Even if I sold my crypto at the top I'd get raped on capital gains tax.
>>62719290Don’t report the gains
>>62719290Sell some of your losses too to offset the gains tax.
>>62719290Make sure it's all in long term capital gains status, or held in a Roth IRA.
>>62719335Honestly unless you've got a tax sheltered investment that can absorb the capital OR have no income it's totally pointless selling your crypto
>>62719298Don't listen to this glowie. He wants you imprisoned to justify himself keeping his job
>>62719290>capital gains taxhow is it that THE capitalism country imposes such socialist policies?
>>62719357It depends on how much we are talking here. If you “made it” and you want to cash it all out, then tip the jew and be done with it, otherwise keep everything in a wallet and cash out when needed without reporting it. That isn’t going to throw out any red flags. And even in the unlikely case that it does, you won’t go to prison lol
>>62719290just run your own node and spend btc in real life on btcmaps
>>62719398If you make it you can't just wait until tax season the following year, you gotta pay your chunk at one of the quarterly dates too.
>>62719412the fines aren't bad though with BTC's CAGR you can eat IRS fines all day
>>62719429What's cagr
>>62719438compound annual growth rate. I always figured the penalty was only a couple percent I never kept up on quarterly payments.
>>62719438seems about right
I just looked it upDO NOT PAY QUARTERLY You cannot get a loan that cheap anywhere.
>>62719462Explain
>>62719471If your missed quarterly payment is...Your penalty will roughly be...30 Days Late~0.5% of the missed amount90 Days Late~1.6% of the missed amount180 Days Late~3.2% of the missed amount365 Days Late~6.5% to 7% of the missed amountBanks will shake you down and charge you more than 7% for a loanThe IRS can just be ignored and payed at the end of the year.
>>62719489Oh I see. Worst case scenario you make some gain in January and end up paying 7% the following year. But not paying until tax day would only be ok if you have some investment that pays you back that much to handle those penalties
You don`t need to pay taxes if your criptowallet got destroyed in a boat fire.
>>62719637Ok Epstein but you have a little more than just your position protecting you
>>62719290Collect a government check to rape back
>>62719290I'm planning on having to fork over about 40% to the Nigger-Feeder 9000 that is the IRS. I think i might also owe something like $40k from 2020 that the IRS never chased me for because the money all went right back into the market. there's no way im retiring after this bullrun unless LINK does more than 100x.
>>62719290actually this $300,000 i found on the ground
>>62719290never sell only trade
>>62719290Just borrow against Bitcoin you own for daily expenditures, just like other rich people do with their own assets.
>>62720306I don't think this is realistically going to help people who aren't ultra-wealthy. You still need to pay your loans back and you're only deferring tax. True, if you die, you won't pay capital gains tax, but you'll take an even heftier inheritance tax hit. Borrowing against crypto isn't that useful.
i legitimately don't want my money going to israel why is that the case with taxes? it all goes to israels or retards.
>>62719290sheit mayne, just like, dont be reporting taht shit ya heard? if da govament never hears about it youre gucci
>>62719298
>>62719290I also refuse to make money because I don't want to pay taxes.Very wise strategy. By losing we win
>>62719298I cashed out almost $100k in gains in January 2018 without paying taxes and the IRS never came after me. It might be different now that they specifically ask about crypto on tax forms. But I did get away with fudging numbers on like $300k worth of crypto to crypto exchanges in 2022 to avoid taxes so IDK.
