Ask a tax accountant

I'm not smart enough to implement a tax evasion scheme. I'm getting dinner I'll be back faggots

Form an offshore LLC in nevis that owns a trust in the cooks island. The Trust is the owner of the LLC and you are the beneficiary.
Trade everything through the LLC.
Open a bank account in Germany for the company earnings.

Sell shitcoins for 1oz double eagles, and sell these for cash at coin shows.

Move to puerto rico and pay zero tax legally.

Sage told you this faggot was a dumbass.
I'm the real genius
AMA

what is the rule on mining? Here is what i do. I mine ETH. Trade ETH for link. Hodl till i die with link. what do?

Mining is taxed as ordinary income.
Trading your ETH for link triggers a capital gains tax, short term.

cool. ty. i have never cashed out but i plan on when i do cash out i will hold back roughly a third for taxes, is that a good idea?

Should I get all my trades? Or just the link buys?

No not a good idea.
Calculate it now.
You should know how much tax you would owe before you make the trade.
Be prepared so theres no surprises.
And you already OWE taxes by mining.
When you mine tax is due at the FMV you mine ETH.
It is also due to be paid quarterly.
You need to do shit.

How are you going to only show link trades from binance yet exclude the other ones in the report without fraudulently changing it. If you going to commit such blatant fraud, might as well dont report anything since both are fraud.
All trades dumbass.

is crypto taxable if you go all in and never withdraw to fiat?

Do u think the IRS/US government will implode from lack of enforcement agency funding?
irs.gov/pub/irs-pdf/i1120.pdf

Yes if you trade it for anything else like a shitcoin.

What caused the first crypto crash? The tax rules changed on how crypto would be handled.

No

Not directly crypto related, but I am a total newfag when it comes to tax. When Link comes off I want to start a few businesses. One being a vidya company and the other being a softcore porn company.

I heard that I can claim buying desks, chairs, computers, GPU's, CPU's, props for the photoshoots, cars for travel, holidays for new photoshoot destinations etc all as tax deductible? Can I claim office space rent as well? I also heard that I don't have to pay any tax if I put my money back into my business. Lets say I made an indie game with a 200k budget and made 1MM. How do I put that back into the company so I don't have to pay any tax? Am I forced to make the budget of my next game 1MM? What if I make a huge loss on the next game? How do I take at least some profits out or save some? If I make losses on a game, how do I bring those losses forwards to the next year so that when I make a profit I pay no taxes and can keep money without having to reinvest?

Clearly you're a newfag.
The first crypto crash in 2013 was due to speculation and liquidity issues.

>feels bad because barely profit $60 a month after electric.
thanks for the knowledge. i started mining seriously last month so its not too late.

i followed pic related and decided to go the mining route instead of buying. i have not cashed out yet but plan on it in probably a week. i think it will be best to cash out on last day of month so i know my earnings for the full month. it will show on coinbase that way. im not longer accumulating link. of course im a small fish in this pond, less then $600 invested through fiat

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CPA here. I literally just read-only API key my crap and pay $30 for bitcoin.tax to do it. They do mining calcs for you too for the other user that asked that. Literally easiest thing and have been reporting all my gainz/JUSTs in both long-term and short-term rates.

They even give you a print out of the schedule and you just throw it in a tax software like HR block. So many burgers are going to jail as soon as they cash out

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how tf do you do that
I've held since 2012 with coins I bought with cash on localbit bitinstant and person to person
traded up some coins in 2016/2017 on poloniex but just held bitcoin in a multisig since the beginning of 2018
How do I prove this

>So many burgers are going to jail as soon as they cash out
I might as well leave this shit hole country I don't know what the fuck I'm doing

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that's tax avoidance not tax evasion. That's on the up and up

I’ve made probably 200 trades since 2017, never reported anything. If all my crypto to crypto shit is taxable, I probably “owe” between 5-10 gs. I want to claim my 2017 as like kind exchanges, and I traded at an overall loss in 2018. Will I be able to find an accountant that will sign off on the like kind shit to defer taxes to when I cash out, probably next year?

My theory is if I don’t try to cheat then and pay up then they’ll take it easy on me.

...

If I put 100k into a token, get hustled and lose 90% of my value, then it pumps so I’m only down 80% but I sell the token for another token, I don’t have to pay tax right? Since I’m below my initial investment.

You have any proof like an email you bought it on localbitcoins?
The trades in 2016/2017 were taxable so you already owe tax.

>I don’t have to pay tax right?
depends if you're jewish or goy

Yes you can find one, but it will be difficult now, and expect to pay around 2500-4000 when you find one, most likely an attorney who will do it.
It is possible, don't believe anyone who tells you otherwise.
Do it.

all I have are cash withdraws from my bank
I forget my login info for localbit and bitinstant was shut down but I had several transfers through them
I have all my poloniex login info so I can calculate that I suppose

Right, but you would be a dumbass to not keep track of it because you can use that loss to offset your future gains.

