Why You Can't Avoid Taxes on Holding Crypto
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- Опубліковано 19 чер 2024
- nomadcapitalist.com/cryptocur...
Can you avoid taxes on cryptocurrency? In this video, Andrew discusses current and future taxes on cryptocurrency, required disclosure, and other crypto regulations.
Andrew Henderson and the Nomad Capitalist team are the world's most sought-after experts on legal offshore tax strategies, investment immigration, and global citizenship. We work exclusively with seven- and eight-figure entrepreneurs and investors who want to "go where they're treated best".
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Andrew has started offshore companies, opened dozens of offshore bank accounts, obtained multiple second passports, and purchased real estate on four continents. He has spent the last 12 years studying and personally implementing the Nomad Capitalist lifestyle.
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DISCLAIMER: The information in this video should not be considered tax, financial, investment, or any kind of professional advice. Only a professional diagnosis of your specific situation can determine which strategies are appropriate for your needs. Nomad Capitalist can and does not provide advice unless/until engaged by you.
I would never defraud the US crime syndicate. I genuinely lost my guns and crypto in a boating accident. It was horrible. Going to have to ask about a tax credit for the loss of value.
@@Timithos Oh god I am so glad you reminded me about that.
@@lorenk.775 They are welcome to look. That poor canoe was never seen again nor any of its contents. It wasn't insured so I didn't file an insurance claim on the lost canoe. I did put up a missing poster. Honest.
That's ok Ledger will help them find them.
It's a shame I lost all my crypto keys in that boating accident
@@lorenk.775 You're missing his underlying message. What he means is you no longer hold any crypto assets if you moved them to a paper wallet and "lost" it. Examine those quotation marks.
@@manaflask8826 yeah "lose" your wallet. Move to a different country, and, oh look, I found my wallet again!
@@hankmoody5514 So... you loose your wallet, and lets say the taxman knows it's "Your Wallet". Cause crypto = mostly a open public ledger. You better be in a country that doesn't work with that taxman cause as soon as crypto moves from it, your caught and whom knows what happens after that.
As stated here, be legal. Pay your share, move to a more financially friendly place and call it good. Then, you don't have to worry about it. AND you won't have the IRS (or other taxman) breathing down your neck or even have to worry about how bad their breath is.
@@stimepyc3523 Only if I make a killing it would be beneficial to do tax avoidance. I'll hodl until then. The west is dying and I don't feel like paying for these thiefs in congress to just pocket and squander it. There are better places to live. Xrp 598 let's go
@@stimepyc3523 the loopholes are unlimited... empty threats.. they dont' know which wallets are yours, anonymous swapping and transfers are impossible to track. they can barely keep up with employees. they cannot enforce this... technology evolves every second globally.
We need another boston tea party....but on a global scale
Ha ha Agreed
New world now. They'll get you for cultural appropriation (Indian costumes), before you row out for the tea! And now that they've cleaned up the harbor (they claim), the EPA will want a piece of you! LOL...
If you Read and Understand Title 26, Section 7701, DEFINITIONS, you will see that 99% of Americans Are NOT Required to File a 1040!
@Roy Hundred Roy, I think you might have something there. Peace.
I agree on the Tea Party, although it's to late. If and once the US falls into socialism the entire world will follow suit.
Cryptocurrency is paving the way for this, it is a test run for people to finally accept a One World Currency aka Global Communism.
It will all eventually lead to one global regulated blockchain under which you will be given a mark, which without you will not be able to buy, sell or work anywhere in the world.
A mark to which all your assets are linked to and can be frozen with a click if you are not a "good globalist citizen"
All of this under a One World Leader.
It will all be done in the name of Convenience, Peace and Safety but will have So Much Potential for evil regulations, hyper taxes, censorship, religious suppression and persecution.
Basically, Shut up, do as we say, believe as we tell you, or be erased, virtually and literally.
There is no out running Globalization. It won't matter what citizenship you or your family has.
