Make a million dollars in crypto in under a year

>make a million dollars in crypto in under a year
>have to give half of it to the government because of capital gains tax
Fuck this

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if you made a million, it was probably some severe mooning and you can just keep it for a year to reduce taxes significantly

just cash out in japan or some tax haven for crypto

In my country if you hold for a year you don't have to pay tax

I had an incredibly lucky string of buys/sells. ETH, DGB, CHC, NEO, and OMG. And even if I hold for over a year I'd still have to give ~$250,000 to the government. It's bullshit. Why should the government get my money just because I did well?

Don't pay any taxes
Mew2King wouldnt play any either

Cash out incrementally or outside of your government's jurisdiction. You're better off speaking with a lawyer to get red pilled on the best practices for dodging tax just like every other rich person.

>Create a company for your hobby and claim purchases back on tax etc.

Of course it's bullshit, injust, bad, slavery
But that's what happens if you let niggers, women, poor people and dumb people vote

I might just funnel out what I need to live. Anyone know how often I can add $10,000 to my bank account without triggering anything?

What country is that?

what country?

>paying taxes on crypto
wew

You can get a wallet-attached card at tenx or something and just pay with it. Why would you want to go back to fiat?

Depending on your wage there will be a minimum before capital gains kicks in and you might be under it if you're a neet

To answer your question: so that not 70% of the population lives in a shit condition. But of course it's not what to hear from me, haha. Americans don't even think sick people should get their health care paid, I guess socialism doesn't have a strog foot there.
But don't get me wrong, it sucks balls for any indiviual, of course

I just want to cash out some of it so I don't have to worry about it anymore

I make 90k a year

Socialists get shit health care. People don't get to live for free asshole.

There was much less poverty in the USA when they still were libertarian and not a socialist hellhole yet
Try again commie

I don't give a shit if anyone else lives in good conditions. They didn't make this money. Fuck them

NEET here. I haven't had a job until now, but have a decent amount. If I wanted to cash out without tax, would this be a viable option:

Remove cash but don't hit the capital gains tax, move to Japan (have a Japanese friend there who is happy to let me stay/do any taxes I'd need, in return I'd pay him if I felt bad), cash out Crypto there, move back, not pay any taxes?

How long do you legally need to live in a country before cashing out there is considered 'their problem' rather than your own? If there's even a timer.

protip: It's not about going to fiat at all. This meme needs to stop.

Once the IRS finds out you traided alts without reporting your gains, you can legally be filed for tax evasion

But let's leave it at that. The problem here is that angry people always fall back to a reactionay (ingenuine) anarcho capitalist position. I'm tired of it.

so what strategy you suggest following?

Where do you even live OP? US I assume? Thats stupid to make a ton of money from your computer and live in a high tax country when you can be anywhere you want

Viewing trading like a well paid wage job and, for 5x moon missions, hodling your bought coins for 1 year

Competition with state fiat can only be viable if surrounding infrastructure becomes implemented and that's a long way off for someone looking to cash out now
> wait for mainstream acceptance
> become part of the new upper class

Do I not have to be a citizen of another country to cash out there?
>The problem here is that angry people always fall back to a reactionay (ingenuine) anarcho capitalist
It isn't reactionary or ingenuine. But experiencing this first hand has cemented my political opinions on the economy

>TFW don't have to pay taxes because don't live in the US

Just fly somewhere and cash out, use the money for buying non-necessities, use your job to pay the bills

No, taxation is based on where you live (your residence). Unless you are a stupid US citizen because they are the only country taxed on word wide income just for carrying the passport. You could relocate to Panama whos on remittance based taxation or something if you are worth 1 million and wait 1 year and you will have 1 million completely tax free. Unless you have US citizenship LOL

Disclaimer:
I have a 6 figure a year job, I view my 5 digit NEO monopoly gains as something to invest in my friends projects and startups. I.e. I don't care for these bucks much and avoiding tax evasion is not an option for me. Even Wesley Snipes (Blade) just went to prison for 3 years for that shit.

yeah cuz he needs all the money he can get for a hair transplant

I obviously have US citizenship.

Don't bully m2k

>Just fly somewhere and cash out

cash out how?

