Taxes

>>3000441
you can only buy in, impossible to cash out

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>>3000441
>cashing out

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>>3000441
>cashing out

holding until crypto becomes enough mainstream
high sums no, small enough - localbitcoins

>>3000463
>>3000452


What did they mean by this

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>>3000441
>cashing out

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>>3000441
>cashing out

>>3000441

Yes I have, and you have two choices. Either claim it as capital gains, where 50% of the gains are taxed at your income bracket. Or claim it as personal business income and you can write off a portion of the expenses incurred to make the money (ie: Commissions, Electricity, Part of rent). But whichever you choose you must stick with over the years.

But if you're actually making a consistent large amount of money open a corporate entity for yourself and do your business through that. You will have far less of a tax burden and there are efficient ways to give yourself the money from the corporation.

At least for Canada anyways, I assume the states would be something similar.

I own part of a smaller accounting firm, and run and algorithmic trading company with a slight bitcoin mining operation on the side.

>>3000441
You're going to jail.
Also:
>cashing out

>>3000441
>INB4 IRSFAG
Yes. It's cashed out as capital gains so expect marginal tax rate. I used an attorney from San Francisco to help out. Pay your taxes, keep your money.

>>3000542

How much did you have to pay?

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>>3000441
>cashing out

>>3000518
why is it 50%?

alright faggots quit meming and tell me how to avoid taxes

>>3000441
offshore account, retard.

>>3000575

In Canada only 50% of realized capital gains are taxed. So if you make $1000, you pay your individual tax rate on $500 of that, so whatever income bracket you're in.

>>3000615
Cashing out implies that you don't believe cryptocurrencies has a future. Just put everything into BTC and buy 10 lambos in a year or two.

>>3000441
>paying for muslims and blacks to get free food and housing and take over societies that are not their own

LOL no fucking thank you

but muh roaaaaaaaaaaaaads, the roads are falling apart so kill yourself if you even for a second though muh roads.

>>3000633
if you don't take profits to at least cover your initial investment you deserve to lose everything

>>3000656
Just invest in BTC??? You wont lose anything. Antifragile. Too big to fail.

>>3000676
>Too big to fail.

until btc becomes unprofitable for miners, then you can say goodbye to your money.

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>>3000653
>paying for muslims and blacks to get free food and housing and take over societies that are not their own

Fuck off back to /pol/, you and your kind already soiled /biz/ enough...

cashed out around 90k €
had to pay taxes around 30 k €

profit: 60k €

not 50% tax but its alright, kinda annoying

>>3000811
pfff they literally stole 33% of your money, and you think that's ok? good goy.

>>3000441
I sell off a bitcoin or two on a frequent basis to fund my semi NEET lifestyle. I claim it always as long term capital gains as I am pulling it out of my wallet into Coinbase.

Feels comfty with that 1040EZ famalam.

>>3000831

It's not but I don't want to go to prison.

>>3000676
i hope you're merely pretending to be retarded

>>3000833
how does Coinbase = long term capital gains? have you not put any fiat into crypto for over a year?

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>>3000729
back to r3ddit you faggot kike shill

this is what your taxes buy you