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/biz/ - Business & Finance

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26461394 No.26461394 [Reply] [Original]

only legal methods edition

What's a better plan:
>take a loan with your crypto as the collateral and let it liquidate
OR
>live for 6 months in Portugal, gain tax residency, cash out in your new bank acc

>> No.26461440

wondering as well. europoor here and can't move from my living place.

>> No.26461445

>>26461394
Buy gold, melt, resell, profit.

>> No.26461478

>>26461445
doesn't work if I want to use the money as gov will still ask me where I got it from

>> No.26461566

>>26461478
this. bank grows suspicious when large sums magically appear in your account especially when you are younger.

>> No.26461581

Legal? Pussy. Bitcoin atm, pay for all your daily living expenses like food and gas in cash. See if your landlord will take cash for rent, if youre renting. Then continue collecting your wagie bux that's already taxed without spending a dime. It's not an insta cashout but a good strat if youre in low 6 figure hell.

>> No.26461668

>tax avoidance
>only legal methods

It's tax MINIMISATION retard

>> No.26461676

I'm confused. So if I have no job and incur short term captial gains taxes, do I get taxed at 10% or at the respected tax bracket. I.e. I have 100k taxable crypto, thats 24% (100k bracket) or at 10% (my 0 income bracket)?

>> No.26461681

>>26461581
>Legal? Pussy.
it's so jannies don't delete the thread, fren
>Bitcoin atm, pay for all your daily living expenses like food and gas in cash. See if your landlord will take cash for rent, if youre renting. Then continue collecting your wagie bux that's already taxed without spending a dime. It's not an insta cashout but a good strat if youre in low 6 figure hell.
this is a good idea

>> No.26461682 [DELETED] 

>>26461394
A have like $500k in unrealized gains from stocks/ crypto and living in a country with a very high tax rate.

I’m just taking out loans with my stocks as collateral. Paying around 1% per year in interest. And I’ve used most of that money to buy an apartment. Pretty comfy.

>> No.26461705

>>26461668
tax avoidance is the correct terminology, retard. tax EVASION is illegal.

t. accountant

>> No.26461731

Just never sell. Get an ELOC instead.
>and let it liquidate
No you retard pay it back, it should be trivial to make the payments.

>> No.26461764

>>26461394
Ibhave like $500k in unrealized gains from stocks/ crypto and living in one of the countries with with the highest capital gains tax rates in the world.. I will get taxed on all gains if I leave the country and it’s too much money to try to avoid tax.

I’m just taking out loans with my stocks as collateral. Paying around 1% per year in interest. And I’ve used most of that money to buy an apartment. Pretty comfy given the circumstances.

>> No.26461881

>>26461764
what was your loaned amount and what are the monthly payments like anon?

>> No.26461889

>>26461394
I am actually very curious how rich people avoid taxes. Supposedly the charity tax credits are a big deal, and owning a business and writing things off really helps, but other than that i'm not sure.

>> No.26461945

>>26461440
>can't move from my living place
ngmi

>> No.26462009

>>26461889
they have off-shore companies, collect assets through those and then and pay themselves with wages or give themselves loans

>> No.26462010

>>26461764
>I’m just taking out loans with my stocks as collateral.
To fiscal pros, is this really doable?
This seems like a cute gotcha that will net you an ass fucking if you're not an important personality.

>> No.26462051

>>26461394
I know people in my area that pay cash money for crypto

Bought a $20 000 brand new car last week, paid cash for it

>> No.26462090

>>26461889
You cant tax debt. So if I have hundreds of million in assets and I want USD, I dont sell my assets - i put them up as collateral to get a USD loan at like 2% interest. I then pay back that USD loan with $ accrued from passive investments (remember, I'm rich, so I have lots of assets and passive income). Hope that helps a bit.

>> No.26462148

>>26461764
What happens if you don't pay back the loans?

>> No.26462150

>>26462051
>Bought a $20 000 brand new car last week, paid cash for it
>selling appreciating assets for depreciating assets

>> No.26462178

>>26462010
>To fiscal pros, is this really doable?
Absolutely. The only catch is you'll have to put up double or triple the loan amount as collateral based on how volatile the underlying asset is. Still, it's worth it for the cash flow and tax avoidance. Just get a good tax accountant and make sure the bank's loan offer is a good fit for your tax strategy and you're golden.