Unless Mr. Nomad can make good on Frank Sinatra's song "Fly me to the moon" you are eventually going to be Globalized and Serialized.
Long-time follower and crypto hodler here . Sad to see your channel is getting hit with the scammers, as well.
Reminder, everyone: Any genuine reply from Nomad Capitalist will show his name highlighted in a grey background, and say "reply from Nomad Capitalist". All other ones are scammers. Beware.
Thanks for the info. Rich Dad poor Dad channel has been getting hit with scammers.
Wow staying in the US is becoming more dangerous day by day 🙄🙄🙄
...apparently you are unaware of the global plans of the WEF? In other words, nowhere is safe.
@@EnFuegoDuo Nowhere is absolutely safe, but at least safer than the US.
@@jqueryrocks That's not true in any way, shape or form. It is not safer than the US.
@@EnFuegoDuo could you elaborate ?
@@tobias132 The best resource (or rather compilation of resources) regarding this would be the "Grand Theft World" podcast run by forensic historian Richard Grove. He has been compiling and collating the documentation and stated objectives of the global organizations, governments, and NGOs looking to consolidate their power on a global level. Thus, these policies apply globally. It is incorrect to say they originate in the US and thus are isolated and only applicable to the US.
2021 Goal. To become a client of the Nomad Capitalist. It’s going to happen! Talk to you soon.
@@jejoko I don't quite understand
GME?
So happy to hear it 😍
I have the same goal!
Same
We need these crooks out of our lives, humanity is trying to get ahead, and every day we're getting mugged, at gun point.
exactly.....its called extortion why should you pay someone when they dont do anything for you..but hinder...threaten..harrasse...extort...and bully....you.....makes zero sense....
Grrrr. I'm sick of these psychos
Go where your treated best....what a great summary!...just subscribed
Welcome aboard!
During prohibition in the US, people hid entire bottles of whiskey in secret compartments, even having secret pubs with a hidden entrance. Just saying :)
Agreed. That's why I choose to have main residence in Switzerland, with 0% tax on capital gains.
I absolutely love your videos thank you for making them!! 🙏
Glad you like them!
The government wants to tax unrealized capital gains, but won't allow you to write off unrealized capital losses
Hi Andrew,
I'm planning but i need to be very careful on my 55, i need to do it right from the first time. I'm thinking to avoid in a legal way tax-obligations on my income of crypto.
Who is going to tell me to not get a loan from myself, governments are no banks, they run a country. My country is top-5 in the highest taxes worldwide, not even close to the US where people pay, true my eyes, peanuts.
I remember a special rule for citizens with "hidden" bankaccounts in Luxembourg, Switzerland etc. (long before the Panama-papers), instead of a fine they received a 'special' regulation-tax to come clean.
The difference is that crypto has no country-connection, it's blockchain, if you like to live from it without even having a bank-account or card, it's possible today. Governments hate it bc they can't control it, they may verify wallets which are only codes without names but that's not the same thing, financial freedom for the people is not at their interests. To remain unknown people should never use CEX (obligatory KYC), use only the DEX (non-KYC) principle instead.
We are supposed to grow up, get educated, work, marry, have kids, buy a house, work until we die & bye bye. All these steps you take true the years will cost you, no matter what you do, I can't call that a life, that is slavery.
Never did they consider, to provide, to help me out in rough times, why would i ever trust or help the government, they have stolen with all sorts of taxes & fines they could think of, all while & after decades of hard labour. They simply punish me for being born, chasing on OTHER PEOPLES money, not theirs, even after i'm dead.
It's quiet normal to pay taxes where you live, only not at unacceptable rates, once i hitted nearly 96% in 1 year. I know many will protest but the term "tax" for me is EVERYTHING you pay at the government, no matter how it's defined, it's still taxation.
They like to think being in title to cash more & more & i'm stopping that, my choice & not theirs. 😉🙂
Yes, the more cash you use, the less they can track you. It's entirely reasonable to live off crypto completely. find people willing to pay you cash for your crypto and you can live off grid forever.
