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You can renounce for $1000ish if your net worth is under 2 million. The IRS is tracking Cryptos hard. No exchange will save you either. They will sell you out for an email so you better stay on the defi systems. Just be careful. They don't mess around and if you openly defy them (instead of just filing the wrong form) you will see jail time from anywhere on earth. Probably nk, iran, Russia, may protect you but damn... Panama won't. They will give you right up.
You can't just go. You will get taxed anyway. You have to legally renounce. No joke. I looked into Costa Rica hard. No angle. Renounce or pay. Puerto Rico is the only angle where you don't pay but you don't renounce. Thanks
to fuckhead Trump and FATCA I'm in Rincon PR instead of somewhere much nicer. I don't know what to do now. I hope us states seceded and break the tax mess.
Stansberry investmens Is the best but expensive. Melker and Tone do a good job on jewtube. I don't know about their subscription stuff. Log scale and ecoinometrics and libertariman and laserhodl are good on twatter.
I like kava. Stansberry recommends it. Overall it is a cool project on a cool platform (atom). Nice return. That 21 day unstaking is dangerous as fuck though.
Glances at calendar... Nope.
Correct. Leave the US. It is traders hell.
Cap gain will be price you sold minus price you bought. So if you bought at $1 and sold at $11 you would have a $10 cap gain for that trade. 28% of that plus your state tax is what you will owe.
Yes it is taxable both federal and state. The only way out is Puerto Rico or renounce with less than 2 mil. That's it. Puerto Rico has some weird rules. You have to be there when the capital gain happened. Look it up. If you dick the taxes up on your crypto KNOW THIS. They will demand their money when the Crypto market bottoms. You will be forced to liquidate at the bottom. If your Cryptos fell 80% and you traded at the top into any crypto you will not be able to cover those expenses. You have to calculate cap gains and escrow in usd for every single trade if you are in the US.
That is why I left and went to another country. It is nearly impossible to comply properly with the IRS and crypto trading. Pay them an extra 10% just to be safe. Like keep the money on retainer with the IRS so they can't fuck you over. It's like protection money for the mob. Good luck.
Wait... You do know crypto taxes are already here right? Like... Your trades carry a 28% cap gains tax ON EVERY TRADE. Your state could have a similar one. Your staking income is taxable (passive) the cap gains are going up to like 48% soon under biden. Likely THE US is going to ban most Altcoins leaving you able to trade like... Btc, eth, that's it. It has been this way for a while now.
The only way out is to move to Puerto Rico. Not kidding. That is your road. You can renounce but you better not have a 2 million dollar net worth or they will take those cap gains. The US government is going to sportfuck Cryptos and traders and coin projects soon. When they are done JPMORGAN will be the only outfit that can legally hold Crypto keys. (Speculation)
I already left the US in anticipation of this next bull run. I don't want to pay it. Fuck that shit. I would owe literally 40%. Fuck that. Check out Prelocate.com I think. They can have you in the clear on crypto taxes pretty fast but you have to go to Puerto Rico permanent. It's not bad. Croabas area is good for boating and Rincon is great surfing.
A whole lot of people are going to fuck this up.
Shitcoins. AMMs will take this as will arbitrage
2060 is more like it. Definetly until 2030.
It's going to be beautiful... If you are looking at 6 figures of crypto mind those taxes...
Uugh... The economy ends and all the weak faggots drop dead. That's what..we are in a war... It juuuust started. The commies are winning because we don't even know we are in a war and have to fight back. Likely this will continue for some time.
Taxes fines fees zoning environmental regs, not portable etc. Have a low key spot but don't make it your whole net worth.
That's pretty cool actually. You can keep your US citizenship if you move to Puerto Rico and check their boxes. Works like a charm for crypto. Gets you completely out of the US tax system. No income tax, no (new) capital gains taxes. It's a slick deal.
Best to be in btc. Know how to smuggle a btc wallet across a border :) yeah this war is going to kick off and everything is going to hell. I'm running when it does. I would stay and fight but I'm in libtard hell. No support. No backing. I would die alone, my kids taken From me, land take. From me. Separated from my physical metals... My BTC though. I got that In my mind.
I tell people who are new to just buy and hold btc. That's it. That's all you do. There is a shitload of reasons but most importantly is taxes. You don't get a tax hit if you do that. If you trade in and out of Altcoins regularly you can rackbup some enormous tax bills and if those coins fall in value hard... Which they will... Then you may be unable to pay them. Iv never even heard of kmc and uma and i have been doing this shit for years and years. Bat? Meh it's a utility token to see adds on a browser? Meh. Btc is a monster. You simply cannot go wrong with it.
Eth is also a powerhouse and worth holding. Ada is kinda a mess. Idk. I think it's a shitcoin. Keep it simple. Learn to exit into stablecoins as well. That is really important.
Lol... Nice opsec bro. You got some leaks