How not to pay taxes on Bitcoin | Bitcointalksearch.org

LimLims

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Quote from: ChrisPop on July 10, 2020, 01:01:18 PM

I think people should be honest and just pay the taxes. After all, their scope is to help the society and provide public infrastructure for which they are mostly used. Yes, corruption happens quite a lot and some people steal money. However this should not be a reason to not pay taxes.

Your points are worth of reading but there are some people who find ways to trick government.
They find many routes and ways which they used to get rod of taxes.
To hide behind the eyes of government they used to trade/transact lower value of the currencies.
And as far as the OP is concerned, no one should trust a random person with their money blindly, atleast not from a public forum.

Russlenat

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Quote from: LFC_Bitcoin on August 02, 2020, 08:52:08 AM

When the time comes during the parabolic phase of this bull run & I decide to sell for large amounts of fiat I’ll speak to my accountant for advice on how to minimise taxes owed thanks with all respect.

I really have no problem with selling my bitcoin anytime as I don't report any profit, I'm just lucky that our country is not so strict with imposing taxes on bitcoin and I know in every income earn, it's entitle for a tax due but there's no proper guidelines yet so I'm not paying.

Quote from: LFC_Bitcoin on August 02, 2020, 08:52:08 AM

I don’t think I need to say this but don’t send this fool any money, it’s an obvious scam attempt.

Obviously, but if OP is going to send first, I might be interested. Grin

LFC_Bitcoin

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When the time comes during the parabolic phase of this bull run & I decide to sell for large amounts of fiat I’ll speak to my accountant for advice on how to minimise taxes owed thanks with all respect.

I don’t think I need to say this but don’t send this fool any money, it’s an obvious scam attempt.

Mauser

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Quote from: Robust Crypto on July 10, 2020, 10:51:15 AM

I'm reading a lot of articles about how people have to files for taxes and what not in the US.

I, on the other hand, don't have to pay taxes..

So, if someone is looking to sell BTC for fiat and save some money, maybe we can work something out.

I am not sure how does it help the seller not to pay taxes if you live in a country where you don't have to pay taxes? It's all about the seller and his personal tax situation. If he makes a profit on his bitcoin transation he will have to pay taxes - sure he can try to hide it and avoid paying taxes but that would be illegal.

Or does it mean you would pay the taxes for the seller with a higher price? But then you could just buy on an exchange outright. Maybe I am missing something here but everyone needs to check for himself and his tax laws.

Sanitough

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Quote from: arwin100 on August 02, 2020, 04:05:39 AM

Just try to follow the government laws since it's our obligation to pay taxes so that we can contribute the growth on our country but since you are asking this you can try to check on your wallet if theirs an remittance withdrawal option since mostly taxes are excluded on that option and the only thing you need to pay is the transaction fee. Also better for you and people not to practice this doings since you might get in trouble in future.

Some people does not follow, if they can avoid tax legally, then they will do it.
I think that's what OP is trying to give, it's not illegal, what illegal is tax evasion that would certainly put us in jail.

With this kind of anonymous offer, I think it's hard to trust people especially on the tax thing as we could be compromise.

@arwin100 , personally, if possible not to pay for the tax, I would not, because in our country double taxation is happening.

arwin100

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Just try to follow the government laws since it's our obligation to pay taxes so that we can contribute the growth on our country but since you are asking this you can try to check on your wallet if theirs an remittance withdrawal option since mostly taxes are excluded on that option and the only thing you need to pay is the transaction fee. Also better for you and people not to practice this doings since you might get in trouble in future.

FatAnt

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There are a few countries that don't tax crypto income. Perhaps some scenario involving a partner in a crypto tax-free country might legally avoid taxes?
ref: https://news.bitcoin.com/eight-countries-that-dont-tax-your-bitcoin-gains/

Robust Crypto

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Quote from: freedomgo on July 13, 2020, 04:27:48 AM

Quote from: Naida_BR on July 13, 2020, 03:38:51 AM

In my opinion it is not worth to pay your taxes with Bitcoin.
Bitcoin is much more worth than Fiat money, so it is good to pay with Fiat in order to get rid of it.