Here's the problem. You move somewhere else, and then they change their laws about crypto the next year. Now what? Move again? and again? and again?
Plan A, plan B, plan C, ad infinitum..
I am guessing you have heard Janet Yellen's statements regarding global minimum tax. I would love to hear your thoughts.
Janet Yellen can't even agree with herself and if her best idea is to tax unrealized capital gains, which goes beyond stupid and is anti-American as hell, the only Americans left will be those illegally crossing our southern border. Besides, the US has too many enemies- Russia and China in particular . . . a global minimum tax, jeez.
This is wrong we pay taxes to our country!!
Looks like a way to raise money for whatever agenda the want
And we will pay for it
Shi? Show
Growing to really dislike our country
@@jenjen9266 Consider Puerto Rico. It's a US territory but they have their own tax laws and banking system. Except for hurricanes weather is pretty good.
The psycho ex illustration is spot on. So many countries have become akin to being in an abusive relationship.
Absolutely. Nail on the head with that description. That's exactly how I feel about Australia. The anxiety of being here is getting overwhelming.
@@123mandalore777 Love Aus, but after this pandemic tides over it's time to move on.
@@123mandalore777 Starting to feel the same about Canada. Its starting to stress me out also, im spending mental energy I shouldnt have to
@@KJ-bc3de Yeah I've wasted days stressing out over this lockdown. Australia is the USSR still, can't leave, it's been a fucking year and they haven't reopened the borders and the vaccination rollout here has been excruciatingly slow, I am worried that I won't be able to get out before new taxes are brought in to pay for the money printing. The right wing party is in at the moment but there has been scandal after scandal after scandal with them and it seems inevitable that the left wing tax happy party will win the next election which is coming up. Just fucking open the borders before then goddamnit. I am stressing about my crypto investments because I can't sell anything at the top of this cycle if I'm stuck here in 45% tax land. I want to get out so that I have the option to sell so I can buy back in after the dump and get a bigger stack for next cycle. Can't do that if taxes eat into it. I had planned to spend the majority of 2021 outside of Australia 3 years ago and instead it's been the longest period that I've ever been stuck here.
@@123mandalore777 I feel the same. The lock downs really messed up my travel plans. I was going to be out of here in 2020. Im with you man.
You're right that you shouldn't lie on a tax form, but who's to say you actually have to file a tax form? However, if you want to avoid filing you have to change your lawful status to a non-taxpayer first. Admittedly, this is not all that easy, it requires quite a bit of paperwork and, more importantly, the knowledge to back it up, but it CAN be done. Note: watch out for scammers in this area as well, you really have to be discerning. Freedom is not an easy path, most people don't have the dedication to see it through, so they are better off just paying the extortion tax to the criminal gang pretending to be a government or moving to another gang's territory that extorts them less. At least until a large enough mass of people stand up to these criminal organizations and put a stop to all this nonsense. I'd love to think that will be soon, but I'm not counting on it.
Don't pick fights you can't win. The fight against the IRS? The best you can hope for is to not lose. Just run.
Hey man , love the channel. Do you currently know the tax implications on bitcoin in Colombia ?
Taxes are getting absurd. Not only will it be a job to maintain wealth in this market environment but creating any seems to be right next to highly improbable.
Govt 💕 desperate citizens
@@lt6873 Me thinks they manufacture them on purpose....
@@bradynields9783 it's an easier way to bring in socialism vs forcing it upon someone
Andrew, can you please do a video on portugal for crypto traders? maybe even including NHR?
The psycho Ex analogy really got the point across... lol - good stuff, Andrew
I don't have much of a problem with paying taxes on actual profits. It's not a perfect system, but if you're making profits, you can't complain too much to pay some tax on it. However - Paying taxes on _unrealized_ capital gains and a straight net worth tax is fracking _absurd!_
Good morning Andrew. Yesterday I read an article on Axios about Janet Yellen proposing a global minimum corporate tax rate to "even the playing field". If you haven't spoke about this already I would like to hear your thoughts. I imagine you would disagree with her view but always appreciate your in depth analysis on these issues. Thanks for the excellent insights so far.
