Make credit card payment early

I'm European too but from what I get, if you suck the (((banker's))) dick and are a good goy, you have the privilege of maybe having a big loan (debt) later in life with a not so big rate.

mfw i maxed out my credit card on bitcoin when it was at 1,800 doubled my money, sold some paid off my credit card and now have a few thousand $ worth of bitcoin and bought some silver on jmbullion.

Something else happened, because paying early does not negatively affect your credit score.
>not taking free money
It's a score that lenders use to help determine how risky it is to lend to you. The better your score, the less of a risk you likely are and the lower the interest rate you can likely get.
When it's effectively a negative interest rate, yes please.

Credit score is not relevant for knowing if you'll be able to have debt. In free america, you always find someone to lend you some money.

The credit score tells you if you'll be able to borrow at a market realistic rate or at a devil inspired rate.

A poor american who wants a car but is already 100k in debt will just take a loan with
a 30% annual rate to buy a $30k car.

>Buying silver
How can anyone under the age of 40 do this unironically

Money laundering

You can make a case for it as part of a hedge against the market, but I get the feeling that isn't what he is doing.

I literally doubled my money and changed one "asset" for another "asset" returned the amount of cash I put in using coinbase. The IRS will have to wait this year..

How fun with your audit, because that's a taxable transaction.

Its amazing that gold bugs still exist in 2017

You think they'd learn after getting their asses handed to them for the past 20 years

I'd rather buy negative-beta stocks to hedge against the market.

this :
IRS will kick your ass. Btw they will put their hands on customers data for all exchanges.

Tell that to the governments who keep buying gold and silver because it is a matter of life and death since forever.
You fucking splendid moron.

I haven't changed my silver into cash yet and im not going to.

That cash i orginally put out is still "invested" and hasn't been "cashed out" for gains.

That doesn't matter. Barter transactions are taxable. You made a capital gain by exchanging bitcoin for silver at a higher price than when you bought it.

Crypto -> precious metal is a taxable event

you must not have been reading the news on gold lately

bloomberg.com/news/articles/2017-08-25/gold-shaken-out-of-slumber-by-a-mysterious-2-million-ounce-trade

I swear this board just becomes over loaded with newfags

I know you said gold and im in silver. The silver is used more than gold. If you don't have some silver in your portfolio you are obviously not that wealthy and will be sucking dicks when the crypto and stock market fall and other countries are only paying each other with oil and precious metals, if you don't think something like that could happen think again and do your research.

so what if i sell my silver at a loss?

i haven't changed the investment into "cash" people do it all the time with real estate. "asset for asset" the "capital gains" have not been realized. they are still unrealized. As far as the irs is concerened I got my orginal investment back and im still invested, i do not pay on that investment until i "cash out" that is when they will determine what rate i will be taxed at if its short term or long term capital gains.

>When it's effectively a negative interest rate, yes please.
What are you talking about, you've only got like 30 days interest free. You'd need to spend like 10,000s of dollars at the beginning of the month to take advantage of inflation.

And even then, that's only presuming that you'll be on-hand cash more wisely in the meantime.

Or are things different in America?

>"Tell that to the governments who keep buying gold and silver because it is a matter of life and death since forever."
Implying we should mimic the fiscal decisions of governments
LMFAO!!

Woooooooooooooooooo. Awww shit user, you made my day.

>so what if i sell my silver at a loss?
Then you'll have a capital loss.
>i haven't changed the investment into "cash" people do it all the time with real estate.
There is an exception in the tax code for certain real estate transactions. That isn't the rule though.
>As far as the irs is concerened I got my orginal investment back and im still invested, i do not pay on that investment until i "cash out" that is when they will determine what rate i will be taxed at if its short term or long term capital gains.
I'm sorry, but you're simply wrong.

go in Bitcoin Cash BCH now or stay broke. Next jump already started.

>What are you talking about
Rewards + interest on cash that you've already "spent" yet remains in your account until you need to pay. Neither is anything that's going to make you rich, but they are clearly better than the nothing you get from paying in cash.

