>cash out everything slowly from Bittrex and Coinbase >delete Bittrex and Coinbase account once it's all out >later, tell the taxman I earned it all from crypto but don't have the transaction history, but still pay a 20% capital gain tax on it to get them off my ass
No, because usually the burden of proof with the taxman lies on you, not them.
Jack Baker
Are you retarded? > lie and pay 20% > be honest and don't pay 20%
> IRS contacts Coinbase > Coinbase gives them your history > They track every single transactions
Jayden Howard
>>delete Bittrex and Coinbase account once it's all out depends on your country but they are committed to store yor financial data for n years based on local law
Easton Wright
Can't you just say someone sent you some crypto and you cashed out?
Jace Kelly
I'm just wondering what to do if I want to cash out my crypto earned from questionable means (ETH gambling and the like). Should I just tell them I straight up got it from gambling on Ethereum gambling sites?
Zachary Lee
The IRS is the only US institution which will not be fucked with, ever. You know why Nixon stopped being President? Ultimately the IRS.
Julian Allen
I agree, and I'm going to pay my taxes. I just don't want to get fucked in the ass
Robert Carter
dont even use coinbase retard, sell them locally, slowly.
Jace Foster
Why not just move to a country that doesn't have btc tax?
David Allen
I honestly don't get why anyone in a country with capital gains tax would do crypto at all.
Samuel Adams
Because the US is so cucked that I would be required to pay taxes to them no matter where I am.
Connor Butler
Just do bulk bitcoin atm withdrawals
Jeremiah Price
Yeah, but I can't buy a house or car with cash without the IRS ramming my door down.
Camden Reyes
why do you difficulty understanding this?
Kayden Ortiz
>oh you mean these lambos, no sir some fucking guy just handed me a bag of cash and i bought them with that
Camden Campbell
does this mean i'm going to have to pay $400 for the $800 amount of BTC i sold on coinbase. 50% tax right? murrica here
Wyatt Howard
What if you take out the money in Singapore taxfree and put it into a haven?
Gavin Lewis
It can't be that high?
Tyler Ortiz
Is this possible? I feel like the IRS would know and I'd be detained at the airport when coming back to the States.
Blake Bennett
Im pretty sure its treated as capital gains imat 15%. Also coinbase has a link for shit like this.
Luke Scott
would not surprise me. as self employed i end up paying basically 25% of my income to taxes. pretty fair here.
Brody Clark
I too would also like to understand Uncle Sam.
Hudson Robinson
no dumbass they will take all your money that's like saying you made it selling drugs
Caleb Hall
Why not just use SALT?
Caleb Gonzalez
Half the people on lbc are undercover feds and it's actually money laundering if they don't have a fucking quarter million dollar money transacting license
Cameron King
>first world problems
i can do with cash whatever i want :D
Wyatt Gonzalez
It's 0% if you make less than 35k a year and held it for one year. Google
Cooper Roberts
Yup always have to catch myself before just saying "spend time abroad so you don't have to pay domestic taxes" but then remember how disgusting the US tax laws are.
If I ever make serious amounts from Crypto I'll spend a bit over 6 months out of the UK so I don't have to pay taxes when I cash out.
Jayden Lopez
Or Maker-Dai when it come out next month. Fees will be hella low.
Luis Scott
Get a 3D waifu and that’s 70k
Thomas Morris
The IRS has no where near the resources or man power to track down hundreds of thousands of people and pull transactions across multiple exchanges and wallets,many of which arent even US. Not to mention that a lot of wallets use dynamic addresses making it damn near impossible to track.
Logan Wright
Can't speak for the US, but here in Australia you can only be taxed on capital gains that occur in a financial year where you're a tax resident of Australia. So if you migrate to singapore for a year (Legally, properly migrate, so you're considered a resident there for tax purposes) and cash out there, then the capital gains event didn't occur while you were considered a tax resident of your home country and as such, you shouldn't pay tax on it.
