
How To Avoid Paying Taxes Legally With Crypto
How to Avoid Paying Taxes on your Income with Crypto Legally
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How To Avoid Paying Taxes Legally With Crypto
How to Avoid Paying Taxes on your Income with Crypto Legally
Don’t Forget to Follow Us on Instagram @Businessbulls.in
https://www.instagram.com/businessbulls.in/
#short #shorts
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Navigating the complexities of cryptocurrency taxation and maximizing returns can be daunting, but it’s crucial for anyone involved in the crypto space. One of the biggest myths is that crypto transactions are tax-free. In reality, every trade, sale, or use of cryptocurrency can trigger a taxable event. I made the mistake of assuming that only cashing out to fiat currency would be taxable, but then I learned that even trading one crypto for another can have tax implications.
This is called white wash. IRS will be behind you๐. This is illegal
If you buy it back within 30 days it’s a wash sale and doesn’t work the way you’re saying it would.
Am I the only one who didn’t understand?
I mean if you sell that means you already paid taxes to govt
What he meant can be explained with – suppose you bought a Bitcoin when it was at 40K and it is trading at 35K at the end of the financial year…"You book your losses" i.e. you sell your Bitcoin for 35K dollars which will show a loss of 5K on your investment – eventually saving your taxes.
Now swap your 35K for a Bitcoin at the same price to have a full Bitcoin again. So basically you saved taxes and still hold the same Bitcoin without splurging more money.
It’s illegal in Australia
As an absolute rookie a few years ago figured this out myself. Doesnโt take a genius!
Penalty for buying back too soon !!!!!!!
Beware. Wash Sale
Illegal. Crypto wash sale.
You can only write off 3k a year
Google: Tax Harvesting. Itโs stupidly simple. And definitely legal.