R1ckS4nch3z
Regular Member
- Oct 10, 2016
- 227
- 379
What is the best way to stay anonymous on crypto and get away from taxes? I have a few eths but I don't know what is the best way to geet my money :/
how do you guys avoid an audit from the IRS?
- Thread starter R1ckS4nch3z
- Start date
- Mar 10, 2010
- 42,695
- 107,109
You want to screw with the IRS over a few ETHs?
That is probably not a good life choice.
D
Deleted member 1258334
Guest
Just pay your taxes, bud.
moonshine7000
Elite Member
- Mar 4, 2013
- 4,369
- 4,000
You avoid audits by being broke 
.I don't have any bitcoin I'm broke
.I don't have any bitcoin I'm broke
Conjecting
Banned - Multiple Rules Violations
- Oct 31, 2021
- 759
- 1,554
It's really not that complicated lol, just go to a reputable CPA and don't try to cut corners with the IRS.
moonshine7000
Elite Member
- Mar 4, 2013
- 4,369
- 4,000
So what is your primary residence I will love to live there . I love not to pay taxes.
TaleSmith
Regular Member
- May 10, 2012
- 353
- 113
Wow, this was mind-opening, I actually would like to know more. Basically, you have no home and live in motels all the time, or how does it work?
Monzani
BANNED
- Jun 3, 2019
- 1,509
- 2,082
My nationality is Brazilian.So what is your primary residence I will love to live there . I love not to pay taxes.
If I stay less than 183 days a year in my country, I am not considered a resident.
And that is my case.
I am not a resident of another country either.
At least for people of my nationality, that works.
I stay two or three months a year at my parents' house, the rest of the year I travel using hotels and Airbnb.
- Oct 25, 2018
- 2,241
- 9,567
Become a tax resident in another country where tax rate is low or 0. Register a company and cash out your crypto with p2p transactions. Then move the money back to your country.
Alexion
Banned - Shitlisted and did not do the right thing
- Sep 9, 2021
- 1,456
- 3,803
Assuming you're from the USA, just buy a bank account from Tijuana and go about your day.
mindmaster
Elite Member
- Sep 16, 2010
- 5,671
- 3,112
Once you move money in your country you have to declare it and pay taxes, in most countries.
Even the banks can ask where are those money from, especially over certain amounts 5-10k usually.
- Oct 9, 2013
- 3,471
- 14,475
Move to another country and lose the benefits of living in the US.
Or pay taxes and enjoy the US.
Or do what the wealthy in the US do, and don't sell your assets. That's how you avoid paying tax.
People get so worried about tax and spend so much time and energy to avoid it.
So you're making $1mil/year, and you spend all your time trying to save $100k/year in tax or something silly, when you could just scale your business to $10mil/year and pay $2-3 mil in tax. Then scale to $100mil and pay $30mil in tax. Do you really care about paying $30 or $40 mil in tax when you're taking home $60mil?
Just pay your tax and focus on earning.
SonOfBhw
Elite Member
- Jan 3, 2018
- 1,562
- 3,093
One thing I can say here is don't try to play with tax authorities. Not worth the hassle. If they find that you are trying to play with them, trust me, they will hunt you until death, and you will always be under their eyes.
Note: Don't take the legal advice from people from some random forum unless you want to get f*cked.
Note: Don't take the legal advice from people from some random forum unless you want to get f*cked.
- Mar 22, 2013
- 9,150
- 10,490
Well, if you could somehow trade it for cash, without using any bank or exchange or anything where you have to give your personal information, then i guess you can do it.
Then you take the cash and buy yourself a hamburger and tampons and all the things that you need.
Then you take the cash and buy yourself a hamburger and tampons and all the things that you need.
moonshine7000
Elite Member
- Mar 4, 2013
- 4,369
- 4,000
You mean the buy,borrow and die method.Using your assets to borrow money to grow your wealth works but debt can work against you if the bank raise the interest rate on that debt or you can no longer afford to service that debt.
- Oct 9, 2013
- 3,471
- 14,475
That's not how it works. At all. Not even close.
No one of wealth is ever going to not be able to service their debt.
An asset based loan is not the same as taking out a mortgage for a big house because you have a good job right now and interest rates are low, and then in 5 years you get stung because you lose your job, have to take a pay cut, AND the bank raises interest rates.
You need to understand some economics here to see why..
Interest rates go up when there's inflation.
Assets increase in value when there's inflation. Your property and business increases in value because of inflation.
Bitcoin increases because of inflation.
So that $100k loan you took out against your property valued at $500k.
If the bank raises interest rates due to inflation, then your property is worth more, let's say it goes up 10% with inflation to $550k. Your interest has gone up by 10%, so instead of $10k to pay back on that $100k loan, you have $11k. You could just take out a loan of $1k backed by the $50k increase on your asset. Now, you only have to cover the interest on that $1k.
This is just theoretical, but I'm trying to show you how these things don't matter with asset based loans.
This isn't some "method" ;-) It's how wealthy people do it. They almost never sell assets.
Plus, the other thing you need to understand here
If you take a $100k asset based loan, you are not going to go buy a ferrari with that like some flashy douche.
You'll take that $100k and invest it in, let's say, a property at $100k.
That property is bringing you in rental of let's say a conservative 10%. So $10k per year. Interest will be anything from 4% to 15% depending on the asset and the LTV ratio.
15% would be a bit high. It's more likely to be 8-9% in which case you're easily going to cover the debt.
It only gets tricky if you leverage too hard and too much and have only wealth, not income.
If you have plenty of primary business income, and you're only modest leveraging your wealth then you're going to be fine and can just grow your wealth without paying tax. You'd only pay tax on your income. The wealthier you get, the less tax you'll pay, because eventually your appreciation will be greater than your income.