How do I avoid tax on crypto - page 8.

darkangel11

legendary

Activity: 2478

Merit: 1360

Don't let others control your BTC -> self custody

Quote from: avikz on February 14, 2018, 05:53:30 AM

It's not about being slave. It's about being within the system and that is in existence and still being profitable. If I try to be rebellious, the government will simply put me behind the bars. It's too hard for an individual to go against government. Instead it is always better to find a solution. I pay taxes from my profits and keep the rest of it. Both are happy. That should be the conclusion. Government is certainly not taking up 100% of my profits as taxes. It will be a certain percentage and I get to keep the maximum portion of it. That's it! The way you are pointing towards things, it will make 100% of the world population looks like slaves only.

What if the both aren't happy, because I'm not happy sharing half of my profits with a leech that isn't helping me earn it in any way.
Following your logic if a mosquito sits on your hand you should let it drink. It's not hurting you much, he's not taking 100%, right? It's better solution than having to wave your hand around trying to make it go away. Once it's full it will fly away on its own, never to bother you again.

Granxis

hero member

Activity: 1400

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Quote from: shi07 on February 21, 2018, 07:39:48 PM

Why do you even consider avoiding of paying taxes out of your bitcoin earnings? If the government imposes a tax regulation on btc then better to take the responsibility of paying it. Tax is every citizen's obligation so if you're thinking of avoiding it be ready of the consequences of it.

Do not we have to have fixed income to pay taxes? The crypto money market does not always give us a chance to earn money, and there are times when we have lost money. The State should help us when we have lost money

Tai Chi Chain

newbie

Activity: 28

Merit: 0

Quote from: Franke666 on January 25, 2018, 10:03:48 AM

If I make money on crypto currencies. How do I avoid as much tax as possible?

Never try to dodge federal taxes unless you feel like money is worth more then your freedom (it's not).

Pay the taxes so you can live a stress free life.

No reason being audited 10 years later, when you have a house/car/family, then having it all seized.

Stay clean and fly straight, always.

BitHodler

legendary

Activity: 1526

Merit: 1179

Quote from: marcbitcoins on February 22, 2018, 05:49:48 AM

There are lot of countries that Bitcoin is not legal but not ban therefore if you have lot of money for investments just go to the countries and join the trade in that place but if you're country in which you are living has declared Bitcoin as legal for investment then it was regulated that everyone will oblige to pay Bitcoin taxes per regulation policy therefore i'm afraid there is no way for you to avoid this obligation in which it might put you in jail due to tax evasion.

Bitcoin and basically any other crypto currency requires people to pay tax regardless of the legal status in a specific country. It's not that you can hop to an other country to avoid paying tax.

That only works if the country in question handles a general no tax policy concerning capital gains and whatnot. People forget that crypto value adds up to your fiat wealth, which you need to declare in all honesty.

Without crypto even being explicitly mentioned, it is part of your total wealth, and you need to pay capital gain tax as well. The only thing a legal status can do is change the category crypto fits in.

It's basically what happened in Israel recently. Crypto has been declared a property, which moves Bitcoin into that tax category instead of a more general category that is suitable for various financial products and such.

Tigorss

member

Activity: 308

Merit: 10

Humans living in the present can not be 100% avoid taxes. Especially the consumption tax or Value Added Tax (VAT) is most difficult to avoid because everyone uses the manufactured goods from a piece of cloth used in which there is VAT. Extreme ways to avoid VAT or consumption tax is not to buy or consumption of goods that have tax. Eating and drinking foods and beverages excluding taxable goods, not VAT objects and not local tax objects

marcbitcoins

full member

Activity: 854

Merit: 108

Quote from: Franke666 on January 25, 2018, 10:03:48 AM

If I make money on crypto currencies. How do I avoid as much tax as possible?

There are lot of countries that Bitcoin is not legal but not ban therefore if you have lot of money for investments just go to the countries and join the trade in that place but if you're country in which you are living has declared Bitcoin as legal for investment then it was regulated that everyone will oblige to pay Bitcoin taxes per regulation policy therefore i'm afraid there is no way for you to avoid this obligation in which it might put you in jail due to tax evasion.

shi07

member

Activity: 122

Merit: 15

Long Live BTC

Why do you even consider avoiding of paying taxes out of your bitcoin earnings? If the government imposes a tax regulation on btc then better to take the responsibility of paying it. Tax is every citizen's obligation so if you're thinking of avoiding it be ready of the consequences of it.

