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Author Topic: How do I avoid tax on crypto  (Read 1147 times)
richardsNY
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March 04, 2018, 11:59:15 PM
 #141

Op, the only way in which you can avoid paying tax from your bitcoin and crypto currency earning is for to relocate from your current country to country where taxes are not paid on crypto currency related activities such as Nigeria.  

How do you know that crypto doesn't get taxed in Nigeria? Even if it was like that, with more and more regulations being enforced globally, things might change rapidly, especially so when it concerns taxes on cryptos. And then it also depends on what category they place crypto in. In Japan for example, you'll end up paying 55% in tax when it comes to amounts over $350k in their own fiat currency. In the US there are states where the property tax rates are insanely low, but on top of that you will also have to pay state tax, welfare tax, etc. If you calculate all these different tax levels, you'll come to a tax figure close to 40-50% in certain states. Crypto is a cash cow for the government, that's a fact.
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March 05, 2018, 12:36:27 PM
 #142

If I make money on crypto currencies. How do I avoid as much tax as possible?

Simple
1. Move to a country that has 0 taxes or lower taxes on gains made from crypto trading.
2. Sell your coins for cash directly in person, then stash the bills under the mattress.
3. Hire a pretty good lawyer specialized in this....

Depending on which country you live in you might get away with the second option...or end up in jail.

It would also be nice if you would tell us where you're from...
Since it's one thing if you live in the US or Moldova.


I would have given you merit if I have some left. Smiley


The idea is very much precise.

I do agree that is will be depending on the country you are staying and if it will be upholding the taxes for bitcoins. Government will find ways to deduct fees and taxes through technology too. Like for an instance, here in our country, wallets are deducting fees in transacting through remittances.

Upfront transactions, or user to user is quite helpful too.
No fees and you can sell them freely.
You are right if you do not want to pay the tax fee you can ask for your acquaintance that close to you to buy or to exchange your bitcoin into cash freely. You can't avoid paying taxes especially when you cash out you bitcoin into cash you must have to pay in remittance that where you get your money. Nobody exempted when it comes paying taxes because when getting money you need to pay for them.

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March 06, 2018, 12:50:19 PM
 #143

I don't think it's a good idea for you to keep hiding from your taxes due to your crypto. Since you're asking this, I am assuming that your country established regulations about cryptocurrency to which is why it is being taxed. With that being said, you have a responsibility to fulfill. Avoiding your tax would just lead to no good. Somehow and in some way, the government would find out and would even burden you with even more fees or penalties to pay. You're lucky that crypto is not banned in your country, so be a good citizen and do what you have to do. You wouldn't want to face worse situations just because you're avoiding a law that would actually lead the the betterment of your country.
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March 06, 2018, 01:50:16 PM
 #144

my country allows you to log out of the taxpayer's register for people who prove to reside outside the country for more than 183 days in one or two years, I assume that other countries have something similar

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bitcoinFPT
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March 06, 2018, 03:43:19 PM
 #145

I think we do not need to evade taxes, if in the country you live in, the government levy bitcoin that means legitimate bitcoin, you have to be happy about it and follow it.
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March 06, 2018, 04:03:29 PM
 #146

If you say, a wealthy businessman in Germany who wants to evade taxes, or a smuggler of illegal drugs, or a brutal ruler, then the means used to evade taxes and conceal the origin of money are very similar.

warrior333
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March 06, 2018, 05:54:35 PM
 #147

There is only one way to avoid paying taxes. You need to abandon the use of Fiat. I don't know if you're ready for this. Doubt. There is a way to change bitcoins to cash without using a Bank account. But this method contains great risks. I'm not sure you're not going to be a fraud victim. Sometimes robbers for that kind of money can even kill.
onrise
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March 06, 2018, 06:13:17 PM
 #148

If I make money on crypto currencies. How do I avoid as much tax as possible?
Op, the only way in which you can avoid paying tax from your bitcoin and crypto currency earning is for to relocate from your current country to country where taxes are not paid on crypto currency related activities such as Nigeria. 

