on welfare? WHERE IS IT GOING?!?!
Fast and furious and drug war.
This
The fact that you're even dipping your tale in crypto shows that you're sticking it to the Military Industrial Complex as much as possible.
Step up to the line of what is legal, but do not cross it.
I just went on tax calculator and...
>300k assuming no income
>single, less than a year of ownership
>amount owed: $80,000
if you owned it for more than a year you'd only pay $40,000. Where did you learn to math, OP?
Used to live in the Cayman Islands (The Caribbean's favorite tax haven). Take a 2 week vacation there and cash out.
You better pay us user.
Saudi Arabia
Israel
Military
Bailouts
I used this site
smartasset.com
and how do you suppose you take that much cash with you on the plane? deposit it at the bankk? u think ur bank will let it go unnoticed?
I'd have to pay 119k in taxes...
>cashing out
You're supposed to wait until BTC is a reserve currency in 3-5 years you mong.
Cayman Airways my dude. You get free rum punch and literally everyone else is doing the same thing you are.
military.
I retired at 30, thanks for paying my pension and medical care faggot
>smartasset.com
>enter 300k, still comes out at around $90k
no really, where did OP learn math?
u live in a shithole
This and purse io.
and just withdraw small amounts so you dont get noticed.
(((US GOVERNMENT)))
It's like they don't want you to win man.
Total income after taxes. I live in Southern California, you must live in Idaho or something.
It goes to fuck up other countries to bring down their wages so we can hire them and make our product cheap.
Florida actually. I can't imagine paying Cali taxes. Seems absurd.
Well, considering you were experimented on and probably have immense, permanent, and incurable psychological damage and effectively live a shell of a life, you retiring at 30 is fine with me.
How the fuck did you make that much on crypto?
if you make $300K in crypto, why the fuck would you want to live in the US? move to thailand and live like a got dam king.
fuck LBFMs all day, pic related
BTC isn't an investment or USD money. Its a token. It isn't regular in any sense. You dont owe anything.
Enjoy having to go back to work because Trump is cutting your bullshit
>trading crypto
>in Cali
KEK
>half of it goes directly to interest payments on itself
>thinking his pension and medical care wont get cut as soon as dindu nuffin gets back in the white house
>paying fees, plus taxes
>not scammin (figuratively and literally) on localbitcoins and craiglist
Is there a way to set up a Kickstarter and have someone donate the crypto to your group. You use the crypto like a loan and lose it all on Lambos and claim a loss.
...
This is bullshit. I've watched way too many Locked Up Abroad episodes to risk smuggling shit onto an airplane.
Learn the law dipshit.
you don't have enough money to raise concern, unless you cash out in like 20 dollar bills
OP basically asked how he could avoid paying taxes on $300k. The answer was to take it to the Caymen islands on an airplane.
Splain what you mean by "you don't have enough money to raise concern"
gyazo.com
over half is "health" (medicare, aka niggers) and "social security" (welfare, aka niggers)
cucklogic.jpg
bump.
how does the tax for this shit work in australia. is it just gst or capital gains.
FUCK the government and fuck the cucks who tell me i should pay. im just putting my gains into BTC which will appreciate anyway and cash out in a non cucked country.
Mostly defense companies and these days, Trump properties.
i've heard NZ might not have capital gains tax
maybe marry a kiwi?
So you're asking about how taxes work in your country....but you say you're not going to pay taxes in your country?
The fux?
welcome to the adult world, kid
so wtf do you do? open up a cayman islands bank account and transfer BTC to it? Chances of getting fucked?
With that much money you could afford to leave the country and renounce citizenship
lel, i smell a boomer fuck
"PAY MY SOCIAL SECURITY, GOY"
user doesn't have to get on a plane with 300,000$ in cash all he has to do is bring a usb with all his bitcoins on it to get there. Much less suspicious
or a paper wallet tucket into his actual wallet
ezpz
Approximately 100%
How did you figure out that number? I want to know how much I am going to get cucked.
Why put it in your actual wallet when you have a perfectly good asshole?
can you explain how he would get fucked? fly to Cayman Islands, exchange BTC, come back with cash
how would he get fucked in this situation?
who said anything about leaving?
Caesar didn't mint my coin, and it belongs to no nation or king
It goes to pay the interest on our (((national debt))) which is owned by Federal Reserve Bankers who printed money from nothing and lent it to us for interest.
What roads? Most new roads and bridges and airports now installed FasTrak and you pay for each time to pass them, $2-$7 each time you drive through them, one way.
>Where the fuck does all our tax money go?
Pic related.
FATCA might be a problem
If you just use it to buy stuff you pay sales tax and it's all good right?
>ARE YOU FUCKING SERIOUS? THAT'S MORE THAN a 1/3RD OF MY PROFIT.