With that being said, the price of living in Singapore is so high that you'd honestly end up paying more to live there for a year than you would if you just paid your fucking taxes.
Lucas Williams
THAT'S NOT HOW THE IRS WORKS, MORON. IT GOES LIKE THIS:
>get huge crypto gains >think you found the perfect way to avoid the tax man >buy a lambo, go on an expensive vacation, etc. >IRS instantly on your ass >"sir, you mind explaining where you got the funds to afford your luxurious lifestyle? you don't exactly have the salary to afford all this"
Parker Ross
these are people who are people on a "business" board fucking hell
this. the problem is, as it always fucking has been, actually being able to use the money. if you only intend to spend it on banging hookers there isn't a problem which is why a lot of anons are 'getting away with it', literally nobody gives a shit that they got a new vidya before christmas. it becomes a problem when you want to go and buy a house yet on paper have no money.
Zachary Anderson
From what I've read, New Zealand treat it crypto the same way they treat other taxable assets (such as property or gold bullion), in which case the tax you end up paying is slightly lower than Australian capital gains tax, but it's only a marginal difference.
But you can bet if Australia makes an actual, solid ruling about taxation of cryptocurrency, New Zealand will follow the same suit.
Nolan Sanders
In the uk you can earn 11k a year capital gains without paying tax so it’s not an issue ,I’m waiting till bitcoin goes mainstream and I can pay with bitcoin for everything though
Brody Parker
"That's none of your business."
Logan Bell
What about buying a house in a foreign country? Let's say the Bahamas. It has no income taxes.
You could buy the house under an assumed name. Or you could buy it with an umbrella corporation so that it isn't officially yours.
Would this work?
Adrian Perez
yep...of course you could try something tedious as setting up a dummy company that handles a lot of hard cash, but the risk, time and money you have to put in there are absolutely not worth it. might as well just pay your taxes.
>how to get all your shit seized by the IRS in 2 seconds
Jaxson Cook
>bounce the coins around a lot, maybe go through monero on some unregulated exchange like bitfinex >THEN, cash out via Coinbase >"mr taxman I got these bitcoins for free back in 2010 from a faucet"
Honestly, as long as you pay the CGT Mr Taxman is happy. It's mister AML/KYC that you have to worry about.
Luis Scott
just thought of something, not exactly ethical, but WHAT IF you used the death of a family member as a cover for your crypto gains?
>inherit everything from your grandfather >claim you found the private keys of a bitcoin wallet in his safe >fund history is unclear, but your granfather is dead, so can't ask him, lol
Jackson Richardson
What if you just pay your taxes?
I can understand if you live in commiefornia with there 40 percent, but I live in NC and its only like, 5 percent.
Wyatt Jones
You still pay tax on inheritance. Not only that, but money appearing out of nowhere is suspicious, and they'll investigate and realize that you are registered on exchanges. If they really want to investigate it, they'll trace the blockchain transactions back to your exchange account and then you'll be in jail for fraud.
You could just, y'know, pay your fucking taxes
Grayson Ramirez
yeah except it doesn't do anything unless you move to the bahamas.
Adam Ward
>get huge crypto gain >just live like you always did but without that burden about money
solved
Leo Parker
if you stop working and live the same as before they'll still come asking how you do it
Zachary Sanchez
Pfff pay your taxes lol. Capital gains are like 34% fixd where I live and unless you can prove you didn't mine them, boom 50% . Now thats taxes for you lol
Noah Cooper
>paying taxes on crypto gains
For real?
Not an issue in Australia.
Daniel Cooper
Its not that hard. Uncle sam treats coins the same as shares. If you hold for a year gains are taxed at 15% if less than a year 25-30%.
Losses can be deducted up to $3000.
Jaxson Jones
Everything is already overpriced, that's why
Lucas Myers
Never paid tax on my crypto earnings (20k+) how fucked am i?
