Cash out question no tax! | Bitcointalksearch.org

Naida_BR

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Quote from: Polo7 on November 17, 2019, 02:31:16 PM

But If pay taxes then I pay all my profit coz you Know in crypto one day You Win other day you lose... If I pay away my profit then how do i make living? I dont have any other Job crypto is my daily Job!

If you don't want to pay taxes as you don't have any other job and you make a living from crypto, then don't convert your crypto to fiat. Make your daily transactions on crypto or make direct exchanges from crypto to fiat with people who are interested in buying bitcoin. (eg. localbitcoins)

Polo7

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Quote from: ethereumhunter on November 17, 2019, 06:50:08 PM

Quote from: Polo7 on November 17, 2019, 02:31:16 PM

But If pay taxes then I pay all my profit coz you Know in crypto one day You Win other day you lose... If I pay away my profit then how do i make living? I dont have any other Job crypto is my daily Job!

Do you have a friend who offers to help you to withdraw your crypto to fiat? If you have, you can ask him how much the fee that you should pay, and I guess that the fee will not too higher compare with the banks. Besides your friend's service, you can also try to search your local exchanges, so I think that will help you to prevent the high fee from withdrawing. I always use my friend's service to help me to withdraw the money, and the fee was not too big.

Instead of paying my friends I just pay the taxes?
How much I should pay in taxes?

Anyone suggest Country Where is the best Place to cash out crypto?
Is it uk?

ethereumhunter

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Quote from: Polo7 on November 17, 2019, 02:31:16 PM

But If pay taxes then I pay all my profit coz you Know in crypto one day You Win other day you lose... If I pay away my profit then how do i make living? I dont have any other Job crypto is my daily Job!

Do you have a friend who offers to help you to withdraw your crypto to fiat? If you have, you can ask him how much the fee that you should pay, and I guess that the fee will not too higher compare with the banks. Besides your friend's service, you can also try to search your local exchanges, so I think that will help you to prevent the high fee from withdrawing. I always use my friend's service to help me to withdraw the money, and the fee was not too big.

OgNasty

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Connie Gallippi is a great resource on tax and charity issues with crypto. She was just featured on the BitcoinTaxes podcast and I recommend taking the time to listen as well as looking into her Bitgive organization.

https://talk.bitcoin.tax/connie-gallippi-bitgive-founder/

Vod

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Quote from: Polo7 on November 17, 2019, 02:31:16 PM

But If pay taxes then I pay all my profit coz you Know in crypto one day You Win other day you lose... If I pay away my profit then how do i make living? I dont have any other Job crypto is my daily Job!

You commit tax fraud. A lot of people do it.

It's one thing when it's life or death like your situation. But others who ship thousands of products and don't pay taxes AND ARE RICH should not be doing so. :/

Polo7

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Quote from: ChiBitCTy on November 17, 2019, 01:49:08 AM

Quote from: Polo7 on November 13, 2019, 03:55:37 PM

I dont undestood Roll Eyes

...

How they calculate taxes?
Crypto Exchanges has fees wich we all ready paying!

If we have to pay taxes too then its not fair.
Since crypto is highly volatile... Its not business its
Gamble when we profit its just gift !

Does anyone Knows how to convert crypto into Some fiat currency wallet or Something and that has Some debit card option?so I can spend my crypto in real life?

Bud, I would HIGHLY recommend picking up some basic finance reading material. Why do you pay tax? Well if you sell at a profit (like with a stock or mutual fund) then you owe taxes. If you sell at a loss, then you don't (and might be able to carry over to cover a portion of your gains).

Being "highly volatile" has nothing what so ever to do with taxes. Lots of financial products are highly volatile, still got to pay taxes on those gains. "It's not a business its gamble when we profit it's just gift" probably wont hold up with your tax officials. I don't like paying taxes either but much of it goes to good causes, so stop trying to scam the system maybe?

But If pay taxes then I pay all my profit coz you Know in crypto one day You Win other day you lose... If I pay away my profit then how do i make living? I dont have any other Job crypto is my daily Job!

