I hope you all realize that the moment you cash in, your "profits" are going to be raped by taxes

>i'd rather make money and then lose some to tax
Good goy.

if i pay 99% in tax i still come out ahead than if i did nothing

what? you mean 20%-30% capital gains or whatever it is? i'm find with that

As soon as I make it big I'm leaving this shithole country with all my crypto

Fuck America

>cashing out in a cucked country

JUST

yeah fuck making millions sitting on your ass if your going to get taxed. I'd rater work 40 hours a week for 45 years making 35k a year

I hope OP realizes that every trade between any coins is a taxable event

but those threads are insufferavle, because there are always 20 year olds who never paid taxes before, and then, even worse, the reactionary fake anarchiocapitalist

Soon there is going to be a scramble for normies to sell FIAT for bitcoin ,there will be a point in the future when people wont want to "cash out" Bitcoin is going to become the dominant world currency you just havent got the foresight to see it yet.

i would be really grateful if one posts a comprehensive solution instead of just shitposting. anyone?

Solution is to pay your taxes

By the time yall cash out everybody will accept your imaginary tokens anyway.

>I hope OP realizes that every trade between any coins is a taxable event

But that's wrong.

Leaving the US doesn't mean the US won't come after you for taxes.

Also, you can't forsake or abandon your US citizenship. The US doesn't recognize that.

yes but how in detail?
do you track every trade?

yes thats what you're supposed to do

sounds like a pain in the ass

>not staying in for the long term

How much is the usual taxe rate per trade/profit?

>Also, you can't forsake or abandon your US citizenship. The US doesn't recognize that.

the fuck sought of draconian shit is that lmao

I'm new and a Britfag. Am I correct in thinking this means they can't tax us for making money on bitcoin:

gov.uk/government/publications/revenue-and-customs-brief-9-2014-bitcoin-and-other-cryptocurrencies

From what I can tell it only means tax is applied when you buy things with bitcoin as you would in any other transaction

>Not seeking tax advising from friends grandmother who owns a tax advice company and is a multimillionaire
It's like you want to stay poor.

yeah but it's just part of it, like knowing how much you have to pay etc

there's a reason why accounting can be a whole degree, proper accounting with knowledge of all the tax laws can be pretty time consuming

depends on your country, but it'll probably just end up basd on the profit you make rather than on each trade

it's something you should look into yourself for your own country, in australia te capital gains tax laws are a bit weird

if you buy an asset, which is what we're doing, and sell it within 365 of purchase price it's taxed at 50% of profit, after 1 year it's a lot less

search "cryptocurrency tax (your nation)" or "(country) capital gains tax" to get a better idea of what you might have to pay

Just start a company and wash it

i guess i just have to cash out in japan then. no taxes kek

Are you fucking serious cunt?
50% tax if you sell within a year? What a fucking gee up

Don't tread on me

>be dutch
>couple % capital gains tax at most

unlikely

chances are whatever country you're in will still consider any money you make theres for tax purposes, once again in australia any income you earn overseas while working can be qualified as "international income" or something like that and you'll be expected by the government to pay it

if you don't well then i hope you don't plan on going back to that country

the problem is that it's impossible to have an original idea anymore, everything has been done and everyone has thought of everything so first world countries are usually pretty on it with tax evasion

yeah it's shit, i don't understand why they would do it, it just discourages investment

this

Between that, the fuel excise and the durrie tax, this country is becoming an EU-esque immigrant-filled socialist shithole faster than I'd like to admit even under our 'liberal' durry taxing overlords. Wtf.

local monero

bullshit im renouncing my citizenship as soon as im rich enough to move to japan

Depends where you live. In America, crypto is treated like a security, so every trade is considered a taxable event by the IRS.

You can renounce your citizenship. Takes a year and $3k I think, but they like to lose the fee so you have to pay twice. They probably use the year to audit you and find out if you owe them any money, which you would have to pay before they process you.

>not American
>Have multiple passports

Should I cash out slowly and pay capital gains tax ? Maybe wait a year and pay 15%?

New Zealand has no CGT , same with many countries. Maybe I'll cash out in Cyprus or places like caymen islands with low tax....so many choices.

You Americucks are in trouble....

>it just discourages investment
This entire shit is set up to keep poor people poor. If any regular jackoff could just get rich then nobody would work and everything would fall apart faster. Also, there would be more competition for assets, like lambos. The lambo price would skyrocket, and we can't have that.

I'm not american, and I don't think that's how it works here, but how in the hell are you suppose to keep track of all of that? What happens if you weren't keeping records of every trade?

It depends if your name is Hillary Clinton or not.

it's been really socialist for a very long time, alcohol here has multiple taxes on it not including GST, housing prices are jacked up a lot by taxes (not including the full force of chinese money that only hason wants to stop) and wages have been stagnating for years since women joined the work force

also i remember hearing a statistic that less than half working ageaustralians contribute income tax which is just incredible
labour loves giving money to the bludgers and liberals are too scared to take it away

it's just a mess, and the fact the big banks pay less % corp. tax compared to my parents who both pay around 35% makes me furious when you see the few people that make this society better get fucked over every new government

>lambo price skyrockets
>i sell my lambocoin and make even more money

Yea you are incredibly wrong and uninformed. This is in no way accurate. You can renounce your citizenship and live in Singapore if you want to, to avoid a taxable business transaction. One of the founders of Facebook did exactly this after fb went public.

this ahahahahahaha we dont pay anything for the most and like 1.2% on the rest

>make $20k from $1k investment in months
>oh shit I have to pay $6k in taxes!
>only get free $13,000 for free

No coiners surely told me.

i love paying taxes so i wouldn't buy gold from singapore and get it sent to me without reporting

bullionstar.com

Middle class welfare is huge is it not? Our (((classical liberal))) ruling government wanted to pay subsidies for childcare for families earning up to 380k per year hahahaha. Typifies our country

wages have been flat in the 15 years since my parents bought the house were in now but the houses value has gone up 400%. It's madness.

