>keep trading till you hit a million >put all your earnings into a coin you think will be safe in the very long term >wait a year >quit your job if you work >cash out only up to $38600 a year
You'll have to settle for hondaland, but lets be honest, for most of us crypto gainz is about not having to wagecuck anymore, rather than being extravagantly rich. This way you get to keep all your money, plus having to be a poorfag, which most of us are already used to, will make your money last longer. And think of the gains your crypto will make if most of it stays hodled.
If you daytrade be prepared to get a IRS assfucking.
Grayson Jenkins
that's why you're supposed to hodl for at least a year before doing this
Ryan Green
Move to Germany, cash it out tax free, transfer to Swiss Bank.
Move back to the US. Buy house, wire funds directly from swiss bank to person your buying from... without touching any of your own US bank accounts.
>>Profit.
Anyone asks where you got the house, "I found it".
Jason Campbell
That doesn't work unless you renounce your american citizenship. US citizens pay tax regardless of where the income was earned.
Henry Brown
>for most of us crypto gainz is about not having to wagecuck anymore, rather than being extravagantly rich. It's about both
Matthew Fisher
>what is a paper company
Nathaniel Allen
I don't know. What is it? I'm just saying if you don't want to pay USA taxes then move out of the country and renounce your citizenship.
Joshua Watson
Or not use swiss setup a shell company for like $30 in a tax haven country.
Easton Foster
Reported This is illegal as fuck
Matthew Gray
Go for it, but the Swiss banks of today are not the same as they once were. IRS has busted a number of people because they now get info from Swiss banks.
Ryan Campbell
what's illegal about it? legally you don't have to pay taxes on long term gains if you don't earn more than $38600.
Jose Foster
>>put all your earnings into a coin you think will be safe in the very long term
there's the fault in your stars, snowflake
Eli Parker
>you don't have to pay taxes on long term gains if you don't earn more than $38600.
I'm not sure what you even mean here. Long term capital gains are taxed at a lower rate than short but they are not zero under $38,600.
Sebastian Ramirez
Incorrect. Federal long term cap gains tax is 0% if you earn less than $38,500. Go look it up.
Parker Thompson
>get a wife >cash out 77k per year tax free
Matthew Williams
it is zero if you don't earn more than 38600, which is why you have to quit working and limit cashing out to that amount per year, since it's not income until it's "realized".
Jaxson Johnson
jesus fucking christ this thread again
panama papers pretty much spelled out to you retards how to do this. and you still scratch your heads like the retarded monkey that you are.
Tyler White
Nothing illegal about it. You only pay taxes when you realize your gains. If you never cash out, you don't realize gains. If you only cash out $38,500 a year, you are in the 0% federal tax bracket. It's in the IRS guidelines...
This is assuming you bought a coin, held it, and it turned into a million. If you had to make a bunch of trades to get your million, you technically owe taxes on each trade you made profit on.
Logan Lewis
>get gay married to your cryptobro roommate >profit
Dominic Johnson
Okay I see what you mean and you are right. I thought it was only 10% tax bracket, not to the 15% one. Looks like also Trump tax plan doesn't change this. Nice.
Aiden Carter
You probably still owe state cap gains tax though...
Anthony Williams
OP plan should add: >move to a state with no income tax, like texas or washington
Brandon Howard
If you live in a state with an income tax you're literally doing life wrong
Dominic Butler
Didnt the tax break that was just passed remove that?
Parker White
Now you have to support two people, dummy.
Luke Miller
>move to the Bahamas >cash out Done.
Brayden Green
what happens when you get pregnant and have a kid? Marriage and kids is for core losers
BCASH
Justin Powell
>I FIGURED OUT HOW TO AVOID CAPITAL GAINS TAX
Did you check to see if you actually need to pay tax on cryptos? Some countries exempt CG on them.
Matthew Barnes
States with no income tax have slower internet speeds. Prove me wrong!