That is one of the option is to create a setup or register a company outside where their is not taxation. Another thing is that you can split the investment between your family members  or whose income is very less so that the tax burden would reduce drastically. Total avoidance of tax could bring you in a legal trouble.

berrymenalo
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March 07, 2018, 03:33:14 AM
 #149

If I make money on crypto currencies. How do I avoid as much tax as possible?

Bitcoin is a currency, not some solution to avoid paying taxes. The moment when people start using Bitcoin or any other

Crypto currency as a method to avoid paying taxes, then the government will step in and ban it. I would much rather pay the

taxes and be done with it, than sleeping with open eyes, waiting for the Police to raid my house in the middle of the night.

That is no way to live your life... rather pay those taxes.  Wink
Crypto is not a currency but i believe and its more of a commodity that needs to be regulated. It sucks when the government will taxed everything but as a citizens we must know our obligations and what is our role in the society. Lets not forget to help our government to grow, because if we hate taxes it can be a hindrance of our crypto growth.

You're one of the first people I've heard agree with me about this! My thoughts are slightly different in that I think cryptos can be broken up into three classes: (1) currencies (bitcoin; monero; zcash; ltc; ripple; other 'store of value' coins); (2) commodities (ETH; some other ones; anything that gets 'consumed' when using the platform; and (3) utility (factom; storaj; espers; etc.; tokens that don't get destroyed and serve some sort of functional purpose but which are built upon a different cryptos platform).

Ideally, in this system, btc and the like would be classified and taxed as foreign currencies, ETH and the like would be taxed as commodities (60/40 rule), and utility tokens would continue to be taxed like property.

Too bad the IRS will never get their shit together enough to figure this out!

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March 07, 2018, 08:08:38 AM
 #150

If I make money in cryptocurrencies. How do I avoid as much tax as possible?
I do not think the tax should be avoided. Because the tax is something that is obligatory for people across the country to pay for it. If you do not want to pay taxes, you will be subject to sanctions.
Helen17
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April 07, 2018, 05:28:02 PM
 #151

You'll pay taxes in any case, otherwise government will ban them and the opportunity to make money out of crypto will perish
makolz26
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April 07, 2018, 05:51:14 PM
 #152

If I make money in cryptocurrencies. How do I avoid as much tax as possible?
I do not think the tax should be avoided. Because the tax is something that is obligatory for people across the country to pay for it. If you do not want to pay taxes, you will be subject to sanctions.
That is right, we need to follow the rules of our country if they would require tax on us let us give it to the government, our country needs our tax so if the officials will gonna use that certain tax for their interest then it is up to them besides all things that we are doing have consequences.

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Sachin1986
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April 07, 2018, 05:59:37 PM
 #153

If I make money on crypto currencies. How do I avoid as much tax as possible?

Bitcoin is a currency, not some solution to avoid paying taxes. The moment when people start using Bitcoin or any other

Crypto currency as a method to avoid paying taxes, then the government will step in and ban it. I would much rather pay the

taxes and be done with it, than sleeping with open eyes, waiting for the Police to raid my house in the middle of the night.

That is no way to live your life... rather pay those taxes.  Wink

I also agree with u... Just Pay the tax &  leave the life with no tension....
IT is rather better than " ban"
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April 07, 2018, 07:09:45 PM
 #154

Mostly people think that taxes are no more than  stealing money from their pocket. It's not how taxes work, government use tax money to maintane all infrastructure. The only reason not to pay taxes is if they are ridiculously high
Palmerson
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April 08, 2018, 12:10:59 PM
 #155

Mostly people think that taxes are no more than  stealing money from their pocket. It's not how taxes work, government use tax money to maintane all infrastructure. The only reason not to pay taxes is if they are ridiculously high
Do you know many low-tax countries? Taxes are constantly increasing because the government spends our money very inefficiently. It is difficult to force a person to effectively manage other people's taxes. Governments know that they have only one chance to come to power and steal money from the Treasury. They'll always steal.
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April 08, 2018, 03:40:17 PM
 #156

