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/biz/ - Business & Finance

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25145991 No.25145991 [Reply] [Original]

In April I have to pay the IRS a good chunk of money for my 2020 gains that I realized. Problem is I keep 100% of my net worth in Bitcoin and alts. I don't want to sell some of my cones in April and realize a short term cap gain for 2021, not to mention the market could dip that week and I might be selling the stone bottom.

My plan is to use one of these crypto loan services and take out a loan using my BTC as collateral. I'll pay the IRS with the cash then pay off the loan in a couple months.

Is this based? Seems like the most cost effective way to go about this, right?

>> No.25146109

>>25145991
lol the IRS is gonna ass rape you bro

>> No.25146130

>>25145991
have you thought about contributing to your 401k to defer income tax liability?

>> No.25146148

>>25146130
>>25145991
if you are self employed and the only employee in your business you can do a self enrolled plan and defer up oto 19500 dollars

>> No.25146271

Imagine paying taxes

>> No.25146287

>>25146130
>>25146148
But the only option I have to maintain btc exposure with a 401k is GBTC right? I hate their premium since an ETF could launch soon. Also I'm still under 30 and hate the idea of not being able to touch that money till I'm basically dead. I guess I could use a 401k as collateral some day but seems better to just own btc

>> No.25147561

>>25146271
Where can i find info on how to not