Decide to cash out my btc gains

He hasn't held the BTC for more than 1 year so it's being taxed as regular income, and he's in a high tax bracket and lives in a state with high state income tax like CA.

Federal tax of 40%, state tax of 12%.

The American dream is dead.

Get busy having some kids for sweet tax deductions. Daddy Trump is increasing the child tax credit.

Should have moved to Texas. Cost of living is cheap as fuck and no state income tax.

This. I plan on selling everything for BTC then selling the BTC on localbitcoins when I cash out. How can they stop this if there's no record of the exchange sending fiat to my bank? I could just tell them I lost my private keys and no longer have access to the coins and they would be none the wiser.

you're gonna keep your millions under your mattress or your sock?

>I could just tell them I lost my private keys and no longer have access to the coins and they would be none the wiser.

Go get them girl, nothing can go wrong at all

It's what Veeky Forums wanted all along anyway.

I think this was the premise to Sorcerer

bank locker

the only thing that can go wrong is the government ever seeing a penny

I really dont understand why you guys actually want to cash out??
give me 1 reason you dont believe cryptocurrency is safer than the dollar long term

I also don't live in cuckmerica so they probably aren't as strict here.

even """"""socialist""""" europe has lower tax then 52% wtf

sorry. US seems horrible for tax treatment of short-term capital gains.

I thought the American system was all about low taxes and no socialist style hand outs ie everyone is on their own, yet they charge more tax than the socialist European countries that actually take care of their citizens? I guess it's all just to fund the military and to bail out banks.

DELET THIS

in UK for example, the marginal income tax rate on a lower middle class salary is 40%, but the first $14500 or so of capital gains is tax exempt and above that you pay 20%. that said, i won't be surprised if crypto trading profits get reclassified as subject to income tax.

If you making huge bank
why not just do it like all the other richies do.
I mean BTC has worldiwde liquidity.

Just like cashout and set up an account in the caymans or whatevs, and move your liquid into said account.

then get a card issued by bank, or whatever.
By a boat and live in the caymans or Boca or whotefuckgivesashitman

US citizens, regardless of residence, have to report all non-US accounts by law (FATCA) with a penalty equal to approximately all your money.

in the last couple years, non-US banks also started reporting information on account holders with US nationality to the IRS. many have started refusing to open accounts for Americans due to the reporting requirements.

What the fuck? How do we get out of here

there is no escape from mr bones wild ride

Anyone cashed out in Australia?
Wondering what the process is like and the taxes.

buy gold and silver with crypto
sell those

Im having great keks at this
Do you faggots even get it?
Gov politbyro idiotic as always.
If govs would like to lure people back into paper money, they would NOT tax crypto and people would cash out and fuel the fiat economy. Crypto would plummet eventually.
BUT
These idiots tax cashouts at 52%
Guess what, even the last normie will rather hodl or accumulate and drain the fiat even further.
Fiat is finished.

...

wtf

this is communism

what happened to old good america

Bumperino pretty sure there’s no way out unless offshore

Taxes are theft. This is why we made crypto in the first place! You're not meant to cash out, moron.

Unironically this. I just found out that I'm liable for Income tax, not cgt, because I'm not a retard hodler.

I've hit 120K now, I'm a med student. They look at my trades and find that indicative of "career" level money. Fucking bullshit.

I'm literally just not going to cash out. If I have to give away 48% of my gains, I will spend 47.999% on avoiding that. Fucking hate them.

Oh hey, yeah great job saving up money from yoru aprt time work in med school. Oh you're trying to make a living? Why don't you take one the handy loans so you can stay in debt to us forever? Oh you're good at trading so you dont need to..hmmm.....we'll take half so."

ato.gov.au/General/Gen/Tax-treatment-of-crypto-currencies-in-Australia---specifically-bitcoin/

TL:DR you pay capital gains tax on it, just like any other capital investments

thank god I live in a third world shithole government doesn't care or even know crypto and no check on bank accounts kek

>cashing out, instead of simply using BTC....
ya dun goof'd

I have to pay 10% and I'm pissed, lol, westerncucks are beyond salvation

...

bump

>Federal tax of 40%, state tax of 12%.
The fuck? I live in fucking SWEDEN of all places and the CGT is 30%.

Wait a sec, so if I cash out before 1 year I have to pay 40% of my gains to the federal government on top of 12% if I live in a communist shithole state?

That's about enough to make 1776 commence again

yeah
we don't want you to become a millionaire in a under year entirely through speculation
sorry!

>And will probably waste those earnings on something dumb like a mahogany table their mate john made for $8000 for the new Government office
Nah, it'll be used on EBT and section 8 housing for worthless niggers and illegal immigrants. When will fucking welfare be ended?

Uhhh yeah sure we're all paying taxes

I wouldn't be nearly as butt hurt about paying taxes if the money wasn't going to be flushed down the fucking toilet like this. It would be more useful to just use my $100 bills in taxes as toilet paper.

But can't I just send to a bank account on a third world country were they don't need nor give explanations?

Buy gold, sell gold. Tell the gov to fuck off.

You can cash out on coinbase into cash without withdrawing you know.

Littlr bittt babies finally learning how fucked up US taxation is

Why the FUCK u think crypto is so popular?