Jace Russell
Fuck. I hate being a burger, these fuckers are gonna take like half of my fucking money
Ayden Allen
So comfy here in germany
Ryder Cox
>germany ahahahhahahHAHAHAHAHAHAHAAHAHAHAAHA Prepare your wallet because you are going to pay for the refugee gibs
Robert Sanders
Yes, this is perfectly legal, and pretty much the only way to do it without paying cap gains if you plan on staying a citizen. However, $38,600 isn't much to live on, and some day, you might want to get married, have kids, buy a house, etc. Depending on how much you have, let's say 1mil, it might still be better to sell, pay cap gains, and then live off dividends, which are taxed at something like 15% So, using the 1mil example. Let's say you pay 20% to Uncle Sam, leaving you with $800k. Now you put that $800k in a dividend fund like VHDYX. At today's prices, that would give you 23,612 shares. Assuming at $.20 dividend, that nets you over $45k/yr, and you only pay 15% on the amount over the $38,000. Here's the important bit though. VHDYX has be returning an average of about 14%/yr, which, on 800k, is $112,000 in year 1, and then it will continue to compound from there. So waaaaaaaaaaaaaaay better to cash out, invest in something like VHDYX, and live a better life while you money keeps growing and your dividends grow along with it. (this is for informational purposes only. It should not be considered legal or financial advice. You should consult with an attorney or other professional to determine what may be best for your individual needs)
Austin Morris
>he lives in a state with state taxes
Kevin Myers
Fucking VHDYX shill. Why don't you suck my VH-dicks, motherfucker!
Liam Young
retarded. you owe taxes on every trade. when you cash out and get audited they'll ask where it came from and find all the unreported trades. enjoy prison. "like kind" is a meme.
William Reyes
didnt they say today that the tax on crypto to crypto trades only begins on Jan 01
Ian Johnson
that's just to clarify it definitively. nobody seriously thought crypto actually qualified for like-kind exchange even now.
how the fuck are you supposed to pay taxes on crypto to crypto? Trade BTC for some altcoin, altcoin goes up, you now owe money based on how much the altcoin rose, yet you don't actually have any money unless you cash out so how can you pay? wtf?
Andrew Ward
>He is going to cash out.
Xavier Hall
Can anyone find me a comic of crypto. It's set in the future and Stratis, eth, etc are very valuable and people who hold btc are now all poor.
Chase Ward
This. How exactly do they expect this to work?
Michael Sanders
duh I've been living like this for years. You have to pay state income tax but it's not high. The hard part is proving u held it for over a year
David Parker
also it's 38600 plus the 6k standard deduction
Justin Robinson
no it's not faggot
Michael Ortiz
It's easier >don't be american
William Parker
yeap. You can also get a Maip order bride to take more out. AND have a hot hole for your dick. Personally I cant escape it cause I already work too jobs and Id rather ball out than be lonely at my computer for $36k a year.
Kayden Bell
How can we pay taxes on every trade if we don't have any fiat and everything is in crypto?
Jason Morales
good question, they will have to start accepting btc
Ethan Parker
you calculate the fair market price in USD at the time of the trade. you can look it up on coinmarketcap or something.
Lincoln Price
I wish, but I live in Commiefornia. No 0% capital gains even with over 1 year hold.
>mfw
Carson Sanchez
You cash out enough to cover your crypto to crypto trades and the amount youd owe from cashing out?
Levi Lee
If the alt goes up you don't actually owe taxes until you trade the alt or use it to purchase something.
Example.
You bought 1 bitcoin at $19,000.00
You then trade the bitcoin you bought at $19,000.00 for 25 ETH at 0.04.
At the time of the trade to ETH bitcoin went down to $18,000.00. In which case you take a $1000 loss on your purchase of 25 ETH.
ETH now goes up to 0.05 and you trade back to BTC, which is trading at $20,000.00 You have gained 0.25 bitcoin and therefore owe taxes on $5,000.00 profit...
Now deduct the $1,000.00 loss from your initial purchase of the 25 ETH and your total profit that you owe taxes on is $4,000.
Its not fucking rocket science.
Samuel Gray
Much easier way:
>trade crypto to a trusted friend >make him use crypto to buy a lambo >have him gift you the lambo >sell the lambo >repeat until rich
Brandon Cook
What about duel citizenship?
Evan Lopez
That is bullshit because we are having to pull out of an investment that could go a lot higher.
Jack Lewis
>>trade crypto to a trusted friend I would trust no one but my own father with this
Owen Stewart
not to mention you have to tax gifts over certain value you fucking mon
Ryder Rodriguez
>thinks you can tax a lambo Fucking retard, what are they going to do, take the doors and wheels?
Jonathan Martin
LOL brainlet
Jackson Murphy
>not buying everything in crypto How am I suppose to pay taxes in crypto?