How to avoid paying taxes?

Tips on avoiding to pay taxes on your crypto gains? I got my crypto assets undeclared to the tax authorities and been swing trading for profit but now I wanna cash out.Any tips?

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Either don't, because you'll get raped and thrown in prison or buy gold with crypto and then sell the gold for cash.

lol the only thing this changed is they'll ask where the gold came from instead of were the crypto came from

Start an LLC.
Pay yourself a small salary from the LLC for pokey money.
Buy your car and home with the LLC.
Vacations are bussines trips for the benifit of the LLC.

Haha yeah they'll surely track that physical piece of gold! Gold has been black market money since the dawn of time bro.

the burden of proof is on you retard

just pay the fucking taxes faggot or do this and buy more or less everything in the LLC as a 'bonus' to yourself and write the taxes off that

Not worth an audit. When you’re getting fucked by the IRS that 30% will seem like a great deal. Just pay it and you won’t have to worry

this is the right answer. i may not know every little thing regarding taxes on this stuff but i know enough not to play stupid with people who can wreck your day.

Saw this the other day, thought it was quite clever.

If you have significant gains, however, I'd seriously consider moving to another country. There are plenty of countries with no crypto tax, or at least a decent one which doesn't try to jew you out of all your money.

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This is the million dollar question.

You make all this money but SNAP You cant spend it!

Are you sure you don't have to pay taxes if you transfer your shitcoin ownership from yourself to the LLC?

just pay the capital gain and dont sweat anything else

uh, where do you think all your money is gonna go? under your mattress? avoiding taxes is literally nigger tier retardation with little upside.

this doesn't work and if you think it does, have fun if you get randomly audited.

Americans have to renounce their us citizenship to avoid us taxes.

You basically have no choice, they will nail you so fucking hard if you dont pay up. Death and taxes, user. During the next bullrun I wouldnt doubt that the IRS sets up a task force of people specifically out to get young retarded crypto guys such as yourself trying to evade. Not going to end well for you!

Also selling for bitcoin is a taxable event.

You can't cash out anyway. What? You thought the memes were just memes?

Except for mcafee

I literally cashed out and bought a Camaro, nothing happened till now...

Christ, I hope Biden doesn't win. A 25% capital gains tax hike would be a serious kick in the balls. Also, the sheer balls of government to even have capital gains taxes in the first place

>make money
>government taxes a bunch of it
>take what you have left and risk it investing in an asset
>asset appreciates, hooray
>not so fast goy, the government's back to take another cut!

Any ideas about the cayman islands? No capital gains tax there, so I imagine if you hold, then move there, then sell you'll have the money tax-free? Do you have to live there for X days before you can do that?

Your best bet is just holding whatever you have for a year so you at least can pay longterm cap gains which is 20% max. Structure big sells across multiple years to reduce your average % owed. Typical avoidance stuff (legal).

If you evade then you'll never get to enjoy the money anyways, you'll be worried about getting a big fat audit cock slammed down your throat all day every day. And then eventually you will get audited, you'll deep throat the IRS' veiny member, and end up paying all the taxes anyways plus penalties and interest.

You sound like a retard. Jews are subject to the same tax laws as you. Most of your taxes go to pay down the national debt anyway.

Probably the only way to "avoid paying" taxes besides putting your coin on a hardware wallet and having it "stolen" is to just don't cash out completely and try too negate the cost of taxes on your bottom line with more earnings. Keep playing the game and re earn that 40% they took. And again and again until you aren't trying to cover 100k taxes but $10 because you diminished it all to nothing gradually.

This

As a European, you need to be there 6months + 1 day, I have no idea if you're amerifat but I'd wager it's the same, unless you're politicians are very brainlet... oh wait

This but read about tax residence in your country to make sure.

Just move to Italy lmao

>a-at least I still have my constitution

i want to pay taxes (render unto caesar), but I'm too retarded to figure it out, and they didn't send me any tax bills. guess I'll go to jail.

Are you an american? If yes you can't avoid us taxes with additional citizenships.

You could also empty out any Crypto Machines you find for cash.

Yes fellow anonymous users how DO you avoid paying taxes on MY hard earned gains.

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Become a Singapore resident

pay your taxes, asshole

On the "hold for a year" part, am I required to hold ALL my gains for a year, or can I sell 10% of my gains, pay the short-term taxes on those but keep holding the 90%?

You don't get fiat on any of these, it's just trading crypto for crypto at interest. The cashing out part is missing.

wait what? all of the taxes fears in here don't apply in my country? fuuuck I live my country now

I feel the same way lol

kek imagine being this retarded. Sure, our taxes go to paying off a multi trillion dollar debt that grows by the day (it's a mystery!), not straight into the pockets of your masters and their buddies. Keep thinking that.

>avoiding taxes is nigger tier retardation
Good goy, be a good citizen and do what we tell you.

lmao at the retardads in this thread telling you to pay taxes

just fucking laundry the money like any drugdealer does you dumbass, there are a million ways to do it

Or how about swapping that BTC for psychical BTC and going to a pawn broker! :D Shit, pay or dodge your taxes like a man.

Okay so I have a double nationality. Mexican/American

Would it be possible to just move to Mexico and cash out over there?

Just claim it's against your religion to pay taxes

or identify yourself as an albino cucumber

it's not 'gains' that you hold for a year, it's the asset in question. So if you hold 1000 LINK for a year, that whole stack is now a long term capital asset and any time you sell a portion of it, you realize gains on that portion only and tax becomes due on those gains. Gain is the price at time sold minus your cost basis (what you bought it for). If you sold to a different crypto, that crypto is a new capital asset and the long term maturation period begins anew on it.

I use bitcoin.tax, you can import your trades and it does all the math for you. Kind of a necessity if you make thousands of trades a year. They raised their prices for 2020 which blows though.