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28728670 No.28728670[DELETED]  [Reply] [Original]

What are some ways to avoid paying taxes on crypto?

>> No.28728728

>>28728670
depends where you are but I think monero is exempt from CGT

>> No.28728737

Monero

>> No.28728753

Can't pay taxes if you don't profit

>> No.28728771

You don't, unless you want to set up a business to launder your money with.

>> No.28728788

>>28728670
by never cashing out

>> No.28728877

I know in my country if you hold for 6 months then you don't pay taxes but it's not clear if you can hold in stable coins or not.

>> No.28728881

Buy high sell low

>> No.28728899

The better question is how to reduce the taxes as much as possible. Hypothetically if you hit it big and want to cash out, are you really gonna be okay with Shlomo taking a 40% cut? Fuck that.

>> No.28729038

>>28728728
>>28728737
I fact checked myself and it sounds like the bug was fixed? Please tell me I'm wrong, there's so much confusion

>> No.28729040

>>28728670
does it work if I just send whatever to a new waller and cash that one out?

>> No.28729107

buy gold or silver with bitcoin

>> No.28729121
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28729121

>>28729040
Is this serious? Hahaha

>> No.28729276

>>28729107
this

>> No.28729303

>>28728670
do you live in the US? if yes that's your first mistake, but if you're a texas chad like me you won't give the slightest shit about it

>> No.28729327

>>28728670
just "lose" your crypto ;)

>> No.28729380

>>28728670
move to a country with no taxes on crypto

>> No.28729423

>>28728670
create a crypto scam and then lose your money to that scam. this requires some serious work as you'll want to create several dozen wallets not connected to you, to simulate multiple people getting scammed on the same fake scamtoken.

>> No.28729425
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28729425

>> No.28729452

>>28729038
Nobody can tell who has how much Monero other than the holder looking at his own wallet or if he provides someone else a view key.

Impossible to audit.

>> No.28729494

>>28729327
how do you do this when you use coinbase / binance?

>> No.28729515

>>28728670
Take loans with your crypto as collateral.

>> No.28729637

>>28729303
why's that?

t.fellow texas chad but uneducated

>> No.28729724

>>28729452
crypto to crypto transfers are a taxable event...they just tax you on the way to Monero

>> No.28729729

>>28729494
send it to a non-kyc wallet and "get hacked"

>> No.28729791

>>28729515
This. SBLOC loan. Buy an asset, pay off the loan, have both asset + crypto. Repeat.

>> No.28729842
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28729842

>>28728788
>>28728670

>> No.28729871
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28729871

>>28728670

Buying crypto miners inside a tax-sheltered account like an IRA for mutts and TFSA for leafs.

Not only are the gains 100% tax free, but the miner's have more appreciation than each Bitcoin price rise, so you are gaining leverage too.

I'm up nearly 1200% of MARA and HIVE since September.

>> No.28729880

>>28729724
what if you send all your crypto to an unverified binance account, exchange for monero and cash out?

>> No.28729908

>>28729515

While not crypto, this is how big companies like Apple keep their finances offshore without being taxed. They just take a huge loans at 1% interest from a mega bank and pay said bank from offshore funds. All 100% legal.

>> No.28729939

Into monero and then out to cash through P2P. No idea why some people are paying crypto taxes
Wouldn't work on a big scale obviously but a few hundred bucks a month? Easy

>> No.28729994

>>28729880
cash out where? To your bank account? They will want to know where that money came from

Unless you are talking about small amount from ATM

>> No.28730023

>>28729871

Meant to say crypto mining stocks, in case you haven't guessed.

>> No.28730035

>>28729939
>out to cash through P2P
how does it work ? Do you have to rely on some dude wiring you money?

>> No.28730153

>>28729729
Exodus?

>> No.28730281

>>28730023
what are those?

>> No.28730298

>>28729423
Holy shit is that why all biz tards larp as pajeets running rugpulls? Holy fuck i should do this.

>> No.28730311

>>28730035
>P2P

that's the issue. places to cash out report to (((them)))

>> No.28730372

>>28730035
>you click on some dude
>your coins become locked
>he wires you money
>you click on the button that says you received money
>coins are unlocked and automatically transferred to the dude
Not sure how that dude makes sure he doesn't get fucked over, haven't been on that side of the deal

>> No.28730388

>>28729880
You'd have to buy something directly with the monero which leaves a local monero exchange/hand off or darknet. Not sure what else monero can be directly paid for with. Local monero exchange seems super sketchy for large amounts.

>> No.28730423

>>28728737
How do you do this? Just buy monero instead of btc and exchange it?

>> No.28730442

>>28729880
if it goes to your bank it's still taxable, pretty sure.
I've been trying to find a way around this for a while.
I've stayed on the ERC-20 chain and used -coinbase->wallet1->wallet2->wallet3->uniswap because I know trading was a "taxable event" (which is fucking kike shit by the way)
I'll find out once I start using the gains or moving them back into my bank account, but I'd like to assume the risk is lowered...

>> No.28730482

>>28729791
How do you protect yourself against your collaterally losing too much value though. When prices crash I don't want to get liquidated. Maybe use cash to setup a hedge? But then I would have to realize gains on my hedge position..