RodeoX

legendary

Activity: 3066

Merit: 1147

The revolution will be monetized!

Quote from: Franke666 on January 25, 2018, 10:03:48 AM

If I make money on crypto currencies. How do I avoid as much tax as possible?

Here is a more nuanced answer. While taxes are as sure as death you can lower your tax burden by:

1. Claiming any losses you have to offset gains.

2. Taking full advantage of other offsets like charitable gifts.

4. Looking at tax income brackets and keeping yourself from making enough to get bumped up to a higher bracket. In 2018 a critical level will be $316,000. Those who make $315K will pay a lot less than those who make $317K

3. Moving to a jurisdiction with lower taxes. I am looking into this since finding out that 9 U.S. states have no capitol gains tax. Of course you still owe the fed. Its' not very practical, but you could also move to Dubai.

palle11

sr. member

Activity: 2366

Merit: 332

Quote from: Franke666 on January 25, 2018, 10:03:48 AM

If I make money on crypto currencies. How do I avoid as much tax as possible?

First, it is a crime to avoid due tax.

For crypto tax paying, you should not conceive the idea of paying your tax if your country levies on it. If you are caught, you might find yourself in the dark room because it is a crime to avoid carrying out your civil responsibility to your country. By the way, the tax money is "suppose" to be used for development , infrastructure and provision of amenities .

RodeoX

legendary

Activity: 3066

Merit: 1147

The revolution will be monetized!

Easy, Just don't pay. Of course you may go to jail and owe huge amounts of money. So it is a very stupid idea.

avikz

legendary

Activity: 3080

Merit: 1500

Quote from: darkangel11 on February 06, 2018, 04:59:03 PM

Quote

I support paying taxes to the government.

If you like being treated like a slave, so be it.

It's not about being slave. It's about being within the system and that is in existence and still being profitable. If I try to be rebellious, the government will simply put me behind the bars. It's too hard for an individual to go against government. Instead it is always better to find a solution. I pay taxes from my profits and keep the rest of it. Both are happy. That should be the conclusion. Government is certainly not taking up 100% of my profits as taxes. It will be a certain percentage and I get to keep the maximum portion of it. That's it! The way you are pointing towards things, it will make 100% of the world population looks like slaves only.

Qartersa

hero member

Activity: 868

Merit: 535

The only legitimate way I can think of is for you to declare it as expenditures thereby lessening tax obligations. You can do so by gathering all receipts possible, and declare it as something utilized for your business, profession or occupation. Otherwise, you will be held liable for tax evasion which is a heavier offense than that of tax deduction.

Nonetheless, remember that in a system like that of the US, you cannot just do away with your tax obligations. Hence, I suggest you just do what you are ought to do. Always have a backup for them to be able to assess your tax based on the value of your crypto when you realized the same as a profit. It is important for you to have supporting documents to attest to the authenticity of your tax declaration.

Harlot

hero member

Activity: 1806

Merit: 672

Legally the only way you can avoid paying taxes (that are above what you are supposed to pay) is by taking/recording all your transactions. And by taking down I mean recording it and providing supporting evidence. Separate everything on what is income from what is capital gains. As when you get a random audit from the IRS you can provide them supporting evidence that you are paying your taxes right. Also everytime you are receiving Bitcoin you must record it to its U.S. Dollar/ Fiat Currency equivalent during the time you have received it.

Siopao

full member

Activity: 182

Merit: 120

Paying tax is everyone's national and social obligation, I don't think it would be good if you skip paying it and probably you're putting yourself on harm. If your government impose tax on it then better to pay it forward. Here in our country there's no tax implications on bitcoin - none as of the moment. But at the time we convert it to bitcoin and usenit for purchasing then that's yhe time we are paying our tax. However if the government impose tax on btc then I'll do my part.

