Tax Fags Assemble!

Any Tax Fags in Here?
How legit is this dude's hypothetical tax loophole to minimize/avoid paying taxes on crypto?

So glad I don't live in America but in Netherlands where you are only taxed like 3% on average on what you hold every first of the year. So if you held nothing on 1 jan 2017, this year is tax free.

For 1 jan 2018, you only have to "lose " all your coins for 24 hours. Rest of the year is tax free. If you do want to pay the government for you paying your internet connection in the first place (don't) you pay like 3%.

>Netherlands where you are only taxed like 3% on average on what you hold every first of the year.
What do you mean by that? Do they assess what you're worth every year and tax you for it? That's absurd

/k/ here
Im gonna buy a tank with my crpyto gains
My tax loophole is that I have a fucking tank.
The IRS does not have a tank
I have created a loophole
Come fight me, i have a tank

Not sure how this is a loophole, Roth is the opposite of tax deferred, contributions are made post tax. With a traditional IRA you would deffer the tax until withdrawal and in any case you would pay a penalty and tax for withdrawal before 62.5 years. Not sure if a self directed ira changes anything but the rules for retirement accounts are set by the gov, not by the custodian.

That means if you don't earn 3% on your wealth during one year you get poorer? That's pretty fucked up.

implying anyone goes in the red for a long time

lol this is the dumbest thing I've ever heard
what's with all these commie countries that impose a straight up wealth tax on you instead of taxing your gains when you cash out?
Netherlands confirmed for cuckland

It was 30% on 4% = 1.2% dumbass.
Now it's between 1-1.6% total.

If you 100-1000x your money in NL we just pay a measly 1% or so. Of total amount. You pay 20x that in gains tax. The NL tax is better even for investors in stocks and bonds.

Don't forget the first 25k is excluded (with partner that's the first 50k). Everything above that is taxed by 1.2%

You’re talking utter rubbish capital gains tax is 25% in the Netherlands and it is applied on a case by case basis. If they think you are trading as a main source of income you will get taxed 25%

KEK, been doing this for the last 1.5 years

>If you 100-1000x your money in NL we just pay a measly 1% or so. Of total amount
Understood but most people don't do crypto and the government taxes them as well. Do you really think your average person averages a 3-5% return a year?

>The NL tax is better even for investors in stocks and bonds.
What's the different between the way tax applies to stocks and bonds trading and crypto?

Also there is no way the dutch taxman won't charge you income tax for day trading

>tfw live in Italy
>mfw all crypto income isn't taxable if raw profit is lower than €57k PER WEEK
>PER ALT PAIRING
>I could literally be trading millions of euros and not pay a dime as long as I didn't earn more than 57k in a week on a single shitcoin

what is stopping someone from just sending their money to an italian friend and have him cashout for you

First, there is no official ruling that says that and even if there was, it's only because they haven't changed the law yet to a more modern one
Second, what you're discussing is capital gains tax. You'd still be paying income tax for day trading

you have to trust him, he would have to give you money in cash or your govt would start asking questions where the money came from

gift tax

Cashing out into fiat adds raw income to your yearly earnings unless you can write it off.
Whoever sent the crypto to the italian friend might be prosecuted for evasion in their home country, as well, since it's clearly a manouver to evade tax.

Besides, how are you going to get that money back into whatever coutnry you sent it from? Fiat is even harder to move tax-free than crypto.

While you're right that the ruling is old and unreliable, a new law isn't coming along any time soon.
You must not be familiar with Italian politics if you think that a reform over something like crypto is going to take less than AT LEAST 10 years to come into fruition.

one could just fly with it, under 10k you're good here in the states

>a new law isn't coming along any time soon.
You have absolutely no way of knowing that
>You must not be familiar with Italian politics if you think that a reform over something like crypto is going to take less than AT LEAST 10 years to come into fruition.
You must not be familiar with the fact that tax related regulations have the fastest turnaround time in politics as it lines up the pockets of the people controlling those policies. Italy is no different

>You have absolutely no way of knowing that
Oh, but I do.
Because I'm aware of all the other problems we have in taxation that would keep them occupied for waaay longer than that.
And besides...

>Italy is no different
The latest regulation over inheritance tax took 16 years to finalize.
It was to lower it from 18% to 17%.

Yeah.
You have absolutely no idea about the biblical times of Italian law.
You Americans think "lobbying" works like an instant "pay to skip the queue" system, but Italy was completely BUILT on it.
Here you just lobby to keep the status quo, and everyone is constantly doing it in every direction to make sure that nobody skews the scales even a single degree.

The stark majority of our laws are still nigh-100 years old because they haven't changed since we turned into a Republic.