So has anyone actually cashed out? I hit my goal of $50K and

>>3043233
>How do I pay no taxes?
Yea you can't.

localbitcoins i guess.

>>3043245
I know its possible using local methods but I'm curious if anyone has experience using easier methods such as coinbase.

make a holiday and search for a bitcoin machine wherr you can buy and cash out

>>3043233

Theoretically you could...

Sell some locally and legally.

Use proceeds to travel abroad and sell it at a more suitable location.

>>3043233
Why would you cash out during price increase?

Don't cash out until they flesh out the laws in the next year.
Cashing out right now is a tax nightmare.

>>3043325
June 1st I had 55k in crypto, July 14th I had 17k in crypto. That scared me so I want to be ready to cash out maybe half within the next 2-3 months.

So has anyone actually cashed out yet? Like are we just sitting on disney tokens? Like if you have millions in btc there is no way of actually turning that into fiat is it? No atm will give you that much

>>3043384
JUst wait until the kikes take everything away!

>>3043233
ffs these replies are fucking retarded. Spending btc is a taxable event. Yes anon, you heard right.
>be a criminal
>pay taxes
Choose one dipshit

>>3043486
I read that you can withdraw a small amount before you have to report earnings. There's no way I'm paying taxes if I don't have to.

>>3043486
>pay taxes
>sell crypto in third world shithole

choose only one.

who is coming to thailand with me?

>>3043527
OP here, I'm going to Thailand at the end of the year. Please elaborate.

>>3043535
Been to thailand a lot. I was thinking the same , its easy to open a bangkok bank account then they have a Thai btc site, I'm assuming you can deposit from there into Thai bank account.

On side note what are chances USA actually places some real tax laws down in next year so its not retarded?

>>3043349
Lol you think it's going to get better?

>>3043233
>How do I pay no taxes?
Get a swiss bank account?

>>3043317
I had a chuckle. Makes me realize how revolutionary this all is.

why dont you use monero or other stuff and transfer feom one to another wallet. then back to btc and go to a bitcoin machine with a paper wallet?

>>3043604
Daddy Trump will save us.

>>3043486
>>3043527
>>3043535
do you have to actually move to thailand to sell or could you just use a vpn and pretend you sold them there?

>>3043285
>Why do I have to pay taxes on this investment as if it was any other investment
Just pay your taxes. Hold for a year so you get a lower tax rate though.

>>3043821
I think he's talking about offloading btc at a Thai bank or exchange. I'm not sure about this because I know the IRS still taxes American expats. I'm guessing the IRS wouldn't subpoena some Thai business for your information like they will with coinbase.

Maybe we're better off buying gold.

you could die by 2018 so cash out now bro

>>3043233
Tenx card - use it to pay your bills and daily expenses. Save you wage up.

>>3043349
this.

this year is your last chance for easy incognito crypto gains.

>>3043349

This, there is no real clear guidelines to doing your taxes on Bitcoin, ask two different IRS agents and you'll get a different response. At some point Congress is going to have to either write laws addressing crypto or someone like Coinbase will take the government to the Supreme Court for their interpretation of the existing tax law.

>>3043384
Buy gold, the sell gold at local merchant>>3043233

what if i told you that bitcoin IS money. you are already cashed out.

>>3043325
This. Just buy high sell low

Why would you cash out? Unless you pay something with it. What is 25k going to give you. Even 50k. Maybe a car. Depreciation is real and it will be worth less. A house? No proper house for that money? Daily expenses? You want to be that person who did groceries with his 500$ btc gains which is 2000$ a year from now?

Unless you put it in something which generates value, there is no reason to cash out.

>>3043858

> the IRS still taxes American expats.

what? you know expat means youre not a citizen anymore? they cant tax you after that

>>3043233
I don't understand why I have to pay taxes on bitcoin.

If I buy an ounce of physical gold and the price doubles next year, do I have to pay taxes if I keep the gold?

You could also argue that investing in crypto is similar to gambling, and you don't have to pay taxes on the money you make with gambling, right?

>>3043384
I run a business where I sell people cryptocurrency at a premium. Its my way of cashing out as well as paying taxes on it.

>>3044362
You don't have to pay taxes if you keep the Bitcoin either. Only when you sell it for a gain, just like with gold.

>>3044376
So if I think the current fiat system will collapse and I want to keep all my mememoney in a wallet, I never have to pay taxes.

Sweet.

>>3044197

Expat just means you're living abroad.

