Topic: Tax free crypto idea - page 2. (Read 458 times)
Are you looking for a legal tax loophole, or are you looking for tax evasion?
So what about if I sell them with my Swiss-addressed wallet, then gift the cash to my American addressed Coinbase.com account? There’s no tax in America on gifts received. But they do have to be reported.
So this is a good idea? Buy and sell with Swiss addressed wallet, then gift to American Coinbase.com and cash out tax free, reporting my income as a gift on my American tax return?
It would be better to get a crypto tax accountant if you need more clarity on how crypto tax should be. I do not know what to call them actually but I think you understand what I mean.
What I think is that if you are from Switzerland and dealing with what is about your account in Switzerland, you will follow the rules in Switzerland. And if you are now in US, follow US laws with what you use your identities with like American bank account.
If it is your Swiss address with AOPP and the money is not leaving what is connected to you in Switzerland, follow Switzerland rules. But once it leaves your account in Switzerland to any account like custodial wallet or exchanges in the US, follow US rules.
What I think is that if you are from Switzerland and dealing with what is about your account in Switzerland, you will follow the rules in Switzerland. And if you are now in US, follow US laws with what you use your identities with like American bank account.
If it is your Swiss address with AOPP and the money is not leaving what is connected to you in Switzerland, follow Switzerland rules. But once it leaves your account in Switzerland to any account like custodial wallet or exchanges in the US, follow US rules.
So what about if I sell them with my Swiss-addressed wallet, then gift the cash to my American addressed Coinbase.com account? There’s no tax in America on gifts received. But they do have to be reported.
nope
as soon as you convert to US$ to put into US$ bank account, you have to declare on US tax form how you got those funds.
there is no such thing as a Swiss wallet.
bitcoin wallets are not country specific
also a 0.1second google search
what the elites do in assets-> fiat, is this:
image elon musk has BILLIONS of value stuck in shares, but doesnt want to get taxed when cashing them out, to then buy twitter
instead of "selling" his shares. he takes a loan for the amount the shares are worth using the shares as the collateral and on receipt of the loan US$ he then settles the loan by relinquishing control of the shares to the loaner
loans are not taxable
so there could be opportunity for a market to instead of offer a service to sell bitcoin. instead offer a $$ loan that settles in bitcoin
where by you deposit coin into the market. agree on the value amount. the service gives you a loan(money plus some paper that declares it as a loan and not a payment) and then they keep the coin
yes its pretty much the same process of selling coin.. but just bureaucratically different by way of having a loan agreement piece of paper instead of a payment receipt piece of paper
yep wording of a piece of paper can save alot of tax
disclaimer:
i am not offering professional tax advice, this is just laymen speak of what i see elites do based on experience, observation and research, speak to a tax expert of the particulars of personal loans and practicalities..
as soon as you convert to US$ to put into US$ bank account, you have to declare on US tax form how you got those funds.
there is no such thing as a Swiss wallet.
bitcoin wallets are not country specific
also a 0.1second google search
Quote
Americans must pay U.S. taxes on foreign income. The U.S. is one of only two countries in the world where taxes are based on citizenship, not place of residency. If you're considered a U.S. citizen or U.S. permanent resident, you pay income tax regardless where the income was earned.
what the elites do in assets-> fiat, is this:
image elon musk has BILLIONS of value stuck in shares, but doesnt want to get taxed when cashing them out, to then buy twitter
instead of "selling" his shares. he takes a loan for the amount the shares are worth using the shares as the collateral and on receipt of the loan US$ he then settles the loan by relinquishing control of the shares to the loaner
loans are not taxable
so there could be opportunity for a market to instead of offer a service to sell bitcoin. instead offer a $$ loan that settles in bitcoin
where by you deposit coin into the market. agree on the value amount. the service gives you a loan(money plus some paper that declares it as a loan and not a payment) and then they keep the coin
yes its pretty much the same process of selling coin.. but just bureaucratically different by way of having a loan agreement piece of paper instead of a payment receipt piece of paper
yep wording of a piece of paper can save alot of tax
disclaimer:
i am not offering professional tax advice, this is just laymen speak of what i see elites do based on experience, observation and research, speak to a tax expert of the particulars of personal loans and practicalities..
I set up a wallet using a Switzerland address. But I used my American passport, American tax id #, and American bank account. If I buy and sell crypto (in Switzerland, because my address is a Swiss address), are there no capital gains technically? Then I simply deposit the funds to my bank account tax free? Is this true?
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