That's not even what I asked.

office space rent is deductible. reinvesting is the best way not to pay taxes. If you make a huge loss on the next game you can carry the loss forward after 2017 there is no NOL carryback

>offset 3k a year

Yeah not even gonna bother. I’m actually down like 400k it just isn’t worth it.

What do you mean what do I tell them. are you a fucking retard

You're a legit fucking retard and have quite the attitude. I already told you what to do report it and use the loss to carryover for future gains.
The 3k limit is only for ordinary income you fucking dumbass, there is no limit for capital gains.

holy shit did you actually do this

it's not illegal to buy bitcoin with cash so why can't I just apply those cash withdraws to the approximate amount of bitcoin I received

Well good job for being stupid.
Do you remember the price?
Report that price, if they audit you just say you bought it on local bitcoins, they may say no and then your cost basis is zero.

Like I'm just wondering if it would be really awkward and shit if I asked about it.

how much do you make per year and how many hours do you work

>accountant
filthy bean counters

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You can, but if they dispute it, you won't have much proof. So you would have to resolve it in tax court and a judge would decide if your story is enough to determine cost basis.

>they may say no and then your cost basis is zero.
I don't care if my cost basis is 0 I just don't want to go to the slavecage

Okay that's cool, thanks, but how far can this tax deductible purchases go. I heard some user the other day say that all his vacations are actually "business trips" and they are tax detectable. How do I do that with my vacations? Should I put my home as a business owned asset? Should I just live in a private room of my office? How many purchases can I make with my business that are basically for private use before the government starts getting suspicious and doesn't let me deduct tax on them?

Can I deduct taxes on the wages of my programmers, or on the hiring of models?

Wait what? I swear the offset limit was 3k a year. So you’re telling me if I lost 400k of my money I can write it off if I make 400k next year of my shitcoins?

I took my life savings (600k) and did a 10x on ASX back when biz shilled good shit (see GXY), cashed out and put the post tax amount on ETH when I thought it’d flip BTC, I have like 250 ETH because of it

really awkward? No I'm not gonna drop spaghetti everywhere because some boomer asked me to compromise my ethics I would just say no to them if they asked me.

Accountants are soulless incels that have no desire to do anything in life. You have a higher chance of dying from all the alcohol you drink before becoming an actual partner of your firm.
t. former bdo accountant shit job

60k and did a 10x so I had 600k

Hahaha the ultimate cucks
t. tax lawyer

can you explain what exactly I can write off when I start my home business

You won't if you report it.
Like I said worst case is they are super dick and are like your bitcoin has a cost basis of zero, then your entire gain is taxable, Not a big deal really.

How fucked am I that I bought LINK presale even though the terms expressly forbid US from participating.

Yes you stupid fucking faggot.

Do i have to report on a year to year basis if I make significant profit? Or can I report when I am ready to? If I dont report on a yearly basis do I get charged heavy or light penalties?

oh cool I was worried about nothing then
my cost basis is $20-$300 so it doesn't matter anyways
I have a small stack of 20 coins on coinbase that's fully recorded average cost basis of $4,500 I was just worried about the original coins I acquired

Retards

Bank account in Germany this faggot
Not knowing shit about the new CFC leg.
Subpar

huge cuck
t. tax consultant

Not fucked. I did as well.
IRS taxes drug dealing, they don't give a fuck.
It's the SEC that cares, but the fact you have them now makes it almost useless.
You could claim you bought it on etherdelta and its now defunct, but I wouldn't lie.
Just say you got it in presale.

Heavy penalties. Year to year.

Fuck off faggot. I'm not giving away all the goods for free. Change one aspect of what I said if you are smart enough and you have the golden ticket. Dumbass it was an IQ test.

Is there a deadline to report my losses?

Wtf is the irs gonna do when their job is replaced by a smart contract?

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Fucking rip, that had to hurt

If his vacations are business trips he's PROBABLY stretching the truth to the IRS. You have to think is this a defendable position if the IRS ever took issue with my return.

Now lets say you take a trip to Los Angeles and want to make that deductible. That by alone is not. If you're going to LA to go to a game developers conference, the travel and meals are mostly going to be deductible for everyday you attend that conference. a lot of this stuff is case by case I'd reach out to someone in public accounting. You are able to claim a home office deduction but it's pro rated by the time you typically work in a day to how often you live there. Also it really depends with how much you want to deduct for personal use. The biggest thing people get audited for is claiming losses several years in a row, being in the top 1%, and having self employed income.

