>>3981018

Saltlending.com bro, launches this year and gets around capital gains tax completely and is legal.

>not being nzfag
sux2beu

Literally just move over here and be done with it. You could literally buy a house in a small town with the tax payment.

>Live in a technological first world country with ample infrastructure to support electricity and internet
>The companies that provide electricity and internet only exist because they're ran by people who also live in a first world country and they implement, through engineering, science that was funded through the education system and in some way through taxpayer dollars at some point
>Make a lot of money by buying a unit of technology someone else invented whose life was made possible by the very global system of governments supported by tax-paying citizens
>I MADE THIS MONEY ALL BY MYSELF WHY DO I HAVE TO PAY TAXES

Kill yourself you literal retard. You understand that without complex social structures like governments we would still be on the African plains and crypto would not exist, right?

wtf...crypto is so violate. govt can't expect us to document every shitcoin trade.

we should just pay taxes whenever we cash out to fiat.

just report it as unrealized capital gains

Just wait for the tax reform, it's supposed to be retroactive so it will apply to the money you made in 2017. Also, definitely get an accountant to prepare your taxes.

>attributing human accomplishment to muh big government

kill yourself faggot

maybe it's time to just put your little coins away and wait for the dollar to collapse

You can also send me 100k, don't need to pay any taxes for that :)

Damn, my week ass gains from 3.7k to 7k kind of hurt, 6.4k probably right now thanks to btc fucking rising.

>>Burger
you lose

theoretically all those atms have cameras inside and they could see your face while you're transacting, I don't think we're there yet but in the future it's possible. Also they all require a cell phone to cash out so if you use your real cell phone it'd be a lot of evidence against you if you ever tried to deny it.

Ultimately you're right, you will get away with the atm method for now, but in the future when the IRS learns more about this shit they will crack down on that.

Federal income tax accounts for less than 10% of Federal revenue you dumb faggot. The government doesn’t need that money. They could easily cut wasteful spending and abolish the federal income tax but Democrats exist.

i think you he can deduct ~$15k of that as a gift
so he would still need to pay tax on the other 85k as income

disregard that first you

If all of you degenerate red states disappeared we would have a federal surplus

Literally kill yourself, Democrats keep this country afloat

>Eurocuck
>Never buy/sell BTC
>Low taxes
>Mfw 1 BTC is $6k now
KEEEEK

Kek, you're in the wrong neighborhood pal
Taxes are necessary sure, but
The whole US tax code is a FUCKING disaster from top to bottom it's a fucking joke you hear me?? A joke! A convoluted, nonsensical, ineffective metareferential loophole-ridden tumor in the ass of God's favorite country. In practice, it's a regressive tax system. Hey why are you posting this on the /fuck taxes/ board anyway?

Yeah yeah. I would have an easier time with my taxes if the IRS didn't stall for years on clarifying if alt-coin trades are like-kind, and how to report them as such, and they didn't categorize all btc-e customers as criminals. I've withdrawn 0 dollars to my bank account, yet I somehow owe them fiat that I don't have unless I sell coins. Because of their unwillingness to clear up if alt-coin trades qualify for like-kind deferment, they are going to force me to liquidate a huge portion of coins in order to pay for gains that are actually unrealized. Maybe I wanted to hold that portion for many more years, but no I have to sell it and pay for the privilege of having the numbers in my blockfolio.

Trade into a net loss. Then you won't owe any taxes.

Yet its publicans fault that minorities are poor i bet.

delet this
muh economic anxieties

>Mexican
>Made 4,4000.00 pesos from selling drugs to Americans
>Government takes 3,900.00 in taxes

No, rich people that made something of themselves keep this country afloat. Id love to depart from you retard socialist states. Then we could see history repeat itself once again.

>cant present a proper argument
>ad hominem

every single time

Rich people that made something of themselves by utilizing the market provided to them by the largest economy in the world

You think any of these corporations would be capable of making money without the playing field of the pre-existing economic playing field of the US as a sovereign entity?

Corporations are kept afloat and rich people "make something of themselves" by extracting wealth from less successful people, and those less successful people only have wealth because they live in a government-managed area of land called the US

You're all retarded. Companies could not exist without a government. Why do you think they have so many legal teams?

Remove the government and the companies would have to re-implement all of the services the government once provided. But then every company would have to have its own security group, its own property rights enforcement group, etc. And this is impractical, so they'd outsource it to one company who specializes in these things. And that company would be the new government just under a new name

You're all fucking stupid and have no conception of economics of political theory.

Income tax is about 80% of the federal governments revenue actually.

Paying taxes on crypto is for normies. Enjoy staying poor

Use bitcoin to order drugs on the darknet and cash out your gains that way. Could probs double your money selling them as well.

>being a statist bootlicking faggot

80% of this money goes either in welfare for niggers, military/mass surveillance toys for ABC agency niggers, funding the extravagant lifestyle of bureaucrat niggers.
There is literally NO good reason why you should pay more than 10% taxes to the government.