ChiBitCTy

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Quote from: Polo7 on November 13, 2019, 03:55:37 PM

I dont undestood Roll Eyes

...

How they calculate taxes?
Crypto Exchanges has fees wich we all ready paying!

If we have to pay taxes too then its not fair.
Since crypto is highly volatile... Its not business its
Gamble when we profit its just gift !

Does anyone Knows how to convert crypto into Some fiat currency wallet or Something and that has Some debit card option?so I can spend my crypto in real life?

Bud, I would HIGHLY recommend picking up some basic finance reading material. Why do you pay tax? Well if you sell at a profit (like with a stock or mutual fund) then you owe taxes. If you sell at a loss, then you don't (and might be able to carry over to cover a portion of your gains).

Being "highly volatile" has nothing what so ever to do with taxes. Lots of financial products are highly volatile, still got to pay taxes on those gains. "It's not a business its gamble when we profit it's just gift" probably wont hold up with your tax officials. I don't like paying taxes either but much of it goes to good causes, so stop trying to scam the system maybe?

boyptc

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Quote from: Polo7 on November 13, 2019, 03:55:37 PM

If we have to pay taxes too then its not fair.

I know it's kind of disappointing after paying the huge fees on exchanges, you also have to pay for taxes. But it's fair, it's their system and we have to obey the regulations of the country we're living.

Can't you do the transaction directly on your country? I think after paying the tax on the country where you'll hold the transaction, you have to pay also in your country's tax revenue bureau as income tax.

peter0425

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Quote from: Polo7 on November 13, 2019, 03:51:28 PM

Quote from: akram143 on November 13, 2019, 03:09:03 PM

Quote from: Polo7 on November 13, 2019, 11:23:35 AM

What Country what bank will be best to cash out crypto currency no tax!

Will it be UK London? Europe? Or perhaps Asian Content?

If you want to cashout cryptos via bank accounts then there is no way to avoid taxes because your transactions will get recorded.If you really want to conver bitcoins into cash then you need to find someone personally who can give money to you personally.

Do banks asking or tax authority?
If I receive transfers from registrated company who does crypto Exchanges.

Guys do You think the best way is to find Good member here and making Transactions to my personal account from other member personal account.

exactly buddy,but you need to pay escrow as well for assurance of non scam transactions,or better transact with those legit escrows here so the fee might be lessen.

anyway the other option is find crytonians that will buy your cryptocurrency personally so theres no tax and escrow but those currencies must be legit and not shitcoins.

Naida_BR

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Quote from: Polo7 on November 13, 2019, 11:23:35 AM

What Country what bank will be best to cash out crypto currency no tax!

Will it be UK London? Europe? Or perhaps Asian Content?

My question comes out on how you are going to cash out to a bank account that it is not in your country.
There are string regulations in opening accounts in countries away of your homeland. However, I think that the best place to cash out might be Malta. They are a lot of crypto-friendly.

akram143

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Quote from: Polo7 on November 14, 2019, 02:05:30 AM

The fees are all ready high on localbitcoins.
If I pay taxes from this too then there is no profit.
So but how can I Report about crypto to tax officers? Should I Open like company for crypto or Dealing as non company?
If the taxes are reasonble.. Then its Worth to considering as option!

It depends on where you are from,if your country has regulations and taxation for cryptos then you need to file taxes based on that,or you can report it as source of income from freelancing sites but better find the professional and discuss about this in your locale.

Polo7

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Quote from: akram143 on November 14, 2019, 01:27:04 AM

Quote from: Polo7 on November 13, 2019, 03:51:28 PM

Quote from: akram143 on November 13, 2019, 03:09:03 PM

Quote from: Polo7 on November 13, 2019, 11:23:35 AM

What Country what bank will be best to cash out crypto currency no tax!

Will it be UK London? Europe? Or perhaps Asian Content?

