>live in California>federal capital gains tax 40%>state capital gains tax 15%I literally don't get to keep half of what I make in crypto
>>58698668That 40% is for the high tax bracket and only if you don't hold that shit for at least a year, yeah?Minnesota is almost as bad, but only ~10% at the state level.It just makes it way harder to sell at the peak and then buy back in at the dip, so much so that I'm not even going to try.
Don't pay taxes
>>58698668Just buy a property with crypto and then sell the property for the local currency and then wire yourself the proceeds of the sale back to your American bank account
long term gains under 40k in texas is 0%learn to play
>>58698771>under 40kcongrats you don't need to pay taxes when you're the lowest income bracketNow go back to bed, the adults are talking about actual money
>>58698760Based. What's your favorite means for getting paperwork (ie: Identification and bank account) set up in other countries? I want to play overseas but don't want to buy a plane ticket if I don't have to. >>58698668>>58698696Learn to use tax deductibles. Your actual gains are what you got on sale minus the price paid at purchase. This greatly lowers what you will end up paying. By the way, Short-term capital gains are taxed according to your ordinary income tax bracket. So if you balance long term investments, business, and pump and dump shitcoins you can actually equalize out pretty easily.
>>58698760Yea that TOTALLY is going to go great and you ABSOLUTELY did this before getting ass-raped by the IRS.
>>58698668>live in Californiadon't live in California
>>58698828>What is an overseas investment? > What is a tax shelter?
>only buy Bitcoin>never sell>move to a tax free Asian or South American jurisdiction when you make it
sux to be a burgerhere after a year 0% on everything!>germony
>>58698668change citizenship
>>58698844/thread
>>58698759this, and fuck niggers
>>58700208Kind of like refugees from Soviet states or Cuba, ex-Californians actually tend to be more hardline conservative. It's important to remember that leftist brainrot is a relatively new phenomenon and people are only now reacting to it, Cali was a typically free state as recently as the 80's.
>>58698668Fellow Califag here. Federal Capital Gains tax's highest bracket is 20%. What the fuck are you on about?
>>58700235Short term are taxed as normal income
>>58700235>just hold your memecoin for a full year broShit drops to zero in a heartbeat, you can't be holding most things long term.
>>58700213>Kind of like refugees from Soviet states or Cuba, ex-Californians actually tend to be more hardline conservativeSource? Your ass? The commiefornians that move here are fag loving degenerates that vote blue no matter what.
>>586986680% CGT in UAE and unlike the US, it's the new world.
>>58700261https://www.fox4news.com/news/exit-poll-more-native-texans-voted-for-beto-orourke-than-ted-cruz
>>58700812>2018Meaningless, the exodus of Californians to the rest of the country didn't start until 2020. Also Texas is a spic shithole so "native Texan" just means beaner.
>>58698825>This greatly lowers what you will end up paying.We both realize that. OP said he doesn't get to keep half of what he makes. [of what he makes] implies the difference between the sell price and the price he paid.>learn to use tax deductiblesWow, you can deduct your negligible fees.The ability to deduct losses is good if you're playing with shitcoins, but fuck that -- it's still a loss. Ideally you just have gains from long term holdings (btc).
>>58698771there's a state tax on gains in TX??????
>he doesn't hold his positions at least a year before selling