>I'm sorry, but you're simply wrong.
great answer. Thanks for trying. Remain poor.

irs.gov/uac/bartering-produces-taxable-income-and-reporting-requirements
irs.gov/publications/p525/ar02.html#en_US_2016_publink1000229343

He's right in the sense that you technically aren't paying 100% of the taxes you are expected to. You probably won't get caught but still.

irs.gov/uac/newsroom/irs-virtual-currency-guidance
Do I need to keep going?

i know you see how those rules are laid out, but there are so many loop holes its too comical most people don't see them and fall right into the palms of the IRS. You think the rich are paying more in taxes than the poor? no they aren't because they play it smart. Even if I report the barter there will be close to no taxes paid on it because im still invested in bitcoin from my orginal purchase. If you don't see what im talking about you must not have been paying taxes for long. Im old and have very complex taxes when i turned 25 i had to get a different tax person because my taxes were getting too complicated. The trick to getting rich isn't just about making money but learning about how to pay less taxes.

One day I will be taxed on my gains but until then im still "invested"

that says NOTHING about crypto to precious metals.

I did not trade all of my bitcoin to silver and dollars. I also didn't change my silver to dollars. although this "barter" would be taxable, which would actually be a very low rate, im still "invested" i have not realized gains.

>t. I'm wrong but I refuse to admit it
Sure, there are plenty of legal loopholes for getting around paying taxes. Buying silver using bitcoin is not one of them. All you're doing is counting on the IRS not catching you.

>irs.gov/uac/newsroom/irs-virtual-currency-guidance
>A payment made using virtual currency is subject to information reporting to the same extent as any other payment made in property.
>I did not trade all of my bitcoin to silver and dollars
Irrelevant. What matters is that you traded some of your bitcoin to silver.
>I also didn't change my silver to dollars.
Irrelevant.
>although this "barter" would be taxable, which would actually be a very low rate
Your capital gains tax rate.
>im still "invested" i have not realized gains.
Yes, you have. That you haven't cashed out is irrelevant. You realized gains on your bitcoin by bartering them for silver.

If I buy some items using real money on runescape, can the government then fish their hands into my runescape pockets and tax me on my in-game trades??? Oy fucking vey

I pay my taxes every year. I am reporting what i need to report, you missed the whole point of my postnever once did i mention NEVER paying taxes. I simply stated what i did with my "credit" Now go ahead and kys for trying and failing kiddo.

>I pay my taxes every year. I am reporting what i need to report
Clearly you aren't, since you don't understand that you need to report barter transactions.
>you missed the whole point of my post
I got the point of your post fine.
>Now go ahead and kys for trying and failing kiddo.
If I've failed, it's only because you are being willfully ignorant.

>Clearly you aren't, since you don't understand that you need to report barter transactions.
i never said im not going to pay ANY taxes

seriously... kys

That you pay some of your taxes is irrelevant. The point is you aren't paying all the taxes you are supposed to.

>The point is you aren't paying all the taxes you are supposed to.
who said im not? I already told you I am, the amount that ill be paying is very close to nothing compared to capital gains if i were to just buy the bitcoin than sell it for dollars.

figure out the loop holes kid. it takes a few years but you'll learn over time.

This disgusting crabs in a bucket mentality caring about whether some user is just as much of a cuck as you paying taxes on god damn barter trades.
On god damned barter trades.

>who said im not?
I did.
>I already told you I am
I already told you that you aren't.
>the amount that ill be paying is very close to nothing compared to capital gains if i were to just buy the bitcoin than sell it for dollars
Hence why you aren't.
>figure out the loop holes kid. it takes a few years but you'll learn over time.
I clearly understand the tax code better than you do.

You aren't very imaginative if you don't realize why barter trades need to be taxed.

