I have a lot of BTC i don't want to convert to FIAT because i do not want to get audited by the IRS. How do do convert BTC to a tangible asset without being flagged by the goverment?
Financial Advice
Borrow against your BTC
Checked but or you know just pay long term capital gains tax on your profits. For you it should only be 15 percent
Hi, IRS here. Stay where you are, we're coming.
Checked.
Why not convert part of it to DAI, USDC or USDT on a DEX?
Pay the goy tax
Wrap BTC
Collateralize it on a loan for USDT
Sell USDT for USD (1 = 1 so no cap gain tax)
USD to bank account
Loan shark gets your wBTC
You get a tax free loan
Can you buy shit with any of thosem
Can you buy shit with any of those?
Buy gold with BTC online.
Gold sent to your door
Sell gold for Cash in increments
okay so to answer this question correctly I'm going to need your name, address, phone number and sex
Stop asking for advice on how to launder money. Report the gains or move to a country where it's legal tender. Breaking the law is extremely difficult and not worth it.
is there a safe stablecoin
You want me to pay %37 of my bitcoin in taxes.
So they can fund trannies
Never thought about that, but yea, that’s around 80-90 oz of gold, right? Weight wise, that’s hardly anything and easy to handle. Not a bad idea
Stfu
Does the people who buy and sell gold dont have to report their income?
neck yourself faggot
btc->wbtc (wrapped btc on eth)->paxg->physical gold bars mailed to you->figure it out from there
you can buy gold silver and gift cards. (basically anything) with crypto. go on holiday, buy some airbnb gftcards on bitrefill
you don't have to do it like that, literally send some litecoin/bitcoincash to one of the hundreds of gold coin sellers who sell it for crypto. they deliver it to your door with ups.
I don’t know that side of the business, but if they bought gold off of someone, I don’t think that would be considered income. Either way, you (the seller) wouldn’t have to report shit to anyone.
Interesting.
Still, wouldn't the exchange report the initial transfer of BTC?
So gold sellers dont report their sales?
Thats interesting
Not if you are using Binance,Bybit or any foreign exchange.
that'll save you fees at least, also might avoid some KYC required by paxos
doesn't convert it all to monero
doesn't blow all of that on a fed run dark web market
Do kids these days really?
In my experience nearly ever city has a bar or a block where shady deals go down. There are usually one or two guys that will buy your crypto for cash. The local dive bar near me has a guy that sells Xanax , adderall, and buys and sells crypto for cash. I don’t do drugs but I do sell my crypto.
But can you buy or sell around a $100k?
I live in Brazil and the nephew of the Minister of Economy has a job in Binance.
You are delusional if you think the government doesn't know what happens there.
Do you all just not pay income taxes? Does the government not know where you live? How do you plan to convert your gains into cash to buy stuff without reporting where that money is coming from? The tax rate on long term capital gains is 0% on the first $44k. How much are you saving by committing a felony and what exactly are you doing to avoid getting caught?
you think they care about taxes the government knows where you live and they don't care they are probably using you for research anyway and even if they aren't why do you care the government is a bunch of useless morons anyway just enjoy the free money what's the worst that could happen get deported to guantanamo bay you are too valuable to lose if they can't tax you they can use you for research they don't care which way they benefit as long as they are making money so how about you stop being a pussy
After this bullrun there is a 100% chance that the government will have software to check transactions on chain to track your earnings and you WILL owe back taxes. I think it's extremely inadvisable to be finding new ways to get prosecuted for tax avoidance rather than working with an accountant/financial planner to find legal means of paying less.
That being said, there are countries where BTC is accepted as legal tender. You can buy physical goods, real world assets, and probably exchange for legal tender there. Do with that information as you will.
Implying gold sellers wont give your address to the irs
Do you all just not pay income taxes?
No
Does the government not know where you live?
I created an account with a fake passport
>How do you plan to convert your gains into cash to buy stuff without reporting where that money is coming from?
That is why I am asking
The tax rate on long term capital gains is 0% on the first $44k.
I would have to pay %37 because is short term
How much are you saving by committing a felony.
Probably millions.
what exactly are you doing to avoid getting caught
If I trade Bitcoin for USDT or USDC or ETH.
Why do I have to pay taxes trading different crypto currenfies?
you think these fucks can hold a job?
If I trade Bitcoin for USDT or USDC or ETH. Why do I have to pay taxes trading different crypto currencies?
Surely these stablecoins are not equivalent to fiat
KYS
If you trade chuck e cheese tokens for $1 they don't stop being chuck e cheese tokens.
Living in america.
Just buy stuff with btc, lots of vendors take btc
How would it be a sale if they’re buying gold off of you?
Selling stablecoins into fiat or trading stablecoins for a cryptocurrency are taxable transactions (capital gain or loss) and would appear on your IRS Form 8949.
yeah you should definitely sell your stablecoins and make those taxable transactions because the irs is a wonderful organization of hardworking people and i totally trust them to keep all of my personal information secure also who doesn't love paying taxes
how do i pay rent with my btc
In the U.S not in Dubai where the exchange is held. Even less if is a Descentralized Exchange
This is not coinbase
go back
Ive accepted who my daddy is. I am going to be as accurate as I can on my 1099-MISC
talk to your rent boss.
*in america.
hes a jew, he wants fiat
I would suggest that the best strategy is that you want to keep your money in crypto and more specifically bitcoin, the idea is to park up and take a rest, take some gains in fiat and then buy bitcoin back after a good dip. If you live sensibly I imagine you could be quite comfortable drawing just enough to stay under the tax threshold whilst maintaining value with your equity
move out and rent AIRBNB buy airbnb giftcards with bitcoin.
Kek