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serious talk. Say you make income via anonymous customers using crypto, or you somehow make signficant money like >$20k and you want to be able to spend it.. obviously.. otherwise you might as well have nothing. Seems like the IRS requires literally everything to be tracked which is not only horseshit but practically impossible now with crypto. What are legit ways to buy large purchases such as house, car, or anyting else, from funds you received "anonymously" ? Must go to other country? What are the methods. This is a purely speculative question. discuss crypto and tax and no bullshit please
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>>2064179
NEVER CASH OUT, HOLD!
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>>2064190
first of all, that could work if you dont need that money for anything until most of the world uses crypto and tax laws have changed significantly. I'm assuming that day won't come just yet and big purchases are needed to be made, like a HOUSE.
secondly, you typed that wrong:
>HODL
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>>2064195
If you really need to cash out, the deepweb has lots of goods for sale. Pump all your earnings into BTC/Trade BTC for goods/services (obviously only legal ones, and who cares since this is hypothetical anyways)
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>>2064206
Ok true, buying shit and selling for $ can work. Also claiming as mining revenue can work huh? How on earth can that be checked
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bumps
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>>2064179
Capital Tax on crypto would be such a logistic hell to even calculate that it's never fucking going to happen.
As for your profits, you just log your cashouts as "income" when you make your total for the year.
Whoopdedoo, that was hard.
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>>2064179
>practically impossible now with crypto.
except it's not. been doing it for years. you can do it in fucking quicken.
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>>2064887
>>2064871
Also these, technically BTC isnt a regulated exchange and you are essentially trading pixels for pixels up until the point where you cash out.
A good example is if I play runescape 2400 hours a year and sell all the gold i make at the end. They wont be taking taxes out of my player transactions in game, simply because the jews havent had enough time to dig their greedy hands deep enough.
Give it time though.
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Keep every record you have of the crypto transactions just in case. Report it as income on your taxes when you convert it to fiat.. if your government asks how you made the money, you can happily prove it. Avoid anonymous traders. For instance, here in Canada there are private crypto brokerage offices you can visit, which are registered money services businesses that operate similar to western union in the eyes of the government. They can deposit Canadian dollars into your account, and your identity is tied to every detail of that transaction and given to FINTRAC. You're basically protected from fuckery if you report that income on your taxes.
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If you are young and working (have a w2) you should be storing your bitcoin in a Roth IRA
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>live in country with no crypto tax
>????
>profit
Thread posts: 12
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Thread images: 2