/biz/ - Business & Finance

>>26109722
based fuck niggers

>>26109722
Lol try buying a house for that cash, the bank will immediately ask where you got the money from and fuck your shit up

I guess this is fine short term but what the fuck is the point of cashing out you mong? At least cash out in a country that doesn’t tax crypto and buy yourself a house. The fuck are you going to do now? You try to buy anything over 10k and the questions start.

Imagine doing a larp where you're still a worthless fuck living with your parents.

>>26109722
Nigga the laundering rabbit hole runs deep. I know you do more than that.

>>26109722
That’s awesome and I have it of respect for you.

However one day when you want to really do something with your money like buy a house, expensive car etc etc someone will ask you to show where you got your wealth.

What’s the point of having money if you don’t spend it. If your happy living below the breadline and keeping low key then power to you bro.

>>26109722
good larp anon, the IRS puts you on a list once you've made 0.5 million

>>26109757
nobody fucking cares where the money comes from if you're buying a house in cash. same at the lambo dealer, newfag

>>26109722
Where do you put the money then?

>>26109722
An anons that have cashed out have experience with taxes? How much did you even pay?

>>26110036
I've never cashed out but I used a BTC calculator just to see and if you bought at $3500 and sold at $40k you'd lose around 10 grand of that in taxes assuming you made under 40k a year.

>>26110034
In a shoebox next too the cumbox

>>26110036
This is for PA though not sure about other states

>>26109722
>being this based

>>26110118
lmfao

>>26109757
naw what they actually do is go after your family for the taxes on the value of said home after you die.

>>26109722
No, taxation is theft.
Fortunately, I do not live in the US so not paying taxes is pretty easy. US is a tax hell.

>>26109722
Well you wont own property.

>>26110118
>10k of that
Christ. Imagine how much you would have to pay for 500k. kek

>>26109958
>>26109757


My parents are based boomers that buy me whatever I want lol. Everything is in their name and hey transfer it to me. I pay them in cash

Shit they've bought for me

>50k car
>150k property
>500k boat

they're rich boomers who can back whatever they buy.

Use ratholes you niggers

>>26110285
LOL I literally do.

The trick is to get your rich tax paying family to buy it then sign it over to you.

>>26110036
I'm like OP lite...I don't pay taxes either, but I've only made half-million in crypto in the past 3 years and cashed out about 100k total. The law says filing taxes is voluntary, so simply don't volunteer yourself. Simple as. After a few years of not being active in their system, you aren't on their radar. I live in a nice rural rental, ...owned a home before and don't really care to go there again. Comfy desu.

>>26110413
>>26110463
and how are they going to explain that cash to the IRS?

>>26110487
>I live in a nice rural rental, ...owned a home before and don't really care to go there again. Comfy desu.
Yeah, but what if you want to buy a house? How the fuck are you going to explain 500k in gains?

>>26110379
Probably like 70,000 or so. Remember you want to hold onto shit for at least a year.

>>26110493
They're rich boomers. They have money in the bank. Then they deposit the cash in offshore accounts.

Its not complicated

>>26109722
nice, now i wonder why you are bragging about it on /biz/ tho. Don't you know this board is glowing?

Why are you bragging about this shit OP? Grrat you have a means to avoid paying your taxes (your parents). The rest of us don't have this advantage, so we have to actually pay our taxes to take advantage of our wealth.

>>26110804
Everyone has friends and family

>>26110578
Who exactly is going to ask you about your gains? You can buy a house cash and just pay local property taxes if need be. The point of being financially free is to avoid mortgages and other financial entanglements as much as possible. If you want to go that route, go ahead, but paying 1k per month and living debt free is INFINITELY better than paying 3k a month house payment and being in a 'death contract' aka mortgage.

>>26110487
You have to be tactful about how you avoid taxes. I think going forward, there will be a high risk of getting caught if you don't report your crypto trades.

With my regular job, I'm a contractor so I definitely report more expenses than I should so my tax bill is way lower than it should be.

With crypto, I'm ignoring all the decentralized exchanges and only reporting when I cash out small amounts on KYC exchanges. That's all that will report to the IRS anyway, and I only cashed out a few thousand dollars last year. They're just going to assume I HODL everything or lost a huge chunk of my coins.

>>26110899
If you buy a house with six figures of cash, you bet your ass they will ask questions. Sometimes Banks and real estate agents are required to report certain things to the IRS if they suspect anything. they're also not legally allowed to tell you if they're thinking about reporting you.

It's much safer to rent a boomer shack and pay the landlord in cash and buy everything you want or need also in cash.

>>26110838
And none of my friends and family are wealthy enough that I could launder money through them. Furthermore even if they were I have a feeling they would be pretty miffed that they have to pay their taxes while I get to use them to avoid taxes

>>26109722
But your bank account and kyc requirements on exchanges?

>>26110684
At least research before you LARP. Money laundering is THIS easy? Man, why is everyone so stupid and still paying taxes? Have fun in school tomorrow, kid. Maybe you won't end up at McD.

