Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[chriswilmer]

Capital Gains.

god damn it, i should of never sold anything  

i need to learn how to hide my Capital Gains, should i dump it in BTC?  

Dude, we have a $750k capital gains personal exemption here in Canada....use it.  

I'll start a thread somewhere
this is what hes talking about.
not sure how to apply this to bitcoin.

 https://repsourcepublic.manulife.com/wps/wcm/connect/954ef280433c1d79b02df6319e0f5575/ins_tepg_capitalgainex.pdf?MOD=AJPERES&CACHEID=954ef280433c1d79b02df6319e0f5575

Sorry...this is so off topic...

You own an investment, you bought it for X, sold it for 100X, you incurred an amount of capital gains and can claim part of your lifetime capital gains exemption.

http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/ddctns/lns248-260/254/menu-eng.html

That's cool. No such thing in the USA eh?

[1715644874]

1715644874

[1715644874]

1715644874

[tHash]

Capital Gains.

god damn it, i should of never sold anything  

i need to learn how to hide my Capital Gains, should i dump it in BTC? 

Dude, we have a $750k capital gains personal exemption here in Canada....use it.  

I'm going to move to New Zealand (from Australia) for a year when I sell mine. Fuck giving 45% of my BTC to the government.

If anyone wants to throw out a good tax strategy for an American, I'm all ears.  I'm dreading having to pay on my BTC profits. 

Long term capital gains.   Keep your bitcoins for a year, and they qualify.   Rates are far better than regular income tax, and are based on your tax bracket.   If you manage to keep your regular income low enough, there is even a 0% rate.   Most likely you will be paying 15%, unless you do quite well with your regular income . . .

[uscc]

If anyone wants to throw out a good tax strategy for an American, I'm all ears.  I'm dreading having to pay on my BTC profits. 

The constitutional republic known as the United States of America folded up in 1913.  There is no binding social contract with the corporate state set up at that time.

I'll write you a letter from federal prison and let you know how that worked out for me. 

I don't think there is much we can do here in the US. If you don't want to bring attention to yourself, bring it in small transactions(less than $10,000) and spread them out over a long period of time.

Legal note: This of course is not recommended unless you pay the taxes.

[beetcoin]

Capital Gains.

god damn it, i should of never sold anything  

i need to learn how to hide my Capital Gains, should i dump it in BTC?  

Dude, we have a $750k capital gains personal exemption here in Canada....use it.  

I'm going to move to New Zealand (from Australia) for a year when I sell mine. Fuck giving 45% of my BTC to the government.

If anyone wants to throw out a good tax strategy for an American, I'm all ears.  I'm dreading having to pay on my BTC profits.  

Long term capital gains.   Keep your bitcoins for a year, and they qualify.   Rates are far better than regular income tax, and are based on your tax bracket.   If you manage to keep your regular income low enough, there is even a 0% rate.   Most likely you will be paying 15%, unless you do quite well with your regular income . . .

also, if you don't have income or any other money coming in, you won't be taxed (after it turns long-term.. as in 1 year) on up to $35k if you're single, and $70k if you're married. i posted a link for this under the legal subforum.

[macsga]

Death and Taxes... 

[MikeH]

capital gains is annoying, I lost like $2k in shares when a company went bust but it's not like you pay less tax when that happens - it just has to be written into your tax return records year after year until you can use it to offset a capital gain, I couldn't be bothered doing that for the 10+ years since then so I'll just have to sell for cash or I'll end up paying more tax than I'm supposed to.

[TheKoziTwo]

We should use some of our new-found wealth to fund a bitcoin country, something like what seasteading institute is doing. We shouldn't have to waste money on taxes when it can be used for so much good instead.

[600watt]

Capital Gains.

god damn it, i should of never sold anything  

i need to learn how to hide my Capital Gains, should i dump it in BTC?  

Dude, we have a $750k capital gains personal exemption here in Canada....use it.  

I'm going to move to New Zealand (from Australia) for a year when I sell mine. Fuck giving 45% of my BTC to the government.

In germany there is no capital gains tax when you held your coins longer than a year.
i'm considering to offer a service for bitcoiners who might want to move to germany for a while...

edit: send pm

http://m.youtube.com/watch?v=okNhH7EoV6I&feature=youtu.be&desktop_uri=%2Fwatch%3Fv%3DokNhH7EoV6I%26feature%3Dyoutu.be

[capsqrl]

We should use some of our new-found wealth to fund a bitcoin country, something like what seasteading institute is doing. We shouldn't have to waste money on taxes when it can be used for so much good instead.