Our economy is stagnant as fuck but we just keep on building and developing and driving artificial growth through massive immigration that undermines the culture and feel of this nation. It's disgusting and needs to stop.
$15 billion in welfare to non citizens last financial year.

And if I go to the servo, fill up my car and buy durries I'm getting hit with 2 taxes on fuel and 2 taxes on the durries, and if I stop at the bottleo on the way home I'll be adding another 3. It's disgusting. The government is like a malignant cancer that is fueled by taxpayer funds and will not stop growing with its death coming by way of running its host (us) barren of resources

Then every fucking idiot on morning TV drills into the populace that it's somehow the governments fault that they can't afford xx + the cost of living and the government are the only ones who can correct it.

IMO it's a massive over reliance on government and a deferral of responsibility to them that entitles them to action on behalf of making life better which is almost always entirely ineffective, hence how we ended up here

/rant

no taxes on crypto gains in my country

>if i pay 99% in tax i still come out ahead than if i did nothing
Good goy.

if i find out i have hiv before it becomes aids i win

I traded ETH all last year and didn't report shit.

>the government are the only ones who can correct it.
well they are, they can just remove all the absurd taxes and fuck off to just basic ones like small amount of welfare for people who genuinely need it, medicare and other social services and fuck off

shit like rent assistance for the scum iceheads who have never worked a day in their life is just a joke
the government seriously needs to put a ban on chinese investment because of the exact reasons you said, wages are the same because of a larger work force from more women and immigrants but houses just keep going up and up because of the chinese investment

the unions own the labour party so they will never do it and the coalition is too scared to slow down investment because of the jobs that will get lost

the position we're in probably impossible to get out of honestly, any government that would fix it wouldn't get a single vote unless they lied completely about what they had to do and even if they go in it would take a lot more than 4 years to fix our problems

we're fucked until we have a huge crisis that destroys our entire system and it's the same problem all over the west

Just move to japan or vietnam lmao

>"cashing in"
>going back to fiat
>during the age of credit/debit cards
oh what fools ye be

goodest goy, i would say

You have to pay capital gains tax of 18% if you've gained more than £11.3k.

How you'd calculate that for HODLing, I don't know.

thanks. i payed 98.75% tax and i am happy most of it went to opressed niggers and coal burners as i am a white male and deserve it

This

goy of the year award, right here

I used a couple different exchanges for trading maybe 3-4 grand worth of USD. But my 100k profit is all from ETH on Coinbase/gdax.

Can I just print out my coinbase tax info and give the accountant that or do I need to find the transactions for these shitcoins as well?

just volunteer to pay 99% tax since youre such a cuckboy

and let jamal fuck your gf/mother or both

It's actualy 99.9%. Can't forget to tip the taxman or you will surely be audited.

Reading more, it seems it's not a capital gain unless you convert back to fiat.

It seems you can avoid taxes forever by just never converting more than the annual exempt amount.

How do losses work with crypto in the states? You make a profit you get taxes around 20% ish but lets say you invested 6 grand and lost half of it. How much will you get back declaring it as a loss?

I think you'd only get tax relief.

Not if you make $412k+ and hold for at least one year, then you only pay 15% tax

i pay 13%, good enough.

I don't think pic related was a coincidence.

>use TenX to buy shit
>don't pay taxes
nice and simple

Crypto is not treated like a security, it's treated like an asset as of the 2014 Guidance on Virtual Currencies issued by the IRS. The SEC is looking into ICOs being securities.

>i pay
Good goy.

Yeah, except everyone is legally obligated to pay taxes in fiat and he is also obligated to take fiat for repayment of debts. So, no, there will always be a demand for fiat unless you wanna put a bomb in your lambo and blow up the IRS.

>be german
>hodl for more than a year
>don't pay taxes

Can it be this easy?

Is PAY not available in the US?

How do taxes work in the UK for crypto? How do they know that the money in your bank is coming from crypto?

There are only two things the average biztard needs to know:

1) Exchanges all track your trades for you, and let you download a spreadsheet of all your trades.

2) Anyone can hire someone else to do your taxes for you. It's not that expensive. They are pros, they can relatively easily whip up some script or Excel spreadsheet macros to calculate your taxes for you. For an experienced professional, figuring out your taxes would be not even an hour of work.

So all you have to do is find someone to do your taxes for you who has experience with crypto. Then you email them your trading and financial records. And it'll cost you probably less than $100. That's it. Stop circlejerking about it.

It's your responsibility to declare it.

>paying taxes
poorfag detected. lol the severely understaffed IRS for what it's responsible for enforcing is going to get you boy. Pay up.

Also... cheating taxes is easy, especially with crypto. IRS has only at most a couple thousand agents looking into this shit, and hundreds of millions tax returns.

There are lots of old cheapskates who never pay income tax for their entire life and get away with it because they never raised any red flags (like buying lambos and shit).

I live in Poland so I will pay 0%.

>start business
>withdraw profit
>write off profit as expenses of business
>tax is 0%
>close business

Top kek.

Yeah nah. Where I'm from btc counts as a currency. We don't pay taxes on currency exchange unless it's more than 50k, and even there it's not a big tax.

>My 100k profit is all from ETH
If you haven't traded that and are still holding you don't need to pay taxes on it. If you hold it for over a year you can pay longterm capital gains tax instead of short term which would be far better for you.

The IRS literally released an official doc stating crypto is treated as property you fucking faggot. If crypto was a security the SEC would be all over this shit YOU IDIOT.

Yeah go move to Somalia and see how much you hate the US then.