Use bitcoins to purchase goods.

Well, not even normies pay taxes on crypto. I think I read somewhere that less than 800 people reported taxes last year out of all coinbase customers. But there's no guarantee that years down the line the IRS won't gain access to the records of all trading sites and systematically bust everyone.

real talk, hire a crypto lawyer. they will advise you on how to save the most money and which gains to report. a 150$ hour long session could save you $80k

I'm not even a burger and I know why you're wrong

So... no rebuttal from you "It's only taxed when you cash out" or "alt-coin trades aren't taxed" people? Because I'd love for that to be the case, but it's not.

That's not a thing.

You're proving his point

>tfw live in a city that's less than 2% black

just when i think your shit hole country cant get any worse. They piss on your back and call it rain and the majority of your population eat it up hook line and sinker

Convert it all to Monero. Nobody will ever know. Make sure you send it to a mother address a few times and BAM. Nobody knows what you have. This is why Monero is awesome, look into it.

travel to russia, mate, we'll figure out how to cash out this amount of monies

email me
[email protected]
you will flight back with cases full of fckn cash

if your crypto is just sitting on an exchange do you have to pay taxes? you don't have to pay until you convert it to USD right?

haha thank God in Australia, the only cryptocurrency our tax guys understand is bitcoin

Also I'm fucking off to Singapore once I make bank

You're best bet would be to open a Swiss bank account and cash out to there, get behind some vpns and dump your crypto earnings in there. Or travel to the country and withdraw that way.

Another option is moving to AUS or NZ our crypto laws a really relaxed as of late and you "can" avoid capital gains tax after 5 years.

Gifting BTC or donating to charity and off writting it as business expense also saves your ass.

P.s. here is a charity address you can send to :^)
bitcoin:1M2T5ZPkBpZ1Y6Ch9XapQosDzuk7y4PaSF

Ayyy which state now I'm in melburistan

Freedom don't pay for itself boy.
Now pay those fucking taxes.

Right now in my country (Canada), families are now spending more money on taxes than they are on food, shelter and clothing COMBINED. We’re looking at about 43% taxes when all of them are taken into account. It’s total fucking madness. This entire tax game is a fucking travesty and people are not receiving back even a fraction of what they’re paying into the system in terms of all of the socialized nonsense that the government continues to just waste our money on.

I’m genuinely worried for the day when I have to withdraw 10 BTC back into fiat and the government comes shitting down my front door asking me for half of my fucking income

Why do I owe the government anything? It's not their money at risk when I make a trade. Are they going to cover me if lose money? I pay for electricity and internet. I pay income, property, state and every other misc tax.

Exactly. Does my fucking head in. I already get taxed balls to the wall, yet receive fuck all benefit. I pay for private health insurance in my country because the public is such a fucking shit show unless its an emergency, yet my fucking taxes pay for bullshit administration to piss away the money for our public healthcare system.

You can sell your coins locally ,dodging any way of the government knowing , I think some exchanges sell amazon gift cards so you could buy a bunch of shit and reduce the tax amount .

pay up goys, youre not rich enough or connected enough to tax evade

USA is same, we had a similar report released

Haha oh wow you burgers really have it bad. It's almost like it's law that poorfags should remain poor.

...

Ok but what am I supposed to do in the UK?

Can you link RE: Aus laws? Everything I've seen suggests it's just as fucked.

Actually making money will make you realize how taxation in its current form is theft

You now have to give the government 200k of your money, and all of it is going to go to the military industral complex and welfare

Those companies don't provide you shit. You have to pay for it and they use tax payer subsidies to do stock buybacks to manipulate the values of the companies who the c suite will get million bonuses of those tax dollars

Kys

>if your crypto is just sitting on an exchange do you have to pay taxes? you don't have to pay until you convert it to USD right?

I wish. No, they're considered property in the United States, so if you trade your property for property such as an altcoin trade, that triggers a tax event between the fairmarket value of the trade and your cost basis for the original asset. The only way to defer paying this tax is to get the trade cleared as a like-kind exchange (or to not report it). But the IRS REFUSES to clarify if alt-coins are like-kind and I've heard of no one that actually successfully reported as like-kind.

>Let's say you buy 100 bitcoin at $1000
>Then the price rises to $6000.
>Your portfolio is worth $600,000, your cost basis is $100,000
>You owe no taxes yet.
>Then you trade the 100 bitcoins for 10,000 shitecoins at .1 btc each.
>The "fair market value" of this trade is $600,000.
>You now owe taxes on the $500,000 capital gain AS IF you sold btc for cash then used that cash to but shitecoin.
>You now fucking owe money even if you cashed out 0 dollars.
>At the end of the year you'd have to sell a huge portion of your portfolio, calculate any taxes for selling then, use the left over amount to pay taxes again for the capital gain when you bought shitecoin.

