How it actually works is you're responsible for tax on however much you withdraw to make a payment. Take out 5k to get a car, taxable. All those little payments for rent and necessities add up.
Anything not withdrawn, left in Bitcoin, is untaxed.
Crypto and Taxes
Jayden Wilson
Kevin Cooper
>NEET
>have made more money this year on shitcoins than I have ever made working as a wageslave
>reap virtually 0 benefits from society as an incel NEET
>government wants a fat cut of my shitcoins
FUCK YOU FUCK YOU FUCK YOU FUCK YOU
why won't the norms leave me the hell alone
Robert Campbell
So what the fuck am I supposed to do?
Kevin Green
If you are under 37k and don't hold a single coin for a year are you looking at the normal 20% or so?
Jason Lewis
always keep your dosh in btc unless you desperately need an acceptable quality of life
even then.. use localbitcoins under an alias and take a big tough looking friend with you just in case
Wyatt Bell
Does any one know the tax rules on crypto gains for UK fags?
Elijah Powell
This is how the general wageslave feels, idiot. Welcome to real life.
Caleb Williams
let the weak hands take their paltry profits
Ryan Rodriguez
>third world education
Hunter James
tax is to pay the financial advisors for keeping track money. You only have to pay them if you use the currency they keep track of.
If you sell your coins for US cash, you pay the US financial system a tip. This happens when you sell coins at an exchange and put them back in your bank account.
In this case, keep whichever capital gains amount your country charges and don't spend it. Then, when the IRS talks to you at the end of the year, you can just hand it over and no problems are had.