podrick17

full member

Activity: 196

Merit: 100

Quote from: atomicgroup on February 09, 2018, 10:07:54 AM

Please, be rational and change your thinking faculty about tax payment. Be of good sample to the world that Bitcoiners are law abiding. Primarily, our system at the face of it seems avoiding payment of taxes, since we are the sole controller of our encrypted wallets, left alone mild ones being charged at exchanges. But with deep sense of humour, you shall pay tax/tariff on goods and services purchased with money gained from Bitcoin. Grin

. hahaha.. Is this not sensible enough? So, you can not shun tax payment wholesomely in Crypto and try not to be A tax evader, if you are but a good Bitcoiner with respectable dignity.

at last someone has spoken about being a law abiding citizen!
seriously people we should know how really tax works, even if our government is very corrupt don't make yourselves in a position that will threaten your freedom, what your laws says must be followed regardless how hard it is and besides there is not trading in jail.

newwest

member

Activity: 686

Merit: 26

★777Coin.com★ Fun BTC Casino!

Quote from: mintedstone on February 11, 2018, 02:01:40 AM

I'd not try to evade tax, after all, crypto is like other things such as stocks, if I gained I'd pay tax, just as other things.

Exactly when you earn then you have to pay tax be it any country unless the country has a tax free system. I am really clueless why would OP like to evade a tax from the earning which is provided by their government. If that is the case why would govt allow such things to happen they can discontinue it.

countryfree

legendary

Activity: 3066

Merit: 1047

Your country may be your worst enemy

It's easy, you avoid tax on crypto exactly the same way you avoid tax on your other sources of income.

Last time I've paid income tax was in 1997. I'm making more money now, that made me smarter about my tax avoidance strategies.

mintedstone

member

Activity: 84

Merit: 10

I'd not try to evade tax, after all, crypto is like other things such as stocks, if I gained I'd pay tax, just as other things.

qwertyup23

hero member

Activity: 2268

Merit: 789

Quote from: Franke666 on January 25, 2018, 10:03:48 AM

If I make money on crypto currencies. How do I avoid as much tax as possible?

Firstly, tax imposition on cryptocurrencies primarily depend on the laws you have in your respective country. All countries have their own stand against the regulation and tax imposition on cryptocurrencies; your obligation now is to be responsible and diligent enough to at least check if your country approves on cryptocurrencies. But in general, I believe that cryptocurrencies in general aren't taxable due to their decentralized nature which makes them the perfect medium for transactions.

Quote from: ?? on ??

If indeed your country requires to pay taxes related to crypto currency, pay it.. and no need to avoid it.
And if indeed your country doesn't requires to pay taxes related to crypto currency, yeah.. of course it's ok if doesn't to pay for it. But if your crypto's incomes is very high, i think you've to pay for it.

which's important.. be a good person / a good citizen.

Yes, it really depends on the country's law regarding cryptocurrencies. Just to add, if cryptocurrencies would be taxable then expect prices to decrease on a certain level. The prices also may be controlled in some-point, which makes it no different from other investment options.

makolz26

sr. member

Activity: 714

Merit: 254

Quote from: coolcoinz on February 09, 2018, 11:05:44 AM

Quote from: atomicgroup on February 09, 2018, 10:07:54 AM

Please, be rational and change your thinking faculty about tax payment. Be of good sample to the world that Bitcoiners are law abiding. Primarily, our system at the face of it seems avoiding payment of taxes, since we are the sole controller of our encrypted wallets, left alone mild ones being charged at exchanges. But with deep sense of humour, you shall pay tax/tariff on goods and services purchased with money gained from Bitcoin. Grin

. hahaha.. Is this not sensible enough? So, you can not shun tax payment wholesomely in Crypto and try not to be A tax evader, if you are but a good Bitcoiner with respectable dignity.

I find it hard to see through your post to see if you're being sarcastic or not, especially with that emote. There's nothing good or bad in paying taxes. I mean a law abiding person could be considered as good only if the law established by our governments was good. But is it? Is the tax law good? Is it just? Those are the questions each of us should answer in their own conscience. I think that I am a good person, but I don't see the law as something good. More like the necessary evil.

Well, paying tax is not so much in pain so we don't have to worry things about paying, it won't make you suffer and become poor, so it is better to help rather than having a poor country and banning bitcoin in your place. I would rather help my country as well rather than seeing those in need suffer without doing something.

Topic: How do I avoid tax on crypto - page 8. (Read 18699 times)