Well if you country does jot legalize bitcoin you might get away paying taxes or you will be arrested by police

Well the art of avoiding taxes in crypto would have been better years ago, but as you begin to realize and accept the fact
that cryptocurrency is much bigger and popular now than it was last year or the year before, taxes are something we all
must get use to now. I think taxes has a way of keeping things with the market, crypto and governments to work things
out well in an orderly and proper manner. Regulation and taxes are the missing parts inorder for cryptocurrencies to move
forward, it can't go on without the support of governments. As more and more nations are accepting and embracing
cyrpto and bitcoins, certain security and conditions must be establish. Taxes is definitely and crucially one of those.
Edraket31
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April 08, 2018, 04:21:19 PM
 #157

Well if you country does jot legalize bitcoin you might get away paying taxes or you will be arrested by police

Well the art of avoiding taxes in crypto would have been better years ago, but as you begin to realize and accept the fact
that cryptocurrency is much bigger and popular now than it was last year or the year before, taxes are something we all
must get use to now. I think taxes has a way of keeping things with the market, crypto and governments to work things
out well in an orderly and proper manner. Regulation and taxes are the missing parts inorder for cryptocurrencies to move
forward, it can't go on without the support of governments. As more and more nations are accepting and embracing
cyrpto and bitcoins, certain security and conditions must be establish. Taxes is definitely and crucially one of those.

While some are trying to escape tax while cryptos are legal in their country why not think of those countries who banned bitcoin in their place, we should be lucky that we can freely access bitcoin because the government allows us to do this great opportunity and did not neglect us, so it is better to pay tax if ever because that means we are earning.
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April 08, 2018, 04:36:13 PM
 #158

Paying taxes is a legal obligation, and you shouldn't avoid it. You are benefiting from various governmental interventions for you to earn crytpo, be it electricity tariffs, super good internet, etc.  So you are benefiting from this, in turn you need to return the favor in taxes for this "peaceful earnings to continue". The only thing I can figure out is how you can stay anonymous if you declaring taxes from crypto. Because most people want to stay anonymous via crypto involvement in the face of the government.

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Hammad zakria
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April 08, 2018, 05:10:49 PM
 #159

Purchase Cryptocurrency With a Retirement Account
A lot of people understand that retirement accounts are like IRAs and 401Ks or ROTH investment options. They give tax breaks that help people save money for retirement reasons. And, many cryptocurrency investors also think they can avoid paying taxes because their digital currencies are making money through accounts set up for retirement. But this is a process that is not as easy as one may think.

When an American citizen or resident wants to by cryptocurrencies through an IRA, they need to first transfer funds off shore. They also need to setup an LLC that operates in a country with zero taxes. The company that is offshore will need to then open and bank account offshore that works with a digital currency and wallet to complete the transactions on the behalf of the individual.

It sounds complicated and that is because it is, you need to have help from an attorney in the United States and a foreign counterpart in the country that you’ve chose for hosting your IRA. There a lot of legal fees as well that will start to build up fast. And without understanding the way that transactions work internationally, there’s a chance it will not work out. If the person hired to set up the IRA chooses to bail out and run, you can’t really do much about it.

The complex nature of the situation and potential for fraud are only the first of the many problems you’ll have to face. You’ll also have to learn how to take care of and handle your own investment. The IRS will not allow you to borrow money from the account or make a profit from it in any way. It’s just like any other personal investment company would work.

Also, the total contributions that happen on a yearly basis can never exceed $5,500 if you’re less then 50 years old. After that, they cap at $6,500 and that is only the beginning. Even if you make it through the challenges and red tape, there is still a strong chance that you’ll have to pay taxes on any capital gains made.
MaxiMan
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April 09, 2018, 01:34:30 AM
 #160

If You guys live on a democracy... then can select your governants.
Why allow them to add taxes to any income you have?
Do you think govs really do superb good things with the money they collect from your "donations"? Thats up to you.
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