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1
Posted on 5/9/21 at 10:19 pm to mtcheral
how cute..I remember my first bull market
Posted on 5/9/21 at 10:33 pm to rocket31
quote:
how cute..I remember my first bull market
Like why did you show up anyway? What's your point?
Posted on 5/9/21 at 10:39 pm to 6R12
what do you mean why did I show up.. its damn message board
and nearly every single alt lost 90-95% of value against bitcoin after last bull market so when someone makes an idiotic statement I'll be happy to point it out
and nearly every single alt lost 90-95% of value against bitcoin after last bull market so when someone makes an idiotic statement I'll be happy to point it out
Posted on 5/10/21 at 8:45 am to 6R12
quote:
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
IRS treats crypto as securities. So, you have all of the tax laws available to you as to how to handle a securities sale.
So you can sell it and pay the tax. You can tax loss harvest and sell stinkers in your portfolio, same year, and use those losses to offset the crypto gains. You can donate appreciated crypto to charity and not pay tax (and get a tax deduction for the FMV, subject to annual use limits).
Posted on 5/10/21 at 10:35 pm to rocket31
double post, sorry
This post was edited on 5/10/21 at 11:01 pm
Posted on 5/10/21 at 10:49 pm to rocket31
I guess I should have asked the real question, why did you show up to post something stupid like a child? Was that any clearer? Like what did you add to the message board other than increasing your post count? I don't get why you'd say that and expect other adults to act like you weren't being a child. I clearly stated I'm not buying and holding, just riding up when Bitcoin retraces after a fall. You just wanted to make an idiotic statement? 
Posted on 5/10/21 at 10:51 pm to LSUFanHouston
quote:
You can donate appreciated crypto to charity and not pay tax (and get a tax deduction for the FMV, subject to annual use limits).
Thanks for that info. I do charitable giving so this is something I'd do for sure.
Posted on 5/10/21 at 10:52 pm to rocket31
Wrong. Been in since 2017
Posted on 5/10/21 at 10:57 pm to rocket31
quote:
after last bull market
Who said anything about alt value AFTER the damn bull market. I’m worried about what happens DURING the bull market.
And we are sitting here in a thread about a dude trying to cash out millions with the same strategy. So frick Off.
Posted on 5/10/21 at 11:07 pm to mtcheral
Hey, I understand why people who have been buying bitcoin for a long time and have made great money doing so gets sensitive about it when people already thinks all of us are crazy. But him just saying something stupid because some one is not buying his coin is kind childish. I guess it hurts more that I'm using his coin to make my money by not having to pay for it. If he would have read what was posted he would not have looked silly. Honestly we are all looked at as crazy for buying any crypto. Rocket I hope you are making money in your strategy. I'm making a killing and trying to not pay US any mnore than I have to. If you have something to add to help please help.
Posted on 5/10/21 at 11:29 pm to 6R12
quote:
I am friends with an IRS agent
Then ask him you stupid frick.
Posted on 5/10/21 at 11:42 pm to Bawcephus
quote:
Then ask him you stupid frick.
Once again a child shows up. I'll post below what I posted on page 2 about the IRS that I ALREADY TALKED TO.......
"I am friends with an IRS agent and he said he deals with a diff side of the agency. He said it's on their radar right now"
That kinda looks like I talked to him already "you stupid frick"..... I thought your own quote might taste good. Why do people have to be an arse???????
Posted on 5/11/21 at 7:23 am to 6R12
Have you realized these profits yet or are they all on paper?
Posted on 5/11/21 at 7:43 am to 6R12
so you cant do it legally. As the escape artist link says, you can claim losses to offset(not gonna be enough in your case), can get to PR wihtout anyone knowing oyu have the crypto(too late now), give up us citizenship(too late now and you would be subject to exit tax).
the other way to do it would be to go live in PR for next 183 days, tumble all the coins and launder back in. But in the end you are committing mutiple felonies.
At this point you used a KYC exchange so its too late. You just have to pay unless you want to be a felon and risk jail time and no amount of money is worth that.
Best advice i can give you is to reinvest the tax money in another alt you believe will 2x quickly and wait until the last day to pay maxing your returns as much as possible.
In a lot of ways you just have to treat it as a lottery ticket. Pay it and dont risk your family.
the other way to do it would be to go live in PR for next 183 days, tumble all the coins and launder back in. But in the end you are committing mutiple felonies.
At this point you used a KYC exchange so its too late. You just have to pay unless you want to be a felon and risk jail time and no amount of money is worth that.
Best advice i can give you is to reinvest the tax money in another alt you believe will 2x quickly and wait until the last day to pay maxing your returns as much as possible.
In a lot of ways you just have to treat it as a lottery ticket. Pay it and dont risk your family.
Posted on 5/11/21 at 7:45 am to 6R12
quote:
Why do people have to be an arse???????
I'm guessing its because you sound incredibly low IQ, plus you're attempting to commit a felony
theyve likely already tracked your IP from this thread and know your identity now anyways. lol
This post was edited on 5/11/21 at 7:47 am
Posted on 5/11/21 at 7:52 am to 6R12
quote:
Thanks for that info. I do charitable giving so this is something I'd do for sure.
You have to transfer the BTC (or other security) to the charity. Don't sell it and then donate the proceeds, donate the actual security.
Most larger charities are set up to handle this. You can take a deduction that maxes out equal to 30% of your AGI in a single year, with any excess carrying forward for 5 years.
This post was edited on 5/11/21 at 7:52 am
Posted on 5/11/21 at 7:58 am to 6R12
quote:
I thought your own quote might taste good. Why do people have to be an arse???????
couple reasons
you are asking on a public message board how to commit mutiple felonies. This isnt some open drug board where that is common, most successful people here are businessman and like people doing that about as much as they like taxes. Even crypto guys like myself, rocket and TTT.
you come off as pompus becasue multiple times now you have bragged about the gains and refuse to share
you assume all of us crypto guys are johnny come lately and are not nearly as smart as you are.
i dunno if oyu mean to come off like this but you do. Just like your comment about nobody invested in btc at $13, and that is just wrong, plenty around here did, many just realized gains.
you also poopoo btc. and you shouldnt, even though you are right about growth potential....atleast over next few months. Just remember when altseason is over, all but abotu 10 will lose 90% of value. May be different this time with the way the money printer is printing money, but in general this is how these go. You assume known of us were around for the last halfing cycle much less the one before that and you are wrong.
in the end people are asses because many times you come off as a pompus arse without realizing it. Just my opinion.
in the end I answered your question. Only way is to sell, tumble, then recapture while not a US citizen and risking jail time for not paying the exit tax. Understand a new passport form a non extridition country is going to cost you more than what you have to pay in taxes though, atleast if you want to do it quickly.
in effect unless you want to become a felon on the run....pay the damn tax.
Posted on 5/11/21 at 7:59 am to lsu777
mic drop 
Posted on 5/11/21 at 10:33 am to rocket31
It's been said multiple times and should have ended the thread-->
In a lot of ways you just have to treat it as a lottery ticket. Pay it and dont risk your family.
Or
Just go +40% over your magic number if you are a guru
In a lot of ways you just have to treat it as a lottery ticket. Pay it and dont risk your family.
Or
Just go +40% over your magic number if you are a guru
This post was edited on 5/11/21 at 10:36 am
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