/biz/ - Business & Finance

Is there even a place you can send crypto and receive cash in the mail?

>>58321391
Localmonero

this is all purely, in minecraft of course

>>58320961
>smiles at you
Just pay your dues and have peace of mind

>>58322480
In the US, taxes are literally voluntary.
In Cucknada they literally take it from your paycheque
How would (You) cash out $1M USD ?
In a lump sum all at once ? Or 20k-100k per year ?
One is instant gratification nigger mentality, the other you save hundreds of thousands simply for being patient

>>58322687
100k a year for sure but considering we're only hypothetically using your numbers if i turned my now (80-90K crypto portfolio) into exactly 1M i would probably not cash any of it out.
Turn it to mid 7 figures - i start cashing out slowly. Depending on if the market crashes super hard, I'd just go into a stable coin most likely.
I'd probably not cash out 100K a year and keep my (now 6 figure salary) job for a while longer while cashing it out very slowly to minimize taxes.

>>58322711
Everyone has different goals
Last cycle I turned 8k cad into 300k usd, transferred some into stables, rode most of it down as I was delusional and didn't have a sell strategy. With your mentality, you will suffer greatly in the upcoming bullrun lad
I'm just planning things out now before mania, when you get hit by a wave of euphoria you'll become completely irrational as if you're possessed by some sort of greed demon.
no point working a job and cashing out since you get penalized more, same with two income households which is retarded as fuck. wait until you can comfily neet and have enough capital to work on passion projects.
I know there are some corporate bullshit people can do, like starting shell companies and giving yourself a salary and claiming all purchases as "loans" on the business (unsure if this works in Canada) but to do that your business actually needs over 100k in revenue or something

>>58320961
>m trying to think of a decent strategy without moving... I'm Canadian and these cunts are ruthless.
I don't understand this aversion people have to moving. If you have family and a house and so on, it gets more complicated. But I see a lot of young people on this board and elsewhere complaining about taxes when all they have to do is move somewhere else (unless they are American in which case their global income is always taxed). Most of these people have never even left their own country and if they did, only did so for a week or two and then came back.

You can literally get residence permits in countries with no capital gains tax or with multi-year exemptions on income during your first few years of residence. Plenty of developed countries are like this. Or, you could go set up shop in a country which does not tax income that is not brought into the country. There are a million things you could do. Canada has an excellent passport and is a generally neutral country that shouldn't cause you any problems when applying for longterm visas and/or residence permits. Pay $5000 or whatever to talk to some experts and figure out a game plan. It's money well spent, and a drop in the bucket.

If I was Canadian, I know exactly what I'd do. After talking to an expert(s), I'd immediately move to a tax friendly country and get some kind of residence permit or longterm visa. I'd move my entire life outside of Canada. No vehicles, no property, etc. I'd keep a bank account but no activity would happen in it. Any stocks I had in a brokerage account would be re-domiciled to my new country and the address on file changed over (you might have to switch brokers). I'd set up a mail forwarding box for any Canadian mail, and get a VOIP number for making and receiving Canadian phone calls. I'd be done with Canada. Keep a cheap Canadian international talk and text sim card line for banks that won't accept VOIP numbers. Turn the sim off when not in use.

>>58320961
>>58323066
>I was thinking I would transfer it to xmr twice and then claim I've been hodling this shit for years and only cash out however much cash I need for the year
Whatever you do, this right here is an absolutely horrible plan. Not only would you be underpaying your taxes (which will accumulate penalties and interest forever), but you would now be guilty of deliberately evading taxes and also possibly money laundering violations. These people will destroy your life. What are you going to do if an exchange freezes your funds and asks for proof of source? (This is common). What if you get audited? Even if you got away with it, it's not worth the risk and years upon years of uncertainty. These types of things are NEVER worth it in the longrun and can come back to bite you years later. Either you find a way to legally not have to pay (like moving), or you just bite the bullet.

>>58323102
>What are you going to do if an exchange freezes your funds and asks for proof of source?
Instantly shows how new or naive you are. Why would OP keep their XMR on a pubic exchange? Are you actually retarded?
Literally, send whatever you have on a CEX into a cold wallet and be done with it.
It's not like the exchange will be able to even prove that cold wallet is you, because guess what? It has no native "KYC" bull nigger shit involved in it.

