If I buy Bitcoin, wait and have it increase in value, then send

No, you just discovered the system weakness.

Whoever converted the Btc to $$$ pays the tax.

>>3077251
yes

>>3077272
>>3077251
This is why I send it to my relative overseas. he cashes out with no taxes, and sends me the cash. I unironically do this for all my crypto.

Family members can recieve gifts tax free up to a certain limit. ($14k I think) This includes free of capital gains tax. But they have to be family.

>>3077298

>what is gift tax

>>3077413
Gift tax is a tax which the gift-giver must pay. Gift receivers do not pay gift taxes.

>>3077413
>gift tax is a real thing
That's another level of Jewery

>>3077357
It's a gift and it's not constrained to family.

>>3077431

incorrect. if it is evident that the transfer of assets other than currency is to avoid tax anything can be taxed.

did you really think you were the first person to think of using a third party?

>>3077251
if you buy bit coin at $150, and then gift said bitcoin at $300, you gift your basis as well. if the person you gifted the bitcoin to sells the bitcoin, they would have to pay the capital gains.

>>3077431
Yes they do, this is why game show contestants don't profit - they have to pay taxes on their prizes.

>>3077494
how tf would the gov know where the BTC came from...

>>3077251
the other person who receives the USD would have to prove to uncle sam how he got this income if he was audited.

>>3077518
BTC transactions are stored, Monero is the only major currency that makes this difficult.

>>3077444
>mom saves up her whole life while raising me to send me to college
>finally has enough for my tuition and gives it to me at my grad party
>20k transferred from her bank
>only 14k after taxes
>she completely breaks down and cries
>I end up in college 4 years later and all the kids I go to class with are younger, and smarter than me.

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my system is much better. nearly any online company that sells gold and silver bullion accepts btc. use btc to buy metal, sell metal for fiat....laugh.

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>>3077587
I'm really sorry man. Taxes weren't always this prominent, before 1913 income taxes didn't even fucking exist.

When Benjamin Franklin and the rest of our founding fathers believed in taxes, they didn't believe in taxing normal, everyday people like this. It pisses me off to no end when people defend taxes because "nothing is certain but death and taxes". Founding fathers would ROLL IN THEIR GRAVES if they saw the everyday man being taxed by more than 30% of his income. It's fucking ridiculous.

Woodrow Wilson himself admitted letting the 16th Amendment pass was a mistake, not to mention in 1913 less than 1 percent of the population paid income taxes at the rate of only 1 percent of net income.

THAT'S WHAT IT WAS SUPPOSED TO BE. 1 PERCENT AND 1 PERCENT OF THAT 1 PERCENT'S INCOME. NOW IT'S FUCKING 30% ON THE MIDDLE CLASS WHAT THE FUCK!!?!?!?

another stupid question, if I buy things with Bitcoin is there a tax for that at all? What about with bitpay?

>>3078259
Same tax as buying with USD

>>3078259
If you give away bitcoin and receive Ether, Milk or Dollar, your gains from the bitcoins tax is taxed either way.
Don't listen to the folks who claim you only pay tax when you cash out. It's the worst meme around.

>>3077791
we had no army and got our ass beat by canadians. something had to give.

>>3077791
same time the warburg jews took over the us money supply. jews run the courts the central banks and the media. ITS APARTHEID. The taxes are a jew scam like the courts. Time To Take Back America from the filth jew. Military action is needed NOW

>>3078440
If you think the taxes you pay help support our military/healthcare/education, you're wrong. It's all money being spent needlessly.

It's idiocy to believe a country can support itself without taxes, but the taxes that you pay aren't going to the firefighters or policemen who deserve it. It's going straight to corporate pockets.

>>3077501
Wrong. Look it up.

