/biz/ - Business & Finance

yes

>>17261751
haha..

>>17261745
you are FUCKED

>>17261745
>*IRS teleports behind you*
>heh nothing personnel kiddo...
>*takes all your belongings*

>>17261745
>Money in = 20k
>Money out = 40k
Pay tax on 20k profit. Thats it, unless you're from some backwards shithole.

>>17261843
>backwards shithole

like the USA?

>>17261843
I'm from so backwards shithole and I pay taxes on my profits. The worst of both worlds.

>>17261843
>Not knowing that the US government hates you

That being said if you essentially never sell you're actually coming out ahead. My LINKs have never even been sold once except for some wallet transfers.

>>17261745
You live in the one of the least free financial countries in the world, pay now, or you wont be able to leave when they take you passport away.

>>17261897
I've been trading since 2017 and don't even have access to many of the exchanges I've used...

>>17261918
Your best bet is either: take the high risk route and only pay taxes on your total finally crypto payout, or just report as many of the smaller trades as you can to fudge it. The IRS will be less likely to fuck with you if they think you're reporting most of it. Just don't start buying McLarens until you're out of the country. Keep in mind though long term if you leave the country to avoid taxes the IRS will attempt to track you down so pick a country that isn't totally under NATO's thumb then wait a year and renounce your citizenship and cash out.
The IRS' job is to keep the already insanely poor goyim treading water but never becoming truly free from their situation. That privilege is for Chosen only. BUT long term holding still gives you less taxes when you go to cash out. There is a real financial incentive to DR;NS.

Nah dude that was just a meme. U good

>>17262031
I should outline my entire situation.

I have dual citizenship and currently live and work outside the US. However because of US citizenship I still have to report and pay tax to the IRS. However any KYC to exchanges I have made sure to use my secondary (not US) passport. I never even KYC to Coinbase and never purchased crypto through Coinbase. As far as the IRS knows, I have NEVER purchased Bitcoin in my life as a citizen of the United States; as I understand it they only have been requesting trading history from exchanges from persons who KYC as American citizens.

The problem is, where I live there is no viable off-ramp for crypto-to-fiat.

Best case scenario I can see is to wait for my crypto to moon, denounce my US citizenship and seek residency somewhere without any tax on crypto. Does this seem viable?

>>17261745
I haven't laughed this much in years. Thanks anon

>>17261860
Based

>>17261889
Wallet transfers are now taxable transactions.

t. schlomo goldstein (D)

>>17261745
what if my profits/gains decreased in value by like /10, or if I lost much after winning much, do I owe more than what I have now?
dude

Yes, but in most cases you have losses until you cash out, so it doesn't really hurt you. For example:

>buy $50 of ETH using fiat, (-$50 ETH gains)
>ETH increases in value, my stack is now worth $100
>trade $100 of ETH for $100 of PNK ($50 gains for ETH, -$100 gains for PNK)
>total taxable gains of -$50

The moment you cash out your PNK for $100, now your gains are $50 and you owe money. Until then, you're at a loss.

I have nothing but yearly losses (about $13k total), are they really going to pay me for my gambling addiction if I report everything?

>>17263594
you can only claim up to ($3000) on your schedule D

>>17261745
>laughs in monero
crypto? what crypto?

>>17262149
you're gambling on the way that the IRS collects information. guaranteed countries share information with each other.
also if you're doing it right, long term capital gains is only 10% tax. is 10% worth never being ever to step foot in an american airport again?

>>17263788
>long term capital gains is only 10% tax

yeah assuming that is the only tax I am expected to pay, sure. But put on top of it fees and penalties for not declaring every crypto trade?

>>17263809
think of it this way. the IRS only cares that you pay *close* to the correct amount. If they think you actually owe $1000 more on your $1,000,000 paid in taxes... you know what happens?
They just send you a letter saying "we made a correction, do you accept this or have proof otherwise"?
they're not going to have one of their $56,000 agents hound you down for months over pennies you missed in your calculation. but if they think you missed $100k in taxes yeah they're going to come after you

>>17263845
It makes sense, and surely I won't be the only one in this predicament assuming a coming bull market. Thanks anon.

>>17263788
>10% long term capital tax
In the USA (only country that matters) it's either 15 or 20%

>>17263788
>is 10% worth never being ever to step foot in an american airport again?

You the United States of Mexico by 2050? Sure why not.

>>17261918
Like the IRS will care, its your job to keep track of transactions.
>>17262149
>who KYC as American citizens.
The IRS can & will figure it out, i'm in the UK & a friend got his bank account raided. He was born there & is a citizen.

