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How to Not Pay Taxes on Crypto Gains?
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Date: October 22nd, 2021 12:21 PM Author: vibrant obsidian people who are hurt pozpig I invested $20,000 in January 2021 in SOL when it was $4. I bought the SOL on HotBit and then transferred it to TrustWallet.
I'm a U.S.-based wage-cuck and earn around $230,000 per year as an in-house attorney.
I'd like to avoid taxes on my gains. What is the best way to do so?
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Date: October 22nd, 2021 12:23 PM Author: Rebellious Factory Reset Button Home ill wash your coins for you for a 5% fee. DM me if youre interested. (massive kimchi premium right now so youd actually be making money in the wash)
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Date: October 22nd, 2021 12:24 PM Author: hairless mediation lol (http://www.autoadmit.com/thread.php?thread_id=4947522&forum_id=2#43313794) |
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Date: October 22nd, 2021 12:25 PM Author: vibrant obsidian people who are hurt pozpig Interested. I'll reach out when the time comes ;) (http://www.autoadmit.com/thread.php?thread_id=4947522&forum_id=2#43313802) |
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Date: October 22nd, 2021 12:26 PM Author: Rebellious Factory Reset Button Home You know where to find me. Respect. (http://www.autoadmit.com/thread.php?thread_id=4947522&forum_id=2#43313807) |
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Date: October 22nd, 2021 12:23 PM Author: Talking Primrose Shrine I dunno man. Maybe fly to some foreign country and exchange the physical wallet for physical gold (http://www.autoadmit.com/thread.php?thread_id=4947522&forum_id=2#43313786) |
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Date: October 22nd, 2021 12:25 PM Author: vibrant obsidian people who are hurt pozpig Good call. (http://www.autoadmit.com/thread.php?thread_id=4947522&forum_id=2#43313800) |
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Date: October 22nd, 2021 12:24 PM Author: hairless mediation keep transferring it? esp to a ledger wallet, not investment advice (http://www.autoadmit.com/thread.php?thread_id=4947522&forum_id=2#43313789) |
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Date: October 22nd, 2021 12:26 PM Author: vibrant obsidian people who are hurt pozpig How would transferring it to a ledger wallet help? (http://www.autoadmit.com/thread.php?thread_id=4947522&forum_id=2#43313805) |
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Date: October 22nd, 2021 12:27 PM Author: Maroon sneaky criminal property if you keep tranferring enough times then all your crypto will be wiped out by transfer fees and you won't have this problem anymore (http://www.autoadmit.com/thread.php?thread_id=4947522&forum_id=2#43313818) |
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Date: October 22nd, 2021 12:31 PM Author: vibrant obsidian people who are hurt pozpig Makes sense. (http://www.autoadmit.com/thread.php?thread_id=4947522&forum_id=2#43313837) |
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Date: October 22nd, 2021 12:42 PM Author: mauve razzle milk Lol (http://www.autoadmit.com/thread.php?thread_id=4947522&forum_id=2#43313883) |
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Date: October 22nd, 2021 12:36 PM Author: hairless mediation i dont know im gay i just feel there was something odd abt making ledger accounts, if u have ur shit in solflare, phantom etc u need to make new wallet for ledger
i dunno, of course its gay so i dunno`
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Date: October 22nd, 2021 12:24 PM Author: Curious Pea-brained Field crypto.com debit card, cash out $19,999/year by buying shit. one for you, one for your wife or whatever. (http://www.autoadmit.com/thread.php?thread_id=4947522&forum_id=2#43313792) |
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Date: October 22nd, 2021 12:26 PM Author: vibrant obsidian people who are hurt pozpig The IRS can't track this? (http://www.autoadmit.com/thread.php?thread_id=4947522&forum_id=2#43313806) |
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Date: October 22nd, 2021 1:03 PM Author: Curious Pea-brained Field Most of the exchanges follow the 200/20k rule. I just stay under both thresholds to be safe. The IRS might be coming up with ingenious ways to track crypto but honestly ime they operate based on what people give them. They like their "forms."
`` Federal Reporting Will I receive any tax documents from Gemini?
