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I bought and sold crypto in 2017/18 on multiple exchanges. There is no way that I can match up all of my transactions to prove capital losses. Can I sell my leftover crypto and still claim a loss or at least pay ordinary income taxes to avoid getting penalized? (x-post from /r/Bitcoin)
07-13 15:55 - 'yes, a crypto person can avoid taxes by using anonymous crypto like Monero but if you use Bitcoin and didnt mine or buy it anonymously then its alread tied to your identity by being linked to an ip address of a device you...' by /u/Bloodsport121 removed from /r/Bitcoin within 88-98min
''' yes, a crypto person can avoid taxes by using anonymous crypto like Monero but if you use Bitcoin and didnt mine or buy it anonymously then its alread tied to your identity by being linked to an ip address of a device you own. 99% of people will be forced to pay taxes on their crypto gains but a small portion of early adopters or those who deceptively trade in privacy coins can avoided being taxed if they never associate their real identity or any device associated with their identity to their crypto. ''' Context Link Go1dfish undelete link unreddit undelete link Author: Bloodsport121
05-25 08:24 - 'The US Dollar has a captive audience as in taxes in the world's largest economy and commodities such as oil are paid for in US Dollars, whereas Bitcoin can be used to avoid inspection when paying for illegal activities, avoid...' by /u/_kessete removed from /r/Bitcoin within 11-21min
''' The US Dollar has a captive audience as in taxes in the world's largest economy and commodities such as oil are paid for in US Dollars, whereas Bitcoin can be used to avoid inspection when paying for illegal activities, avoid fees when transferring money internationally, and to avoid sanctions. With Bitcoin you can buy drugs on dark net markets anonymously and across borders, transfer money to countries sanctioned by the US through blocking the use of SWIFT (Venezuela, Russia, Iran) and avoid the effects on fiat currencies caused by Fed policy (such as QE and potentially negative interest rates). While Gold can be used as alternative store of value, it isn't as easy to transfer over large distances. And as seen in the UK, countries can deny transferring gold for political reasons. [link]1 I personally believe that if the US continues to sanction countries by using SWIFT in blocking crossborder financial payments, cryptocurrencies and foreign CBDCs (digital yuan) will grow in influence as the US's international financial power diminishes. Especially if its traditional allies (EU, UK) do not agree with the sanctions that are applied to foreign countries. The use of cryptocurrencies could accelerate at an even greater rate if there is an economic and/or cold war between the US and China. [link]2 ''' Context Link Go1dfish undelete link unreddit undelete link Author: _kessete 1: **w.b*oomberg.c*m/news/*rt*cle*/*019-01-2**u-k*said-to*deny-**duro-s-***-t*-pull-1***b*llio*-of-g**d 2: *o*nt*le*raph.*om/ne*s/jp*morga*-cbdc**h*ea**ns-**ge*on*-of-us-dollar Unknown links are censored to prevent spreading illicit content.
Venezuela Is Turning Airport Taxes Into Bitcoin to Avoid Sanctions
Well it seems that Venezuela are now leveraging tax revenue and cryptocurrencies in an effort to evade economic sanctions. I read that a newspaper uncovered a scheme in which President Maduro were using a digital wallet app to turn tax revenue from their airports into bitcoin and other crypto's that were then transferred to exchanges around the world. Then the funds were converted and sent back to Venezuela Apparently the government has a ban from using US bank accounts which is forcing it to look at cryptocurrency as a way to obtain dollars. The taxes are collected through an automated system that works with an app called Jetman Pay (Anyone heard of it?) It always surprises me how the Venezuela government makes it so difficult for their citizens to access a stable currency but are doing it themselves. Does anyone have any knowledge of this?
Is it really possible to avoid paying taxes by using bitcoins?
If yes, can it be done in all countries? Don't take me wrong, I highly support taxes in places like Northern Europe and Australia, but when you live in a country where the government gives a f--- about its people, I see no reason to support it.
Venezuela Turned Airport Taxes Into Bitcoin to Avoid Sanctions
Venezuelan President Nicolás Maduro and his administration appear to be leveraging tax revenue and cryptocurrencies as part of a broader effort to evade economic sanctions, an investigation by Spanish newspaper ABC has found. As detailed in a story published Monday, the newspaper asserts it uncovered a scheme by which Maduro and his associates were using a digital wallet app to turn tax revenue from domestic airports into bitcoin and other cryptocurrencies that were then transferred to exchanges in Hong Kong, Hungary, Russia and China. There, the funds were converted and sent back to Venezuela, according to the report. The effort is the latest example of how the ban on Maduro’s government from using US bank accounts and from participating in the open international market has forced it to look at cryptocurrencies as a way to obtain dollars. https://www.coindesk.com/venezuela-turned-airport-taxes-into-bitcoin-to-avoid-sanctions-report
Still, there are potential legal loopholes and rule interpretations that might be used to help Bitcoin owners avoid - or at least defer - paying taxes. The IRS views virtual currency as "property ... Reaping Bitcoin gains is nice, but paying taxes is less so. What techniques can defer or avoid taxes? How some traders avoid bitcoin taxes using crypto loans. Some traders are using cryptocurrency as collateral to secure loans, allowing them to keep their bitcoin and get cash while avoiding capital gains tax. 3 min read → Starbucks Wants Customers to Buy Coffee with Bitcoin, Taxes Disagree. Former vice president of payments at Starbucks, Maria Smith, promised that Starbucks would play a ... Can Bitcoin help us avoid taxes? By Maria Santos Last updated on January 2, 2018 at 00:00 No Comments Recently, some Congressional investigators revealed that Apple had managed to avoid billions of dollars in taxes by exploiting loopholes in the system. How To Avoid Taxes On Your Bitcoin. What a shame that you can’t just enjoy your Bitcoin gains thanks to tax. Of course the state doesn’t want to miss this opportunity to dig deep into the pockets of its citizens. However, there are a few ways to get around tax payments on Bitcoin. First of all, let’s just briefly mention that US Americans can basically escape taxation if they leave the ...
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