Yeah. Benefit.
As in Fire department, police, military, roads, education, food safety and other consumer protection, social safety net, etc.
Topic: Things getting interesting once we past $100 - page 8. (Read 17593 times)
Of course, not paying your share into a system that you benefit from makes you a freeloader (or at the very least a leech).
a system that you BENEFIT from? hahahahaha
See the FinCEN statement? If you use bitcoin to directly buy things, you don't need to pay anything 
This might work out like a turbo for the Bitcoin economy.Like "under the table", but in this case, "around uncle Sam".
So now that there's another "bubble" at full speed, I'm reaching a point where crossing $100 will mean that me as well as others are making some serious money (I'll leave up to you to define what serious money is)
My concern now is, what if i want to sell and withdraw the money to my US Bank Account.
How do I avoid uncle sam to stick its hand in my cookie jar and takes the tax share?
What if I don't report it?
What if I transfer small amounts ($1000 at a time ever week or so..)
Any accountants in the forum to help me do the laundry?
My concern now is, what if i want to sell and withdraw the money to my US Bank Account.
How do I avoid uncle sam to stick its hand in my cookie jar and takes the tax share?
What if I don't report it?
What if I transfer small amounts ($1000 at a time ever week or so..)
Any accountants in the forum to help me do the laundry?
Thank you! It only took 20+ posts to get an actual response
Make sure you are moving LESS than $10k per month is the most important (There is a daily limit as well but can't recall what that is, so I'd double check that... I think it's $3K per day but don't quote me on that.....), after that if you need to move more (and I kind of would recommend this at the $5k+ mark anyway) start buying goods/services directly, great opportunity to start using pre-paid credit cards, gift cards, etc. as these will remain untracked, just make sure you deal with reputable vendors not ones fencing stolen cards otherwise you still may find your way to the wrong side of the law but in a worse kind of way!
Your title is wasting my time,
Why 100$ and not 47$, should simply be "avoiding Tax on USD withdrawal" or something UNinteresting.
Why 100$ and not 47$, should simply be "avoiding Tax on USD withdrawal" or something UNinteresting.
See the FinCEN statement? If you use bitcoin to directly buy things, you don't need to pay anything
This might work out like a turbo for the Bitcoin economy. 
Until we have official designation under the tax code, I do not believe he should need to declare it at this time.
That's a very dangerous strategy! If you need to buy a lot of USD, make sure you talk to an accountant.
I've never sold bitcoins for dollars and hope I never will. I had no idea I was interested in money until I had the opportunity to use it freely without running afoul of arbitrary, confusing, detailed, and sometimes retroactive rules. It was a chilling effect; the potential gains from managing money properly were outweighed by the risk of imprisonment if I messed up. Every time an accountant or lawyer said "it depends" I cringed.
No way do I want to go back to that minefield.
This was just an opinion not a strategy. I agree however, you should talk to a qualified financial professional about these questions. You don't want to be caught in a tough position.
D
buy goods and service with bitcoin directly.
Agreed.
That's the cost of transferring your wealth into "uncle sam" system.
Use Bitcoin directly. Now is a good time for a real BTC debit card.
+1
Why everyone wants to "cash out" when you worked so hard to get better cash is beyond me. you can buy almost anything with BTC these days.
Until we have official designation under the tax code, I do not believe he should need to declare it at this time.
That's a very dangerous
I've never sold bitcoins for dollars and hope I never will. I had no idea I was interested in money until I had the opportunity to use it freely without running afoul of arbitrary, confusing, detailed, and sometimes retroactive rules. It was a chilling effect; the potential gains from managing money properly were outweighed by the risk of imprisonment if I messed up. Every time an accountant or lawyer said "it depends" I cringed.
No way do I want to go back to that minefield.
If you have a lot of coin and want the US dollar instead, just post an ad saying you'll accept a wire transfer. Use an escrow. Somebody out there already wants your coin right now but doesn't want to dick around with MtGox and their interest is bigger than the limits of those like BitInstant. And, you'll probably be able to move it all with no slippage, and they'll be happy to buy with no slippage.
How do I avoid uncle sam to stick its hand in my cookie jar and takes the tax share?
What if I don't report it?
What if I don't report it?
Face to face trades.
Of course, not paying your share into a system that you benefit from makes you a freeloader (or at the very least a leech).
I'm paying my share to the system I benefitted from, BTC that is. I didn't benefit from USD.
/devilsadvocate
Yes, I do... that's why I have a regular job that tax me %28 of my income so, the money that I invest in buying mining equipment or btc has already been taxed...
Now this line of reasoning might actually have some legs. I find myself very sympathetic to it.
Would this be an investment or a method of creating a Bitcoin dividend?
Does Bitcoin has official designation under the tax code? I saw the guidance of the U.S. Treasury calling it a "virtual currency" but does that mean the IRS is treating it as that. Until we have official designation under the tax code, I do not believe he should need to declare it at this time.
That is my understanding of the application of existing tax laws as of 4 years ago when I took a tax accounting class. I treat it as capital gains exactly because the IRS hasn't made any official rulings on it - they haven't declared it to be a valid foreign currency, so I don't see treating it as gains on foreign exchange as the correct route to go yet. In my opinion, it cannot be declared as anything other than an asset (and gains/losses on that asset would be treated as such) until further ruling from the IRS.