Gemini takes the position that it is a Third Party Settlement Organization (“TPSO”) under Section 6050W of the Internal Revenue Code and must file IRS Forms 1099-K accordingly for certain transactions settled on its platform. We will continue to evaluate this assessment and update our client base if Gemini’s interpretations or IRS guidance changes.**
Gemini will deliver Forms 1099-K to Gemini users who meet BOTH of the following conditions:
The Digital Asset-for-USD sales on the exchange exceed 200 transactions during the calendar year, AND Total sales proceeds from all Digital Asset-for-USD sales exceed $20,000 during the calendar year.
If your account has met both of the thresholds above, you will receive a Form 1099-K from Gemini electronically at the end of January. An identical copy of the account’s Form 1099-K will be filed with the IRS.
If you were expecting to receive a Form 1099-K and did not, it’s likely that you have only met ONE of the conditions above, not both.
Note: If you live in Arkansas, the District of Columbia, Illinois, Maryland, Massachusetts, Mississippi, Missouri, New Jersey, Virginia or Vermont, you may be subject to different reporting thresholds; please see the “State Reporting” section at the bottom of this page for more information. `` https://support.gemini.com/hc/en-us/articles/360000032643-What-Do-I-Need-To-Know-About-Cryptocurrency-Tax-Reporting- |
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Date: October 22nd, 2021 12:41 PM Author: Talking Primrose Shrine wouldn't the IRS ask how you can afford the things you're buying? (http://www.autoadmit.com/thread.php?thread_id=4947522&forum_id=2#43313875) |
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Date: October 22nd, 2021 1:01 PM Author: Curious Pea-brained Field it's just replacing what you'd ordinarily spend cash on. meanwhile you can $tack cash or move it into stonks/crypto (http://www.autoadmit.com/thread.php?thread_id=4947522&forum_id=2#43313981) |
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Date: October 22nd, 2021 12:25 PM Author: red insecure library (Agent Jenkins) (http://www.autoadmit.com/thread.php?thread_id=4947522&forum_id=2#43313799) |
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Date: October 22nd, 2021 12:26 PM Author: vibrant obsidian people who are hurt pozpig Shit... I've been found out. (http://www.autoadmit.com/thread.php?thread_id=4947522&forum_id=2#43313809) |
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Date: October 22nd, 2021 12:25 PM Author: Maroon sneaky criminal property (http://www.autoadmit.com/thread.php?thread_id=4947522&forum_id=2#43313803) |
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Date: October 22nd, 2021 12:27 PM Author: Pearl Hairraiser Point lol you idiot. You aren’t supposed to talk about this. Why not call the IRS and ask them while you’re at it. (http://www.autoadmit.com/thread.php?thread_id=4947522&forum_id=2#43313816) |
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Date: October 22nd, 2021 12:31 PM Author: vibrant obsidian people who are hurt pozpig There's nothing illegal with respect to trying to "avoid" taxes... I'll pay what I legally owe, but tax avoidance is a legal maneuver. (http://www.autoadmit.com/thread.php?thread_id=4947522&forum_id=2#43313834) |
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Date: October 22nd, 2021 12:30 PM Author: dashing halford school cafeteria Move to PR (http://www.autoadmit.com/thread.php?thread_id=4947522&forum_id=2#43313833) |
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Date: October 22nd, 2021 12:32 PM Author: vibrant obsidian people who are hurt pozpig I think you needed to have moved prior to making the gains... and you need to have lived there for several years... (http://www.autoadmit.com/thread.php?thread_id=4947522&forum_id=2#43313843) |
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Date: October 22nd, 2021 12:42 PM Author: Talking Primrose Shrine The gains aren't realized until you sell (http://www.autoadmit.com/thread.php?thread_id=4947522&forum_id=2#43313880) |
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Date: October 22nd, 2021 1:33 PM Author: dashing halford school cafeteria Move to PR for the required amount of time and then realize the gains*
Thank |
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Date: October 22nd, 2021 12:47 PM Author: well-lubricated sex offender PR is 180 million if you're rich.
just saying. |
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Date: October 22nd, 2021 1:33 PM Author: dashing halford school cafeteria I'd like to be
XoXoJ91pPyBv6PhN4uLX4aRdJL8hzdE9MJXw96yT2Nb |
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Date: October 22nd, 2021 12:35 PM Author: gay nowag Odds op is some lefty faggot pumo? 8 ball says most likely (http://www.autoadmit.com/thread.php?thread_id=4947522&forum_id=2#43313855) |
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Date: October 22nd, 2021 12:35 PM Author: motley clear ratface theater stage (http://www.autoadmit.com/thread.php?thread_id=4947522&forum_id=2#43313856) |
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Date: October 22nd, 2021 12:48 PM Author: vibrant obsidian people who are hurt pozpig I'm as right as they come, brother. (http://www.autoadmit.com/thread.php?thread_id=4947522&forum_id=2#43313907) |
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Date: October 22nd, 2021 12:37 PM Author: Smoky church building You can avoid state taxes by moving to a state that has a 0% capital gains tax rate before you sell.