>so that not 70% of the population lives in a shit condition.

why is that our problem? deal with your own shit. i'm from a poor family too, but i studied my ass off, and i'm getting richer by the day.

topkek

eurofag here
if we keep currency one year and then cash out we dont have to pay a single cent

i will just trade everything in bitcoin when time is right, wait and then cash out
i will not pay refugee cash with my money

So that means you only have 100k tax free per year outside of US but still have to file US tax return. I am unsure about capital gains tax however, I don't focus on US tax laws because I find it stupid.
However, with a net worth of 1 million you could afford an accountat to help you minimize the cost.
You know, its incredibly stupid. Only 2 countries in the world have taxation based on citizenship rather than residency.
That's USA and Eritrea

Well it's also repairing brocken high ways, public transport and this sim city stuff.
But of course, the gov fucks everybody sideways, I don't want to defend it.

So I could cash out 100k a year tax free? With my normal income as well that's more than enough to live comfortably

when you say keep currency for one year, you mean hold in Euros/GBP etc. in your wallet for one year and then transfer to bank?

Uhhh only take out 100k and pay tax on the 100k at a lower tax rate? until next financial year.

I have bad news for you:
If you made gains trading ETH agains LTC and back a couple of time you gotta report those gains that year.
The fact that your the buy BTC and hodl it for a year is unrelated to your teading gains.
You can't undo trading gains, exchept with trading losses.
Hodling for a year only makes the gains for that hodling coin tax free. I.e. you'd only properly benefit from hodling if the hodling coin rises

no i mean keep crypto currency (i guess bicoin will raise anyway)

you can do this with $ or such too btw
could even just sell eth at binance or whatever and keep yuan to trade in after a year

who said i trade back and forth ?
i just trade in chains and never go back to source till btc

Yep, but I'm talking if you move out of US to a tax friendly country. If you are a trader or have a huge chunk of investments that's probably a good idea for you and you will live great off your money once you cash out. You will keep 100% of it.

So far it seems like the best idea is to move then cash out 100k equivalent per year. You have Panama close by, and most of Caribbean have remittance based taxation for exparts. Mexico, Belize, Uruguay, Paraguay, Chile etc etc.
I think even Canada have better tax deals for you.

taxesforexpats.com/expat-tax-advice/foreign-income-exclusion.html

>live in new zealand
>no capital gains tax

Maybe sick people should've bought BTC instead of stealing mine.

And if you don't feel like leaving too far from US, Bahamas is a good bet as there is 0% tax on your income there. No capital gains tax, no tax on salary. But I warn you, it's quite expensive there. Mostly rent. And some suburbs are high in crimes.

ah okay got it thanks

if you live in a country with capital gains you need to exit that shithole immediately and move to a Veeky Forums country

every abnormal transaction get's linked by the bank. police or tax just check the very large sums so yeah depends a bit on your income and what is abnormal for you, just buy art with bitcoin and sell it, say you bought it for less or found at your grandma's attic

I agree that tax should be there for the essentials of keeping a society functional. Roads, education, police, etc. No hippie shit like welfare, you're creating a vicious circle by giving free money to lazy fucks.

Move to a different country then homeboy

its germany

>mfw i live close to Paraguay

Dope, now the only thing thats missing is the ability to make money off trades.
Lets go bois, we can learn it.

motherfucking kiwis

What's the best way to smuggle a million dollars worth of yen? In your ass?

Veeky Forums is a bunch of sociopaths

I literally live in a tax haven and richest country in europe (lux)

will i have to pay tax if I cash out?

buy golden phallus with your million and lube it up. if the alarm goes off on the detection port, say you have metal ribs.

the funniest thing is that crypto isn't even taxed all that much in europe

where can I find out how much tax each euro country has on bitcoin

fyi (it's basically as you say)

...

>not over 440 euro
lol
germany is retarded

It's Austria.
In Germany the Freigrenze is 600.
Not that it matters, everybody gets iver that in cryptoland

Just fucking wait til btc is accepted by whatever fucking company makes your dream car/dragon dildo etc.

Is btc to alts a like kind? Or do we get taxed on each fucking trade.