>>3077479
No shit tax evasion is illegal. I fucking know that. The point is to make it seems real since transferring shit like Monero overseas is literally untraceable. So you get a nice "gift" every once in a while from a "relative."
Everyone on this board complaining could just fucking do this.

go on ebay and search for bitcoin for sale...

make an acct and sell on ebay when you are ready to liquidate some btc for cash...the payment goes to your paypal. if the amt is small enough you dont have to file taxes. if you liquidate over $20,000 into your paypal then you will probably get caught and need to pay taxes.

this is all in usa of course.

there is a tax rule where if you make a certain amount from a hobby then it is exempt from taxes. look that up.

a lot of what i do, including selling on ebay, i dont file taxes for because i claim it as hobby.

trading coinz could be seen as a hobby like playing online poker.

>>3078655
Uh. I trade stocks as a hobby. Like less than 40 hours... this year. I've made $34k in net profit. I've been doing this for many years. You're telling me that I can just be like
>nah guys i do this for fun, no taxes pls

Pretty sure trading crypto would fall under the same stipulation.


also ITT:
>coiners fight over tax law: vol. 9

>>3078713
yes but stocks are heavily regulated whereas cryptoz exchanges aren't (yet). if you don't put your social sec # into your accts and if you don't verify with your photo ID then it becomes less likely for them to trace your gainz.

i just tried to put my fucking driver's license into coinbase verification using my webcam and it said they could not read it. same goes for gdax.

none of my accts are verified. lets say i could be making 10 LTC gainz per day in exchange acct and then transfer it out to various wallets then sell when i need cash. how can they trace all those transactions? isn't that the point of crypto, that there is some degree of privacy.

soon they will regulate of course but we're talking about right now, and i'm also talking about people who don't pull in $34K in profit using accounts tied to bank accounts and brokerage accts.

whatever do what you want and get cucked by the jewIRS if you don't want to figure out a slick way to fly under the radar.

i like the idea of sending to relatives/friends in other countries if you have those connections and can trust them. probably the best option right now.

>>3078825
I saw one anon say that he buys smallish Amazon gift cards with is BTC gains. He said that it's basically just gas/grocery/living expense money, and he doesn't report anything.

>>3077791
welcome to jews
have a nice day

>>3078825
If you want to take out any real money (not your NEET bux) you will have to pay taxes. Thinking you idiots can outsmart the IRS is a fucking pipe dream.

>>3077251
can anyone give me a single situation in which i would ever have to pay capital gains tax on bitcoin?bitcoin is a currency.

if i spent a month traveling through japan when the conversion rate is 140:1, have some money left over, toss it in a drawer, and then trade it back in a couple years later when it's 70:1, i dont have to pay tax on that even though i doubled my money.

if i buy a bitcoin on coinbase when it's at $2200, and then trade it back into USD when it's at $4400, how is that any different?

>>3079009
bitcoin is not an official currency in the US, retard

>>3079009
The SEC wants to treat BTC like a stock, pretty sure.

>>3079009
You don't have pay on small amounts, but if you make a significant amount of money trading FOREX you absolutely have to pay capital gains.

>>3079057
what if i buy a bmw e30 m3 for $10k, keep it in a garage for 30 years and then sell it for $80k. do i have to pay capital gains tax on that?

what if i put my money into any number of non-security investment vehicles. collectors items, memorabilia, prized artwork, etc?

what if i hold my bitcoin until it is a currency, and then just use it to buy things?

>>3079081
i didnt know that. is that just using a forex exchange? or does that law technically apply to paper money transactions as well?

>>3078906
>buys smallish Amazon gift cards with is BTC gain
That's not a bad idea

>>3078993
>I can not figure out a way so nobody should be able to :(

If you're doing then fly to a country and lose your passport. Can't fly back without a passport. Live in Air B n Bs and have a personal driver on your payroll.

>>3077791
reminds me of how the left always quotes that jefferson letter where he talks about how its natural for the rich to pay more in taxes completely ignoring the fact that this quote was talking specifically about port taxes and the fact that the rich will buy more shit, thus pay more in taxes. They also conveniently ignore the part where jefferson considered taxing one's income as morally dubious.