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#3232

I have not, but that is mainly due to ignorance and fear. My mentality is that there is no escaping death and taxes and an attempt to escape the latter could result in serious penalties including fines and jail time…which I want no part of.

The foreign credit account you speak of - Is this on the up and up or is it cloudy?

To be clear - I do not care one bit if someone else wants to evade the IRS in any way shape or form. If anything, I’m cheering for everyone who finds ways to do it lol. Myself though…I’ve got too many people to take care of to face serious penalties.

Thanks!


#3233

so many crypto swing traders in the US are literally ruining their lives and dont know it~ if the IRS gets wind of the activity and does its own calculations and sends you a wildly inaccurate bill, you had better be ready to show them everything and pay to get a pro to disprove them, or you are rekt


#3234

when i say rekt I mean rekt, unless you give power of attorney to a smart firm to sort you out… good luck with that


#3235

Nothing illegal about having a foreign account, keeping your fiat there and investing from that account from a country that doesnt tax capital gains or investment taxes


#3236

Brilliant! Man - that could save a lot of money. I’ll PM you. Thanks!!!


#3237

@Redsteel doesn’t the IRS expect you to declare gains from property held anywhere in the world, less tax paid overseas?


#3238

Im not sure on the US regulations on this but that usually falls under income tax. I have never heard of this being required under investment taxes unless your investment is a company you hold shares in


#3239

A foreign account is definately something I would discuss with a tax attorney before going this route to be 100% certain of the legalities and what you are required to disclose. However if taxes are as large as you say in the states then it is definately an option you should look into and wont take much time to research or acquire.


#3240

press 1 if you think these lady needs to go thru 90 days of bitcoin


#3241

Pro you say?

image


#3242

The trump of crypto hahaha


#3243

i posted that in the wrong place but im gonna leave it


#3244

Yes the IRS wants you to declare anything over $10k…per year. I was trying to bring my Aussie retirement back to the USA…bitcoin didn’t exist back then. What a nightmare!!! Triple taxation!!!

I ended up just losing my money in spot prices and shipping on silver. Saved me from being taxed again with fiat leaving Oz and taxed when fiat arrived in the USA


#3245

Now you have bitcoin :grinning:digital gold


#3246

the IRS has no qualms about ruining your life, they get one bad set of data and put you into the process - the average joe can’t navigate out without being rekt - the burden of proof is heavy and on you … when you hit a threshold and its these kinds of trading gains, they will sic balls
I dont know what their triggers are because I’m not a tax professional

i got a 462k bill from them in 2000, over tax years 1996,7 and 18 months later I paid them about 30k and the tax firm 30k - the firm had POA and authority to get records from the initial tax preparer, who was PWC - no normal human can claw out of shit like that without some help and spare cash to fight it

my issue was not trading related it was income tax related when i was an expat


#3247

aaaaaaaaaaand there goes our gains from the joint venture news.

:beetconnect: :unamused:


#3248

I wish bitcoin was around!!! I would be a whale of whales


#3249

Why would swing trading get you rekt by the IRS? If you just pay your taxes like you’re suppose to you should be fine. Right? =)


#3250

its sad you have to argumentatively ask that, its good you trust them that much~


#3251

Running an experiment. Pertinent supercut tho.