If you still have a US passport and working (for example, in Germany), you still have to pay taxes in the US. I imagine this goes for more places too.

t. Expat in Germany

File: 1502362831984.jpg (40KB, 793x695px) Image search: [Google]

40KB, 793x695px

>>3044197
>what? you know expat means youre not a citizen anymore? they cant tax you after that

>being this dumb

If you are an expat, it simply means you are living abroad in a host country not of your own. If you are an American living in Europe or any other country, YOU STILL HAVE TO FILE FEDERAL TAXES ANNUALLY. If you fail to file your annual federal taxes, you could actually forfeit your American citizenship. Which means, you could never come back home to live legally if you ever wanted to.

File: 1493014079111.png (1MB, 1080x1349px) Image search: [Google]

1MB, 1080x1349px

OP you retard how have you not figured it out yet? Alright listen up, it's pretty fucking simple...

>be you, a retard
>retard makes (((modern art)))
>"Anonymous buyer" (also you) purchases (((modern art))) for $50,000
>tip me for giving you a way out
1LF4QPVDBxTJwDt7P5uSDR6kpMbWGYF49D

>>3043233

There is only a reason to cash out --- you really need quick money *now* and you don't have any other assets.

After the late 2013 mooning, BTC went down to $200-$300 and a lot of faggots (aka "Traders without a clear vision and a reasonable plan") cashed out even at a loss.

/biz/ is full of people craving to "invest $20 to get $100 ASAP", expecting some random shitcoin "mooning soon" ("mooning" means a bunch of faggots buying it because it's "mooning soon"), complaining they wasted big bucks because FOMO, even more complaining they missed the train, and posting their own address to beg every dude LARPing out.

I wish /biz/ had more threads about really resilient wealth. Buy a house or a car, it will cost in maintenance, taxes, consumables and it will loose its value if a bunch of niggers will become your neighbors. Buy financial products, and they will be wasted by bubbles and other Jewish tricks. Buy yourself a master degree, and you'll never lose it (alas, it requires you years of willpower and study, money is just part of the investment).

>>3044685
nice just keep posting on this board

>>3043233
Where do you live?

In the US?

There are a lot of ways to get around paying taxes. One of the ways is to set up a company that "buys" the bitcoin from you. so that the company is 50K in debt. Then declare bankruptcy so that you get 50K in tax writeoff. This is the true patriotic american way to dodge taxes.

IRS might knock on your door but it's technically legal.

t. Actual Jew.

Pay your taxes you greedy mofo. Here you earned $50k doing nothing and you don't even have the decency to pay a little of it back to society?

I want to be an extorting mobster too guys, how do I join the IRS?

File: ebbd10e0-c80c-4bf2-9066-93e98db2b960.jpg (171KB, 950x534px) Image search: [Google]

171KB, 950x534px

>>3043233
Just cash out and don't pay, tax man isn't going to notice the new sprinkler system you installed with your pajeet tier CG

File: NocoinerBTFOagain.png (1MB, 964x1650px) Image search: [Google]

1MB, 964x1650px

Hold for 1+ year and pay less


OR

sell now, pay taxes and kill yourself when it's $5000

Just hold

>>3045320
>back to society
you mean the people that are still waiting for btc to dip so they can buy in? these people dont deserve my money

>>3045428
No I mean the people that are literally the reason you are alive right now, the people that fed you and gave you a home and education for free for like 18 years of your life

>>3045404
This

>>3045455
>no choice to get born
>owe everybody for being born
lmaoing @ ur life

why so many autists here are having problems with taxes?

spend your coins directly to avoid taxes!

>>3043384
I cashed out 100k usd worth of eth recently. According to tax calculator I'll pay 20k or so. I'll just take me tax form to a local h&r block and tell them how much I made. Shouldn't be any different from reporting stock gains really.

Technically even spending your crypto for a good/service realizes it's value and becomes a taxable capital gain at that point. Whether or not you convert that crypto into fiat beforehand. So if the IRS gestapo finds that you're spending a lot of money that they otherwise can't account for, you're gonna have a bad time.

File: 1486544768577.jpg (53KB, 1024x576px) Image search: [Google]

53KB, 1024x576px

>>3043233
>live in France
>cash out
>don't pay taxes
life is good

What about physical crypto to fiat ATM machines? Any caveat on that if I'm cashing out small volumes?

The fees are lower than the tax I would pay...

>>3044644
anything above a certain amount has to be clerified i think, depends on the country, although art is the way to launder your money but it's not a simple as you state

As a traditional investor up until now, I'm wary of crypto currencies.

What do you think about buying and holding, but cashing out to fiat every 3-4 months?

