We've all heard the news on the IRS cracking down on crypto traders by removing like-kind treatment and imposing a capital gains tax on every trade to the extent where you can actually pay more than you've earned.
Given that the situation will only get worse and worse in the US over time, ITT we will try to share as much information as possible about offshore solutions and tax reduction methods, whether it's moving to low tax jurisdictions, creating complex offshore tax-efficient structures and utilizing whatever loopholes are still available.
I'll start with a few points that I've learned recently:
* In Germany, if you hold for over 1 year your gains are tax free * Panama and Costa Rica do not impose a tax on crypto if done right * Hong Kong and Singapore have special programs for foreigners that exempt crypto taxation
Nobody wants to go there in the first place anyway
Liam Gomez
They were never like-kind trades. The new law exlicitly states it only applies to real estate. Hiring a tax attorney and paying the fines are going to be more expensive than paying capital gains.You also have to state your like-kind trades if you want to test the system. Good luck.
Jason Hill
Did you even read the post
Noah Murphy
can you elaborate on Hong Kong and Singapore's special programs?
Camden Flores
For fucks sake you illiterate morons.
THERE WAS NEVER LIKE KIND FOR CRYPTO. LIKE KIND IS AN EXCEPTION FOR REAL ESTATE. "LIKE KIND" ISN'T A GENERAL STATEMENT.
You pay taxes on every trade. If your btc goes up 20% and you trade it for an alt that 20% Is a capital gain. If you're worried about "paying more taxes than you made money", then either cash out your taxes when incurred. Capital losses offset capital gains.
Ethan Nelson
The US literally applies the very fucking simple capital gains rule to crypto. If you're too dumb to understand capital gains taxes do the human race a favor and kill yourself.