Oldfags have been angry about this shit for YEARS

>finally hit 1 mil in gains
>wait its 500k
>unironically have to hold (risk) a year to discount cap gains

Monero faggots. Will save u from divorce rape too if ur smarr

Damn thet struck me
Crypto will be even bigger
Hodlers 97% males
In this system :
Invest 100k, get 1M gains
- 52% uncle sam
480k gains
divorce - another 50%
240k
oh also lawyer
200k
B-but judge he made a mil last year
Child support 10k / month
-120k the next year
Now down to 80k from 100k despite making 10x gains. Broke in 8 months.

> tfw when you’re 3rd world cesspool has not come up with a clear legislation regarding crypto and you decide if you wanna report it on your tax statement or not, in which case it’d be taxed as regular income at a rate of 13%. Feels good senpai, pls don’t wake me up.
If they regulate it though, and start treating it as capital gains, the tax rate would be 33% though

Let me tell you something, we haven't even begun to peak. And when we do peak, you'll know. Because we're gonna peak so hard that everybody in crypto's gonna feel it

Rich people are putting their money on crypto to avoid taxes, if enough rich people do this the government will start feeling the heat and will have to compromise eventually, hang on don't sell.

That money is going to the army so they can make some lousy deal with a contractor to pay for extremely overpriced weapons that will rot in some basement, niggers don't get shit you retards.

Now I wonder,
What is the max coinbase will hold for you?

>niggers don't get shit you retards.
>the money for niggers, spics, and feminist propaganda just materializes out of thin air

Obama's slush funds literally gave all these leftist cultists billions if not trillions over the years, vast majority of that money was tax money. If you ever wondered why it got so bad in the last 10 years, there's your answer.

btc was created by the cia to get normalfags to pump money into the gov? the coin moons, they tax it at 40/12. this is starting to seem extremely jewish. i try to tell myself that this isn't a scheme created after the bank bailouts to get us to foot more of the bill and fuck us further. do you really think tptb wont tank this shit. putting your life savings into btc is literal slavery. go with iras. you guys are acting like women: something for nothing.

>Obama's slush funds literally gave all these leftist cultists billions if not trillions over the years, vast majority of that money was tax money.

Prove it

Tfw it’s a taxable event every time you trade even for an altcoin

This. We're all technically criminals evading taxes for not paying up our jew gold.

>go back to America

>paying taxes

You can cash out to an exchange, wait out the time, then transfer it out.

Also capital gains are not income so they should not affect alimony/child support, you'd be able to fight it.

The minority tax is VERY real.

>inability to defer gratification
it's literal nigger mentality

Bullshit. They don't do that for stocks, only when you move it out of the investment account - why would this be different?

...

Speculatory bubble.
Banned by Jews.

What Im sayin, is that how can a sane person go back to fiat, and how can a normie NOT enter the crypto.

so glad i never bought through an exchange that has my personal details recorded somewhere

>Get busy having some kids for sweet tax deductions.
If Amerca's economic disaster happens in your lifetime, you will be fucked.

i need it to pay my short term bills, and apartment company doesnt take BTC yet

>why would the kikes in the government want to suck every last shekel they can out of the goyim?

Sounds great. White people need to be incentivized to have more kids because they're currently being retards.

>live in canada, get taxed at 15% instead
850,000
>never get married without a prenup because I'm not retarded
850,000
>vacation in europe for a full year while daytrading crypto
2,400,000

So why not for stocks too? Way more money there.

Im glad someone sees this, ive been pretty sure for a while that bitcoin was infact thought up by goverment to get peoples savings into their own coffers.

Think about it, they cant lose, they produce a good, you buy it they profit from sale, you sell it they profit thru tax, all theu have to do is keep up hype for as long as possible. Either way they are profiting. Something else to think about aswell is this, crypto is to fiat now as fiat was to gold while it was backed by gold.

XMR is mooning atm - it's gonna drop

>52%
In Germany if you cash out your gains after one year of hodling crypto then you won't be taxed. If you cashout earlier then
the tax is 25%.

>inb4 cuck, 4th reich, germanistan etc

How does prenups in Canada hold up. It is a huge meme in burgerland as if a Judge doesn't like it they can throw it out saying it is unfair.

If you want lower taxes, you have no choice but to physically remove non-whites. They all overwhelmingly vote for this socialist/communist bull shit because they are inferior and cannot compete with the white man.

No it's not, BTC is going down.

Would it be a dumb idea to purchase gift cards with BTC and slowly just save by purchasing everything with the gift cards?

Mate I'm paying capital gains tax on my (small) gains

It's either that or renounce your US citizenship

No, it's still taxable if you trade for goods and services as barter. If they catch it and think you did it to evade taxation they'll fuck you good.

>niggers don't get anything
Then how are they not starving to death?

>Tax rates were better under Obama

Use crypto for its intended purposes i.e. use buttcoin to buy stuff.

law is the law, if a judge tried to throw it out I'd sue their asses, you can't just 'throw something out' lol you would need a specific and valid reason that the prenup wasn't valid, basically the only things that I can think of that would work would be proof that she was forced to sign with threat of violence/or that she signed it drunk, but burden of proof would be on her

Is holding an American nationality the most cucked thing ever?

>They all overwhelmingly vote for this socialist/communist bull shit because they are inferior and cannot compete with the white man.

Yeah, Delaware and Washington are known for their socialist communist bull shit taxes

The absolute state of my country is disgusting.
>fuck socialism, we don't need government programs so no public healthcare or education
>we need all your fucking money so give us more than socialist countries demand
FUCKING PICK ONE AND ONLY ONE YOU FUCKING KIKES, PREFERABLY THE FIRST. Land of the free my ass.

That girl on the right is not a qt though, nor do I want a highly expensive car.