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12808234 No.12808234 [Reply] [Original]

Can I store crypto as USDCoin and just trickle it out over time to keep to a lower tax bracket? (is that why USDCoin exists to begin with?)

If I want to start a business or make a major purchase I can just "move" to a state with no income taxes and save a quick 8-12% over other states, right?

>> No.12808828

F-...fellas?

>> No.12808870

USDcoin is a security. You aren't allowed to hold it unless you are an accredited broker. Enjoy your freedom.

>> No.12808894

>>12808234
>8-12 % over other states

California huh?
So long as you do everything legally it’s fine. Keep in mind that you might get fucked by fed if you swing trade and make profit and only claim long term cap gains and not short term trades.

Remember that they have access to all american fiat ramps. They know how much you put in, so when you realize gains, do fifo and figure out how much you purchases them for. Say you put 10k fiat into coinbase in 2019, buy 20k LINK. You have to be able to account for every linkie, and the cap gains is based on their initial purchase price.

If you somehow have 30k linkies and not 20k, your initial purchase price better match, or else you were swing trading and not reporting gains.
Move to another state of course.

>> No.12808936
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12808936

>cashing out
>ever

>> No.12809668

>>12808936
I laugh at you dummies that say cashing out is impossible.
I have two ways to cash out crypto immediately, and about half a dozen ways to cash out a sizeable chunk.
If crypto is worthless to you send me yours I can have it realized into my bank account as availible funds in less then an hour.

>> No.12809852

>>12808870
Pill me on this, lad. It looks like I could technically transfer fiat or crypto to it in my coinbase account right now if I wanted.

>>12808894
>move to another state

Yeah, my current residence borders with a 0% income tax state so I figure I could get a cheap apartment somewhere over there (about a five hour drive), change my legal residence asap and cash out before the end of that fiscal year. Not sure if that'd work but that's just the general idea.