[a / b / c / d / e / f / g / gif / h / hr / k / m / o / p / r / s / t / u / v / vg / vr / w / wg] [i / ic] [r9k] [s4s] [vip] [cm / hm / lgbt / y] [3 / aco / adv / an / asp / bant / biz / cgl / ck / co / diy / fa / fit / gd / hc / his / int / jp / lit / mlp / mu / n / news / out / po / pol / qst / sci / soc / sp / tg / toy / trv / tv / vp / wsg / wsr / x] [Settings] [Home]
Board
Settings Home
/biz/ - Business & Finance



Thread archived.
You cannot reply anymore.



File: IMG_2590.jpg (64 KB, 720x449)
64 KB
64 KB JPG
So lads, I am currently holding 3 btc and can finally afford a somewhat nice car. As an 18 year old, it's kind of what I've been saving for since I bought my BTC when I turned 18 about nine months ago. That said, how do I withdraw it without behind hit with a huge ass tax? I have Irish and American citizenship if that helps, as well as a stable job at Publix(im a teenager, fuck off I know it's a grocery store job) and two other small streams of revenue.

Is there any way to avoid this or must I give the Jew what he wants?
>>
fuck you wanting to sell your precious 3 BTC for a car. just get a loan and save your fucking BTC dude
>>
keep your btc dumbass wtf do you need a nice car for?
>>
>Buying a car instead of building wealth
Kill yourself, retard.
Also just fucking pay your taxes.
>>
>nice car with 3 BTC
wut
>>
So lads, I am currently holding 10,000 btc and can finally afford a somewhat nice pizza. As an 18 year old, it's kind of what I've been saving for since I bought my BTC when I turned 18 about nine months ago. That said, how do I withdraw it without behind hit with a huge ass tax? I have Irish and American citizenship if that helps, as well as a stable job at Publix(im a teenager, fuck off I know it's a grocery store job) and two other small streams of revenue.

Is there any way to avoid this or must I give the Jew what he wants?
>>
>>3042062
This really is a bad idea.
I know its cool to have the flashy car that will bring in pussy but its not worth it.
Keep it so you can keep making money
>>
don't buy car I was looking for cars for 10BTC and all of them looked like overpriced shit

save your BTC for buying property instead
>>
>>3042062
Keep your btc.


If you decide to do what every other 18 year old does (ignore solid advice from people who've been in the same position), you can try to find a good bitcoin atm near you that has low fees but you'll probably take a 10% hit on your stack. You could also try localbitcoins but make sure you don't get scammed and I'm not sure about their fees. You honestly might just want to sell through coinbase to your bank account since short term capital gains are the same rate as your tax bracket which im guessing is low as hell so you'd owe 10% or maybe 10% on the first 9300 than 15% on the extra. Plus this method has the benefit of complying with U.S. laws which is always good for aspiring, young biznessmen
>>
>>3042108
forgot to mention for the bitcoin atm, you'll have to do many small transactions because I believe they require too much info and report taxes for large sells.
>>
Daily reminder that LESS THAN 5% of federal taxes (in America) goes to roads/education/hospitals. Taxation is literally theft.
>>
>>3042121
>forgot to mention for the bitcoin atm, you'll have to do many small transactions
>>3042121
his is super illegal and the IRS WILL find you. Don't do this. Just fucking pay your taxes. Really. Just take the 20% or 30% hit or whatever. JUST PAY YOUR FUCKING TAXES.
>>
>>3042146
What was the last line of my first post? and no the IRS will not find you if you withdraw $10k through a bitcoin atm without reporting it....retards on this board honestly believe this shit...
>>
>>3042164
The magic money men WILL find you, just pay your FUCKING taxes!!!!!
>>
>>3042164
Banks report when you make numerous small transactions that appear to be due to trying to avoid making one large transaction.
>>
>>3042125

in like the last 100 years, 70% of taxes have gone into servicing debt one way or another
>>
>>3042062
You could just claim it as long term gains as long as you didn't hold the coins on something like Jewbase, move it over to Jewbase, pay your 15% and done.
>>
>>3042196
Do you understand the difference between bank atm and a bitcoin atm?

Do you understand that no one is talking about making numerous small transactions involving a bank of any kind?

Do you understand that you can buy cars with cash, or even deposit like $8,869 into your bank account without ever reporting it and the boogeymen will never fuck with you?

Do you understand that I encouraged him to sell through coinbase because the taxes will be so close to any other fees that it makes sense to obey the law?
>>
>>3042212
he most likely won't owe 15% for long term and in fact might owe $0 if he's in the 10% or 15% brackets. but yeah this is a good idea.
>>
>>3042224
>Reddit spacing
You gotta go back, buddy. Do you understand that?
>>
>2017 sell 3 BTC for a shitty car
>2025 bitcoin worth $500K
>kys
>>
How do you report taxes on bitcoin? Does this mean I have to make over 10% or whatever on my initial investment to even see profit? So from $3000-$3300 I haven't made anything?
>>
>>3042255
You pay taxes on the profit, so you'd pay taxes on $300.
>>
>>3042239
Would you prefer one giant block of text?
>>
>>3042062
Buying a car is just a complete waste of money and a retarded meme made by normies to scam you, give that shit up until you can buy one with chump change
>>
>>3042062
>how do I withdraw it without behind hit with a huge ass tax

You wait for 1 year.