The transaction fees will erode the ROI a bit, and so will taxes, but I'll sleep better at night knowing I have less than 5k invested in an asset I don't fully understand.

Any caveats you can spot?

any1 got a clue about the taxes in the uk for crypto profits?????????????????????? help me anon. tried using google but didnt find a simple full retard explaination

>>3045909
If it's less than 11k you dont pay any tax, google 'capital gains'

>>3045825
There's nothing wrong with that. But it sounds like you're assuming that there will be growth every 3-4 months, that's not necessarily the case. Crypto has seen years at a time of bear markets. So if I were you (and I mean that literally because this is what I actually do myself) I don't cash out after certain periods of time, I cash out a little at a time when the price has risen enough for me to be satisfied, and then when the price goes back down (not just short term but in between bubbles when no one is talking about crypto) I buy back in.

>>3045825
Are you fucking serious?

Just buy and hold bitcoin old man. Once you own it for 4 months and see it's potential you're not going to sell it.

The people you see on here losing their money are getting dumped on buying shitcoins with no devs

>>3043462
Just pay your taxes faggot

God im surrounded by children

Buy a bunch of macbooks for 1k each from the dark web with bitcoin and sell them on ebay for 1.1k each (fees and shipping make up that $100)

No taxes

hold it long enough to pay capital gains rate

if you made 3000% on these fucking coins you can tolerate paying 15% to the government whose fiat you converted it to

>>3044644
Hi nick
Love the podcast

>>3043629
getting a swiss back account is insanely hard these days if you're not swiss

>>3046066
Roger that. Then I guess I'll go that way. It's just that I don't want to hold too much crypto.

>>3046081
I'm dead serious, my friend. I'm aware of my limitations: I can't see the future. We're living the roaring twenties and I don't know where will this spaceship take us. Decompression could kill us all.

Check this thread. I'm not a hero, and never will.
>>3037723

And of course, I know better than gambling on who-coins.

>>3046121
>tfw the capital gains rate is 29% in my country

Still only paid about 12% this year though because of various deductions since I didn't make any other money than crypto

>>3043233
75k here, goal is retirement

>>3044362
you have to pay taxes when you realize the gain (when you sell it for YellenCoins)

BTCtoGold transaction

Then gold to cash

I live in lux

Anyone knows if I have to pay taxes on capital gains from. BTC?

Here is a link but I don't understand anything

https://www.world.tax/countries/luxembourg/luxembourg-tax-system.php

Scroll down to capital gains

It says capital gains are exempt under conditions

What does exempt mean?

>>3046209
Exempt mean "free of".

>>3043233
Move to a free country.

Move to the Isle of Wight in the U.K. Or Monaco or Switzerland

>>3043233
your only real option is to purchase goods with crypto directly

you can always sell those

or buy shit youre going to consume over your lifetime, like nice wine etc

>>3046946
you telling him to buy groceries and toilet paper and Oreo's using bitcoin?

File: buttcoin.png (94KB, 1691x745px) Image search: [Google]

94KB, 1691x745px

>>3045825
>>3046066
I just made an excel sheet this morning and over 4 months it usually gains.

Basically I would set a percentage limit of like 10 percent(plus fees) of gains to sell and then keep putting money in.

>>3043233
>How do I pay no taxes?
You know how you have to enter your social security number into every exchange where you can buy bitcoin for usd? Yeah. You're paying taxes bud.

>>3043317
>Sell some locally and legally.
So wait a sec... Are you trying to say all you have to do is sell through local bitcoins and that's not taxable? I find that hard to believe.

File: what happens when btc moons.jpg (53KB, 481x517px) Image search: [Google]

53KB, 481x517px

Red pill for your dumb asses. Neo only stopped mooning because BTC mooned, people put their fiat into BTC instead of alts and of course if the NEO-BTC price is increasing then BTC increases NEO's price will cease growth and stabilize, which it did.

Now we've seen BTC drop and NEO is on the way up again.

WE ARE THE NEO-NAZIS

I'm also having trouble. I have almost $4k worth of crypto from an approx. $300 investment, but my trading history is a snake's nest. Some crypto gains come from gambling, some comes from selling an item to a user for BTC, and I have traded 15 different coins on 4 different exchanges.

How the actual fuck do I specify everything so that I can take my money without being a criminal???

>>3047371
you have 3600 of capital gains.

capital gains is 20%

cut the irs a check for $720 and youre good.

>>3047412
But do I not need to specify exactly how I made these gains? And even if so, it is hard because I seriously don't know where it comes from exactly.

Will they just leave me alone?

>>3047129
Wow, anon. Thanks for sharing.