>> No.28730539

My friend makes millions in crypto, he says he owns a house in the canary islands, and through the magic of tax law this means he doesn't have to pay any tax. Not sure how it works, but I assume if you go and find an accountant or lawyer that specialises in financial law, one with a seriously jewish name, they can help you out

>> No.28730557

>>28728877
just make your own erc 20 coin and only whitelist your adress, let the bots pump your coin in meantime kek

>> No.28730625

>>28730539
https://www.youtube.com/watch?v=uGkLjfPWqeI

>> No.28730669

>>28728788
based

>> No.28730717

No reason to cash out unless you NEED to buy something. Within the next few years all fiance will start being conducted on blockchain

>> No.28730718

>>28729327
Bingo, this guy got it

>> No.28730868

>>28728771
But business need to pay taxes too... Laundering is for illegal money, investing and making it in crypto is not an illegal activity

>> No.28730879

>>28729724
This. How do you overcome it.

>> No.28731012

>>28730717
How does that avoid taxation? When you purchase anything or move from one crypto to another that’s a taxable event right?

>> No.28731013

>>28730879
who cares

if you guys are seriously making bank it doesn't matter just like people who make money on stocks

>> No.28731107

>>28731013
desu I just dont want to fucking have to enter all the buy / sell limit order I've put on binance ever, that's probably like 5 /days

>> No.28731191

>>28731013
Yeah I mean I’m gonna just pay, not worth the stress. Just curious to see what creative shit people come up with.

The only completely legit way i know of is to renounce your US citizenship and move to Portugal or a similar country where gains aren’t taxed. I’ve considered that as well. Depends on how much money we are talking about at the end of this cycle

>> No.28731216

>>28728788
Based, I was going to say this

>> No.28731383

>>28730539
>he says
wew

>> No.28731421
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28731421

Visa and MasterCard have come out recently and said they will issue cards that allow you to spend your crypto directly to merchants. Not sure, but I figure it would be difficult to levy a capital gains tax on me when I'm just trying to get a burger.

>> No.28731541

>>28731012
If you dont sell your crypto its an unrealized gain but if you sell into fiat it becomes a realized gain onto your income

>> No.28731645

>>28731541
Keeping it in USDC or USDT surely seems like a loophole, right?

>> No.28731717
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28731717

thoughts on putting crypto in an SDIRA?

>> No.28731792

>>28731645
Yeah they will need to update the tax code because over my dead body am I paying capital gains my crypto

>> No.28732214

>>28728670
LIFO and stack a single crypto that you cash out for USD.

Not tax advice but that's what I do and it has saved me $$$$$$$$$

>> No.28732233

>>28731421
Still have to do KYC and AML to get these VISA or Mastercards retard

>> No.28732343

>>28728670
Buy gift cards with crypto. Sell them cheaper
You can also money launder with gold in RuneScape if you hate yourself
Buying gold is a good idea

>> No.28732371

>>28731541
That is not how it works at all and they will make you pay interest + 20% penalty on the amount.

>> No.28732489

>>28729327
Then you can't cash out unless I'm missing something.

>> No.28732502

>>28732214
how does that end up saving money?

>> No.28732630

>>28731645
Here in Sweden you have to pay the taxes if you trade btc-eth btc-usdc and so on.

>> No.28732725

>>28731383
Well his car literally cost $200k and I know him in real life so I assume he wasn't lying about the shitty little house he bought in the canary islands

>> No.28732756

>>28728881
this

>> No.28732844

>>28730717
but what if i need to buy a flat or a house?

>> No.28732923

>>28730557
Hold on a moment. There must be a catch to this. Why are not everyone doing that?

>> No.28732976

>>28732844
You're not getting around the taxes on that, I've been trying to figure this out for months.

>> No.28733065

>>28732630
We even get cucked by Skatteverket. What a country

>> No.28733152
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28733152

>>28728670
Live in a country without fees

>> No.28733164

Buy gold with bitcoin in small denominations
Sell it cash in hand on a fleet of ebay accounts, never using one more than 3 times

>> No.28733751

>>28730539
If your friend is a US citizen, they will be coming for his gainz. Your income tax is lower but a cut of your gainz belongs to Uncle Shlomo.

>> No.28733949

>>28730153

speaking of exodus, does a crypto exchange via exodus count as a crypto to crypto exchange vs doing so in Binance or an acutal exchange?

asking for a guy I spoke to once.

>> No.28734257

>>28733949
Idk. I’m not paying shit anyway. “I lost my seed phrase “

>> No.28734317

>>28728753
Lmao this. Buy high, sell low

>> No.28734373

just live in eastern europe

>> No.28734615

>>28730539
based tax jews fucking over others jews

>> No.28734689
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28734689

You vill pay ze tax

>> No.28735680

>>28730539
>he says he owns a house in the canary islands
source on this?
Owning a house in canary islands doesnt even seem that expensive, it's around 100k

>> No.28736962

>>28728728
Yea monero is exempt you just have to report it

>> No.28737262

>>28728670
Quit your job. Cash out 40k per yer long term gains. No tax!

>> No.28737347

PAY YOUR SHARE

>> No.28737426

>>28729423
BASED

>> No.28737547

>>28732489
You’re not missing anything. Countries love taking taxes from people. They will increasingly automate this, and get their cap gains tax, especially if you use exchanges that KYC. You either need to move to a more tax-friendly country or you need to avoid tax in illegal ways like buying and selling for cash