>can finally afford a somewhat nice car

Kill yourself my (young) man. You clearly don't know how expensive cars are.
>>
>>3042125
no shit. Roads are maintained by the states.
>>
>>3042239
Get fucked retard.
>>
if you are not completely retarded you do not spend the btc

just buy BAT , IOTA , ETH and keep a coin
see you in 10 years in your lambo my friend
>>
>>3042125
none of it goes into roads
100% of it goes to pay off interest on loans
>>
>>3042096
What if he funds the nice car another way?

Having a flash car automatically ups your status so you go up a point. You feel comfortable communting to any destination. People respect you. Girls stare. You can drive fast so you save the most valuable asset we have on this planet - time. You make girls wet when you push the accelerator. Music sounds better because the speakers are upgraded.
:(
>>
Yellow Lambo.
>>
>>3042062
Damn whats the point of owning a lambo if you look like that
>>
>>3042062
Spending your bitcoin now would be the single greatest mistake of your life.
>>
a friend of mine bought a handful of seeds off silkroad many years ago. he still has them. they are now worth .25 million $
fucking hodl
>>
Wait until 2020 and all the welfare fags have been purged.
>>
>>3043642
Go finish your homework
>>
File: 1475642271518.gif (1.45 MB, 225x199)
1.45 MB
1.45 MB GIF
>>3042093
>>
>>3042062
>>3042062

You wanting to buy a car right now is like that guy who spent 5000 BTC to buy 2 pizzas back in 2011
>>
>selling BTC in 2017

if you really want this car now, your better off renting, leasing or stealing it. but dont touch your BTC man, really. just wait a few years and buy a whole fleet of nice cars with pocket change.

if u got 3 BTC now, you gonna make it. dont fuck up.

also, a 3BTC car isnt worth it. its like 10k bucks, it will get you a decent working car but nothing to show off hard enough to cover missed gainz in next 5 years.
>>
I never understood why people who made some legal bank try to squeeze out a few extra % by going down the illegal route.
Amassing wealth is far easier done illegally and making it legal is the hardest part.
>>
3 BTC? On a car?

Go purchase NEO and you'll have much more than that, some day.
>>
>>3042062
Buy a shitbox for 1000$ and call it a day
>>
>wagecucking
>not finding methods to make BTC on the internet and saving all of your BTC 10 years then retire a millonaire
>>
fucking use an irish bank account , don't tell revenue shit
>>
Why would you sell now, 10k is nothing. Wait until 2020 and have the chance to become really rich
>>
>>3045910
This
>>
>>3042062
Might be worth financing a cheapo used car to build your credit rather than cashing out your BTC. Save that for a down payment on a house.
>>
I'm disappointed in you guys

Op should cash out his btc, buy a second hand Toyota corolla, then shoot himself in the head in 5 years when btc is worth 100k
>>
File: BTCfuture.png (2.15 MB, 1297x5111)
2.15 MB
2.15 MB PNG
>>3046133
this
>>
all the people laying into the OP for wanting to waste his 3btc on a fucking mazda i applaud you.
unless you HODL your btc then what will you do with the last btc is mined and you are no longer in a club of 20 million?
>>
>>3042062
DON'T BE A FUCKING IDIOT YOU 18 YEAR OLD CHILD WHAT THE FUCK IS WRONG WITH YOU
>>
>>3046178
Every millenial should be

1) Scamming for BTC
2) Stealing old ladie's purses for BTC
3) Pimping sluts for BTC
4) Anything else goes

Just OWN 21 BTC. This is the last chance for you to get rich.
>>
>>3042062
Cars (especially new ones) are terrible investments. Buy something that will get you from point A to B reliably.
>>
>>3042062
I was in BTC at your age OP, if I had 10K in at that time I would now be worth hundreds of millions of dollars. Instead I spent it on trying to fuck girls.
>>
>>3046300
New cars are a good investment if you buy something cheap. Zero percent finance and something that will get you form a to b reliably is worth it Imo. Sure you can buy used. But you're likely paying cash or a higher interest on a loan. And other people have farted in it. And it might break down and have no warranty.

Yes new cars depreciate. I bought a new Hyundai for 13000. And fuck it, 5 years solid so far. And tis paid off now.
>>
>>3046287
>just have 84k disposable income you fucking nerds, then you'll be rich
>>
>>3046446
I bought a 1-owner used car with 20k miles on it for less than 10kUSD, and it's lasted me for the past 3 years with no issues. I will have the factory warranty on it, too.
>>
>>3046350
hookers take bitcoins now?
>>
>>3046300
Fuck right off with your "investments".
If you don't like cars don't buy one or buy a shitbox like you said, but nice cars are one of the most enjoyable luxury items you can own. That's just a fact.
>>
>>3046486
No, but human traffickers do
>>
>buy shitty $12000 car with 3btc
>cry yourself to sleep in 5 years when you could've bought 12000 cars with that same amount

Yea good idea OP




Delete Post: [File Only] Style:
[Disable Mobile View / Use Desktop Site]

[Enable Mobile View / Use Mobile Site]

All trademarks and copyrights on this page are owned by their respective parties. Images uploaded are the responsibility of the Poster. Comments are owned by the Poster.