>> No.26462184

>>26462148
Then they take the collateral.

>> No.26462224

>>26462178
Interesting, thanks.

>> No.26462262

>>26461394
4chan has been under three letter control for years now. this is a data harvesting thread.

>> No.26462314

>>26461394
>tax avoidance general
biz is the only high iq, libertarian board left on 4chan

>> No.26462396

>>26462314
/biz/ is also the best board on 4chan.

>> No.26462419

>>26462314
/biz/acks should rule the World of normies.
PS don't tell anyone that /biz/ exists

>> No.26462425

could i just give the money to my rich sister and buy stuff through her? no suspicion from the IRS

>> No.26462437

>>26462419
what the fuck is /biz/?

>> No.26462438

>>26462314
I mean really, if the government made decisions I approved of I would have no problem paying taxes and chipping in my share. But they are consistently fucking up, so, not on my dime.

>> No.26462474

What about Binance P2P, aren't there easy methods to avoid taxes there?

>> No.26463066

>>26462438
Some dead greek dude once said that the curse of not being involved in politics (by which he meant running for and holding office) is to be ruled by your lessers. Once you make it you should consider running for local office, even just the local school board or some other uncontested position.

>> No.26463129

>>26462438
what about endless sec 8 housing to move jungle rats all over the nation, do you have a problem with?

>> No.26463240

>banks giving out loans with volatile speculative assets as the collateral
Dear God please don't tell me this is becoming common practice. Those of you who have done this shit tell me what your bank is please. This could be the giant red flag that MBS were.

>> No.26463245

>>26462184
So wouldn’t it be better to just not pay the loan n they take the collateral or would the interest fuck you?

>> No.26463298

>>26461394
Move to puerto Rico and sell

>> No.26463354

>>26462051

Lel sick trade

>> No.26463374

>>26461705
yes, can confirm

>> No.26463381

>>26463298
I think their state’s taxes are high tho

>> No.26463407

>>26463245
No you retard, because for a dumbass like YOU they'd make you put up $500k worth of BTC for a $50k loan.

>>26463240
It is common practice, look up ELOCs.

>> No.26463622

>>26461676
Bumping this question dont want to make a seperate thread

>> No.26463741

>>26461676
>>26463622
Google is your friend, dummy. Short term capital gains tax has the same brackets as regular W-2 income. So basically you'll pay the taxes you would have owed if that $100k would have been income from Mcdonalds. You can look up the brackets yourself but your federal income tax altogether will be somewhere in the ballpark of 20k-30k and you'll also probably owe state income tax as well. Have fun with that.

>> No.26463928

>>26463741
Okay that's what I thought, I did google but I found wording to be confusing. Fuck that's gay. Why couldn't it be 10% fuck these jews. I literally had an appointment with the DMV but they were fucking closed despite having an appointment fuck burgerland

>> No.26463930

>>26462150
>selling depreciating appreciating assets for depreciatings

Yeah don't buy anything ever. Actually be homeless so you can save as much money as possible!

t. Mid 6-figure portfolio

>> No.26464098

>>26463928
You aren't taxed all at one level. The income is only taxed by the % of that tax bracket. Buy some real estate so you can use depreciation to offset your gains in the future.

>> No.26464994

>>26461394
Liquidation counts as a taxable event.

>> No.26465216

Form a LLC that does investment management and put all of your assets under that umbrella. Wyoming, Nevada, Delaware are all decent but check with your attorney.

Keep detailed documentation of everything. Work with your accountant.

Have have annual meetings and document accordingly.

Meticulously track your business expenses for operating the LLC.


Other strategy: become a Real Estate Professional by IRS rules. Use legal depreciation strategies for your properties. Look at mechanisms of forced appreciation. Sell properties after forced appreciation and 1031 exchange them.

In all of these things verify your specific circumstances with your accountant and your attorney.

This stuff isn’t DIY.

Above all, pay your full tax burden and always make a good faith effort to accurately compute taxes.

>> No.26465625
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26465625

What about moving to Andorra gain tax residency there and cash out in your new bank account?

>> No.26466112

>>26465625
henlo?

>> No.26466582

>>26465625
That's literally the most based thing you can ever do. Spanish bro?

>> No.26467344

>>26465625
10%
portugal is 0%

>> No.26467437

>>26462010
Defaulted loans are considered income by the IRS.