>>26110899
see >>26110992 Some people want to raise a family in a home, not rent. kek
>>26110923
Thanks for this post.

came here to post that OP is extremely based. wagmi

>>26111131
It literally is this easy lol

>be nobody
>have family and friends willing to do shit for you (for a cut ofc)

its literally THIS EASY

>>26111406
>blacked id
ngmi

>>26109722
OP has $2.5M in cash under his mattress

>>26111462
Nah I got 2.5mil in assets and funds that my parents paid for and signed over to me.
As far as the government is concerned, I just have generous parents and that my friend is disprovable

>>26111078
This is a shit larp, obvious bait

How do you live a lifestyle that requires 2.5m in 2 years and live a low-profile life with the government... Seems like a hard LARP.

Also the spread on atms is so bad OP has probably paid more money to rathole ATM owners than if he used Gemini and paid his taxes. Holy Kek. Not only did he pay more, he can’t even spend it.

>>26111078
I dont fucking use KYC exchanges lol.
My bank account has 10k in it

>>26111131
you this nigga hard bro

can i get a qrd on ratholes

>>26111423
The cut you're paying for your 'family' and """friends""" is a tax in of itself when they take a cut every time you do something. You're literally still paying taxes while trying to avoid them.

>>26111633
>spreading a bit of wealth around to your friends and family is the same as paying for blacked single moms welfare
unironically ngmi

>>26109722
I live in the U.S. and the amount of people that think this country is a perfect fairy tale land where all criminals are caught and the government has complete control is just so absurd. Take one drive through ohio and every single gas station has anti-heroin posters, take one drive through detroit and you can buy anything you fucking want as long as you have the cash. They can't even keep 30 million+ illegal immigrants out of the country yet people think they can track people down for taxes they haven't paid?

>>26111757
>spreading a bit of wealth
Atleast the single moms on welfare have no connection to you. Once the tax man audits your """family""" and """"""friends"""""", they'll point right at you and you're fucked.

You're delusional if you think you're friends won't rat you out the minute they think they might be going to jail for being an accessory to tax evasion.

>>26111186
If you're at the phase of life where raising a family and home owning is your thing, by all means go for it. Just cross your I's and dot your T's on all your paperwork, because I've been audited before and I've known many others that have and its an expensive nerve wracking process at BEST and at the worst you owe fucktons of money with all the fees and penalties owed (Ive been there, source: dude trust me).
Also, if this past years actions haven't shown you how utterly corrupt the system is, and you think paying 'your fair share' toward it is patriotic, well bruh don't know what to tell you.

>>26111519
Also most of these machines in America require KYC now so you can't even avoid taxes

>>26109722
>ratholes

what is this lol, like street folk that are into crypto and will give you cash for sending them crypto? if so, thats literally how crypto should be. not enough normies are adopting it and its pissing me off

The problem with tax avoidance is youre usually spending money to do it so youre paying a tax in that sense with the addition of always looking over your shoulder. Youre better off learning how to buy everything with pretax money.

No of course not.

>>26111874
Exactly this. If you do a little bit of creative math and fudge the numbers, you can easily avoid paying a huge chunk of your taxes without them suspecting anything.

If you pay a suspicious low number or don't report for years, only then they will come after you. They don't have the resources to audit everyone.

>>26112149
This is my biggest fear because I don't have the time and money to deal with an audit. But my net worth is still low enough that I don't have to worry for another few years.

>>26110923
i think this is an important point to bring up- the Wild West days of crypto are rapidly coming to an end. With the new KYC and banking regulations will also come an increased amount of tax scrutiny. You might have been able to get away with this for the last 5-10 years but now? Good luck.

Personally my plan is to cash out the bare minimum (probably under $40k) until a year after my purchases to avoid capital gains taxes, then establish a trust or LLC to enable my charitable donations and purchases of property. I have talked to a reputable tax lawyer and accountant in my city and they said they'd read up on crypto laws.

i started with 943 dollars on binance and now i have 945 how do i avoid taxes

>>26112338
I'm glad I can still use some non-kyc exchanges so I'm taking full advantage of that right now. I won't be able to in a few years when I'm holding on to a serious amount of money.

I have dual citizenship and I'm moving permanently to a third world country and I plan on laundering my money there through charitable foundations.

>>26112365
Taxes for you will come in the form of withdrawal fees. When you withdraw, make sure to do it in large single transactions so that the overall percentage taken by fees is far less than it would be if you take out $10 every time.

>>26110159
PA tax laws generally aren’t too bad, where they get you is in things like gas tax, tolls and sales taxes. But otherwise
>one of the only states with a flat income tax
>precious metals in the form of sovereign currency are exempt from sales tax
>US debt income (bonds) are not taxed, tho this is for most states
Local taxes can be shitty, thanks to teachers unions and the places that go without saying like Philadelphia.

Imagine doing a larp where you're still a worthless fuck living with your parents.

>>26111874
This, I think its from watching CSI Miami too much or something. Just Google how many people went to jail for tax fraud in 20XX year. I'm not saying blatant tax evasion is a good idea because its not but to act as if the IRS is some hyperintellogent AI God is equally as retarded.

>>26113295
In leaf land there isn’t a single dedicated money laundering police officer in the whole country. Not one.