Chase Anderson
>Pfff pay your taxes lol no wonder you're living in a commie shit hole. what are you swedish?
Julian Gonzalez
You will end up in jail and get ass raped by Diego
Levi Hall
They arent going to bother dicking with internet point exchanges. They will just look at the usd activity in your checking account. If you have huge tranfers in from coinbase you will havé to explain it.
Camden Ortiz
>pay your fucking taxes fuck off cuckboi don't you have school to be attending to?
Elijah Barnes
I've made about 10k trading bitcoin and lost 3k trading equity derivatives. Will these short term Cap gains/losses offset each other for a 7k net gain? Or is crypto it's own category?
Thanks
Samuel King
11k for UK then it depends on your total income, so if you have earnings in the higher rate you'll end up paying 28%:
If I ever hit it big I'll just set up a kraken account in my girlfriend's name (Lithuanian) and withdraw to a Lithuanian bank account in euros since their CG rate is a flat 15% and I'd be pushed well into the higher rate in U.K.
Lucas Cox
I know in US, property-property transactions are taxable therefore crypto-crypto trades are also taxable, albeit hard to calculate.
This is correct, right? If I hold only alts on Bittrex for over a year, I am still taxed on those transactions is my portfolio value increases?
Evan Long
I'm just trying to help my fellow Veeky Forumsrealites not get cucked by the IRS. The fact is, NOBODY on this board has the necessary knowledge, resources or legal power to evade the IRS. You're much better off actually paying your taxes.
Juan Fisher
Our view is that bitcoin is neither money nor a foreign currency, and the supply of bitcoin is not a financial supply for goods and services tax (GST) purposes. Bitcoin is, however, an asset for capital gains tax (CGT) purposes.
You need to keep the following records for bitcoin transactions:
the date of the transactions the amount in Australian dollars (which can be taken from a reputable online exchange) what the transaction was for who the other party was (even if it’s just their bitcoin address).
Kevin Baker
Hahaha, oh god. It absolutely is an issue in Australia. You pay Capital Gains Tax and it gets added to your annual taxable income. Please do some research before you get yourself audited and thrown in jail.
In France if I ever make 1 million euros I will have to pay around 350-400k euros in taxes
And you're crying for 20% taxes
kek
Jack Bailey
i have no fucking idea how these goys think the conversation is going to go with the taxman, a few grand here and there they'll be fine but moon men are going to be turned to walking pink wojak if they refuse to wake up and get ahead of this shit
Josiah Bennett
im pocketing the whole lot and they can get fucked.
Jayden Howard
jail isnt worth it man , pay the taxes
Landon Barnes
No shit lmao, I've only made 15k so far from crypto and I'm already dreading what's gonna happen in 7 months time when I need to file my tax return. Hopefully by then I will have made substantially more money and will be able to hire an actual accountant to handle it for me. Don't get pink wojak'd by the ATO, they take this shit fucking seriously and they won't give you a slap on the wrist just because you didn't know the law.
Ryan Wilson
have an idea of your goals, study up the rules and speak to one, having clear ideas in mind might help you happen to wind up in more favorable positions at certain points in time
Nathan Jones
with 1 million why would you live in france? it's like you wanna get lynched by a bunch of commie subhuman poorfags.
Blake Cruz
renounce your citizenship and move somewhere your money is worth more and you are actually free
Tax fraud is federal prison which doesn't have diegos. Diego is in the state and county jail.
Bentley Fisher
That's the plan, I've already been referred to a few local accountants who are well-educated when it comes to cryptocurrency, if my investment becomes substantial (At least 50k) I'll definitely be booking a meeting with one or two of them to, at the very least, set out my plans and ask them a few questions about how I can avoid being cucked by the taxman
Lucas Brown
See, I'm thinking about this. Looking to cash out about 500k dollars sometime soon, but don't want to pay taxes to my commie eurofag country. So what would happen if I transferred the money to my bank account prior to moving to the US, so the IRS just sees it as non-taxable capital entering the US and just never claim it with the Commie IRS? Would that work? Or do the Commie IRS and US IRS work together somehow to prevent this?
