Has anyone been able to cash out without paying taxes?

I'm pretty sure you need to cash only enough that your below 34k in fiat. I would suggest quitting your job if your crypto rich and only cashing out enough to be untaxable.

By the time I am ready to cash a bit out the IRS will have gotten their shit together and it'll be pretty painless to handle the paperwork.

I did. I live in a country where crypto counts as asset (not income) and also doesn‘t have any capital gains tax. Cashed out 200k USD completely taxfree.

Is the punishment really that severe? What if you never knew anything about a capital gains tax

>Yes it's unfair, yes taxation is theft, but come on, is it really worth it?

I am convinced right now that the IRS has "infiltrated" here. All of the threads lately where they keep trying to convinced you lies about having to pay taxes on every trade and being forced to cash out. Its some serious propaganda stunts claiming that they come after you if you only pay what you cash out. Then you have people like this claiming you should pay.

Yeah you should pay taxes on what you cash out on. But the IRS needs to get more pushback on the idea it can terrorize you into paying more than you earned. That's beyond unfair its justified to defend yourself at that point.

Pushback on the IRS propaganda, they are powerless and if they try to come for you they risk putting you further into crypto than before.The war on drugs solved nothing, the war on crypto wont either.

Pay what you cash out only.

(use localbitcoin and get cash)

The punishment is that they'll fuck you until you're bankrupt and then put you in jail. Your life is over if you try to evade taxes and get caught. And the chance of getting caught is like 99.9%.

According to the new tax bill every trade is a taxable event apparently. The IRS shills aren't lying. T-thanks Trump MAGA

Its not enforceable. And in many cases it will result in people paying more than they earned.

Pay what you cash out. If they come for you then they are the ones who are wrong.

Trade only on exchanges that aren't based in the US. If you have to use Bittrex or whatever else there is that's based in the US, just buy and HODL.

...

W-why all you faggots started st-stuttering all of a s- sudden? Is this what the cool kids do?

Don't be paranoid. People are just correcting idiiots who parrot misinformation. There's no arguement. Just look up the rules.
>IRS needs to get more pushback on the idea it can terrorize you into paying more than you earned.
Not possible.
Look up barter trading IRS tax rules.

>has gf from country with low capital gain tax
Couldn’t I just cash out on her bank account and have her deal with the taxes? That should technically be legal right?

Just buy EGAS and hold it...13mil max supply and the price is sub $0.10 - at $1 it will only be 13mil market cap and even if it turns out to be a scamcoin thats still 10x returns.
Take a look@ coinmarketcap.com/currencies/ethgas/

>Is this what the cool kids do?
no, it's what weeaboo faggots do

Were you the faggot in the thread about taxes last night who was posting about muh IRS DATA MINING? 90% of the posters had absolutely no idea what they were talking about.

Not a single person on Veeky Forums has filled out an 8824 reporting their exchanges and had this approved by the IRS.

what if you cash out 35? do you have to calculate your tax from the whole 35k or only the 1k over?

yes
bitflur.com

if you cash out anything substantive your gf will take your money and cuck you
no legal recourse even if you have a contract written up because youre explicitly doing it to commit a felony
do you really trust your roastie with large sums? and if the sum isnt that large why would you go through that hassle to avoid paying a negligable fee?

I pay my taxes like a good goy!

I just so happen to gift my gains away when I get them. $14,000/year.

bitcoin atm

What country would that be and how do i apply for citizenship?

Local bitcoins, I cashed out 13k a few weeks ago. Btc to Monero or zpiv back to btc then localbitcoins if your worried about it.

I cashed out 500k and paid my taxes. Only 2.2% though
>switzerland

Back to with you, but thanks. Sounds like it’s legal then
>tfw too alpha to make my gf not submissive

You true mountain Jew

unless you are gifting the actual crypto, it's still taxable to you.

I’m fucking jelly of you swissfags. Everything about your country is superior to ours, except maybe that you’re landlocked but then again, you have Italy a train ride away and our beaches here are always cold

I'd gladly pay that, the my govnt wants 30% not gonna happen.

Guns cost a lot more there.

Are there any tax officials I can hire that would help me straight-up evade taxes, rather than just pay the minimum?