Yes this is how cucked the taxes are for US crypto traders and no one realizes. Enter a few mock trades at bitcoin.tax, which was created by a professional accountant. What I'm saying is true.

The typical accountant is almost as clueless as I am when it comes to this issue. In 2016 the American Institute of CPA's wrote a letter to the IRS asking for more guidance on crypto taxation because their current guidance was so shitty.

coindesk.com/aicpa-irs-bitcoin-tax-guidance/

In section 4 they tell the IRS that they need to clear up this issue of whether crypto trades are like kind AND THEY STILL HAVEN'T DONE IT.

>Section 4, Q&A-1 of Notice 2014-21 states that “general tax principles applicable to property transactions apply to transactions using virtual currency,” which is guidance that is generally helpful in determining the tax consequences of most virtual currency transactions. However, if there are particular factors that distinguish one virtual currency as like-kind to another virtual currency for section 1031 purposes, the IRS should clarify these details (e.g., allowing the treatment of virtual currency held for investment or business as like-kind to another virtual currency) in the form of published guidance.

What if I use Salt, borrow 10k with my 2 BTC and BTC crashes to $1k a pop. How screwed am I?

The problem isn't hiding the actual coins. It's that my identity is connected to the exchanges and you'd have to be assured that the IRS will never get customer records for those exchanges for the rest of your life-span. And seeing how hard they're fighting for coinbase records it seems like it's a matter of time.

You can buy a citizenship on Vanuatu for 44 Bitcoin to avoid taxes

>Idaho
>Montana
>West Virginia

I bet you guys will re-elect that faggot Trudeau anyways

I did not think was the case but looked it up, it's true. Wtf!!

So I will owe taxes on this shit even though I'm still holding. I got in in March and haven't cashed out a single dollar to my bank account. This is bull.

crypto will definitely have some tax reform by the time us neets cash out. If not, be assured were not fucking paying a dime to these fucking kikes.

the founding fathers would roll in their fucking graves if they saw the stranglehold kikes have on commoners in the US.

at least he has a heart unlike DRUMPF

Yeah, you'd either need a second source of income to pay the taxes or like I said, sell some of your coins, calculate tax for changing to fiat, then use the left over amount to pay taxes again for shitcoin "capital gains".

This is how they make sure even people who only ever barter would still owe taxes in fiat money.

You are clueless
Do you even know what FATCA is

forbes.com/sites/greatspeculations/2017/08/15/cryptocurrency-traders-risk-irs-trouble-with-like-kind-exchanges/#7bcd1f5f26a8

CPA claims people are "inappropriately deferring capital gains".

"Taxes are only when you cash out" theory is completely and utterly destroyed if you live in the US.

why the fuck isn't there so rich neet forcefucking the sec into giving clearer guidelines

Could you put the corporatocracy’s cock deeper in your ass, please?

reeeee this is such horseshit. a pox on the tax man!

Because the big banks don't have enough BTC yet to rewrite the tax laws. When big money has accumulated enough, you'll see those laws change.

>cryto lawyer
is this a thing?

>implying any of this matters with privacy coins

Nice just paid 100k tax

so i should put all my money in XMR and lock my basement door. do you think the tax man will find me?

I grew up in a town with 5000 people and only 1 or 2 black people

You fucking retard. It probably only would cost $20,000 for a tax expert and a lawyer to incorporate as a corporation and backlog your taxes.

Also, just move to fucking Peurto Rico you fucking autist (tax breaks if you live their full time). With $20,000 you could buy a nice house and make the locals worship you as you make it rain.

Also do you even fucking know about tax trusts and tax free income through municipal bonds?

No wonder poor fags stay poor.

could def get some cheap property there right now. That place got fcuked up

>he thinks taxes benefit society
>he doesnt realize most of the tax monies are simply wasted on brown people or used to pay off interest on government debt
>he actually enjoys getting fucked over by his jewish slave masters

I actually thought of moving to PR, but this recent hurricane made me have second thoughts... living without power for months isn't my style...

>offshore company
>foreign bank account
>cash out there
>enjoy your tax-free money

Since you're a burger it would be somewhat difficult because of FATCA, but still doable.

Dude. Not only could you afford to make the house above sea level and made of reinforced concrete, you could have generators and solar power.

Then charge the locals exuberant feeds to charge their cell phones.

See that's how you need to think.

If you don't like PR then Costa Rica's not bad.

Oh. And BTW, you just need to live there for most of the year to get the tax breaks.

If there is a hurricane, just go on a vacation.

Yeah you right. Is there any more info on how long I need to live there to get the breaks?

Also, is there more info on how Medicaid works there? I'm currently on Medicaid for a disability, but I'm assuming I'll probably lose it when I cash out 6figs. At least if I stay here I'd lose it...

Nice, just owed 100k tax

You mean the Red farming states that grow all your food?

InB4 you torture him and steal all his money. GG honestly, I would do it too.

Go ahead and cite the source and their methodology

as usual I'm guessing it's riddled with partisan bullshit