Where you born in America? If so, they know. the financial institution has told them probably. look up FATCA. Why haven't you renounced yet? Its legit the worst passport in the world. One I can proudly say I turned down.
>Does this seem viable?
Yep, but to renounce they'll want to tax you up to that point, so if you have any unpaid taxes, when you renounce, they'll want them.

>>17262149
If you live outside the USA you don't have to pay tax.

>>17263890
>Where you born in America

no, I only got citizenship at like 11 or 12y/o

I don't even have a US bank account.

>>17263910
As a citizen, yes you do.

>>17263878
oh damn for some reason i thought it was 10%.
it's 15% from $40k up to $450,000 then 20% above that

do i still have to pay taxes if i live below the poverty line?

i only cashed 5 dollars to see if coinbase would actually withdraw into my account

do i have to pay taxes on that 5 dollars?

>>17261745

F

>>17263929
Not as a dual citizen if you pay tax in your country of residence and citizenship.

>>17264067
https://www.irs.gov/individuals/international-taxpayers/taxpayers-living-abroad

>If you are a U.S. citizen or resident alien, the rules for filing income, estate, and gift tax returns and paying estimated tax are generally the same whether you are in the United States or abroad. Your worldwide income is subject to U.S. income tax, regardless of where you reside.

capital gains tax should be 0 if you make below 10k

>>17264119
All taxes should be 0 if your networth is blow 1M. Is that left or right wing?

>>17263910

Yes you still do, what the fuck are you talking about? The U.S. is one of the few countries that actually forces you to still pay taxes towards it's bullshit even if you work and live abroad.

Italy however, does not tax you if you work abroad. Can't wait to get my dual citizenship then renounce my U.S. citizenship. the fucking Jews run everything here. Bourgeoisie have effectively got this country by the balls, you literally can't make it here anymore without lying or cheating in some way, shape or form.

>>17264173
So if I quit my job at the end of 2020 and sold my link in 2021 then I'd pay no federal tax?

>>17264101
Why are you arguing with me using something unrelated to the subject matter? Look up tax law for dual citizen living in secondary country.

Typical individuals pay whatever tax is cheaper.

You aren't on the hook to the USA just because your parents got you dual citizenship when you were a child. We are not at that level of clown world yet.

>>17261745
>additional penalties and interest

>>17264260
My foreign earned income tax exclusion for 2019 was up to $109,000 of my income that was not taxed. My state tax was zero as well because if I don't live there the majority of the time I am considered non-resident.

>>17261745
>pay taxes
Why would you ever think about doing something like that?

>>17264307
So can you translate this in relation to my OP regarding crypto investment?

>>17264378
Maintaining a security clearance is a good reason. The thing you need to be involved with any of the fun stuff.

>>17264367

I think you're just not paying your taxes bud. Pretty sure the IRS is gonna come find you eventually. Your claim does not sound right.

>>17261745
Only if you live in a faux-free shithole like America

>>17264398
No I won't translate it. I will strongly advise you to seek out a tax professional in your country of residence and explain your situation.

>>17264415
Foreign earned income tax exclusion is a thing. So are states without foreign earned income tax or conditional no taxation.

Enlightenment is a simple search away. Or you can just shitpost some more.

>>17263731
32k standard deduction tho

>>17261860
my city is overrun by homeless, run by corrupt black politicians and sjws, and the state wants my money? FUCK THAT
I am leaving this country and taking my linkies with me. I blame the american people for being so stupid that they don’t scrutinize their leaders, and instead do the opposite. All the bernie/hillary/trump/etc dick sucking is why we never get good leaders, all the american people care about is hearing nice things and feeling like they are winning (while jews give their money to blacks who breed and commit crime).

>>17264221
matters. what do you think the 1M+ should pay, if it's high then left, low then it still depends

>>17261745
Enjoy that 1099 OP.

>>17264485
Amen

>>17264485
The way you feel about niggers and homeless is the way jews feel about whatever goyim mutt mix you are. Things will never change until the Jewish question is asked and answered.

>>17264456

I don't feel like it right now. Going to do it later. But I'm inclined to believe you might be right. I'll find out after work.

Do you work for the government? You sure it isn't just a government exclusion?

Well I got to say. It's fucking based that zoomers are getting red pilled on our evil government. I saw it coming but it's a nice development.

>>17261745
My plan is to calculate my deposits, create an adjusted cost base for my holdings, cash out and pay the difference between my withdrawal and ACB. If the govment wants to sift through all the transactions they can.

IM NEVER BUYING YOUR PREMINED SHITTOKEN
YOU HEAR ME NEVER
I AM SICK OF IT. EVEN WITH THE FILTERS I AM SO FUCKING SICK OF SEEING PAJEETS CHILLING THIS COIN
BRING OLD /BIZ/ BACK