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Started By
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Taxes and Crypto profits
Posted on 5/7/21 at 10:38 pm
Posted on 5/7/21 at 10:38 pm
Serious question, no subtle brag or whatever stupid stuff people say..... I need some help from someone who has found the secret door. Will be completely exiting the crypto market with major taxable situation. I've tried EVERY crazy rabbit hole to find a way to minimize the short term gains I will incur. My CPA says no way to avoid it. I've read, searched, scoured the internet for ideas and I'm stuck. Has anyone had success with this other than just simply not declaring it as income and taking a MAJOR risk of not being audited? I'm not going to take that risk. Help
16
Posted on 5/7/21 at 10:41 pm to 6R12
the secret door for tax evasion
Posted on 5/7/21 at 10:42 pm to 6R12
quote:This is the correct answer.
My CPA says no way to avoid it
What exchange did you trade it on?
Posted on 5/7/21 at 10:45 pm to simonizer
Well, legal tax reduction..... if possible. I'm hitting a brick wall. Probably because there is not way. I know the uber rich have ways and wondering if the lil guy has a chance if he's willing to spend the money to lawyers to get this done. No one has given any hope. Waiting on a Tax Attorney to respond back to me. Crazy internet people saying you don't have to pay, or people saying to exit the country but you still have to pay the tax before you leave because you made that money here. Peter Schiff said move to Puerto Rico but the same thing applies, first pay your tax here and later pay less taxes.
Posted on 5/7/21 at 11:00 pm to 6R12
You can sell assets as a loss to counter your gains
Posted on 5/7/21 at 11:03 pm to 6R12
quote:
My CPA says no way to avoid it.
I was told the same thing today unless I close other positions for a loss.
Posted on 5/7/21 at 11:08 pm to 6R12
Not a tax expert but a buddy of mine mentioned funding a charitable trust with a one time lump sum contribution that is taxable but pays out over a number of years. Not sure how you can set it up where you are giving it to the 6R12 foundation and then pay yourself a salary to oversee the foundation and it’s charitable acts.
Posted on 5/7/21 at 11:11 pm to CaptainJ47
so you are giving away your profits and paying yourself taxable wages. ???
Posted on 5/7/21 at 11:19 pm to 6R12
Harvest any capital losses you have to offset gains.
Look into possibly investing the gains in an opportunity zone fund. This will allow you to defer, but not eliminate the tax. Based on the current discussion of increased capital gain rates in the future this May or may not be a good thing.
Otherwise yes you’re on the hook for the taxes.
Look into possibly investing the gains in an opportunity zone fund. This will allow you to defer, but not eliminate the tax. Based on the current discussion of increased capital gain rates in the future this May or may not be a good thing.
Otherwise yes you’re on the hook for the taxes.
Posted on 5/7/21 at 11:42 pm to 6R12
Get the frick out
Posted on 5/8/21 at 1:44 am to 6R12
Pay your taxes. Don't poke the bear.
Posted on 5/8/21 at 1:48 am to 6R12
Pay the capital gains tax and get out. Crypto is going to crash again as we all know it will. Someone just cashed out 12,000 bitcoins.
Posted on 5/8/21 at 3:53 am to 6R12
Just pay the tax and be done with it. Dont act like the windfall from crypto was some lifelong earnings, or a huge risk on a make or break product. It was a get rich scheme, that will now produce about half the value of what you thought you had on paper
Take the win. Pay the tax. Move on
Or hang around until its drops down to where you owe zero taxes again
Take the win. Pay the tax. Move on
Or hang around until its drops down to where you owe zero taxes again
Posted on 5/8/21 at 3:56 am to 6R12
The irs stakes out the H&R Block booths at Walmart and sends an audit out to everyone who wears a fedora
Hope it was worth it poindexter
Hope it was worth it poindexter
Posted on 5/8/21 at 7:08 am to 6R12
Look into Charitable Remainder Trust depending on how much we’re talking here.
Posted on 5/8/21 at 7:26 am to tigerbutt
quote:
Someone just cashed out 12,000 bitcoins.
Where did you see that?
Posted on 5/8/21 at 7:49 am to RobbBobb
quote:
Or hang around until its drops down to where you owe zero taxes again
You are so salty it’s unreal
Posted on 5/8/21 at 9:53 am to Ross
salty nocoiners are the best
then they join the space 3 years after the fact and start posting about coins like DGB saying it's the next big thing
then they join the space 3 years after the fact and start posting about coins like DGB saying it's the next big thing
Posted on 5/8/21 at 9:59 am to tigerbutt
quote:
Someone just cashed out 12,000 bitcoins.
That Bitcoin went into cold storage, unless we read different stories.
business insider article
quote:
In less than 24 hours, over 12,000+ BTC seem to have left exchanges into cold storage.
People are buying up ETH and BTC like never before.
Posted on 5/8/21 at 10:32 am to tigerbutt
quote:
Pay the capital gains tax and get out. Crypto is going to crash again as we all know it will.
S&P 500 is 4233
Crypto market cap is $2.43 trillion
Posting so someone can get an “I told ya so” bump at a later date
quote:
Someone just cashed out 12,000 bitcoins
Someone just stashed 12,000 BTC, not cashed lol
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