Discuss

36% tax rate on cryptos approved

bitcoinist.com/cryptocurrency-investors-lose-tax-break/

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Will I be safe on binance?
what about other exchanges? coss/kucoin?

The American dream, truly. Lmfao stay poor amerifaggots having to put up with getting raped by their government in every step of their lives.

You're not a millionaire anymore. You're only a 640k'aire.

USD will never die as you are required by law to hand over USD for any crypto trade or purchase.

It's not 36% just fucking hold for a year and you get the cheap capital gains taxes.

Also that was never a loophole. It was never like kind for crypto.

There was a thread yesterday on moving to portugal because they have tax free crypto withdrawls. So if i was to withdrawl all my crypto gains in portugal, is there anyway to be taxed coming back to the us?

Lmao even higher

Yes unless you give up us citizenship.

you have to pay income tax no matter where you are in the world if you are a US citizen
only way to dodge that is to hide your assets or renounce your citizenship and move to a different country

Good thing I'm not a citizen of the Land of the Free

If I make it, I'll cash out 30k for a small home in another country that's crypto friendly, expat, withdraw, and go from there.

100% worth it

Transfer it all to wallet, snapshot transfer, move to first tier southeast Asian country. Slowly spend 1/1000 of your crypto dividends/forks living like a king and leave rest to your 10 children birthed by your first world brown wife who gives you daily massages, brings you delicious fresh pressed juice, fans you with coconut leaf, and Puts that sweet pussy out because it’s yours.

Ps—irs sends you a letter to your globs mailing address. After laughing heartily for 10 minutes, send them snap shot showing it was a transfer, not a sale. Then tell the irs to fuck off cuz shit tier America is a communist shithole.

No tax as long as it’s less than 92k.

alright lads, see you in boston harbor

yes it was. it was a loophole. we dont have to pay trade taxes this year

What if you put crypto into real estate? Taxable?

You can move to Puerto Rico, and after living there for 183 days, you pay no long term cap gains, and I think short term cap gains are like 5%....but whatever cap gains you had before thta 183 days are taxed at normal US rates. Google 'bitcoin puerto rico' there's a lawyer/cpa who outlines the process

Give me 1 good reason I shouldn't denounce my American citizenship and move to comfy house like pic related

How the fuck are they going to know if you day traded?

Day trade till 50k
Spend 10k on shitcoin
Wait 1 year and a day, continue day trading your 40k
????
Cash out original 10k coin
Profit

yep...doesn't qualify for a 1031 exchange...otherwise that would be a great way to do things

What will this mean for using an American exchange as a European?

Cuz exchanges like coinbase keep your id and will eat in you. They will even report your transfers as trades, although they deny it. They mark your transfers as trades.

Stop fucking fuding and worrying and just join some groups... its practically inpossible to make it on your own. discord.gg/ZqkUfw

Made me smile user. I get a justice boner thinking about how hard I’m gonna stick it to the IRS

In order to claim like kind you have to do a 2 page form for every single trade. And the irs can still challenge it in court.

Does this apply if i only used coinbase to initially buy in and move immediately to binance?

Does Puerto Rico even have electricity?

google 'exit tax'...at the time you renounce, the irs considers all your assets to be liquidated at the current value...you pay cap gains on that value

Traders have to pay tax on it in portugal. Only buy and hold investor might be tax free

Yeah esp if you transfer to exchange. It says in coinbase when you transfer. They ask if you are transferring to an exchange. But I think they only want high value accounts 20k/yr or above not your pleb 750 dollar account

good luck irs linking that wallet to a person, even with a paper trail if its in a paper wallet theres no way to know, also whats to keep you from just skipping usd entirely and going straight to yen?

>put USD into crypto
>wait until I can just pay crypto for things (2 years or so)
How will they tax this if I never cash out?

i want to be crypto rich though. i'll cash out small amounts when it's necessary. i didn't get into crypto so i could give it all to some kike bank to assume control of. i want control of my wealth.

