Literally. You cant. Tell me Veeky Forums how to proceed. I want this nice car. It costs $15 000. Ok:
>I cashout 1 bitcoin for it and send $15000 to my bank account >Sheeeit now I have to pay taxes for cashing out the bitcoin. >Ok, I need to cash out an additional 0.3 BTC to get $4500 to pay my taxes. >Sheeeit I also need to tax 0.3 BTC cashing out, because its another taxable event. >Ok I will cash out another 0.1 BTC to pay the taxes on the last cashing out it. >Sheeeit I have to pay taxes on the 0.1 BTC. .. >ad infinitum
don't be retarded and factor in the taxes the first time you cash out
Faggot, you just don’t understand money or how to play the game. Also, if your end goal is to buy a $15,000 car, hahaha, you’re fucked no matter what you do.
take out enough money to buy the car and pay the tax u turd
You actually already needed to pay when you traded, not when you cashed out. As soon as you convert anything to anything you need to pay taxes. Yes, your gains are imaginary at the moment. Still need to pay.
That was just an example.
You cant. Literally it is impossible and it would defeat the whole purpose of BTC as it was stated in its Whitepaper by Satoshi Kamamoto back in 2008.
this, really not that hard OP also don't be doing this unless you already made it in crypto; like at least close to a million or already a couple million.
Withdraw $21,500. Spend $15k on the car and save the rest for taxes.
This user gets it. You have meme gains but pay real taxes on it.
You have to literally be a shithead to get into crypto. Literally its a tax highway to transport your wealth to big government.
You cash out $15000 in 2017. In 2018 you cash out $6000 to pay your 2017 taxes. In 2019 you cash out $2400 to pay your 2018 taxes. In 2020 you cash out $960 to pay your 2019 taxes. In 2021 you cash out $384 to pay your 2020 taxes. In 2022 you cash out $153.6 to pay your 2021 taxes. In 2023 you cash out $61.44 to pay your 2022 taxes. In 2024 you cash out $24.58 to pay your 2023 taxes. In 2025 you cash out $9.83 to pay your 2024 taxes. In 2026 you cash out $3.94 to pay your 2025 taxes. In 2027 you cash out $1.57 to pay your 2026 taxes. In 2028 you cash out $0.63 to pay your 2027 taxes. In 2029 you cash out $.25 to pay your 2028 taxes. In 2030 you cash out $.10 to pay your 2029 taxes. In 2031 you cash out $.04 to pay your 2030 taxes. In 2032 you cash out $.02 to pay your 2031 taxes.
Congratulations, user - in 2033 you'll cash out $.01 to pay your 2032 taxes and finally be free.
>I want this nice car >It costs $15 000
This is how poor people think. Or nogs.
user, why not invest that money? You're clearly not rich, why are you blowing it on a vehicle that you obviously can't really afford?
I'm fucking rich, and I ride the bus or bike *everywhere* -- I've got a small pickup truck that I keep for road trips and moving furniture around. It cost me 5000, and I almost never put gas in it.
Live within your fucking means
Oh shit how do we launch rockets into space? Add fuel! But fuel increases mass so you need more fuel!
THIS user gets it, I fucking hate it when bizlets say shit about how they want "fun money" but they don't even think about the fucking prices and what its going to do to the money they pull out when they spend it how they think they'll spend it.
I've always lived within my means, in fact I live below my means, on purpose, to save money.
>filling your gains before you cash out >literally taxing air I hope you arent retarded, irs cant audit your coins on an exchange without severely breaking nsa privacy laws
>Live within your fucking means Exactly.
I am rich. You are poor, as you stated: > I've got a small pickup truck that I keep for road trips and moving furniture around. It cost me 5000 Literally I would be ashamed to show up in front of my bros in some shitty $5000 car.
good advice but some of us like to indulge.
life is short. taking the bus sucks cock.
enjoy being buried with your bags?
im buying a nicer car, rolex, paying house off, and traveling my ass off.
im gifted at landscape photography. alaska, norway, iceland, ireland and spain.
try to live a little. do some mushrooms naked on a kayak.
This totally destroys OPs argument and for a second there I thought OP might have had a meta argument here.
>16 year old problems - the post
If you're ashamed of driving a working vehicle in good condition you're very insecure and I feel bad for you, user. To each his own, but I wouldn't want to feel bad about myself all the time because I didn't spend too much money on material possessions
>ashamed be happy to even have a car. you'd think if you had money you wouldn't give a shit about how you look around people. I certainly don't
You're an idiot. You cash out 21k pay whatever penalties for your tax bracket and that's it.
make money faget
Have fun when they ask you why you haven't payed your taxes last year. You probably think you're so smart, but in the end the government will fuck you in the ass so hard, you'll wish you just paid your fucking taxes.
the true reason we cant cash out:
we are addicted to meme internet tokens
anything under 20k cant be taxed
You can never leave your room op
To walk to your door, you have to walk half the distance to your door. Then you have to walk half the distance to your door again. Etc. In fact you can't ever move anywhere because you first have to move half the distance there.