>>58323130
What you're saying doesn't even make sense.
The OP is talking about cashing out, potentially portions of a 7 figure portfolio. To do this he'd need to send his funds to a centralized exchange in order to get fiat. This is the whole purpose of his post; How does he cash out into fiat without being raped by taxes? And his proposal is to first double wash the crypto through monero before sending his final crypto that he wants to cash out to the exchange. Then claim he was holding that crypto for longer than he was and is just now cashing some out.
And I'm saying, he is likely to raise red flags from the exchange, and even if not, the way tax authorities work is, you have to prove your innocence. OP would need prove his claims. The tax authorities would not need to prove his guilt.

>>58323228
You're right, I'm retarded. OP is talking about cashing out.
There use to be a website called local crypto and local bitcoin as well that had ways to trade in person, but those sites are dead now.

I've not sold any crypto for multiple years, just converted some and bought more consistently in that time.
Will I have to pay long-term or short-term taxes on that when I eventually take it out?

>>58323330
>I've not sold any crypto for multiple years, just converted some
Crypto to crypto trades are taxable in most countries, including the US. It is a common misconception that you only have to pay taxes once you go from crypto to fiat. Crypto to crypto is usually taxable no different than crypto to fiat.

>Will I have to pay long-term or short-term taxes on that when I eventually take it out?
This question is obviously dependent on the tax laws of your country. In the US, anything held longer than a year is taxed at a more favourable rate. In Germany, crypto held for more than a year is tax free. In some countries it doesn't matter how long you've held, the rates are the same. And so on.

If I have 10 Sol... With draw 10 Sol to wallet. Get lucky and turn that Sol into 20 Sol. Return 10 Sol to Cex. Claim it was the OG 10 SOl while keeping the profit SOL on wallet. Maybe you can sell the other 10 Sol ancle claim on the first 10 Sol since there will be a running balance. Now that will give you wiggle room and time .. some money is never going to leave the web3... That's my guy feeling. So might as a well figure out the whole web3 and possibly find a glitch were you can use your crypto thru a card. (Solana card?) Think retard.

>>58320961
too retarded to know. Got out at 5 figs being scared shitless for my life and got into defi.
Now i could be like 477k richer but instead im betting on some gameshit coin called $lrds in the hope to make some again to buy btc before halving ;_;

>>58323395
>Get lucky and turn that Sol into 20 Sol

HOOOOOOOW?

the fuckers in this thread thing this is creative writing subreddit or something, fucking walls and walls of unreadable shit

>>58323401
that game is forever in beta, no bug fixing, not release for token yet.

But you can fight bears with villagers, do what you want with that info.

>>58323570
the age of empire rip off?

>>58323066
>>58323102
You're probably right in that leaving Canada is the best approach for taxes but even with all the immigrants, it's still one of the best places in the world to live and raise a family (if you are actually upper class and can afford a moat)
I just don't want to leave my mom all alone here with these pajeets.
I'm a long time NEET, lost all my highschool friends in 2020 because of covid and fentanyl floyd (they all wrote me off as insane and scapegoated me for all their problems) so I don't really have anything here anyways.
If I was to move though I would honestly just debtmaxx all my credit cards for significantly more returns and then come back if I need to in 7 years as a clean slate.
I have an EU passport (Hungary) and would love to find a wife but honestly the qol doesn't look too great there. Germany sounds interesting but same applies, acid arabs everywhere, not a great place to raise children.
How does the 1 year thing work in Germany ? Do you need to be a citizen and live there for a year for it to apply ? And what is compliance like for EU banks ? I'm sure they get really anal dealing with crypto degens, especially non-residents
I'll have to give it more thought. I appreciate your insight anon

>>58323330
>>58320961
Bitrefill.com
Thank me later

>>58323703
>You're probably right in that leaving Canada is the best approach for taxes but even with all the immigrants, it's still one of the best places in the world to live and raise a family
Ok, but let me ask you something? Have you actually lived anywhere else? Personally, I've lived all over the world. People everywhere have a home bias. You talk about how great Canada is, yet during covid it was one of the worst countries in the world. Pro vax, pro lockdowns, cucked to the max. Trudeau is a nightmare.
>I'm a long time NEET, lost all my highschool friends in 2020 because of covid and fentanyl floyd (they all wrote me off as insane and scapegoated me for all their problems) so I don't really have anything here anyways.
Well, there you go. If you want to try, now's your opportunity. Once you get married or have kids, things change.
>I have an EU passport (Hungary)
Jesus anon, you have 2 of the strongest passports in the world. You have no idea how good you have it.
>Germany sounds interesting but same applies, acid arabs everywhere, not a great place to raise children.
Unlike a lot of people on this board, I am not racist, and have lived on most continents around the world with people of all walks of life. Malaysia is mostly Muslim for example, and is very popular with expats. I agree however that there is a serious problem with Islamic "refugees" showing up in Western Europe. They don't integrate and their countries of origin (and religious views) are often backwards to western civilization.

