Hey guys is there a way to pay little to no taxes when tax season comes , I’m scared they gone tax the hell out of me for making 100k plus ?
XRP TO THE FREAKIN MOON!!!! BABY
Will consider a video on this soon. Please seek the professional advice of a CPA. A few basic truths are..
1) Never sell (then there is no capital gain).
2) Borrow against crypto assets (BlockFi, Celsius network, Coinbase are examples) not a taxable event. Use proceeds to buy more appreciating assets.
3) Tax harvest losses before your tax reporting period to lower capital gains taxes each year.
*Not CPA advice, will consider an entire video to this Topic. God Bless!!
Your always going to need to pay tax. But you can choose to relocate to a different country such as Germany, where you pay zero tax if you held for more than a year.
Of course, easier said then done :p
I recently opened a Nexo account, where they describe borrowing money on top of your collateral is called the Zuckerberg tax.
Essentially what you do is, ensure your collateral is much much bigger than the amount of cash you borrow, to buy a house for example.
Then the interest you gain on your collateral (crypto) will pay off the amount you borrowed on its own, theoretically in just a few years.
In the end you will still own your crypto and a house, without paying big tax. Because you never sold your crypto to buy a house in the first place.
Thank you Chris, God Bless !!! Jesus Christ is king !!
Try opening a crypto IRA to beat the Taxes