Honestly I'm not even sure Nomad Capitalist would be against that in Principle. The idea is go where you're treated best. A global minimum tax would probably not change which places treat you best, and it would not give others any competitive advantage of paying less than the minimum tax. However, I would still expect Andrew to mention inefficiency of government spending as a reason why he wouldn't like it. Even though It should be alright IF the tax is spent efficiently.
Hello, i have a question and i will be glad if you take time to answer it, so my question is: i heard you have to provide all documents including bank balances, assets ( worldwide) before you Renounce your us citizenship and can't have over 2 million of net worth on the day of expatriation if you wanna avoid exit tax so which day is exactly the expatriation date? Is it the day you go to consulate and take renounce oath or the day you receive cls certificate after couple of month? Which is the exact expatriation day?
I came up with my crypto strategy for not paying taxes thanks to your channel. Crypto is regulated and there are 2 exchanges in my country and they do inform the tax man about your gains, but still no one messes with my crypto.
"Why You Can't Avoid Taxes on HODLing Crypto", that is a pretty blank statement. If you're HODLing, you wouldn't be paying taxes until you profit and sell, so it depends on how long you're holding. Since we don't know what's going to happen to crypto and taxes, you can't say what will happen in ten years. There might be a way to pull fiat out of the crypto and invest it in other areas like real-estate, or maybe they make it like a 401k and you can pull it out at a certain age for no taxes or less tax.
EXACT.
I thought that too... But if you're mining there's already an IRS code saying that's earned income and youre supposed to pay fiat taxes on its value at mining time. Good luck with that! I hate out greedy gov't at this point theyre so bad with finances.
In case you want to leave the country there is an exit tax in your bag
Hi,did you know that in Germany the tax law states that crypto is like art or a car, after holding for over one year then it is tax free, as long as you do not earn extra on it like with staking ect.
Well, you'll still have to report those assets if you're abroad as a U.S. citizen. As he says, the only way to get out of it is to divorce the country, and it's only going to become more and more difficult to do without significant consequences. If you have 50M$ in crypto and are stuck in the U.S., you're already kind of screwed on legally avoiding whatever they're going to come up with, in my opinion.
Or you don't purchase the assets in the first place - someone or something else, that is not a US person, does. There's a big and costly difference between expatriating assets and building wealth from scratch outside the US. There are strategies, usually trust-based, that can avoid some or all US tax, the question being how you would access that money if you wanted or needed it (which can reintroduce the tax issue). But even these strategies won't dodge the hit you take from expatriating your assets - and they cost a lot.
@@cisium1184 Yes, true. But I sense extreme limitations forthcoming for the use of different trust-based vehicles. We shall see.
@@cisium1184 But if you change your citizenship getting assets out is much easier especially crypto- crypto is ne smugglers way of transferring wealth
@@wilsmith6551 You can't just "smuggle" assets out of the United States, especially if you really plan on leaving and renouncing your citizenship and you are worth over $2M. There might be a very short list of things that you don't have to tell the US about if you live abroad, like non-income-producing foreign real estate, but that's about it. Like Andrew says, I wouldn't plan on outsmarting the IRS. Not a good plan!
that's why marriages are for.
I had to smash the like button just for the Trump impersonation. That was good! 😂
How did you smash it exactly? With a hammer?
I lost my bitcoin in a boating accident.
Me too. Same boat
Like that excuse will fly any day ... There are laws against these as in the past a lot of mafiosi did claim the same just with cash or other assets
@@jeffb.140 Then move to Germany. Hold for more than 12 months and profits are tax free
I lost my gun safe as well.
@@darthbeavis8511 exactly. We are all victims
A couple of important thoughts for Andrew Henderson...
