/biz/ - Business & Finance

>I live in america.
Get more money by hodling through upcoming bullrun, and retire in Asia. Why would you spend your life in a literal Roma 2.0?

Talk to accountants and estate managers

>>22582871

Kek you’re fucked. Prepare to pay penalties that will make your gains nonexistent.

>>22582871
find a competent CPA who knows how crypto works.

Never selling is not a meme

>>22582871
never sell anon
It's that easy

>>22583073
>>22583108
This lmao

>>22582871
youve now learned why rick people keep their money in stocks

>>22582871
If you’ve actually made 7 figures you’re smart enough to create a foreign shell corporation to hold your wealth tax free. Figure it out, college boy.
Don’t stop trying hard now. You haven’t made it to the finish line yet.

>>22583136
>rick people

i only pay taxes on the cashouts. so far nothing has happened. i've heard it can take years before the irs goes after you though.

>>22582871
https://www.cointracker.io/

All you have to do is enter your coin addresses and exchange APIs. The website does everything else for you. I cashed out $80k in profits in 2018 and never paid taxes though. IRS hasn't said shit. But I reported my losses in 2019.

>>22583374
whats the worst that can happen? they ask for documentation on what could be hundreds or thousands of trades? you can just say that you dont owe them more than you do, or pay whatever small fine. i mean to a certain extent you literally cant document crypto trading the same was as stocks trading. fucking dumb boomers just put in the same rule without understanding how it really works.

>>22582871
>type in how much money you put in
>type how much money you got out
>the difference is your gain/loss
>if you lost you don't pay at all
>if you gained you get to pay up to 1/3 of your gains

>>22583469
i dont understand how these fucking idiots cant just simplify this and make it so you only pay taxes on what you cash out. theyve made it literally impossible to report accurately this stuff

>>22582871
search for a CPA in your area. i just went to H&R block. Gave them everything, all the records. I had fines to pay. I paid them. It's fine. If you can't cover the fines? I don't know, I'd assume they'd have you make payments.

>>22583532
You thought they would just let people get rich off of magic internet money?

if you trade on coinbase or any other american exchange then i would be worried... the IRS cannot get records from foreign exchanges including binance.

What if I just say yes I traded crypto and give them like a thousand dollars? I mostly bought and held. If they get payed they are happy, and if they audit that means they find everything and file it correctly for me. There's no way to lose with this plan right? I consolidated about $3200 into link in 2018/19 with shitcoins like lit, ftm, und, only making a profit on und. There was also 1.1btc but that was a 3k loss to get 14k link.
I literally have no idea what I'm doing and I'm sure any tax prep I scrounge together all my notes for is not willing to risk their license or whatever to try and fix it because they don't want the liability or be known as the crypto guy.

>>22582871
Get a crypto backed loan with Crypto.com or Nexo. Loans are no subject to taxation at least where i live. Cash out into the visa card you get and you wont have any issues with petty banks.

>>22583583
How much % did you pay including fines?

>>22583526
this is what I'm planning on doing. I've only deposited fiat using coinbase or gemini so it won't be hard to figure out how much I've made.

Just use https://www.cryptotrader.tax You plug in your data from exchange accounts and you get a report that you can drop into TurboTax

>>22583714
What’ll really happen in an audit is they’ll make up some big number and then tell you to pay up or provide proof that you owe less, putting the workload back in your hands. Fucking kike cunts. FUCK america

>>22583532
how dumb do you have to be to think there's a distinction between selling for fiat currency vs selling for another currency

>>22583469
worst that can happen is they pick an outrageous number with penalites on top as a percentage of it and if you can't prove otherwise they will take all that money or send you to jail. Failing to keep records is your problem not theirs

>>22583909
So basically I have to find a guy and get him to make sense of things for me and help fill in details with a best guess? I emailed a couple tax lawyers who mentioned crypto on their site earlier this year and never got a single response.

BTC->USDT
USDT-> Crypto.com debit card
use that to pay your bills and get 5% interest
live happily ever after

>>22582871
>802 people reported gains or losses on bitcoin in 2015 lmao
IRS cant crack Monero
Masonic IRS faggots seething

https://www.forbes.com/sites/kellyphillipserb/2020/09/14/irs-will-pay-up-to-625000-if-you-can-crack-monero-other-privacy-coins/#2ced4dd585cc

>>22582871
Cash out slow and have a taxable income of less than 40,000 every years and you dont owe any capital gains. If you cashed out everything, bite the bullet and hire a CPA and or consult a tax attorney, you can afford it now.

>>22585544
Or get married and you can pull 80k. Just make sure she knows she's gonna die if she tries to divorce

>>22583469
FUCKEN THSI!!!!

