what are some ways to LEGALLY avoid paying the 40% short term capital gains tax on crypto profits over $400k?
alternatively, what are some not-so-legal/gray area ways to avoid it?
COMPLETLEY THEORETICAL DISCUSSION ON TAX AVOIDANCE
Henry Martin
Austin Peterson
Michael Gomez
Puerto Rico is a crypto tax haven if you buy some property there and become a resident.
Landon Hall
I have looked into this.
This will not work if you made your gains BEFORE you gain puerto rico residency.
For example if you made 10,000% returns on chainlink and you lived in the US during this appreciation, you are still liable to pay capital gains on your link if you gain residency in peurto rico after the fact.
Nicholas Clark
just lie retard?
Aiden Campbell
If you already made the gains you already owe the tax, there is no legal way to avoid that.
Alexander Hall
theoretically of course
Hunter Sanchez
wait a year
only cash out 52.4k (40k tax free ltcg + 12.4k std. deduction) every year after that
pay zero taxes
Carter Foster
How would the IRS even know about the gains? Their reporting seems to be entirely voluntary.
Julian Ortiz
pretty sure you need to provide records proving that the date of your gains is after the date you gained residency retard?