Jesus fucking Christ man. Now I understand libertarians.

This is true. But I think a lot of us assumed that we would only be taxed when cashing out to fiat. Now that it's clear that exchanging my BTC for alts triggers a taxable event, I'll have to pay short term capital gains instead of long term.

>Buy btc on coinbase
>Send to own wallet
>IRS asks, whose wallet is that?
What will you say?

i think most of the island does. who knows

>Trump says taxes are too high
>THIRTY SIX PERCENT
I fucking hate the government

Time to sell Bitcoins on the fucking corner. What the fuck is Dolan Duck doing? Why is he coming after us humble cryptopians?

Lets say you hold coin “JEW” for 1 year and a day and you’re ready to cash out, but the only way to cash out for usd is trading to a pairable coinbase coin. Will turning JEW coin into btc/eth/ltc ruin the long capital gains timer?

I...i...it was a phishing scam. I...i...lost it all.

transferred to a wallet whilst simultaneously recieving a different currency into a different wallet, shit's not mine

Explain this to me plz:

Buy 1000 of BTC and this goes to 2000. I then trade to ETH. This is taxable and now I have 2000 as a "gain" but I'm also buying ETH so isn't that 2000 as a deduction and it cancels out? When I sell my ETH for say 3000 overall I'd have buys for 1000 + 2000 = 3000 and sells for 2000 and 3000 = 5000 so for a difference of 2000 dollars. That's the same as just declaring what you cash out as income. So what difference does this make?

Please help a brainlet

Just wait for Request Network to start working fully. I think the entire point is to be able to cash anything out into USD. Not entirely sure though

also, i bought drugs

“It was mine but i forgot pass phrase, hehe typical NEET amirite? ”

That's the thing retard, you shouldn't cash out, just find the places that accept crypto for things and then you'l have an actual asset you can sell on eBay or whatever. Remember the lambo meme back on /g/ all those years ago, some fag actually bought a Lamborghini when he found someone to accept however many Bitcoins a lambo cost back in 2012 or whatever.

This is now a Monero Thread. Fuck Da Po-lice!

Thank you based IRS for taking my money away and giving it to Military contractors, niggers, mexicans, muslims, jews and single moms

I appreciate it

Lost it all in a boating accident

STK will also be able to be used this way

Fufffy Pony AKA Monero is making Digital Bitbox available for Monero.

Monero Man never fears The Taxor

Good
More things to skip converting things the better

Pol has been saying it for years. Biz just come to accept it now. Taxation is theft.

The part where you give out the wrong password, and when the taxman enters it, Bitbox automatically creates and shows an empty wallet. It is then locked in the empty wallet mode until another password clears it. Fuck. Ing. Genius.

It's not FIFO, it's LIFO.
Which means 1 year between your last transaction and the day you cash out.

If you aren't in Monero by December 31st, you deserve the buttfucking from the Government for being a Retard.

I cashed out 90k USD in ETH for the short term and make around 50k a year here in the states. That means I pay a 255 tax so around 20 ish grand, correct?

Alright so it sounds like either pay 38% holding a coin that could plummet any day or continue day trading and leave america, makes sense

The worst part is Americans can't even escape their government. If they go overseas, they're still supposedly liable for US taxes. The only way they can detach completely from tax law is if they renounce their citizenship and go through a 5-year process.

Wait, I've never seen that...why can't you elect FIFO? I thought the law was that you just have to remain consistent and stick with one.

user, I dumped my entire portfolio and went all in on Monero the day Trump signed the bill. I bought ( an unkown amount).

Sure sure, please tell me the value of my (((unknown amount of monero)))

If I sell $30,000 worth of crypto, does that 30k go towards determining my bracket? My yearly income otherwise is 0.