>>58323703
>>58324074
>How does the 1 year thing work in Germany ? Do you need to be a citizen and live there for a year for it to apply ? And what is compliance like for EU banks ? I'm sure they get really anal dealing with crypto degens, especially non-residents
I'll have to give it more thought. I appreciate your insight anon
Personally, I wouldn't want to live in Western Europe. Too expensive, too many regulations, problems with crime and immigration in certain cities, the politics, etc. Not worth it.
However, to answer your question, you don't need to be a citizen of Germany to qualify for the exclusion. Like almost all countries, longterm residents and citizens are taxed in Germany the same, I believe. It is based on physical presence in the country. Laws are laws. Let's say you live in Germany longterm on some kind of residence permit or longterm visa. At some point after so many months you would be considered a tax resident. For most countries this is after 6 months of physical presence but it depends. In Germany, as a tax resident, any crypto asset you've held for over a year is taxed at zero percent when you sell. And because you'd be out of Canada, you'd owe no taxes there either, if you had properly planned.
This is not tax advice. It's just my understanding. If you have a 7 figure portfolio, don't be stupid and plan your life off of 4chan. Pay a professional who is an expert in your questions and have a consultation.
Regarding EU banks, yeah, it could be a problem wiring money from, say, Kraken. I'm not sure. There are a lot of banks in the world, also. Not just EU.

>>58322687
>In Cucknada they literally take it from your paycheque
They do it here too, anon. You've never heard of withholdings before?

I’ve been recently thinking hard about this. I got into crypto 2 years ago and I haven’t really thought about a clear exit strategy, and also haven’t cashed out any money yet either. I invested roughly $80k into different projects over those 2 years and now that I’m up pretty big, I wanted to cash out my initial but, I was told I’d be taxed on that despite the fact that it’s not even a profit. I don’t know if that’s true but that’s fucked up if it is.

Ultimately I’m thinking of converting 50%-70% to a stablecoin and keeping the rest as a moonbag to slowly take profits on if those projects continue to rise. And from the stables, I’d cash out slowly into fiat. Does that sound fine?

>t. Americunt

>>58324924
>I’m thinking of converting 50%-70% to a stablecoin... And from the stables, I’d cash out slowly into fiat. Does that sound fine?
Sorry anon. Trading any cryptocurrency for any other cryptocurrency is taxed the exact same as selling cryptocurrency for US Dollars. This is true in most countries that tax crypto, especially the USA. If you buy BCH for $1000 and hold it until it's worth $10,000, then trade it for stablecoins or monero or whatever, you now owe taxes on $9000 of profit, even if you never touch fiat. The IRS sees no distinction between crypto to crypto and crypto to fiat trades.
>I wanted to cash out my initial but, I was told I’d be taxed on that despite the fact that it’s not even a profit. I don’t know if that’s true
It really depends. You say you're an American. So for one thing, you'll always owe income taxes no matter where you live in the world. Although you can at least move to a state with no state income tax.
Regarding your question, it is possible to sell some coins without generating a tax liability IF those coins have not appreciated in price. Example: you bought GRT at $0.30 and now it's at $0.30. No gains, no taxes owed. And even if you do owe taxes, if you've held the coins longer than a year, you'll be taxed at longterm capital gains rates, which are extremely favorable for Americans (max rate is 20% I believe and only if you are in the top tax bracket, which is like $400,000+ annual income). Plus losses can offset gains. And you can also use HIFO instead of FIFO (look it up). etc.
If you're really making so much money, talk to a tax expert who specializes in crypto. Don't use TurboTax or H&R Block. Lol.

not worf it

>>58325346
>Example: you bought GRT at $0.30 and now it's at $0.30. No gains, no taxes owed
Obviously you've actually lost a fair chunk of money due to inflation. There should be inflation adjusted taxation or something, it's bullshit.

>>58326945
Do you also propose a tax rebate for holding cash?

>>58326945
Inflation is taxation, why would they give you a rebate for it? The more they can squeeze out of you the better for them.

There should be no taxes. At all.

My county takes 26% of every wallet so I don’t think you americhads are so assfucked as you claim to be

>>58323293
>cashing out a cool milly via localbitcoin
better bring your gf to protec you anon