>Massachusetts has a 12% tax on capital gains
This can't be right. Am I supposed to pay state taxes on my crypto too?
Massachusetts has a 12% tax on capital gains
Noah Johnson
Justin Watson
Go to puerto rico to cash out, no income tax and no capital gains
Jacob Morales
And get stabbed
Easton Williams
12% is nothing lmao pay your taxed you bum
James Myers
Its another $2,100...
David King
on TOP of the federal taxes... no way that is right... seems so high
Henry King
That's a meme. If you were a citizen / resident of the US for any of the 10 years before you cash out, you still have to pay US capital gains.
Evan Wright
lmao I'm not doing that. Whoever made those rules can unironically go kill themselves
Jason Fisher
Puerto Rico is part of the US.
Eli Jones
Wait... did you move to Peurto Rico already thinking you can cash out tax free...
Isaac Ross
this keeps coming up.
Unless you're making 100k+, just consolidate all your trades into 2-3, pay taxes on that and call it a day. Or hold until 1 year and pay even less.
Wyatt Lewis
If you were a US citizen (Other than a bona fide resident of Puerto Rico) then your investment proceeds don't count as income from within Puerto Rico.
Joshua Moore
I wanted to be a good citizen and pay it all legit but fuck its like $7000. I think I'm going to do my fiat trades which only mean I owe $2000
John Gonzalez
My bad I was thinking of Singapore and not Puerto Rico
Camden Long
How much taxable income do you have for 2017? And yeah it does look like you have to pay 12% on top of Federal taxes. Which could bring it up to 51.6% at the highest tax bracket.
Ryan Edwards
>51.6%
Easton Edwards
nah fuck that, that's ridiculous.
Only do your fiat trades, calculating coin to coin would be a nightmare AND its pretty unethical for the gov to even ask. That rule is there to stop big players from getting off easy.
If you fully interpreted that law you would be reporting taxes if you traded pokemon cards with your friends. (which is retarded)
Just say you timed it perfectly and:
>bought btc @ 8k
>sold @ 15k
a few times and pay taxes on that. They won't be fucked to bother you and the most they could do is tell you to refile. Its a legitimate excuse not knowing how to do taxes on this cause they haven't made clear laws about it yet.
Kevin Hill
>Not moving to another country before claiming $10 on gdax
Benjamin Torres
Comfy Puerto Rican citizen here.
Brandon Ross
Puerto Rico is not Honduras or Brazil, retard.
Camden Smith
>paying taxes
lmao
Chase Diaz
Your supposed to move the fuck out of that communist kike loving shithole of a state.
John Long
I feel bad for anons in states with capital gains taxes, you guys are getting double fucked.
Alexander Reed
Luke Mitchell
>over 50%
>make $1 million in realized gains at peak
>fall for hodl meme
>be down to $200k
>owe $500k in taxes
I can see someone getting pushed into a corner and there being an incident at IRS headquarters just like there was at Youtube headquarters.