>I clearly understand the tax code better than you do.
No you don't

at this point you are just grasping at straws because you were too fucking lazy to read the thread.

kys

kek

>barter trades need to be taxed.
kys

>No you don't
Yes, I do.
>at this point you are just grasping at straws because you were too fucking lazy to read the thread.
I did read the thread. I made a case and you've failed to offer any rebuttal other than kys.
Case in point.

it seriously hurts me to know people like you exist in this world.

It hurts me even more that you are on a business and finance board and don't even know how taxes work.

you offer no knowledge, except for some links that don't even include what im talking about and now that you have ran into a wall you are just trying to point out stupid shit..

Read the thread again. i never said i will never pay taxes. This must have flown right over your head and now you are trying to defend every retarded thing you have said

>it seriously hurts me to know people like you exist in this world.
>It hurts me even more that you are on a business and finance board and don't even know how taxes work.
Same to you.
>you offer no knowledge, except for some links that don't even include what im talking about
They do though.
> now that you have ran into a wall you are just trying to point out stupid shit.
On the contrary, you have run into a wall and have resorted to simply saying "you'll learn" and "kys".
>i never said i will never pay taxes.
Irrelevant.
> This must have flown right over your head
Clearly not, since I've already addressed it in a previous post.
>trying to defend every retarded thing you have said
The projection here would be funny if it wasn't so sad.

You're pretty deluded ^^. Pretending not to understand what he is saying.

He is saying that selling your bitcoins for silver is making a taxable gain, that you legally have to declare and pay tax on.

You clearly stated you believed you would not have to pay tax this year because you bought silver instead of USD.

welp, you are obviously retarded and i guess you find running in circles of your own retardation fun and amusing. While you are in your little stubborn bubble of being wrong and not being able to admit it, other people like myself are out there learning shit and making money off the shit they are learning. have fun being poor. Im sure you'll be in your little bubble for awhile

I accept your surrender.

holy shit, read the thread you lazy fuck. I understand what he is saying, but he is too stupid to see that he is wrong about the other part.
readif you want to be an idiot be an idiot. stop trying to make your retardation rub off on others.

enjoy all those taxes cuck boy

>I understand what he is saying, but he is too stupid to see that he is wrong about the other part.
I'm not though. I already addressed what you said there.

Riddle me this: if you buy 10 shares of stock at $1 per share and then sell 1 share of that stock for $11, do you think you don't have to pay tax?

Technically speaking they probably could justify it

I never said im not paying any taxes... how can you not understand the difference between short and long term capital gains?

You never mentioned how long after you sold that stock from when you bought it and also who you sold it to or bought it from. If it was through a SPA it could get tricky. You also never mentioned ANYTHING about a barter.

thanks for trying though. You should probably go back and read the thread.

im done with you, it is very clear you are very new to the financial market and still have alot to learn, but you don't seem to want to learn anything so its just waste of time to try and educate low iq people such as yourself. The day that you finally learn years from now you're gunna say to yourself, "holy shit that user was right. I should've listend, too bad i was too retarded to learn at the time"

You are the one not understanding that long term capital gain does not apply in your case since your sold your BTC. That you bought silver or USD with it is not relevant.

>I never said im not paying any taxes
Yes, you did, here: >how can you not understand the difference between short and long term capital gains?
I understand the difference just fine. What you don't seem to understand is that the barter transaction created a taxable event for the bitcoins you bartered.
To go back to the stock:
You buy 10 shares.
You sell 1 share after 6 months: This is short term.
You sell the other 9 shares after 18 months: This is long term.
The fact that you held on to the other 9 shares doesn't magically make that 1 share long term as well.
>You also never mentioned ANYTHING about a barter.
Since I've already established that barter transactions are taxable.
>im done with you, it is very clear you are very new to the financial market and still have alot to learn, but you don't seem to want to learn anything so its just waste of time to try and educate low iq people such as yourself. The day that you finally learn years from now you're gunna say to yourself, "holy shit that user was right. I should've listend, too bad i was too retarded to learn at the time"
The irony is palpable.
>inb4 that's not actually irony