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Author Topic: Things getting interesting once we past $100  (Read 17261 times)
deathcode
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March 19, 2013, 02:53:59 PM
 #1

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? Tongue

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hdcafe
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March 19, 2013, 02:56:45 PM
 #2

buy goods and service with bitcoin directly.
evolve
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March 19, 2013, 02:58:35 PM
 #3

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?


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).
deathcode
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March 19, 2013, 03:12:00 PM
 #4

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?


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'll gladly pay the transaction fees/withdrawal fees of trading my bitcoins into USD and then transfering USD to my bank account.
I'm paying  my share to the system I benefitted from, BTC that is. I didn't benefit from USD.

Vladimir
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March 19, 2013, 03:13:58 PM
 #5

Of course, not paying your share into a system that you benefit from makes you a freeloader (or at the very least a leech).
tax bankers first

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SgtSpike
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March 19, 2013, 03:18:59 PM
 #6

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?


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'll gladly pay the transaction fees/withdrawal fees of trading my bitcoins into USD and then transfering USD to my bank account.
I'm paying  my share to the system I benefitted from, BTC that is. I didn't benefit from USD.
So you don't use roads?  You don't take advantage of the electrical grid?  You aren't protected by the US army?  You won't receive social security?

/devilsadvocate
deathcode
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March 19, 2013, 03:29:18 PM
 #7

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?


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'll gladly pay the transaction fees/withdrawal fees of trading my bitcoins into USD and then transfering USD to my bank account.
I'm paying  my share to the system I benefitted from, BTC that is. I didn't benefit from USD.
So you don't use roads?  You don't take advantage of the electrical grid?  You aren't protected by the US army?  You won't receive social security?

/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...

Jaw3bmasters
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March 19, 2013, 03:30:10 PM
 #8

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.

In Cryptography we trust.
desired_username
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March 19, 2013, 04:13:57 PM
 #9

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).

deathcode
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March 19, 2013, 04:27:46 PM
 #10

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?

johnyj
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March 19, 2013, 05:12:29 PM
 #11

See the FinCEN statement? If you use bitcoin to directly buy things, you don't need to pay anything Cheesy

cedivad
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March 19, 2013, 05:16:19 PM
 #12

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 Wink

60% is rather good here.

My anger against what is wrong in the Bitcoin community is productive:
Bitcointa.lk - Replace "Bitcointalk.org" with "Bitcointa.lk" in this url to see how this page looks like on a proper forum (Announcement Thread)
Hashfast.org - Wiki for screwed customers
SgtSpike
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March 19, 2013, 05:18:23 PM
 #13

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 Wink

60% is rather good here.
And yet they still have to confiscate a portion of Italian's savings accounts despite the insane tax rates.
salfter
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March 19, 2013, 05:24:38 PM
 #14

You won't receive social security?

/devilsadvocate

Most of us won't...that Ponzi scheme is unsustainable on its current course.

/reality

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cedivad
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March 19, 2013, 05:25:02 PM
 #15

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 Wink

60% is rather good here.
And yet they still have to confiscate a portion of Italian's savings accounts despite the insane tax rates.
We have one of the bigger private savings in the world, with a low percentage of private debts. They need to find a way to really crash our economy.

My anger against what is wrong in the Bitcoin community is productive:
Bitcointa.lk - Replace "Bitcointalk.org" with "Bitcointa.lk" in this url to see how this page looks like on a proper forum (Announcement Thread)
Hashfast.org - Wiki for screwed customers
Sage
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March 19, 2013, 05:31:39 PM
 #16

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?


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'll gladly pay the transaction fees/withdrawal fees of trading my bitcoins into USD and then transfering USD to my bank account.
I'm paying  my share to the system I benefitted from, BTC that is. I didn't benefit from USD.
So you don't use roads?  You don't take advantage of the electrical grid?  You aren't protected by the US army?  You won't receive social security?

/devilsadvocate

God are you really so Naive to think the income tax actually pays for those?
Sage
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March 19, 2013, 05:34:27 PM
 #17

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.
deathcode
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March 19, 2013, 06:17:13 PM
 #18

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 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 Smiley

bubblesort
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March 19, 2013, 06:52:56 PM
 #19

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.

pyra-proxy
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March 19, 2013, 06:59:20 PM
 #20

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? Tongue


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!

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