Atleast you can own guns far more easily than here. Here an AR-15 even cost more than $2200. I’m scandycuck btw

I heard that site is kinda scammy/risky.

Idk I plan on paying my taxes when i cash out within the next year or so. just to get it out the way.

>37%
>negligible fee
Hello IRS

Yeah, unfortunately we also have taxes on gifted money in Germany.

You think THAT'S BAD.

My piece of shitty commie government wants 52-57%, as buying crypto looking for profit is classified as speculation in regards to tax regulation.

Fuck, I hate my country sometimes

The current wording in the tax code is they can do what ever they want.

>Were you the faggot in the thread about taxes last night who was posting about muh IRS DATA MINING? 90% of the posters had absolutely no idea what they were talking about.

No, but I have been talking about this a lot. I am in the camp that this is mostly fud and that you cant expect to charge taxes until you cash out.

> get away with it

There’s no statute of limitations on tax evasion. You will be looking over your shoulder for the rest of your life.

How do I move to your god tier country when I live in the US? Do they speak English there?

Just sell on Payfair in 2 months. No one needs to be in your business. You sell directly to buyer.

Jesus christ, which country?

I'd unironically move away from my country if I' could cash out anything above 200k$ and would need to pay taxes like that

How are we even supposed to pay the taxes if all our money are in crypto? The IRS doesn’t take crypto, so are you telling me we’re going to have to cash out to fiat first? But that’s a taxable event, so that’d mean we’d have to pay taxes for that too, right? Sounds like double dipping.

which country user?

I live in Brazil and I bet i would have to pay something like this if I cash out any massive gains.

Fucking commies

That's why its bullshit. Or at least one of the many reasons its bullshit. It wont hold up in court. They want you to think you have to cash out so they can double tax you for the same thing.

Only pay on cash out. That is the only logical reasonable way this will work. Otherwise its an attack on crypto and it will just end up being a battle in courts. Courts that are filled with judges who still think the internet is comprised of tubes. They still think crypto isn't even really money.

When you've truly made it, come to a third-world crypto-friendly country (like the Philippines or Vietnam). Then, apply for residency. Very easy to cash-out without paying taxes, just open a local wallet and a local bank account.

In theory REQ will be able to let you cash out tax free. You can send yourself payment requests for USD and pay in crypto.

It'd look no different than getting a payment from PayPal. As long as you did it slowly and not a huge lump sum, you could get away with it. Plus it's not like getting a deposit from Coinbase or any other exchange where they're 100% reporting your gains to Uncle Sam.

Granted, this is only once Request Network gets fiat integrated later this year if they can deliver.

And Sell your crypto at their local exchange or something?
Or will they torture me to take my BTC for free and then kill me?

Then how would i go back to a non shithole country without getting tax evasion lawsuit or losing citizenship in original country

Sounds too good to be true.
All I know is if you get more than 10k fiat out at a time, you get reported.
34k a year tax free sounds livable, but I think the threshold is lower than that.

Go home tax man

Fuck off IRS

You guys aren't doing basic math. How is taxing x% on ten $100 sales different from taxing x% on one $1000 sale?

Additionally, these are the same rules that have been in place for foreign currency and stocks forever. You're just new to it.

You know what? I want to be able to cash out and pay my taxes on the stuff up front so I don't need to worry about an IRS audit or anything. That'd be fucking great.

After I cash out do I have to send a certain amount of money to the IRS?
How do you pay your taxes?
I thought coinbase cut taxes off your withdrawals on its own.

I cannot believe what is being typed. I feel like I must be being trolled. Have you never done taxes?

Go find an accountant to do your taxes. You're beyond help, and if you have gains you can surely suffer a paltry fee to have someone straighten this out for you.

With stocks and bartering the most common practice is you pay taxes when you cash out. Its no different with crypto.

basically, yes sell at the local exchange, just stay in high-income urban areas you'd be fine

Go ask daddy how to pay taxes. This isn't rocket science. Nothing special about crypto either. It's just treated like property.

just retire in said country, lower cost of living, treated like god, get brown asian cutie gfs

I gift it to my "friend"

what's the difference really? you still need to transfer them or get wired to your bank account, no?