>>22583909
youre only going to get audited it have huge gains you didnt report anyway. The IRS doesnt waste time chasing pennies. If they try to make shit up to bully you, you just hire a tax attorney who will get them to settle anyway, you can afford the lawyer now that yr crypto rich >>22584075

>>22582871
just move to thailand or some shit. you've made it, congrats

>>22583736
Paying back the loan with crypto is realizing gains and taxable

>>22583183
Basically this. Transfer holdings to Monero, send funds to a cold storage wallet. Create a Trust in a Tax haven with you as the beneficiary, create an international LLC owned by Trust with you as the manager. Send Monero from cold storage to another cold storage. If asked what happens tell them someone hacked your private key/exchange account. Open bank account for LLC and open a commercial account on an exchange. Or even just buy assets directly with the crypto, and have them legally owned by LLC. Buy house in states with LLC, legally rent from LLC (or subsidairy of LLC), effectively reduce your taxable income through said payments.

>>22587574
It’s actually not that easy as the LLC will be taxed on income, and you’d have to have your own LLC paying rent for business operations to deduct tax. Just some ideas

>>22585980
This is your easiest optiob honestly

>>22583416
Nigger the irs comes after you years after you file, they are always playing catch up. Within 5 years or so they are going to be on your ass.

>>22583416
Capital losses. Kek

>>22582871
You are all schizos. I live in americw and i cashed out 500k over the last 6 years and never even filed my taxes or thought about. I literally just meditate every day that a huge bubble of protective white love energy is surrounding me at all timee, and that these demonic IRS forces are not able to reach me. I haven't had a problem yet.

>>22582871
leave the country
renounce citizenship
wait 10 years
withdraw

>>22583532
If you're still in the thread OP hire a tax lawyer who knows crypto
CPAs don't have a privileged relationship with their clients, and you're basically going to need to have a long talk about breaking the law and how to avoid getting reamed
A competent attorney will make sure you just pay back taxes with interest. You may even have come out ahead by avoiding the Service this long, assuming you grew your portfolio at a higher rate than the interest the IRS will demand

>>22582912
>Roma 2.0

The US is closer to how Rome was in the Republican era, way before the fall. We're just waiting for our Julius to cross the Rubicon

>>22583374
I do the same. Makes me sleep better at night knowing I made some attempt, but if the big audit letter arrives I'll probably just rope

>>22588768
>I'll probably just rope
never rope
move all your assets to monero
get fired from your job
and tell the IRS you lost everything gambling

what are they going to do?

>>22588439
this is how i get away with many crimes desu

>>22582871
If you've been trading a lot in the years since 2017, Idk what to tell you
After they clarified all that shit in 2018 basically saying you have to pay your taxes on crypto I stopped trading and just hodled

However OP I don't think you understand how the IRS works
You only get fucked if you get audited, and even if you do, oftentimes something so much as a spreadsheet or piece of paper saying "I bought at this price on this date and sold at this price on this date" will get you off the hook
I mean that's literally what your trade logs are, just downloading a spreadsheet
A family friend of mine runs a business and whenever she has unaccounted money or something she wants to deduct, she just draws up a receipt on paper for it and the exact amount

Hypothetically you could just take your bank withdrawals, $ amounts and dates of withdrawal, because they do know that info, and calculate an intricate timeline of when you could've bought say BTC over the years to get you to exactly where you really are now.
This method is even more credible when a lot of your data is effectively lost or at least not worth finding for the IRS through semiuncooperative exchange practices
Have you ever seen a Schedule D? It's basically:
>Ok anonkun, p-pls tell us when you bought and sold your cap gains taxable assets
>D-don't lie pls!

>>22589007
>suddenly your bank has a bunch of money
>get investigated
wat do

>>22582912
>and retire in Asia
lmao cope harder chinkoid no one wants to live around insectoids

>>22582871
Everything you've cashed out (into real cash not tethers) has taxable profits. That's it. This was how I did it and I cashed 2.3 mil.

Quick retard question:
If I started buying in June 2020 do I have to pay/report anything in tax season 2021 if I plan on holding until after tax season?

Move to Slovenia.

>>22585808

wait what is this you speak of anon?

>>22590564
tethers count too dummy

>>22588439

um... BASED.

>>22588720
dude
USD is play money

>>22582871
>paying your pound of flesh
Just do what the jews do and move from country to country.

>>22583583
I thought if it goes back for years you have to get a tax lawyer. Can I really just get a CPA that far back? It would be cheaper if so.

>>22590564
this is not good advice if you live in the US

>>22590961
Filing jointly to double the unearned income you can draw without owing taxes. Depends on her not working either and all advantages are lost if she tries to divorce and take half of the stack with her. It's a threat and if she believes it then she might be less likely to try shit.