I think what OP is trying to offer is for us to be able not to pay taxes even if we are required.

This should explain the intent.

Quote from: Robust Crypto on July 10, 2020, 10:51:15 AM

I'm reading a lot of articles about how people have to files for taxes and what not in the US.

I'm not paying any taxes on crypto, thought someone would want to do the same, but since I'm just a jr. guess it's better not to engage in this.

freedomgo

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Quote from: Naida_BR on July 13, 2020, 03:38:51 AM

In my opinion it is not worth to pay your taxes with Bitcoin.
Bitcoin is much more worth than Fiat money, so it is good to pay with Fiat in order to get rid of it.

I think what OP is trying to offer is for us to be able not to pay taxes even if we are required.

This should explain the intent.

Quote from: Robust Crypto on July 10, 2020, 10:51:15 AM

I'm reading a lot of articles about how people have to files for taxes and what not in the US.

Naida_BR

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In my opinion it is not worth to pay your taxes with Bitcoin.
Bitcoin is much more worth than Fiat money, so it is good to pay with Fiat in order to get rid of it.

Distinctin

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Is this a service you are offering or what? because you haven't replied to the post below you.
I hope you are not offering a way to do tax evasion as that is illegal and publishable by law, but if you are good, you can do a tax avoidance which is not.

Can you enlighten us here, not that I will avail if you have since I'm not paying taxes currently as in our country, we have a lax implementation of crypto tax laws.

hugeblack

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Quote from: Robust Crypto on July 10, 2020, 10:51:15 AM

So, if someone is looking to sell BTC for fiat and save some money, maybe we can work something out.

Converting Bitcoin to paper money will not make you free from taxes, but you will enter into some legal problems such as money laundering if you have a lot of money higher than the rate of income that was subject to tax.
You can reduce the taxes you pay or even avoid paying them if you exploit the legal loopholes in your country, and sometimes there are no clear laws for digital currencies, so you avoid them.

No one can help you unless you mention your country, and no one will help you in any illegal way.

rdbase

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Quote from: hilariousandco on July 11, 2020, 05:52:23 AM

Quote from: jackg on July 10, 2020, 10:56:38 AM

What? How is this going to stop people legally being required to pay taxes? Is this not tax avoidance (illegal) as apposed to tax evadance (legal) - might have the two mixed up idk.

You have. Tax evasion is illegal and tax avoidance is using legal loopholes. Op is probably trying some sort of scam though unless he's got his own little avoidance scheme set up he wants others to utilise, but I doubt it.

I would have to agree with your statement since it is a federal offense to evade paying taxes.
Just ask John McAfee which made him flee the United states because he had the exact same mindset as the OP inregards to paying taxes yet not on cryptocurrency because back then it was off the government's radar.

Here is a video about how it is endorsed by using cryptotrader.tax so those who need to can file them using well known tax programs such as turbotax.
"CryptoTrader.Tax How to File Taxes for Cryptocurrency Trading"
https://www.youtube.com/watch?v=AMZDYfHB-uE

Here is another one for the Australian cryptocurrency platform coinjar showing how easy it is to report your coin trading with 35 of the most well known crypto currency exchanges used by traders.
https://www.youtube.com/watch?v=Ud_-KSJD90M

Botnake

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This is a bad business, illegal because you are evading tax, this should be useful if you are living in a country like USA as they are so strict with the tax implementation, but can a taxpayer risk for that knowing when they get caught they might get jailed?

TBH, I'm not sure one would avail on this, if they would, they would not do it with someone they don't know.

LTU_btc

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C'mon, if you don't pay taxes, you're not stealing from government, you're stealing from yourself. Tax is used to pay for healthcare system, education, roads repairing and etc. So, tax evasion isn't something good and it's illegal thing. Offcourse, you can try to look for loopholes by selling Bitcoins for fiat. But if it's big money and you will want to buy something expensive like car or house, I wish you good luck because you probably will face problems.

audaciousbeing

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Quote from: Robust Crypto on July 10, 2020, 10:51:15 AM

I'm reading a lot of articles about how people have to files for taxes and what not in the US.

