AVOIDING TAXES

OP Here.
Why should I pay the taxes when theres no record of most of my trades and initial buy-in of BTC?
I can technically cash out Over the Counter, and keep all of it but I'd only be set for life on groceries since I cant make large purchases like for Lambos or Property without it being on record right?

how do what?

Uncle Sam gets his cut. Don't be an idiot. Tax evasion, money laundering and wire fraud will put you in a cage for 20 fucking years.

I looked at crypto 24/7 for like 4 months turning 30k to 1.5mil+
Still in great physical shape and appearance though, just lonely af haha

You're high as fuck if you don't think there will be one trigger or one mistake in doing all that and keeping the money.

ONE mistake is all it takes and you're done. Is it worth it? ask yourself that

Any tips?

There was a thread about taxes from earlier

You’re welcome niggers

Either Veeky Forums is on a moral crusade again or the damage control kikes are going full retard
Hodl until a nation embraces cryptocurrency

Thanks a lot!

>new tax plan you can take out up to like 415k or something for only 15%.
how do this
what is it called, what should i google, i hate taxes

ya, just lie on the internet

just pay the freaking tax and move on, you just got a gift from God and you want to gamble it away against the US government. Mate, good luck retard

im telling him to just pay the 15% dude. i was just telling him hes wrong about 30% now, cause trump just changed it on what... thursday?

what kind of things do you want to buy with your money?

>being american

i know, its god awful

Why would you do that?

go to HR block or some shit

Would buying a mansion in a resort island as secretly as possible work?

>le free american maymay
You realize other western countries are just as fucked when it comes to memecoin taxation right?
Obligatory whiter than you muhammad comment

Donate some money to charity and you'll get a tax cut.

>there are people who browse Veeky Forums - Business & Finance and unironically discourage others from trying to decrease their #1 expense (taxes)

is this just an american thing? have you guys been so brainwashed by big bad gov?

>
Hey I just checked and the difference in the taxes due to this new legislation only lowered rates from 39.7 to like 37%. Long term capital gains tax seems lower though. Where do you see this 15%?

But in other countries they don't have the time or energy to track you as hard as the IRS would

This, why is everyone on this board not trying to find loopholes like the rich do? How do you think those fuckers stay rich?

Are you really that dense?

>Hard earned
Come on now

Long-term capital gains is the 15%, up to a certain amount. You are cashing out way too much to qualify for 15% under short-term gains.

I find this surprising too, you'd kill to increase your portfolio by 20% in a single trade. This is what it is.

If you are serious about this send me an email so we can talk further. I can help.

[email protected]

I think its for long term holds for people in poverty, but even with all that i think it has to be less than 47k cash out

Move to Europe or Canada. You'll still pay taxes but at least it'll look like the money was well spent.
I still don't get how you guys can pay 30% and get no healthcare, education or decent infrastructure.

Yeah
But I'm not American so I don't know to which extent the IRS emasculates you, soyboy

no, short term is still 30+ im pretty sure.

question, if i live in texas, does this apply to me as there isnt an income tax?

Veeky Forums is retarded when it comes to taxes. You are supposed to pay short term capital gains every time a gain is realized. All crypto to crypto trades are taxed. It doesn't matter if you haven't cashed out, a gain was realized. If you hold a crypto for over a year and cash out, you pay long term capital gains. Long term capital gains tax on crypto is only viable if you hold BTC or ETC since they are the only two you can trade for cash (legally speaking). Check the 2017 tax bracket to see the amount of tax you are supposed to pay.

Worst advice ever. If you can't figure out why, or you are one of those people who believes paying your taxes is the patriotic thing to do well then... Stay cucked.

You have to leave this scam country called United States, there are ways to turn 100% into true fiat.

Buy billion with Bitcoin. Sell billion back to the exchange of locally for cash. Do less than $10k per day to avoid reporting

This is correct because short-term gains are taxed as ordinary income. user's income would reach the top bracket (37% under the new law) but his average tax rate would be slightly lower.

Yes. You will still pay a capital gains tax at the federal level.

I never understood the infrastructure meme.
Can you please elaborate as to how US infrastructure is inadequate?

Move to a country that is not cucked by us financial jew laws. Renounce your US citizenship and live like a king forever!

Right so the rate would still be like 29% total at 418k.

I dont think its hard to convert btc to cash undetected, but how would I spend this cash? Is there a way to buy salvaged luxury cars for cash or like properties with suitcases of cash and have it be under the books? lol

>one of those people who believes paying your taxes is the patriotic thing

absolute premium kek

america was founded on an anti tax, anti establishment movement

also, the same people that encourage you to pay taxes because its 'patriotic' are the same people who actually hate western society

Corporate cancer needs welfare, not enough money for health care or infrastructure because we're Free, and that's the price of freedom

Why cant you just renounce your citizenship and live in Hong Kong or whatever the fuck?

I am trying to get billionaire investors interested in reclaiming land in international waters so we can set up our own tax free state for us all.

Ignorance is bliss, seems to fit you just right
If there is no record of you buying btc then your are fucked even more because then they assume your cost of aquisition to be 0, because you can not prove it
You may sell for cash but you will get 20% less than the market rate, so might as well pay 30% and enjoy the money like a king

also living in japan (since half a year). do you know more about the tax system here regarding cryptos?

>no health free care
>no free education
>scam tax organizations
>scam monopoly companies that pay no taxes
>billions are spent on transporting planes and tanks to other continents where they blow things up for no reason

>Am I gonna have to pay 40% to JP and another 40% to the US?
Move to Iceland or Ireland where they actually JAILED their bankers and their economy is now booming because of it LEL!