I really feel sorry for them.. no goverment should treat their citizens like this. Best to vote with your feet

AFAIK, it doesn't matter, really. If you have buy records on an exchange like Coinbase, then send to cold storage, then go to monero on Binance or something, you're still going to have to 'cash out' at some point. If you've made like $2mil and have a family, you don't want to keep wagecucking for the rest of your life while you try to buy stuff with xmr and sell on ebay to make money.

And how are you going to cash out that monero? The IRS will ask you how you obtained that monero when you cash out.

>tfw IRS doesnt touch Puerto Rico unless you're a federal employee
Stay kekked mainlandfags

not entirely certain, but i always thought it was considered your AGI (annual gross income), so if you cash out $500k as a short term cap gain, you're going to pay 39%...if you hold for a year, you'd pay 20%...perhaps a Veeky Forums cpa can enlighten us

Secure Automatic Lending Technology

a freind of mine is in the exact situation you describe. He buys gold coin and bullion with Monero, then sells it on "Megs List" for "Green Leaves". He uses the green leaves for every thing but house payments and utilities.

We never had this "tax break" I haven't heard of any one who successfully was able to report their trades as like-kind.

Will buying items on overstock/newegg get around the small capital gains tax? I know it doesnt help for lambolanders but its something

nope...once you convert it to anything else, alts, cash, property, clothes, gold, artwork, etc, you are on the hook for capital gains

the USA is a fucking joke nowadays lmao

good then I'll have all losses, because I never send shit back to conbase.

buy "an unknown amount" of xmr. Oh no I lost all of my assets after trading them out of my monero wallet

yes the 30k goes to determining your bracket. it's cap gains + income that makes it 39%.

you're technically self employed, you'll do a 1099

If i just trade on binance on a throwaway email can i avoid crypto to crypto tax? Should be fine right

Yes.

Holding for capital gains won't work that well.
It looks like the holding they mean will have to be a cessation of all trading -not just your oldest trade being over a year old- because there's no way to prove which specific trade gained which specific asset. IRS would argue it and you'd have to prove your case, which of course would cost more than just paying the taxes would be, just like they intend it to do with being unable to trade your holdings.

I guess maybe put every single trade into cold storage separate from the others, but then they could claim you were trying to hide the assets and do civil forfeiture.

Hillary Clinton would have extended the short term capital gains tax rate to six years. SIX FUCKING YEARS. So yes, fuck Trump and the Republicans for this tax bill that fucks over crypto traders... but Democrats are way worse when it comes to taking away your money so just remember: it could always be worse.

Self employment is one thing, day trading is another.

just wait till these exchanges get regulated, shutdown, or blocked because y'all want to be edge lord tax evaders LARPing as FireFly captains

You joke but anyone could write off their entire income from this.

no, they will assume it's profit unless you prove otherwise...with the IRS you are guilty until proven innocent.

you never cashed out if you lost your password. You're better off just keeping the crypto

>tfw your Puerto Rician
Stay poor.

Casualties are legal deductions. Any Jewy lawyer would be able to defend you.

I'm not talking about crypto investors. I'm talking about someone writing off their entire capital gains by
>Buying a large amount of crypto
>Having their wallet "stolen"
>Cashing out
It's quite easy to cheat this way.

What if I never cash out, is that okay?

get cucked amerimutts

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All you fags have to do is hold until someone is willing to take crypto as leverage on a loan, then default on that loan. They take your crypto, and you take the cash, and it's 100% tax free and legal. It's called an asset swap.
And how great is it that the coin that might allow this to happen is called SALT.

you misspelled "obese"

>he thought Donald fucking Trump, a daddy's boy kikelover with no grip on reality, would care about him and have his best interests in mind

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>b-but Hillary

She's not relevant anymore and never will be again. Stop defending this fat retarded cheeto fuck.

Just....fucking buy Monero, transfer to a paper wallet, then transfer into sime anonymous foreign exchange and don't pay taxes. Or trade with anonymous ETH accounts on Etherdelta. And if they ask you lost the address. There is literally no way to tell if you own yiur ETH address or someone else does.

What the fuck is wrong with all of you?