No, you fucking children. Taxes are not profit, and they never ever were. Why the fuck do you think you get charged tax on your purchases from the store? So that you pay the tax up front and the store can calculate their profit AFTER that.
That's how it works. If you guys don't want to factor taxes for your yuge gains, you don't want to make money, period.
You need to look at this as a business, and as revenue, because revenue is what you get before you deduct costs to figure profit, and your taxes are part of your revenue, not your profit.
If you incorporated yourself before you started trying to make a quarter of a million you'd be able to soften the blow, but if you're gonna get pissy about having to send Uncle Sam his check, I SINCERELY hope you don't ever, ever, ever, EVER go into business for yourself or try to become financially independent. You're going to end up in prison if you want to piss your pants over a tax calculation, that any half-witted sno-cone salesman understands is akin to your product costs and upkeep.
This type of shit is why you're all poor as fuck. "MINE MINE MINE" like a fuckin' baby. It's money. Get emotionally attached to it and you might as well prepare to watch it get trucked off forever just like the 2 girlfriends you've ever had.
t. cuck
>having a capital gains tax
youre getting double dipped senpai
>This type of shit is why you're all poor as fuck. "MINE MINE MINE
Literally the most autistic argument I've ever seen. "Mine mine mine" - yes, indeed it is. It was coins that HE earned on his own. You are conflating someone wanting to keep the fruits of their labor with someone who believes that government should hand out free gibs.
Ironically, you probably fall into the latter category.
lol cryptoteenies joining the real world
Fuck off statist scum.
>forever just like the 2 girlfriends you've ever had.
Utter fool....
Just dont claim it on your taxes the irs will know.
>watch it get trucked off forever just like the 2 girlfriends you've ever had
Well meme'd friend
It's okay OP. Bite the bullet and get the hit in taxes. Put 100k in a mutual fund. You will have $10m in modern USD by the time you are 45. In the meantime you can keep trading shitcoins.
Friendly reminder to sage tax threads and non bitcoin threads
Schlomo, you're not welcome here
Capital gains tax is fucked up
Lol 100k to 10m in 25ish years? I'd like to see that table
hi, i am the doctor from nigeria, transfer your funds to my btc address and i will cash it out tax free
191F3QTHFH2AHb23fuGzkxaV2iCS7bwQsw
Wrong. I've never had a girlfriend, and I never will because I'm too beta.
But at least I have my coins
>they never ever were
lol "you didn't build that" bullshit
fuck these taxcucks
No, dipshit, it's called being objective. They aren't profit because if you're making money, your objective is to keep making money.
So skip taxes and take it, risking being shut down and owing money.
Or pay the fucking taxes as if it's just another bill, and keep making money for years to come.
No wonder you guys are always begging
>California
There's your problem. Use your gains and GET OUT. Just wait until they hike taxes again for their single payer health-care idea.
Then you wonder why newer generation isn't giving a fuck about anything.
$1000 invested into Walgreens in 1970 is $2 mill today.
Wake up you sheep.
You're selling your coins for dollars which is like Apple selling Apple products to other people and then having to pay income tax. You're basically a company right nao.
>t. i never diversify i just pay with rocks.
What stops me from living in a tax heaven country?
HOW THE FUCK DO PEOPLE FIND THIS HOT HOLY SHIT I'M A DEGEENERATE SONUVABITCH BUT WHENEVER I SEE THESE THAI ASIAN NIGGERS I GET THE FEELING OF A NASTY SMELL
FATCA
thats like 7k in todays dollars. and 1k probably would have taken years to save up for in the 70s.
What is FATCA? I'm not american
Welp, then you're good to go.
Americans with more than 10 grand in a foreign bank account will get fucked by the IRS. FATCA is how they find us.
i'm skeptical.. bitcoin lives matter.. its not all his, the coin matters. reeeeeeeeeee
Or:
>get a safe
>store it with cash
>do it like your parents did and walk to the other side of the street to physically buy what you want to buy
It's that simple. Plus, you'll get fit as a bonus!
> Paying taxes on crypto gains.
Friendly reminder that TAXATION IS THEFT and it your ETHICAL DUTY to evade them.
In that light, there is a casino in Malta that let's you buy chips with BTC.
i want hookers tho. gotta get my pp wet. small ass white boy town cant get laid around here.
>This is god damn America not fucking communist China.
thats youre mistake bro. in amsterdam you can get a piece of ass after work then go get a cheese burger and a few beers at a bar across the street, even light up some weed if you are into that, all without a badge wearing country accent good ol boy giving you a hard time for it.
lots of places are free, youve been sold a lie from the beginning.
youtube.com
Wait
What if you live in a third world shithole and cryptos are completely unregulated? Does that mean I have to pay fewer taxes?
Fewer to no taxes compared to burgers?*