>>3047483
yes they wont care.

I highly doubt they would come after you in anyway even if you didnt pay any taxes with that amount.

>>3043233
convert to monero
convert back to btc
sell the btc

>>3047129
those fees look high. are you buying from coinbase?

>>3047519
buy on gdax and use limit buy for 0 fees

This seems like a good thread to ask, I need to into limit orders. But I haven't actually seen any fields for that on any exchange. Is that usually under the margin trading section or something?

>>3047190
where's this from? i can't find that website.

>>3047506

I think the IRS is so confused by Bitcoin much less altcoins if you just pay them 25% of everything you made they'll be happy, you are a rarity among most crypto people paying taxes that it probably makes them LESS suspicious

>>3044685
>Loose it's value
>Drops the word nigger in random conversation about investing
You alt right fags make me laugh with your odd views of the world

>cashing out now that you've hit a decent sum
>not realizing that very plausible 5x or 10x gains at this point could provide you with live-changing sums of money

>>3047614
Where I live, you need to specify your trades when picking investment as source. If I could just get these into FIAT, I could do it over and do it right from the start.

>>3043687
He dosent give a fuck about you

>>3043942

You must not know how the government works. They will screech at you n throw you in jail.

>>3045214

You're right.

It's kinda sad that ameriburgers don't understand this happens all the time.

>>3045455

I'd side with you, but I think of the fat obese whale that gets an SSI check cause she won't go out n walk around or eat right.

If it was the 1990s or before, where people were not as shitty self entitled bags of dicks, I'd side with you too.

But it's not.

>Pay 20% tax and be a cuck
>Pay no tax

Pick one

>buy gold
>sell gold for cash
>tell police and IRS that a nigger stole your gold.

>>3047519
Ya i assumed the highest fees just to see if the system is still valid.

File: 100k.jpg (110KB, 1026x368px) Image search: [Google]

110KB, 1026x368px

>>3047496
I just finished this part at the end.
19k deposits=100k BTC value and 5k of sold returns.

Take that 100k and cover the 19k=80k

Sell the gains from that 80k every 4 months for passive income. I don't see this changing until 2021 where BTC could become a lot more speculative.

>>3047614
> be amerifat
> have crappy tax collector
> nobody knows the amount of money one should pay

Pajeet tier country.

>>3045320
>you don't even have the decency to pay a little of it back to society?
Tippy top kek, are we talking about the society that considers me literally hitler just for being a straight white male?

File: 0912021938.jpg (64KB, 500x333px) Image search: [Google]

64KB, 500x333px

>he actually thinks he can fool the IRS

>>3047846
It's the same issue dumbass

You need to explain to the IRS where you suddenly got 50 grand cash

>>3047956
pay your reparations faggot the minorities are being help down by the system

>>3047969
>buy gold with the 50 grand cash
>sell gold for bitcoins
>sell bitcoins immediately for the same price
>same price= 0 gains. and you only have to pay tax from gains.
>sell bitcoin and receive money to your bank account

>>3044362
If you win $10k+ at a casino, they'll bring the IRS forms to you buddy, this happened to a family friend when we were on vacation

>>3045320

> decency to pay a little of it back to society?

Is this the same society that functions based on an unspoken caste system where genetically privileged individuals (good looking, tall, high IQ, ...) are treated like living gods while the ones who aren't are treated like subhumans, barely a level above cogs in a machine?

Just fucking LOL @ your marxist rhetoric, I'm not giving this "society" of vermin jack shit


>the people that are literally the reason you are alive right now, the people that fed you and gave you a home and education for free for like 18 years of your life

Last I checked the reason I'm alive is that my loser of a mother made the wrong choice by not swallowing me or just getting me sprayed on her back instead of taking me inside her

"Society" didn't have anything to do with it, you imbecile

>the people that fed you and gave you a home and education for free for like 18 years of your life

Just fucking lol @ you ascribing every positive thing that's ever happened to me to "the people"

By that logic, they should take responsibility for everything bad that's ever happened to me too, right? Because all of that happened as a consequence of living in their society too

And if that's the case, I'd say we're even, or rather, society should be paying reparations TO ME, not the other way around

File: DonaldYouAreBlocked.jpg (673KB, 1600x1200px) Image search: [Google]

673KB, 1600x1200px

Land of the free they say
You have to report everything to your tax collector.

>>3048498
>that picture
KEK

>>3045455
My parents aren't the one's receiving tax money because they're not subhuman leeches

>>3044116
Can I buy land with it?

>>3047154
You sell it for cash and keep it in cash you gaylord

Untraceable