>cash out >pay taxes after you cash out
Cashing out $15,000 winds up costing $46,600? Really?
What am I failing to grasp here? That's insane.
Bitflur.com You’re welcome
Exactly user. Crypto is a game, that you can only LOOSE and the govermnent can only WIN. You are literally giving away big chunks of your wealth away to the taxman. Look at the anons calculation. LOOK AT IT. And then tell me this isnt just a MEME CURRENCY.
Trade XLM for BTC. Owe IRS Don't have GDAX Now what?
I'm trying to wrap my head around paying 200% in taxes. Please God someone tell me I'm a retard and my calculation was wrong.
Let me tell you how it will be There's one for you, nineteen for me 'Cause I'm the taxman, yeah, I'm the taxman Should five per cent appear too small Be thankful I don't take it all 'Cause I'm the taxman, yeah I'm the taxman If you drive a car, I'll tax the street, If you try to sit, I'll tax your seat. If you get too cold I'll tax the heat, If you take a walk, I'll tax your feet. Don't ask me what I want it for If you don't want to pay some more 'Cause I'm the taxman, yeah, I'm the taxman Now my advice for those who die Declare the pennies on your eyes 'Cause I'm the taxman, yeah, I'm the taxman And you're working for no one but me.
I asked my tax consultant and he came up with same fucking number. 200 % taxes.
I am not touching crypto again. Otherwise I will have to take out payday loans just to cash out and pay more in taxes than i will cash out.
Naw, I was being a retard because I'm sleepy. Just always cash out 1.66x the amount you want, stick 40% in a savings account and you're fine.
You pay taxes on the gains, you fucking brainlet, not the amount you cash out.
if you have 1 year of investment time. Cash out 17250 pat the 15% tax on it 2,250 and have 15k.
Its realized gains when you cash it out moron.
>I'm fucking rich Sure thing mr. poor retard
Learn how taxes work
you can get car dealerships that will accept bitcoin
peter saddington bought his lambo with bitcoin
it is taxable but how they gonna run that down just pay capital gains or find smoebody on the street that will sell u used car for bitcoin
hwo did you make 1.5 mil when u so dumb
>use BTC to buy gold directly >sell the gold
Are you achilles? Go mine some turtlecoin wtf
you fucking pajeets if he cashed out $20000 for the car he will get a sum of money minus fees that he can then buy the car with and also pay off the taxes and the whole thing is done.
Literally doing the IRS' work for them
You do realize their enforcement strategy is 95% fear and intimidation, 5% making examples out of the small fraction of people that don't pay or make minor mistakes
If the fear part fails and people stop giving a shit do you really think they have the resources to track down the hundreds of thousands of people that only ever paid their taxes because they were afraid?
Do us all a favor and stop helping them fuck us all over
You don't need a nice car, you fucking nigger, quit trying to be fucking nigger-rich. And if you plan on cashing out and paying taxes, just plan on making twice what you plan on making so you can pay those taxes. Solid plan. Now get hustling.
Did you take a fucking second to take a look at the new laws? The moment you trade a cryptocurrency, you have to pay taxes. The moment you trade your fucking BTC for LINK you have to pay taxes on the difference in USD from when you bought BTC to where you traded it for LINK. And this is true for every fucking trade. And your fucking money is in fucking crypto, but you have to pay the taxes with real fucking money. You 100% DON'T just pay when you cash out. You pay on your fucking gains on your fucking alt trades, because at that point they are realized, as far as the fucking government is concerned you fucking fuck. Enjoy your fucking tax fraud charges and stay poor.
I'm not even from the US. I'm just trying to get this shit into your head, so you don't go to jail after you cash out. I can't believe how you guys seriously think they won't fuck you over and ruin your life.
So that's what you're planning to do then huh? Sounds like a shit plan to me.
just take a loan to pay the taxes and then take another loan to pay that loan and then take another loan to pay that loan
how dare they tax your hard earned bitcoin
>trades on ignorantly
Income tax, for most states.
stay poor pajeet
Holy shit man, i thought you were legit mentally handicaped. Glad you figured it out.