We may soon be able to found a semi-autonomous city in Honduras.

[Richy_T]

Trick question, bitcoin markets don't "finish".

But days do finish.

At noon GMT.

[Nolo]

Capital Gains.

god damn it, i should of never sold anything  

i need to learn how to hide my Capital Gains, should i dump it in BTC?  

Dude, we have a $750k capital gains personal exemption here in Canada....use it.  

I'm going to move to New Zealand (from Australia) for a year when I sell mine. Fuck giving 45% of my BTC to the government.

If anyone wants to throw out a good tax strategy for an American, I'm all ears.  I'm dreading having to pay on my BTC profits.  

Long term capital gains.   Keep your bitcoins for a year, and they qualify.   Rates are far better than regular income tax, and are based on your tax bracket.   If you manage to keep your regular income low enough, there is even a 0% rate.   Most likely you will be paying 15%, unless you do quite well with your regular income . . .

also, if you don't have income or any other money coming in, you won't be taxed (after it turns long-term.. as in 1 year) on up to $35k if you're single, and $70k if you're married. i posted a link for this under the legal subforum.

I'm going to have to hunt that thread down.  I'm self-employed, so I can legally manipulate the amount of income I personally receive every year.  Might need to pay myself nothing in a year if there comes a time when I need to cash out. Although this only applies to the first $70k in capital gains? (I'm married.)

[Odrec]

I have no problem paying for taxes if the government uses them well. Frankly the libertarian utopia doesn't convince me, Bioshock is a testament to that . But you should try it to see if it works although I wouldn't hold my breath.

[Richy_T]

I have no problem paying for taxes if the government uses them well. Frankly the libertarian utopia doesn't convince me, Bioshock is a testament to that . But you should try it to see if it works although I wouldn't hold my breath.

Yes. Fictional works are always a good basis for real-life decisions.

[Odrec]

I have no problem paying for taxes if the government uses them well. Frankly the libertarian utopia doesn't convince me, Bioshock is a testament to that . But you should try it to see if it works although I wouldn't hold my breath.

Yes. Fictional works are always a good basis for real-life decisions.

Well Ayn Rand's work, which is the basis for the philosophy of many libertarians I know, is also highly fictional...

[dwdoc]

We should use some of our new-found wealth to fund a bitcoin country, something like what seasteading institute is doing. We shouldn't have to waste money on taxes when it can be used for so much good instead.

We may soon be able to found a semi-autonomous city in Honduras.

[dwdoc]

I have no problem paying for taxes if the government uses them well. Frankly the libertarian utopia doesn't convince me, Bioshock is a testament to that . But you should try it to see if it works although I wouldn't hold my breath.

Yes. Fictional works are always a good basis for real-life decisions.

Well Ayn Rand's work, which is the basis for the philosophy of many libertarians I know, is also highly fictional...

No longer fiction. Look at what's happening in Venezuela. Life imitates art.

[JimboToronto]

I think that was yesterday's chart.

Oops. I did a refresh and saw Dec4 on the Kitco chart.

Should have double checked. My bad.

[rocks]

I have no problem paying for taxes if the government uses them well. Frankly the libertarian utopia doesn't convince me, Bioshock is a testament to that . But you should try it to see if it works although I wouldn't hold my breath.

Libertarians do not believe in zero government, that is liberal scare tactics. What libertarians do believe in is limited government covering essential common good services (roads, courts, education (not union education), etc), which today comprises a fraction of the bloated US government.

[Odrec]

I have no problem paying for taxes if the government uses them well. Frankly the libertarian utopia doesn't convince me, Bioshock is a testament to that . But you should try it to see if it works although I wouldn't hold my breath.

Yes. Fictional works are always a good basis for real-life decisions.

Well Ayn Rand's work, which is the basis for the philosophy of many libertarians I know, is also highly fictional...

No longer fiction. Look at what's happening in Venezuela.

I don't see what is happening in Venezuela as confirmation of Rand's fantasies... Venezuela is just one case but look at Ecuador the state intervention in the economy actually improved the situation considerably for ecuatorians while the opposite happened in Spain... every country is different.

[Richy_T]

Well Ayn Rand's work, which is the basis for the philosophy of many libertarians I know, is also highly fictional...

If they're basing their philosophy on the story, they're doing it wrong.

If the story inspires them to consider the philosophy or they consider it illustrative of the philosophy, that's more like it.

By the way, it's nice that you are happy to pay your taxes if the government spends it well. However, you might want to consider that other people may have different opinions on that or, indeed, what constitutes "spending it well" and taxes are not voluntary.