How do I avoid uncle sam to stick its hand in my cookie jar and takes the tax share?
What if I don't report it?
What if I don't report it?
Face to face trades.
Of course, not paying your share into a system that you benefit from makes you a freeloader (or at the very least a leech).
I'm paying my share to the system I benefitted from, BTC that is. I didn't benefit from USD.
/devilsadvocate
Yes, I do... that's why I have a regular job that tax me %28 of my income so, the money that I invest in buying mining equipment or btc has already been taxed...
Now this line of reasoning might actually have some legs. I find myself very sympathetic to it.
Would this be an investment or a method of creating a Bitcoin dividend?
Does Bitcoin has official designation under the tax code? I saw the guidance of the U.S. Treasury calling it a "virtual currency" but does that mean the IRS is treating it as that. Until we have official designation under the tax code, I do not believe he should need to declare it at this time.
Solution: Avoid the dollar like the plague to humanity it has become.
If you're selling bitconi move to gold, silver, platinum, litecoin, namecoin (whichever you feel is the best deal). Do it direct without ever touching the dollar.
If you're selling bitconi move to gold, silver, platinum, litecoin, namecoin (whichever you feel is the best deal). Do it direct without ever touching the dollar.
If you're so pessimistic about the dollar, you should try using Argentinean Pesos for a while, you'll be back to loving the dollar in no time
How do I avoid uncle sam to stick its hand in my cookie jar and takes the tax share?
What if I don't report it?
What if I don't report it?
Face to face trades.
Of course, not paying your share into a system that you benefit from makes you a freeloader (or at the very least a leech).
I'm paying my share to the system I benefitted from, BTC that is. I didn't benefit from USD.
/devilsadvocate
Yes, I do... that's why I have a regular job that tax me %28 of my income so, the money that I invest in buying mining equipment or btc has already been taxed...
Now this line of reasoning might actually have some legs. I find myself very sympathetic to it.
How do I avoid uncle sam to stick its hand in my cookie jar and takes the tax share?
What if I don't report it?
What if I don't report it?
Face to face trades.
Of course, not paying your share into a system that you benefit from makes you a freeloader (or at the very least a leech).
I'm paying my share to the system I benefitted from, BTC that is. I didn't benefit from USD.
/devilsadvocate
Yes, I do... that's why I have a regular job that tax me %28 of my income so, the money that I invest in buying mining equipment or btc has already been taxed...
Now this line of reasoning might actually have some legs. I find myself very sympathetic to it.
So now that there's another "bubble" at full speed, I'm reaching a point where crossing $100 will mean that me as well as others are making some serious money (I'll leave up to you to define what serious money is)
My concern now is, what if i want to sell and withdraw the money to my US Bank Account.
How do I avoid uncle sam to stick its hand in my cookie jar and takes the tax share?
What if I don't report it?
What if I transfer small amounts ($1000 at a time ever week or so..)
Any accountants in the forum to help me do the laundry?
My concern now is, what if i want to sell and withdraw the money to my US Bank Account.
How do I avoid uncle sam to stick its hand in my cookie jar and takes the tax share?
What if I don't report it?
What if I transfer small amounts ($1000 at a time ever week or so..)
Any accountants in the forum to help me do the laundry?
Make sure you are moving LESS than $10k per month is the most important (There is a daily limit as well but can't recall what that is, so I'd double check that... I think it's $3K per day but don't quote me on that.....), after that if you need to move more (and I kind of would recommend this at the $5k+ mark anyway) start buying goods/services directly, great opportunity to start using pre-paid credit cards, gift cards, etc. as these will remain untracked, just make sure you deal with reputable vendors not ones fencing stolen cards otherwise you still may find your way to the wrong side of the law but in a worse kind of way!
Don't bother with the money laundering. Aside from the ethical and legal peril you create doing that, there really is no point. You would be trading a strong currency for a weaker one, which only makes sense if you are going to spend the money immediately. Financiers and investors who work overseas make transfer payments like that all the time when they want to build a factory in China or buy foreign stock in Pesos. When they do it they hold the strong currency as long as they can and when they transfer it into the local currency they spend it as fast as possible.
If you want a solid store of value buy durable goods with your bitcoins directly.
If you want a solid store of value buy durable goods with your bitcoins directly.
Solution: Avoid the dollar like the plague to humanity it has become.
If you're selling bitconi move to gold, silver, platinum, litecoin, namecoin (whichever you feel is the best deal). Do it direct without ever touching the dollar.
If you're selling bitconi move to gold, silver, platinum, litecoin, namecoin (whichever you feel is the best deal). Do it direct without ever touching the dollar.
How do I avoid uncle sam to stick its hand in my cookie jar and takes the tax share?
What if I don't report it?
What if I don't report it?
Face to face trades.
Of course, not paying your share into a system that you benefit from makes you a freeloader (or at the very least a leech).
I'm paying my share to the system I benefitted from, BTC that is. I didn't benefit from USD.
/devilsadvocate
God are you really so Naive to think the income tax actually pays for those?
Check with a proper accountant. I pay 16% on BTC income which is not bad at all compared to the usual 60% we're forced to pay on other activities (eg. being employed in a company).
%60? I work in a company and I don't get taxed %60.. hell not even the highest tax brackets in the US get taxed %60.
Are you a slave?
try to come to italy
60% is rather good here.
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