Sebastian Wright
sauce plz
Carson Williams
Now you have to pay the estate(death) taxes on it which are even higher.
Alexander Rivera
This Fed time may actually help you evade taxes
Nathan Phillips
>in Canada only 50% of your capital gains are taxed Nice.
Oliver Ward
Question not just from crypto but also stocks:
Does holding for a year mean not trading the actual stock or coin or does it mean not cashing out from the exchange? How does it work when I moved my coins from exchange get to exchange? Is it just the final transfer to USD in my bank that is considered when I stopped holding?
Jaxon Rodriguez
HR Block doesn't know shit on what to do about this when I ask. Sorry I don't have an elite tax man I'm new to this still
Nathaniel Clark
Most taxmen/accountants wouldn't be able to help you. I advise you to look around on google, local crypto communities (like facebook groups etc.) and find an accountant that has experience with crypto. They certainly exist, even if they're far and few, and because crypto is such a specialized request they'll usually include it something about it in their advertising online. You'd be better off looking for independent, accredited accountants rather than ones working for a large firm, since the solo accountants are more likely to diversify themselves into niches like crypto in order to stay ahead of the big firms.
Jeremiah Russell
The tax event happens on realization of the asset. Which means when you convert back to fiat.
First problem you will encounter is to pass the AML/KYC verifications when your bank will see a 500k transfer on your bank account. Then of course, they will alert the tax authorities, whether you live in commie land, on in the US.
Matthew Reyes
They might pull a list of what assets you have to your name in your country. If you're reasonably rich then they might just let it go. If 500k in cash is way more than you look like you should own they will rat you out. The EU does the same for Americans.
Adam Brooks
I say this every time: Move to a fucking country without CGT. Also look into a tax avoidance (not evasion) lawyer/consultant.
>b-but I'm a burger Renounce your citizenship, or pay the tax.
Jaxson Rodriguez
It's realized when its disposed of ie sold for fiat, lambo, link, whatever
Owen Hill
>Which means when you convert back to fiat. Technically this isn't true for crypto. Crypto is to be treated like property, according to the IRS, which means every single exchange trade is a taxable event.
It's fucking gay but it's true. Stocks are especially exempt from this but cryptos aren't yet.
Ryan Parker
Sorry - was talking about EU tax.
I have no idea how IRS is squeezing you out of your money - but taxing every single exchange trade is utterly retarded and I highly doubt structures with a lot of trade volume comply with this requirement.
Jeremiah Rodriguez
same deal for ausfags, you report and pay CGT on the sum gain of all those trades, you keep the detailed records on hand for yourself and tax office if they ask for them
Luke Rogers
If an user makes it, could he not set up an offshore account and send the money there? Then go travelling/live abroad or do what ever rich people do?
Ian Turner
this is tax evasion and is what nigger rich people do
Gavin Mitchell
Move to another country if your gainz are significant, if not, keep going with crypto until they are.
Michael Rivera
Need a good amount to make this worthwhile then.
Jacob Powell
Just pay your fucking taxes.
Camden White
how do i avoid paying taxes on my crypto gains in europe? will open an account in any eu country to avoid taxes my country wants me to pay 30% tax on all profits
Evan Hill
I'd like to pay my taxes but I have 500+ trades and have NO clue how to even begin... is there a "crypto taxes" guide? I seriously need to pay these taxes but I DONT KNOW WHAT TO DOOOOO
Oliver Perez
Get an accountant. If you've made substantial gains in crypto, you could easily afford a good, educated accountant to manage your tax for you.
Joseph Carter
It's all under $5k and I've lost significantly more than I've gained. I'm a true Veeky Forumstard. That being said I cannot afford an accountant