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Anonymous
Making all your gains look like long term gains. 2017-06-19 10:32:50 Post No. 2517339
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Making all your gains look like long term gains. 2017-06-19 10:32:50 Post No. 2517339
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Making all your gains look like long term gains.
Anonymous
2017-06-19 10:32:50
Post No. 2517339
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What do you think about disguising all your short term alt trading gains as long term bitcoin holding gains when / if you cash out? If you're in the 15% tax bracket there's NO long term capital gains tax. If you NEET all year and don't earn any income you can cash out up to $37,950 a year tax free. So you'd convert all your gains into btc at an exchange like BTC-E which is in Russia that the IRS wouldn't be able to audit. Then you send the BTC to your coinbase and cash it out into your bank account and pay no taxes. If anyone asks, you were holding those BTC for years sincee you bought them from MtGox. No, nope all the records are gone sorry, there's nothing to audit. As long as you keep your taxable income below $37,950 you can cash out tax free.
http://www.investopedia.com/articles/personal-finance/101515/comparing-longterm-vs-shortterm-capital-gain-tax-rates.asp
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>>2517339
Drumpbf
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>>2517339
Let's say I make 30,000 a year in my day job. Does this mean I could only cash out 7,950 a year without getting fucked with taxes? Or as long as your other income is under 37950, you can cash out as much as you want without getting butt fucked?
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>>2517495
I believe your capital gains adds to your "taxable income" so yeah as soon as it's 1 dollar over $37,950 in total you have to pay 15% on all your long term capital gains. which is kinda fucked up because the person making $37,951 would end up poorer than the person who made $37,950.
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>>2517656
Can anyone else confirm this? When you get bumped up to the next tax bracket the 15% long term rate gets applied to your entire long term capital gains right? Not just the portion that brings you above $37,950.
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Nobody pays taxes on this shit you pretty much nailed it.
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>>2517656
This is false.
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>>2517656
You do not understand brackets.
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>>2517656
No. If you're one dollar into the tax band, you pay tax on that one dollar. It's the same as all other income tax. I don't know how there are functioning adults who don't know how this works.
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>>2517656
That's not how taxes work... you would only be paying higher taxes on that one dollar.
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>>2518089
Yep, also applies to your income tax. If you're in the 25% tax bracket, you still pay the 15% rate on everything under 37k or whatever it is.
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>>2517339
what kind of faggot cashes out instead of waiting for better crypto debt cards. if the purchase is $100k+ just buy in pure bitcoin, hell i was looking at used lambos and many dealers take bitcoin already
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>>2517339
Honestly I bet you could avoid paying income tax on any coin gains at all. Just deposit the earnings very slowly into your bank account instead of all at once, so it doesn't send red flags to the bank or the IRS.
The government is notoriously incompetent and it will be years before they understand how bitcoin works, let alone have the means to track your earnings with it.
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>>2518110
O alright. I knew it was like that for income tax. Just thought it wasn't the case for capital gains for some reason.
>>2518251
Yeah but I think banks are a little less incompetent. They're supposed to file a "suspicious activity report" if you keep depositing amounts less than $10,000. And you might get V& / assets seized for structuring. If you just obfuscate it a little by making it all look like long term gains I doubt they could prove otherwise though.
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