If you actually are a medium to big account and are seriously looking my throwaway email is [email protected], or want to just ask any question I genuinely love to help people.

Yes Oct 15th each year, which is the tax deadline.
If you didn't file it, you need to file amended returns for each year.

Where should i move to in the caribbean when i make it?

Just read the rest. Beyond retarded
>llc owns the trust, trust is owned by llc
The fuck are you even trying to explain

Puerto rico
Zero tax
Legal
Europoors BTFO

so far this thread is complete shit. No ones interested in anything besides cypto tax so stfu and talk

Fuck off
Im legit not helping you
Its the only way to do a legal tax avoidance strategy other than PR
Figure it out yourself dipshit.

do you have to maintain residency in Puerto Rico for an amount of time, like 5 years before you can cash out?

Here's a hypothetical, I dont hold coins I trade for moonshots.
I make 100k on 2023 but I dont report it.
I turn that 100k to 350k on 2024 I dont report it.
350k to 1m on 2025 I decide to report everything from 2023. How much do I probably owe to the IRS?

I have dual citizenship, can I cash out my gains in Colombia or will the burgers come after me? I have both citizenships

Bullshit gtfo

That whole ‘scheme’ was beyond retarded.
>what is OECd
>what is cfc-leg
>what are eu-tax directives

Gtfo cunt

is explaining the tax structure of the entities for free. Don't be uppity because you can't do reading comprehension

I dont need your dogshit community college help you fucking retard
>int tax law for retards

Kek i can just move to puerto rico and pay zero CG taxes and be able to come back to burgerland whenever? What's the catch? Do i have to have a puerto rican business or some shit?

Do you file a 1040 or a 1040 NR?

I think the burgs come after you no matter what bro unless you get real crafty/sketchy

don't be mad because you're retarded. this is why you're not going to get rich and you put money into over inflated e coins

you have to give up us citizenship, america passport is always #1

Bitchboy #2 who
>isnt smart enough to scheme shit
Coming to defend bitchboy #1 on his shit scheme
>muh just change one thing tho
Gtfo with your community college degrees brainlets

2017 paid $300k btwn state/fed. Do i have anything to lose by amending 2017 and trying to get them to accept between cryptos to potentially get some back?

Cunt i dont even deal with accountants, and this is the reason why.
Go make some reports.

Bros i am getting like $600K all at once from a tort fee. How do i mininize my exposure? It's bullshit because i get this massive sum once for 5 years of work but pay a huge tax percentage on it as though i make that much every year. legit flaw in the system. How can i save as much as possible? I don't mind paying a little but i am not gonna just hand over some insane percentage of money to fund the destruction of american culture

Thanks again for this stuff. I am not in a position where I need to go into specific details yet so I don't think I'd need to email you, just general inquiries at this point because I haven't sold any of my Link yet.

In regards to vacations, what if I for example bought a bar in Thailand? Would a yearly vacation there, (especially if I was bringing a model to photograph as well) be tax deductible as I was going there to check up on the bar and meet with the manager? And yes I imagine attending something like E3 conventions would be easily tax deductible. And in regards to home office, I hate daily commute so I was actually planning to just live in the office at work, like have a spare room with a bed in it, in order to save money/time on travel. Is this a good idea for purposes of tax deduction too? Like I can claim a few personal items as office stuff like my PC part upgrades etc?

Also should I start separate business for the vidya/softcore photoshoots, do it all under one roof or start a holding company for my businesses? What if I make gains with the vidya business but losses with the modeling one?

My gains in crypto have been under 10k and usually offset by losses so I've never filed for 2017 or 2018

show me your bank account and a time stamp cuck. It is not impressive and it is for sure under 5 digits

No, effective after you move granted you satisfy the requirements. Amounts before move are taxed at normal tax rates, but if you believe theres going to be another bull market in 1-3 years, makes sense to move now as all gains after now are zero tax.

Probably something close to this
25% tax penalty for negligence on the 100k
0.5% interest per month on the 100k for each month outstanding.
Same thing for 2024.
But if the IRS determines you did this willfully and not from neglect they might argue fraud and assess these penalties and possible jail time.

They may not come after since your a disgusting shitskin spic faggot. But if they find out they certainly will not be happy. Go ahead and pull russian roulette.

Have to be in puerto rico for 183 days, but i think after first year its only 90 days granted you arent in the US for more than 90 days etiher.

I would look into opportunity zones. I would reach out to someone in public accounting for tax avoidance on a biggun like that.

I actually got a masters at the number one accounting school in burgerland.

No I would try if I were you. But amended returns are more susceptible to audit by nature, and could trigger some automatica flag.
Find a lawyer who will do it.