HOW RETARDED IS EVERYONE HERE:
>make 3m in bitcoin >cash out, withdraw it all >pay it as income tax >get taxed 1.3m >have 1.7m left after tax
jesus its not hard, just fucking accept youre gonna have to pay tax you virgins
>crypto trading >can't into basic math
I thought these were meme posts, but I guess not. The only thing these new tax laws are costing you is more time, not money. If all things but the tax laws remain the same and you find yourself paying more taxes this year, it's because you're either a retard that doesn't understand how taxes work in America or you've been committing tax fraud in the past years and seemingly gotten away with it.
It's taxes all the way down
No, you just pay taxes on the initial 15k. Walk away with like 10, if you're lucky.
You'd have to completely open yourself up to that. They don't have the man power or level of care to track your every move on an exchange. Give them one transaction, from the exchange to coinbase, and pay the tax on it.
It's the Aristotelian paradox. You can't ever get anywhere because you have to move halfway there before you get there. An arrow in flight is always stopped because as dt approaches zero, speed approaches zero. Etc Tldr it's bait
Actual fucking retard doesn't know how taxes work. File your taxes at year end and just KEEP YOUR FUCKING RECORDS.
Fucking retard never googled "how to do my taxes"
can i have your autograph
>It is literally impossible.
>It is literally impossible to cash out more than the price of whatever you are buying
Just cash out and flee the country. Move to Canada or Europe or something.
Ok stupid. I've been in for one month. I put 3k USD in. I'm at 8.5k now. If I cashed out everything I would pay taxes on my 5.5k profits. I still end up with 4k profits. Easiest money I've ever made.
I'm starting to think there are a lot of retarded kids on here who are either in high school or live with parents and don't do their own taxes.
The US was essentially founded on "no taxation without representation" - is there anyone in the House or Senate who represents our interests? The judiciary? Your local town council? Will the state government lift a finger if some gook runs off with your shitcoins? The federal government?
so you don't have to pay any taxes until you exchange your crypto for fiat?
I thought the exchanges pay tax, like they take the tax out each time you trade?
Cashed out 225k, 12k in accounting and lawyer fees. 42k taxes, overpaid just in case
So for almost no work, memes in my undies and some sleepless nights. $171k isd free and clear.
Get it in some way without paying taxes. Maybe the previous owner is looking to sell it in order to get crypto.
As long as ur car is not too luxurious, authorities will not notice or care. I would, in fact get out something cheaper if I wanted to avoid taxes.
Maybe get a motorcycle instead. It's more fun, and if you get a used model with 50k miles on it, you can get something decent for 1000$.
Livee in luxury paytaxes. Be frugal no taxes, no job, and have total security. The choice is a simple one.
>Will the state government lift a finger if some gook runs off with your shitcoins this isn't taxation without representation that's you being dumb
You don't owe taxes when you "cash out" from the exchange. You owe taxes everytime you sell your crypto, regardless of whether or not you leave the cash in the exchange.
>intend to file taxes like a good goy >go to grab my trade history from Bittrex >only past 10 days Welp
>>get taxed 1.3m What the fuck, is this for real?
...and every leftist wants to RAISE taxes. Yep.
IT'S IMPOSSIBLE TO RUN A MILE GUYS >i run half a mile, nice only half left >I run half of the remaining distance, almost there >run half of what's left, only 1/8th of a mile left >run half of that, 1/16th left >1/32 >1/64 >1/124 >realize there will always be half of the distance remaining remaining >realize I shouldnt have been able to move at all >stuck running the first mule forever but also unable to move >tfw
Genius post. All these faggots taking everything at face value. gj nubiz.
Dumb Ameriblubbers fell for the crypto meme lmoa
did you guys fail algebra?
>nice car >15k
It's worse than that, user. I passed Calc 2. The US education system isn't what it used to be (it used to be white.)
Wrong. Are you an accountant or tax professional? You only have to pay taxes when you cash out into USD based on your gain (same as with stocks). This is according to an actual tax preparer.
Holy fucking shit it feels so fucking good to be Canadian
We have extremely simply capital gains tax laws.
I can easily cash out $500000 a day with quarries and I only pay like 17% tax or whatever. Easy
Incorrect. Each transaction is a taxable event.
Man that's insane. I was already mad being taxed 25% in my country
If you pay when you cash out the amount you cashed out you are good. They will ask you where it came from though. That's when you print out 10000 transactions on paper and ship the boxes to their office.
I bet you have a jigaboo in a statue of liberty costume outside your office at the strip mall spinning a sign about your “tax services” and “se hablas espanol”. See
Solution: Don't live in a third world shithole and instead live in a developed country with sensible cryptocurrency tax laws.
>Looks guys, I can reply to everyone in this thread! Give me (You)'s please!