Will day trading while holding say 100 eth for a year + 1 day work for long capital gains? Like will they tax you for day trading even if you dont cash out the day traded coins for the 1 year 1 day period?
I understand they can tax the money you had day traded to reach the 100 eth, but would the rest be ok sitting on wallet?

>>retards on here thinking IRS has any clue about your trades on foreign exchanges

>renounce citizenship
Ive seen this meme a few times lately but everywhere seems to require a 5+ year process to do this

Go to Germany, they won't steal your crypto money with taxes

make up a fake church and launder it through there since they don't pay taxes.

>tfw 0% taxes

Godbless this shithole

why would you think people dont report you to the IRS if they suddenly see you having lots of money?

probably our shitty roads
there's so much road in the US that they are always redoing some part of it and there's never enough teams working on it to ever catch up

Nigger fuck your crypto currency

Internet is horrible or handled by monopolies that make you pay twice as much as other countries.
No bullet trains. Underdeveloped public transport.
Slow as fuck highways. I mean who the hell designed the 4 lanes interstate with a 50 mph limit?

But the gain was in satoshis, it's not in fiat. Unlike stocks which are valued against dollars and such and controlled, my thousands of dollars in shitcoins is literally like the government taxing me for trading my magic the gathering cards. Fucking stupid.

>Why should I pay the taxes when theres no record of most of my trades
hahaha do you actually believe this? every exchange records trades even localbitcoin. you can't just deposit money into your bank account and not expect the IRS to notice

When the fuck did Veeky Forums become so inundated with spineless faggots?

>have you guys been so brainwashed by big bad gov?
(((BINGO!)))

You are the one who is a retard
IRS does not know but if they shove up a gun inside your asshole, you would even get ready to have a strap around your neck to be tracked 24x7 forget about telling about your exchange accounts

Freedom of not having a retirement plan or dying from cancer because you couldn't pay for treatment?
I'll admit we don't have that where I live. For the rest we're pretty ok.

GO to binance/ bittrex
Check history
They have an excel file for every
withdrawal you have made
deposit you have made
every buy/sell you made.

Obviously yeah no amounts over 10k per month.
Binance is not required atm to send records to IRS, and definetely not Etherdelta, or cryptopia, all exchanges where i made money, bittrex too but thats a diff story, they would turn over records if irs asked.
SO i guess making an international bank account and renouncing citizenship are both ruled out as methods of working?

So what do we do then? Send the IRS a copy of 1000 pages of trade records from 5 different exchanges? How the fuck is anyone going to have the time to look at that?

Keep the record handy but just file the total gain.

>>Depositing money to bank account

They audit companies, 1000 pages is peanuts for them
If 10 people audit only 25 pages, it would take 4 days

renounce citizenship, you have to pay capital gains on what you currently hold, but they dont know you currently hold crypto. ;)

the best thing to do is to hodl for at least a year to minimize your capital gains tax. there are probably some schemes involving shell companies but you'll still have to pay taxes on repatriation.

it's not hard. took me less than 10 minutes to import all my day trades from 2017 into bitcoin.tax

This guy gets it. It's not only how they stay rich, but how they got rich in the first place.

A typical professional trader, realistically earns about 30% per year on investments. If you're going to pay 30% on your crypto, then what's the point?

I don't think I follow. You'd be taxed on every trade when day trading, then you'd hold the 100 ETH for a year before cashing out so you can be taxed again?

It is retarded, but satoshis have a nominal value. Otherwise you wouldn't trade them.

That basically means you can not avoid tax in america
Why not make 30% and utilize your time well rather than wasting your time shifting

Okay but those are companies, what about individuals sending them thousands of pages? Now multiply that by thousands of individuals sending them thousands of pages each of crypto trades? Is this a way to troll the fuck out of the IRS?

You pay 30% on gains, not the entire amount...

lol youve DEFINITELY never been to anywhere outside america lmao

our shit is barely better than 3rd world at this point bro

from the layout to the structures themselves the shit is decades and decades passed what it was designed for.. we're still living off structures built in the fucking New Deal by Roosevelt

Frankly, I'd just go crazy with 10 usd trades and send them like 500 pages of transactions.

yeah no, its 15% for 1 year or longer up to like 415k.

just hodl. its only going to be up by then anyway.

nerdwallet.com/blog/taxes/capital-gains-tax-rates/

>he thinks he can outwit a tax institution that has been around for CENTURIES

>he wants to live in america

jesus christ user

So you are basically going to gamble your money hoping they wont audit you?
I bet you wont be ever sleep sound after that
After 6 years you will get a notice with 100% penalty plus interest compounded anually
You will pay 3x the amount you earned

>I don't know to which extent the IRS emasculates you
To the fullest extent of the law KEK!

cause i just tell everyone im crypto millionaire and that makes sense to them cause they know what bitcoin is now.

This when did Veeky Forums be filled with so many cucked tax payers. Pay some taxes... just don't report every little detail you fucking pussies. Year 4... and i'm fine

I don't want to outwit the IRS, but can anyone seriously tell me they have the time to look through a single person's taxes who didn't even make enough for them to pursue seriously? I didn't even make anywhere near six figures and I have over 300 pages of trade history among all the exchanges I use.

I too have a lot of money
I recently started wasting my time chasing ca's and accountant
In the end I realised, that am I even rich if I have to be worried for 100k in tax
You are not for the money, the money is for you
Fuck the money that makes you anxious and tensed rather than giving hapiness