Reminder to all anons to move to a non cucked state before realizing any crypto gains

>tfw nj
Just cuck my shit the fuck up

Damn, just move to a Crypto Citadel, I'm certain some countries will welcome you with open arms

>Illinois rate lower than Missouri
Neat

>MA

not bad

lmfao @ commiefornia cucks

Nuke commiefornia, just get fucking rid of it.

>Florida

wew

GOD FUCKIN DAMMIT I HATE COMMIEFORNIA FUUUUUUU

capital gains is before or after owning the crypto for a year?

noob question here. im 17 and dont really understand taxes yet due to our wonderful education system. what's stopping you from just... not reporting your crypto gains?

IRS. They're the tax collectors for the government. If they find out you will go to jail for a very very long time.

I mean if you mind getting ass fucked by jamal in prison...

do they even have a way to track crypto gains atm?

Lurk more and don't reveal your age anymore. Otherwise you'll be banned from posting for some time

Wow fuck this country.

Question about capital gains. What exactly do you get taxed on? For instance, if i invested $40k into crypto, then deposited $40k back into my bank, do I get taxed 25% on that $40k?

What if i invested $40k and then deposited $80k back to my bank? Do I get taxed 25% on 40k or 80k?

what if you buy an atm and just withdraw all your bitcoin from a hot wallet?

>Cuckiefornia

I believe you are only taxed for your profits made, so only 40k will be taxed.

Again you morons, just send it to a friend or family member outside the country and have him/her send it back to you as a gift.

It's that goddamn simple.

So fucking glad I live in Washington

Why can't you just buy things with crypto? How would they tax you if you decided to buy things with bitcoin?

TIL biz is an 18+ board

If you're American you have two options:

>pay your taxes
or
>renounce citizenship

Otherwise the IRS absolutely will fuck your asshole.

all of Veeky Forums is 18+

They audit you, which basically means they check who's going in and out of your bank accounts.

So if you try to cash out without paying tax, they may look at your bank account and start questioning where the money came from and why you have payed tax from it

Ideally we don't want to have to cash out, but to actually use the crypto to buy what we want in the first place

correct me if i'm wrong, but i'm pretty sure this still falls under structuring, which is illegal.

Structuring is such a bullshit charge, but yes you're correct.

you could also buy gold/silver with bitcoin (which is now possible online), take physical delivery, and then sell the gold. You would likely lose up to 5% though because local coin shops may not pay you spot price.

Still way better than capital gains tax.

but won't the irs still see that you deposited a fuckton more cash into your account then you had? they'll know something's up and you'll get audited and charged on those gains eventually.

forbes.com/sites/laurengensler/2015/02/11/puerto-rico-new-age-tax-haven/#57c9654657c9
>As the U.S. Treasury Department continues to tighten its noose around offshore accounts, a new tax haven has sprung up.
>While the U.S. asserts a sweeping right to tax citizens' income wherever they live and wherever it's earned, Section 933 of the tax code exempts residents of Puerto Rico from paying U.S. income tax on their Puerto Rico-sourced income. Instead, the Commonwealth of Puerto Rico has the exclusive right to tax local income as it sees fit.
>"The way the U.S. tax code is written, I could be on Mars and be taxed on intergalactic income but not if I'm sitting on this island in the Caribbean. It's kind of in a twilight zone," marvels Irvine, Calif. money manager Mohnish Pabrai.
>Puerto Rico? Really? When the property crime rate in the San Juan metropolitan area is six times that of the New York City area? It depends on how you want your pocket picked.
theguardian.com/world/2016/feb/14/puerto-rico-woos-us-investors-with-huge-tax-breaks-as-locals-fund-debt-crisis
“Puerto Rico residents are not subject to US federal income tax so by moving here you can essential minimise your taxes in a way that you can’t do anywhere else in the world,”

No one is paying taxes faggot fuck off

I guess not if you operate with cash. But I see your point, cash is inconvenient.

Any solutions Veeky Forums?

Yes it does
assets.donaldjtrump.com/trump-tax-reform.pdf

Those rates are exactly the same as under the current tax code. Trump has proposed no change to cap gains rates.

fool.com/retirement/2017/01/23/the-most-disappointing-aspect-of-trumps-tax-plan-i.aspx

same here, I don't get it though. Capital gains are federal and we don't have state income tax

don't know why what state you live in would mean shit

Capital gains are taxed at both federal and state levels.

Can I get a quick rundown on the Puerto Rico situation?
How are taxes there? do you need to get some sort of citizenship?

Increasing tax bracket threshholds automatically reduces capital gains taxes for all but the richest.

>MFW Central Florida boy

>for all but the richest.

AKA crypto investors. there's no point in cashing out until you're in that bracket.

laugh in a non cuck country

California is killing me fuck. Bunch of liberal faggots thinking my money is theirs.

Too bad liberals are literally about to destroy the state with their socialist ideals and pushing for higher minimum wages

Rundown: It's 0 income tax.
Still haven't figured out if you need to be born there or what, and how they stand on cryptos.

You realize that you can space out your withdrawal over a few years, right? There is little reason to withdraw more than $200k or so a year.

>paying short term capital gains
>not holding
>having weak hands and small balls

Lel

I guess I could also just live off $50,000 per year and give nothing to the kikes, seems boring though. Can't buy my cabin in Jackson Hole with that.

Get rekt ameriscrub

>provided your gain or loss is $10,000 or less
why would you even bother cashing out if your gains are less than $10k?

Why would you cash out more than 10k at a time though?

If i ever want to get anything i wont want to raise questions anyways

>why would you cash out more than 10k at at time though?
Because you're making a big purchase like a house or something else that requires a lump sum payment.

unless you're buying a car or a house why do you need to put it in the bank? Just pay cash. I always have a float of around $1000 in my wallet.. then again I don't live in a country where people get mugged and shot.

Goddamnit. I live in Cali. I like this state because muh familiaRitYyy but I live in the shithole cental valley.

Have an oppurtunity to move to WA, has no state tax, but idk.... Being that far from my family sucks, and people up in WA are too "hippie happy liberals that are tooo nice but also passive aggressive" if that makes sense.

>can't buy my cabin
Take a mortgage.

At least Florida's good for something I see.

yep. commiefornia

>not being a NEET who makes millions in crypto but only has to pay 10% in capital gains because they have 0 income.

Doesn't work that way

god bless Texas

What the fuck are they doing with 30% of the income on everyone. Why are they taxing everything I buy on top of it when the govt should be the ones printing the money in the first place? Fuck these Kikes.

Couldn't you just pay income tax instead of capital gains?

>tfw only 10% for 11k - 45k GBP because capital gains, not income
doesn't feel that bad

>pay all your taxes
>Can still be fucked by MUH STRUCTURING

When did you realize the government is a collection of thieves?

We need to nuke Seattle.