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Thread: Blockchain/crypto

  1. #121
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    Quote Originally Posted by BroncoWave View Post
    Quote Originally Posted by Shazam! View Post
    King if that's the case then America is no longer America and rather than relocate into America I may as well leave the Country. If we aren't to aspire to make money then Capitalism is ****ing dead and then so is the Country.
    Please talk to a legit accountant on this. I don't want you to go to prison.
    Why am I going to prison again? Avoiding paying taxes? I will 'legally' avoid paying taxes.
    "I may not be a mathematician, but I can count to a million." - Shannon Sharpe

  2. #122
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    I won't have to pay taxes on my biggest exposure to bitcoin. That's because I bought Grayscale Bitcoin Trust inside my Roth IRA. I've now divested all of that position. The shares I bought about this time last year, I sold at about a 4X gain. Overall I doubled the money I had in GBTC, which at one point in January had become around 35% of my Roth. I sold a bunch in Feb., and am now completely out of it.

    I still own some actual BTC, and probably the main reason I haven't sold it is I don't want to recognize the short-term gain and tax liability. I hope it keeps going up, but I think the plethora of alt-coins has stolen Bitcoin's thunder. THere may be only 21,000,000 BTC, but before long there will be 21,000,000 alt-coins. I've begun to question the "digital gold" narrative when literal joke coins like Doge are worth more than General Motors Corp.

    When I do sell my BTC, I'll send Uncle Sam his cut.

    As Doyle Brunson says (paraphrased), "You're not going to be able to become wealthy in America without paying income taxes."
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  4. #123
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    I hate taxes and need to figure something out. I paid $30K in to federal income tax last year and ended up owing another $700. That's so much money in taxes. Makes my stomach churn.
    "Milk is for babies. When you grow up, you have to drink beer" -Arnold

  5. #124

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    Quote Originally Posted by NightTrainLayne View Post
    I won't have to pay taxes on my biggest exposure to bitcoin. That's because I bought Grayscale Bitcoin Trust inside my Roth IRA. I've now divested all of that position. The shares I bought about this time last year, I sold at about a 4X gain. Overall I doubled the money I had in GBTC, which at one point in January had become around 35% of my Roth. I sold a bunch in Feb., and am now completely out of it.

    I still own some actual BTC, and probably the main reason I haven't sold it is I don't want to recognize the short-term gain and tax liability. I hope it keeps going up, but I think the plethora of alt-coins has stolen Bitcoin's thunder. THere may be only 21,000,000 BTC, but before long there will be 21,000,000 alt-coins. I've begun to question the "digital gold" narrative when literal joke coins like Doge are worth more than General Motors Corp.

    When I do sell my BTC, I'll send Uncle Sam his cut.

    As Doyle Brunson says (paraphrased), "You're not going to be able to become wealthy in America without paying income taxes."
    And this is the rub. For all your expertise and mental acuity, people can just make their own currency and it impacts you. Because someone made a joke e-currency. Out of thin air.

  6. #125
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    The only people hostile to crypto are those not in it, those who don't understand any of it. I'm not smashing anyone here, please don't misunderstand.

    And frankly I don't give a **** what's behind it, as long as my end result is the same: Money. Turning that shit into US dollars.
    "I may not be a mathematician, but I can count to a million." - Shannon Sharpe

  7. #126
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    Quote Originally Posted by SR View Post
    I hate taxes and need to figure something out. I paid $30K in to federal income tax last year and ended up owing another $700. That's so much money in taxes. Makes my stomach churn.
    I don't mind paying taxes - it's "rent" for living in this great country.

    I do have an issue on the amount/% though.
    Quote Originally Posted by BroncoWave View Post
    But what do I know, my opinion is just stupid and worthless!

  8. #127

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    Quote Originally Posted by Shazam! View Post
    King if that's the case then America is no longer America and rather than relocate into America I may as well leave the Country. If we aren't to aspire to make money then Capitalism is ****ing dead and then so is the Country.
    I just have an issue with the notion that 'made up money is real money because we sorta think it kind of is' is a really rough sales pitch and a bit of an albatross.

  9. #128
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    Quote Originally Posted by SR View Post
    I hate taxes and need to figure something out. I paid $30K in to federal income tax last year and ended up owing another $700. That's so much money in taxes. Makes my stomach churn.
    Possibly look into creating an S-corp and then a trust. Ask your tax people about it. Might be worthwhile
     
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  10. #129
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    Quote Originally Posted by Shazam! View Post
    The only people hostile to crypto are those not in it, those who don't understand any of it. I'm not smashing anyone here, please don't misunderstand.

    And frankly I don't give a **** what's behind it, as long as my end result is the same: Money. Turning that shit into US dollars.
    I haven't seen anyone here real hostile about it. I think you're misinterpreting apprehension for hostility. For me, I don't understand it and think it's kind of silly but whatever gets your rocks off.
    "Milk is for babies. When you grow up, you have to drink beer" -Arnold

  11. #130
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    Quote Originally Posted by BroncoJoe View Post
    I don't mind paying taxes - it's "rent" for living in this great country.

    I do have an issue on the amount/% though.
    I've got no issue with paying taxes at all, but it makes me sick to my stomach to know that I paid so much in and still owed. I shouldn't have said I hate taxes. I should've said I hate paying so much.
    "Milk is for babies. When you grow up, you have to drink beer" -Arnold

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  13. #131
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    Quote Originally Posted by underrated29 View Post
    Possibly look into creating an S-corp and then a trust. Ask your tax people about it. Might be worthwhile
    I can't do an S-corp as an employee of a company. I'm going to be establishing a trust soon, but that won't help me to pay less in to taxes. I already max my 401K contribution, FSA, etc. I do everything I can.
    "Milk is for babies. When you grow up, you have to drink beer" -Arnold

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  15. #132
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    Quote Originally Posted by SR View Post
    I can't do an S-corp as an employee of a company. I'm going to be establishing a trust soon, but that won't help me to pay less in to taxes. I already max my 401K contribution, FSA, etc. I do everything I can.
    Ya I dont know much about tax law. But it does suck paying a bunch!
     
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  16. #133
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    Quote Originally Posted by underrated29 View Post
    Ya I dont know much about tax law. But it does suck paying a bunch!
    Then don't give unsolicited advice on it.
    "Milk is for babies. When you grow up, you have to drink beer" -Arnold

  17. #134
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    Quote Originally Posted by SR View Post
    Then don't give unsolicited advice on it.
    Sorry poopy pants. When you say you need to figure something out.... One would think you might want an idea. I shall not give thoughts again. Nor advice.
     
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  18. #135
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    Dear SR,

    You desperately need help from a tax guy.

    Love,.

    Shazam
    "I may not be a mathematician, but I can count to a million." - Shannon Sharpe

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