Selling BTC vs Borrowing with BTC collateral in US - page 2.

botany

legendary

Activity: 1582

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Quote from: cryptoishot on May 11, 2018, 05:29:45 PM

Is it better to borrow cash using BTC as collateral, or just to sell BTC?
In terms of the taxes in the US.
Selling makes income, income have to be declared and paid taxes of it.
Borrowing means no income = no taxes.
Is it right?
Thanks for answering.

Borrowing means interest payments. Taxes have to be paid in any case, when you eventually sell your bitcoins. It is something which cannot be avoided. So work out the math and see if you would like to pay taxes now or later.

ajochems

hero member

Activity: 1305

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Quote from: cryptoishot on May 11, 2018, 05:29:45 PM

Is it better to borrow cash using BTC as collateral, or just to sell BTC?
In terms of the taxes in the US.
Selling makes income, income have to be declared and paid taxes of it.
Borrowing means no income = no taxes.
Is it right?
Thanks for answering.

If your income had raised,you have pay tax for that.It will common in all the country including U.S.You can borrow,but how many times you can do that.If you are catch for not paying of taxes,you will be jailed.Instead of spending time in jail,it is better to pay a little amount as tax.

sheenshane

legendary

Activity: 2492

Merit: 1232

Quote from: cryptoishot on May 11, 2018, 05:29:45 PM

Is it better to borrow cash using BTC as collateral, or just to sell BTC?

Don't tell me everytime you have an income of bitcoin you always say that is borrowed from others.
I did not come from the USA but in my perception, it's better to pay than to punish if you are caught by the government in the USA.

Quote from: cryptoishot on May 11, 2018, 05:29:45 PM

Borrowing means no income = no taxes.
Is it right?

Your right, you can do this just once or maybe twice but careful by next time that's a part of illegal activities. Is it better to obey the law than if you caught and put in a jail for punishment right?

SUDARMONO

full member

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That's very precise but on the way the loan is usually earned for insurance coverage, but you better sell and earn even if it has to pay taxes, with taxes means we've participated for many people through the country, that's good.

nguyenminh72

newbie

Activity: 10

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Is it better to borrow cash using BTC as collateral, or just to sell BTC?
In terms of the taxes in the US.
Selling makes income, income have to be declared and paid taxes of it.
Borrowing means no income = no taxes.
Is it right?
Thanks for answering.

cryptoishot

newbie

Activity: 11

Merit: 0

Is it better to borrow cash using BTC as collateral, or just to sell BTC?
In terms of the taxes in the US.
Selling makes income, income have to be declared and paid taxes of it.
Borrowing means no income = no taxes.
Is it right?
Thanks for answering.

Topic: Selling BTC vs Borrowing with BTC collateral in US - page 2. (Read 281 times)