Best way to avoid paying taxes on crypto?

llama111

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How would you go about doing this? (Theoretically)

I think i might try something like localbitcoins and have someone give me cash for the crypto
Or maybe just buy giftcards and exchange those for cash but id lose alot. are better there ideas? :)
 

kimy

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You should have a double citizenship in a country where there is no capital gain tax.

Of course this advice is valid only if you need to withdraw a good amount of money. Do your math and check out how much will cost you in tax and how much to get a second visa.
 

kimy

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Withdraw everything in cash

yeah but you will get taxed in a lot of countries by doing that. The only option would be as he mentioned localbitcoins or being in a country where capital gain is not taxed.
 

QuakeX

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yeah but you will get taxed in a lot of countries by doing that. The only option would be as he mentioned localbitcoins or being in a country where capital gain is not taxed.
Offline crypto exchanges usually know that a half of their customers are cyber criminals or guys who don't want any attention to themselves.That's why they work without ID verification, receipts and taxes.
 

kimy

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Offline crypto exchanges usually know that a half of their customers are cyber criminals or guys who don't want any attention to themselves.That's why they work without ID verification, receipts and taxes.
What do you mean for "offline crypto exchange" ?
 

llama111

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You should have a double citizenship in a country where there is no capital gain tax.

Of course this advice is valid only if you need to withdraw a good amount of money. Do your math and check out how much will cost you in tax and how much to get a second visa.
Hmm dont think its worth it its in the low 5 digits.
 

uncutu

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localbitcoins is kyc and majority of crypto exchanged there is not local. its just p2p. a lot of people will send you an envelope full of cash from anywhere in the world. but again, they want kyc and monitor everything. i never used personally because kyc was enough for me not to bother.

you can do giftcards and sell the giftcards for cash. but are you doing that locally? or on ebay/amazon? those big players will track all your earnings and send you a tax bill too. so do you rather pay taxes on crypto or taxes on your ebay earnings.

you can find many people willing to do trade on cashapp and venmo on social media. but these things are tracked too and able to be taxed.

you can physically trade $ IRL or find people willing to do cash in mail with no middleman/kyc. ive heard people finding buyers by advertising on FB & CL.

ive seen other methods where you are able to take a USD loan out on crypto and such a transaction is not taxed. don't know if USA fixed this loophole yet. don't ask me for the platforms i never saved them.

more you research more fringe methods you find. wildest one was go to singapore and buy gold with btc. then sell the gold for dollars.

heck you can just buy a dead mans identity, register a coinbase, and cashout with his bank card. sky is the limit to creativity when you want to break the law.

or search the forum/other forums. i swear ive seen this thread 4 unique times the past 2 weeks.
 

finnnne

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im using binance where my trader want my bitcoin to trade in paypal and other payment in my country, it save me tax a lot
 

mazar

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i keep some of my fiat on the revolut app you can easy withdraw from binace with only a small fee charged by skrill .it doesnt hit my bank and i have apple pay ,a virtual card ,all sorts of things to hustle my fiat .not to sure about long term though but it beats monza . ive also bought and sold onlocal bitcoin which is abit on top now ,ebay and even better to friends or work mates
 

bloggingguy

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Easiest way get a reloadable VCC using one of many apps available then use that card to pay yourself. You will save a lot of tax here but it's not 100% tax free method.
 
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