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2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance

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23897101 No.23897101 [Reply] [Original]

What is your exit plan for cashing out BTC/LINK? Is there a way to put the profit into a tax-protected account? Asking for a friend.

>> No.23897118

>>23897101
huh?

>> No.23897554

>>23897101
>exit plan for cashing out BTC
lol - he doesn't know!

>> No.23897584

>>23897101
Oh it's locked in crypto for life sorry.

>> No.23897591

>>23897101
wow i love your pepe, anon! would you mind if i saved it for personal use? where did you find such a hilarious pepe? it brought me such joy

>> No.23897617

BTC will be your new bank account anon

>> No.23897747

>>23897101
>he still thinks he can cash out
lol

>> No.23898147

>convert to stablecoin(s)
>don't cash any out unless absolutely necessary
>pay for things with crypto and/or crypto-backed cards

>> No.23898177

>>23897101
If it feels good, do it. That's my philosophy.

>> No.23898918

Buy a lambo and say it was a gift

>> No.23898934

desu im just going to pay the tax
too paranoid and lazy to bother going through tax evasion bullshit

>> No.23899020

>>23897101
keep it all and sell off little by little, one btc is gonna be worth 20mil in 20 years

>> No.23899049

>>23897101
>buying fiat with your real money
ngmi

>> No.23899091
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23899091

>>23897101
I don't cash out. Only what I need to live. Shit like the DMM ecosystem even at a safe 6% APR is much better than what I can get in markets, and well, I can flip into other shit when I need to.

FUCK BANKS

>> No.23899119

I live in Slovenia so I will simply sell my crypto and transfer money to my bank account. No tax on crypto here as it's considered currency.

>> No.23899611

To all snarky bastards ITT, you can still be bullish on crypto in the long run while at the same time realizing that after next year's bubble peak there will likely be a year long bear market that deletes ~80% of Bitcoin's value just like what's already happened 3 times now, each 4 years apart

I've been thinking about the question of taxation since July 27th this year when btc really started showing its golden bull horns
Is it possible to cash out like half in December of one year and then the other half like 10 days later in January of the next year and count each half as separate years' capital gains and hence have your tax brackets effectively halved?