I, on the other hand, don't have to pay taxes..

So, if someone is looking to sell BTC for fiat and save some money, maybe we can work something out.

If you are not in the US then there's no need to be bothered about whatever is going on in that part of the world. However if you are in the US, then you need to understand the reason why those people you mentioned are filing their returns because without them knowing the implication of not filing I don't see them filing willingly. So, since you are advocating for people to evade the payment of tax then you should also be ready for the liability that could arose from such decision. Wish you the best.

JohnBitCo

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Quote from: Robust Crypto on July 10, 2020, 10:51:15 AM

I'm reading a lot of articles about how people have to files for taxes and what not in the US.

I, on the other hand, don't have to pay taxes..

So, if someone is looking to sell BTC for fiat and save some money, maybe we can work something out.

So if you do not pay taxes why you want other do the same ? There are few countries where you will be fined a lot if authorities found you cheating and saving the taxes. Sometimes it is better to pay the taxes and keep you money legal rather than not paying the taxes and fined heavily if caught.

NeuroticFish

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Of course. One can easily avoid taxes by sending their coins to an unknown newbie. Or they can also send to a burn address. Not a big difference.

hilariousandco

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Quote from: jackg on July 10, 2020, 10:56:38 AM

What? How is this going to stop people legally being required to pay taxes? Is this not tax avoidance (illegal) as apposed to tax evadance (legal) - might have the two mixed up idk.

You have. Tax evasion is illegal and tax avoidance is using legal loopholes. Op is probably trying some sort of scam though unless he's got his own little avoidance scheme set up he wants others to utilise, but I doubt it.

STT

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Quote from: suchmoon on July 10, 2020, 12:12:09 PM

Getting tax help from a random newbie on an internet forum has roughly the same chance of a happy ending as buying a Rolex in Micky D's parking lot.

I used to have a work mate who sold those kind of watches and the ironic thing was the quality and craftsmanship on the unauthorised copy was top class, it was a great watch that'd last over a decade.
The OP might be talking about barter and meaning you dont create a tax event that is unprofitable to higher rate tax payers. It could be a clever scheme but being completely unqualified and unknown to the forum is a hard road to create credibility on. I dont believe he was trying to state knowledge of tax law leaving the onus on any participant still .

Cnut237

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Quote from: ChrisPop on July 10, 2020, 01:01:18 PM

I think people should be honest and just pay the taxes. After all, their scope is to help the society and provide public infrastructure for which they are mostly used. Yes, corruption happens quite a lot and some people steal money. However this should not be a reason to not pay taxes.

Exactly. Bitcoin is an improvement over the corruptions of fiat. We all saw 2008, we saw that with fiat, reward is for the elites but risk is socialised. If you make money with bitcoin but then try to evade paying taxes, then you are saying that your problem with the fiat system is not the unfairness, but rather that you actually welcome the unfairness so long as it is unfair in your favour.

ChrisPop

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I think people should be honest and just pay the taxes. After all, their scope is to help the society and provide public infrastructure for which they are mostly used. Yes, corruption happens quite a lot and some people steal money. However this should not be a reason to not pay taxes.

suchmoon

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Quote from: jackg on July 10, 2020, 10:56:38 AM

What? How is this going to stop people legally being required to pay taxes? Is this not tax avoidance (illegal) as apposed to tax evadance (legal) - might have the two mixed up idk.

Or it's just a plain scam.

Getting tax help from a random newbie on an internet forum has roughly the same chance of a happy ending as buying a Rolex in Micky D's parking lot.

jackg

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What? How is this going to stop people legally being required to pay taxes? Is this not tax avoidance (illegal) as apposed to tax evadance (legal) - might have the two mixed up idk.

Robust Crypto

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I'm reading a lot of articles about how people have to files for taxes and what not in the US.

I, on the other hand, don't have to pay taxes..

So, if someone is looking to sell BTC for fiat and save some money, maybe we can work something out.

Topic: How not to pay taxes on Bitcoin (Read 342 times)