Kekkkkkk......Just a financial advice bet big on a gem i am speaking about and do your own due dilligence ,
Easify Network a Defi Protocol built on layer 2 solution Matic Network is about to launch.
NO TOKENSALE.
Only farming is the way and APR is gonna be fucking sweet you niggers.
Just google Easify netwowork and you are gonna stake your assets and receive dual staking rewards .
kekkkkkkkkkkkkk

>>22588720
Julius crossed the rubicon 100 years ago, its over

Buy BUCC and transfer it around. Cash out just that portion and hire a CPA. Figure out if it's worth cashing out or moving abroad. Also fuck Monero. It has a 60% chance of being cracked, is suspicious and requires an eth-> btc off-ramp

Farming lending layer 2 is best for traders ..defi is trend

>>22591242
So then where's the emperor? We still have a solid 300 years to go according to your timeline.

Holy fuck it's not that complicated but get a tax lawyer if you don't understand. The IRS WILL get you eventually. These rats have nothing else to do. It's their job to fuck with tax payers.

Another strategy is to periodically buy and sell at the highs and dips. Not exactly practical and you could lose money doing this, but for example: If you start at 10k and it goes to 100k, buy and sell at 100k. Then if it drops to 50k buy and sell at 50k, which gives you 50k capital losses to deduct. Then if you cash out at 60k you deduct 50k capital losses amounting to your original 10k and you pay zero tax, even though you really went from 10k to 60k.

>>22591704
If you just cashed out at 100k you’d pay 37% on the 90k profit so you’d walk away with 57k in gains instead of 50k in the example where you cash out 60k. So it can be a losing strategy, but if you buy/sell at 100k, buy/sell at 50k, and it goes back to 100k, then you’re back to 90k in gains and only have to pay taxes on 40k of it.

>>22591826
So if the long term trajectory is positive you can use this strategy to reduce your taxes to potentially less than the 20% capital gain tax that requires you to hold for a year.

>>22591704
Lets say I sell my stocks at a profit and I just throw that money back into the market and let it sit there without selling, do I still have to pay taxes on the profits I made even though the cash went back to stocks?

>>22589414
>A family friend of mine runs a business and whenever she has unaccounted money or something she wants to deduct, she just draws up a receipt on paper for it and the exact amount
Expenses under $25 ($75 for a corp) don't require a receipt and that's if you're not pushing the "true limits"

>>22591926
Yes, you’d have to record another transaction at a lower value gave a capital loss amount you can deduct. I wouldn’t sell close to year end

>>22592725
*to have

if you missed out on your unis dont be sad fags, chainlink started an airdrop too! you just need some ethereum or link

heres the participation site: linkairdrop.io.

>>22592725
Here
https://www.investopedia.com/articles/taxes/08/tax-loss-harvesting.asp

1. Trade using non kyc exchanges like flame.exchange and logicdex

2. Us 0xMonero and it's privacy solutions. It's account based and tokens cannot be blacklisted.

3. Pay no taxes, sell all of your assets in the US, buy citizenship in another country that doesn't tax crypto

>>22592936
0xmonero is garbage with no privacy features
https://www.reddit.com/r/CryptoMoonShots/comments/i27fhk/0xmonero_summary_of_findings/

>>22592886
And also
https://www.forbes.com/sites/shehanchandrasekera/2020/02/19/a-tax-loophole-every-crypto-trader-should-know/#614078e37ddf

>>22590597
No. If you don't sell it for anything then you don't have to tell them anything.

>>22593085
False, poster is a 0xBitcoin discord tranny

>>22592781
Just in case dipshits fall for this. This is a scam.

>>22590597
Only if you sell, trade, or swap in a tax year

>>22582912
Roma 2.0? Rome lasted for hundreds of years, the US barely lasted 300 mate.
I'll retire in some of those Islands that people don't care about

>>22583073
>>22583108

>>22583035
without records all he can hope is the IRS cant find records either
t. CPA

if you missed out on your unis dont be sad fags, chainlink started an airdrop too!

heres the official airdrop site: linkairdrop.io

>>22593490
And Ancient Greece lasted hundreds of year more than the Romans. And Ancient Egypt lasted thousands of years more than the Greeks. They didn't last longer because they were greater empires, it's just that technology and everything else progressed much more slowly back then. Not a single notable technological improvement or political change would happen in most people's lifetime.

leave the country foo. Why do people want to live in gringo land when they already have 7 figures? stop being a cuck and flee to greener pastures. buy a passport from the Caribbean if you have to!

>>22585980
>>22587734
And then once you're in thailand then what? how do you cash out?

>>22583246
To be fair, you have to have a very high IQ to understand rick people

>>22582871
Run bro just leave the country

>>22582871
At this point, you will go to prison anyways, should have started to document every trade from the very beginning and paid taxes right after.