Not sure there is a legal way to avoid federal taxes. Puerto Rico works only with respect to taxes on your gains AFTER you move. |
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Date: October 22nd, 2021 12:46 PM Author: Rough-skinned hominid incel I think you're able to take out loans on some crypto sites and the loans are tax free? Not sure tho haven't really researched (http://www.autoadmit.com/thread.php?thread_id=4947522&forum_id=2#43313896) |
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Date: October 22nd, 2021 12:49 PM Author: vibrant obsidian people who are hurt pozpig You can do that using Aave, but you have to over-collateralize, so I'm not sure what the point is... (http://www.autoadmit.com/thread.php?thread_id=4947522&forum_id=2#43313911) |
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Date: October 22nd, 2021 1:32 PM Author: well-lubricated sex offender if i'm right and the point is to not actualize capital gains, the overcollateralization still allows you access to the money without activating the gains. assuming growth, you have access to those gains without having a capital gains event with low risk of liquidization. depending on loan terms, it make not make sense to do this but if you're paying back on terms that make sense or don't give a shit about a liquidization based on the spread, go for it.
NFA and insert circular 230. |
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Date: October 22nd, 2021 12:51 PM Author: well-lubricated sex offender this feels right. i can't say for sure. i want to say liquity allows this. (http://www.autoadmit.com/thread.php?thread_id=4947522&forum_id=2#43313916) |
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Date: October 22nd, 2021 12:56 PM Author: Burgundy ceo singapore has no capital gains taxes. (http://www.autoadmit.com/thread.php?thread_id=4947522&forum_id=2#43313955) |
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Date: October 22nd, 2021 1:07 PM Author: Flesh sound barrier wagecucks cr, many other tax free jurisdictions exist too. of course, you'd still have to pay taxes on your gains up until now though (http://www.autoadmit.com/thread.php?thread_id=4947522&forum_id=2#43314018) |
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Date: October 22nd, 2021 12:56 PM Author: Flickering becky dingle berry Don’t sell. Borrow against the value of your crypto holdings. When you die, your kids get stepped up basis. (http://www.autoadmit.com/thread.php?thread_id=4947522&forum_id=2#43313958) |
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Date: October 22nd, 2021 1:06 PM Author: motley clear ratface theater stage how do i pay back the loan? (http://www.autoadmit.com/thread.php?thread_id=4947522&forum_id=2#43314005) |
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Date: October 22nd, 2021 1:28 PM Author: Flickering becky dingle berry Income from other sources or crypto goes up more and you borrow again
Buy | Borrow | Die |
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Date: October 22nd, 2021 1:01 PM Author: topaz pontificating sandwich generalized bond send me the keys. ill open a joint account you can draw from. i may only remember to charge the occasional vacation to the account.
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Date: October 22nd, 2021 1:30 PM Author: Chestnut soul-stirring gas station philosopher-king what is your social security number? (http://www.autoadmit.com/thread.php?thread_id=4947522&forum_id=2#43314182) |
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Date: October 22nd, 2021 1:59 PM Author: Godawful puce depressive just ruin your life for an extra 150K (http://www.autoadmit.com/thread.php?thread_id=4947522&forum_id=2#43314324) |
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Date: October 22nd, 2021 2:00 PM Author: Chestnut soul-stirring gas station philosopher-king my parents took a lifetime to save up that much money (http://www.autoadmit.com/thread.php?thread_id=4947522&forum_id=2#43314330) |
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Date: October 22nd, 2021 2:05 PM Author: Drunken rigor resort I cashed out 7M worth of crypto in 2019. Talked to my 100% dodgy tax guy who told me to just man up and pay the tax….which I did. I was taxed at long term gains rate - I wouldn’t cash out with short term gains.
Cashed out and paid all cash for a house + invested the rest in traditional assets. |