We all know that if we cash out through a service like Coinbase they take a lot of fees and send it straight to a bank account so we have to pay taxes.
Now, I want to know what you guys think of this.
On the darknet you can buy real United States dollars. I believe you can get 10k in cash for 11k in BTC.
If I were to deposit this 10k into my bank how would taxes work on this? Did I just money launder? Can I say it was a gift?
you can say whatever you want. but if you get audited you have to prove it.
don't ever deposit cash, ever
Bank account? Just spend the cash.
That's if it's not counterfeit, or they even send you anything at all...
just pay your taxes you moron. you're not gonna win at this evasion game.
Get a job, pay with cash for all your regular expenses, accumulate all your paychecks on your bank account.
Takes time, depending on your salary, but no taxes.
>but no taxes.
LOL
I figured this would be the case.
The goal is to NOT work my man.
I want to buy a house though.
I currently have a portfolio worth around 100k, and would ideally like to retire in the next 5-10 years but taxes really screw my plan. I know I will be a millionaire in 5 years but with taxes I go back down to a lowly half a millionaire.
What if I put my crypto on a card (like shift)? Will taxes affect my purchases then?
just use a prepaid bitcoin debt card
>in crypto
>wants to pay taxes
>loves fiat so much he wants to pay taxes
>still hasn't figured out that if he gets precious metals instead he is not converting to taxable fiat anymore
You are laundering if it's through any market associated with drug/gun trade, or if the trader is at least. Also accepting that much money through the mail sounds fucking stupid. It's a big red flag, on top of no recourse if it's lost or intercepted. You can try to find buyers on BTC forums and use an Escrow service to do the trade.
Ok so we have
A) You spend 25 years in prison
B) You have to pay taxes
for only 10k i would recommend paying your expenses in cash
If you really need to launder money, you wont be able to do so easily without taking a 20-25% hit. if that is fine with you then I would recommend buying collectables with cash at a trade show (whatver comicon, a Magic the gathering tournament etc.) and then reselling it on ebay. you will take a 14% hit for paypal/ebay fees plus prob another 10% based on the fact that you prob wont be able to get the same prices you paid at retail on ebay.
C) You head on over to jmbullion.com, providentmetals.com, or amagimetals.com and convert your crypto into Silver and Gold and tell fiat to kiss your ass.
does anyone know how much you are taxed when you trade crypto pairs? i daytrade but i want to know if im just going to my gains with taxes
This an actual work around? Or is this thread a big honeypot Mr IRS??
With crypto I do not think you have to worry about trade taxes. Only when you cash out.
Gold and shit gets taxed just like crypto
>Gold and shit gets taxed just like crypto
When you cash out into fiat.
If Crypto is so revolutionary and so superb then what use do you have any use for fiat anymore?
How long will you crypto revolutionaries suck off the teets of mama fiat.
Either it's paradigm changing or it is not.
Which one is it going to be?
Insure your gains and put the gold and silver in your hands and let me know if it feels like an actual work around. Taxes are for those that subscribe to the fiat service. You mean to tell me with all this blockchain this and blockchain that you still want the old system to fall back on? What kind of cowards are running this crypto ship?
Look crypto can not go up forever. It must ebb and flow like anything else. It must have seasons. If the only season is "ALL CRYPTO MOONING ALL THE TIME" then it is destined to fail.
Your government even gave you the bullion as to pass the torch but you crypto feminists are too emotional when we tell you it can't be 100% crypto all the time.
Listen, I 100% do not care of crypto passes FIAT or any of that shit. I just want to be retire at 30 and not have to worry about bills for the rest of my life.
Crypto is the gateway to that life.
Unfortunately I can't buy a house or a car with BTC so I am stuck converting it to fiat
the ultimate tax play is to just hold for at least a year
Buy cash with bitcoin, pay for all food and items like laptops and cars with cash, save your money from your job to pay for your house