If you want to cashout cryptos via bank accounts then there is no way to avoid taxes because your transactions will get recorded.If you really want to conver bitcoins into cash then you need to find someone personally who can give money to you personally.

Do banks asking or tax authority?
If I receive transfers from registrated company who does crypto Exchanges.

Guys do You think the best way is to find Good member here and making Transactions to my personal account from other member personal account.

Every bank is regulated under respective governments so if government wants they can give any details about transactions so yes you have to pay taxes for everything you cash out.Paying crypto withdrawal fee is different its for their service but paying taxes to your government is nothing related to exchanges.

You can try localbitcoins where you can make transactions personally but still it will be recorded but you can audit it as some other earning which has less tax rate in your country.

The fees are all ready high on localbitcoins.
If I pay taxes from this too then there is no profit.
So but how can I Report about crypto to tax officers? Should I Open like company for crypto or Dealing as non company?
If the taxes are reasonble.. Then its Worth to considering as option!

akram143

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Activity: 1106

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Quote from: Polo7 on November 13, 2019, 03:51:28 PM

Quote from: akram143 on November 13, 2019, 03:09:03 PM

Quote from: Polo7 on November 13, 2019, 11:23:35 AM

What Country what bank will be best to cash out crypto currency no tax!

Will it be UK London? Europe? Or perhaps Asian Content?

If you want to cashout cryptos via bank accounts then there is no way to avoid taxes because your transactions will get recorded.If you really want to conver bitcoins into cash then you need to find someone personally who can give money to you personally.

Do banks asking or tax authority?
If I receive transfers from registrated company who does crypto Exchanges.

Guys do You think the best way is to find Good member here and making Transactions to my personal account from other member personal account.

Every bank is regulated under respective governments so if government wants they can give any details about transactions so yes you have to pay taxes for everything you cash out.Paying crypto withdrawal fee is different its for their service but paying taxes to your government is nothing related to exchanges.

You can try localbitcoins where you can make transactions personally but still it will be recorded but you can audit it as some other earning which has less tax rate in your country.

Polo7

jr. member

Activity: 392

Merit: 7

I dont undestood Roll Eyes

...

How they calculate taxes?
Crypto Exchanges has fees wich we all ready paying!

If we have to pay taxes too then its not fair.
Since crypto is highly volatile... Its not business its
Gamble when we profit its just gift !

Does anyone Knows how to convert crypto into Some fiat currency wallet or Something and that has Some debit card option?so I can spend my crypto in real life?

Polo7

jr. member

Activity: 392

Merit: 7

Quote from: akram143 on November 13, 2019, 03:09:03 PM

Quote from: Polo7 on November 13, 2019, 11:23:35 AM

What Country what bank will be best to cash out crypto currency no tax!

Will it be UK London? Europe? Or perhaps Asian Content?

If you want to cashout cryptos via bank accounts then there is no way to avoid taxes because your transactions will get recorded.If you really want to conver bitcoins into cash then you need to find someone personally who can give money to you personally.

Do banks asking or tax authority?
If I receive transfers from registrated company who does crypto Exchanges.

Guys do You think the best way is to find Good member here and making Transactions to my personal account from other member personal account.

WeiWangg

newbie

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Rather try to find out a country with lowest tax rate. UK has big tax on crypto. Want to avoid completely? Find people in person and sell them. Difficult to find someone who is willing to buy millions in person

akram143

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Quote from: Polo7 on November 13, 2019, 11:23:35 AM

What Country what bank will be best to cash out crypto currency no tax!

Will it be UK London? Europe? Or perhaps Asian Content?

If you want to cashout cryptos via bank accounts then there is no way to avoid taxes because your transactions will get recorded.If you really want to conver bitcoins into cash then you need to find someone personally who can give money to you personally.

Polo7

jr. member

Activity: 392

Merit: 7

What Country what bank will be best to cash out crypto currency no tax!

Will it be UK London? Europe? Or perhaps Asian Content?

Topic: Cash out question no tax! (Read 190 times)