Does anyone here actually pay taxes on their lambos? Seriously though how many people are actually paying tax on their crypto gains and is anyone confident they are completely above board?
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this is a board full of law abiding citizens
I'm going to fucking make sure I'm paying uncle Sam everything I owe him. If I'm making crazy 10x gains here I'm not going to fuck it up because I don't want to pay taxes.
Im from dominican republic, so i dont have to pay shit
I think this is the only good thing about a 3rd world country
Pay 80% of the taxes you should pay idiot, they won't notice the 20% not being paid
This is the dumbest fucking advice I've ever seen on this board.
They can come after you 15 years after the fact if they wanted to. Just because they didn't notice in the short term, doesn't mean they won't realize later and come fuck you up the ass.
NOTHING IN LIFE IS CERTAIN BUT DEATH AND TAXES.
Wouldn't you only pay moving crypto->fiat? Crypto->crypto is just playing with Monopoly money.
15% should be safe
sure but the worst they do is make you pay back taxes. it's smart to pay all your taxes but i can think of some dumber advice than to keep 20%. outside of a few small teams, the IRS is incompetent as hell.
You must be an uneducated nigger if you can't think of ways to launder 20%
i wont pay a single cent on my cryptogains.
the state has no right whatsoever to rob my income and pay the jews and their niggerpets with MY money.
avoiding taxation (read: theft) is monetary self defense.
its the same like defending yourself, your beloved ones and your property against any aggressor with full force (read: guns).
yes yes goy! good goy! pay your fair share!
taxation isnt theft, its just a contribution to your fellow citizens and the state who protects you against all the evil out there!
Last year I reported all my robinhood stock shit and none of my crypto shit. Fuck Uncle Sam. Crypto is too easy to hide and I'ma small fish anyway.
There are always retards who say you must record every trade, but they can never back it up.
It really is only necessary when you cash out, like you said, in which over a year holding is simply capital gains tax. Completely fair. Minus the whole taxation is theft idea, which is completely legitimate.
Where do you buy your btc?
that makes you a parasite
I don't know about other countries but the ammount of trades can but you into daytrader category. The cap is 200 afaik.
Secondary german legislation says whatever you do with cryptos - be it buying goods or cryptos it counts as selling your crypto at market price.
There might be differences depending where you are but some people are truly fucked, many bailed the country cause tax conditions are shit.
Quit driving on my roads, cunt.
It's like anything else. don't be an idiot and you won't make a sound.
But anyone actually buying a fucking lambo with their proceeds is a fucking idiot.
Want my advice? Use the proceeds, buy an existing business. Laundry mat or car wash or something. Turnkey with little expenses. There's your tax solution. Who is to say that yesterday you only had 50 quarters in the change box instead of 75?
the beauty of a decentralized payment network is you don't have to pay shit to the corrupt government
Yes but day trader according to what? Are there just separate taxes for day traders no matter what the profit is?
I am just speaking for US, and most people try to prove that you have to pay taxes on each trade in the US. Like I said, they can never back it up. It's as if they are fudding so that people don't get into crypto in the first place.
Some countries really do have terrible tax systems though. If it was true that each crypto transaction was taxable, then yeah, I would bail.
tax every trade/gain at 15%
tax total gain at 15%
Am I retarded or are these two not the same thing?
Basically yes, the ammount of trades set's the border where you start counting as a bussiness. It's generally the same as always - you make a few sales and it's okay, you make "too many" and you get shoved into bussiness category where have to meet a shitload of regulations. People got hammered by the law cause they sold too much at once on ebay because of that in the past and now you risk the same insanity here
no tax on crypto in my country
I live in germany as well; surely some of the tax laws are fucked, but lots of them contradict each other when it comes to crypto.
crypto isn't legally seen as real money
but it does count against "externe einnahmequellen" i.e. no tax below 600€, semi-variable afterwards
buying crypto is tax free if you hold it for a year at the very least
I'm thinking about trading all my cryptos for monero at some point and then back to new wallets for all other crypto to hide my activity, then pay taxes according to law, but only like 30-40% of what I actually have. They can't trace shit at that point.
And even if they come after you for the lack of transparency you can always argue that the laws are vague as fuck and contradictory.
has never bought a lambo with crypto
"privates geld" private money is their domination for it. This is how they set it apart from €$...
Yes Mr.IRS man we all pay our debnts like good goys nothing to see here.
i bought a pizza tho and saved a few pennies
faggot. if you make a lot of money just move to another country. thats how the jews do it.en.wikipedia.org
move to another country
have to way five years to cash out
pizza doesn't require registration with the state. you don't need a license to operate a pizza, you don't need insurance on a pizza
lmfao, so true.
Yup, i even pay taxes on my runescape gp too. Wouldn't want FaGex raiding my house for not reporting that Santa hat I sold back in January.
I saw some news that you can dig out the person with monero with 50% accuracy due to some technical fuckup in the system. Don't know if they will be smart enough to do it but might be something to consider.
There is also legislation that if you stay more than half the year outside germany you can go taxfree. ( don't remember the exact ammount of days) This is what i'm considering when it will come to cashing out.
how much gainz you got, adolf?
Send to relative in foreign country. Have relative send it back to you as a gift. Gee that was fucking easy.
And by that I mean tumble it through a currency like Monero to a foreign exchange, have your relative cash it out on that exchange (mine learned how to and yours can too) and have the relative send it back to you via wire or just straight up cash if it's small enough. Wire is better. Say it's a gift. When they ask what happened to your crypto buyings a while back, you tell them you made a brain wallet and never sold so it exists nowhere. It's just a code on a piece of paper and you can't tax a code on a piece of paper.
illegal beaner spotted. call ICE!!!!!
Gainz are epic but sum is still insufficient to cash out and fuck off to early retirement. Was a CS student when it started and we covered the whitepaper in our group. Several of us invested very early but you ain't getting rich with minimal investment. Some already cashed out, I'm still holding betting on all or nothing - either i get my early retirement in 10 years or it will get fucked.