1. What good does it do you to be the “goody two shoes” with governments who make everything illegal and therefore everyone a criminal?
2. Yesterday, Fed chairperson Yellen said she’d push for “global minimum taxes”. Will you still be able to move to a more tax friendly place?
The key is to not live in the USA or any “developed” country. If you do they will come for all your assets. Not just crypto.
That's exactly what I've been thinking!
If Crypto moons I'm moving to South East Asia
@@FrankZen Look at the UK. Curfews and now citizens can't even leave the country! Get out while you can.
But also underdeveloped countries are subjected for global banking regulations with AML compliance and the disclosure of customer transactions. FAFT and GAFI impose guidelines to every country in order to allow their local banks to be included in the SWIFT network. BSA is forced even on former tax haven countries like Panama.
@ much more easy to get around. Plus the enforcers are much easier to pay off.
Love this dude, first time hearing him, he is SPOT ON!!! peace from China.
Hey man i appreciate your content and you are doing a great job!
I have been trying to get a hold of your book for 2 months now but i cant get it on Amazon in Sweden. Is there another way to get a hold of it? Thanks
it's available as Kindle also, btw
I love your videos, so many people question the idea of trading their bitcoin or selling at the top to buy back in with not one thought given to the tax man. In the UK capital gains tax decreases the longer you hold your asset, however I’m in Portugal mid way through my residency application, more to do with covid than crypto, now my next concern is reliability of Portuguese banks and which one to choose. The UK bank stopped my buying bitcoin (at £4000 a coin!) I’m now sceptical of all banks everywhere
Thanks Andrew, not a client yet, but may be in four years. I’m going to amend my 1040 and say yes. Great points. I want to sleep well.
I have so many holes in my records. I only reported what I have record of. As they're exchanges that disappeared with the records I no longer have. This will never hold up in an audit. The problem is they are going to want more then trade logs. I heard in an audit you have to provide all wallet addresses all transfers withdraws and deposit addresses. I have addresses that transfer to other addresses and I can't complete the records because they're transferring another account that I no longer have access to. And I can't even follow the trail. But one of the addresses transfers to an exchange address which they can trace back to me. But I have no record of anything. There are all these holes.
@@zonk1477 I’m in the same boat with you. I’m re-reconsidering my position on this. Hard work pays off in the future but procrastination pays off now.
MY 1ST video of this Channel. Thinking about getting into Cryptos as an investment... THIS VIDEO Opened My Eyes BIG TIME... TY Lots & Lots to research about...
its a sad world we live in that governments feel the need to control everyone.
Has always been
Go where you're treated best! That's the motto. Nice!!
30% Audit Rate? You know how much that is going to cost? She's blowing smoke. 👍
At least 3x more than the revenue they'll raise from it. The US will just turn into a nation of tax collectors and peasants, like feudal times. You better say, "Long live the middle ages!", 'cause that's where these people are taking us.
Yeah that wanabe Cherokee smoke signal
AS LONG AS SHE PAYS FOR IT OUT OF HER OWN POCKET!
Dear Mr. Henderson, I am enjoying your channel for several months, thank you for your input.
As a German, I can confirm that you only have to proof to the „Finanzamt“ your purchase and sell date and amount of your crypto with screenshots.German taxation law says that purchase of crypto is a private buy and sell matter, thus not eligible for capital gains taxes or VAT. This rule applies if one holds his/ her crypto for minimum 12 months. After 12 months and ONE day of holding it, it is 100% tax free and clean to invest.
It may change in the future but currently it is heavenly simple and written law.
Side note: Every electronic money transfer of 12.500,-€ and beyond in one single transaction has to be reported to the Bundesbank by you via form sheet in case you want to transfer money from German account to abroad. Reason: Gesetz über Kapitaltransfer Kontrolle/ Aussenwirtschaft Gesetz. Control of money transfer to abroad accounts due to foreign business control in EU.
Solution: Make several payments/ transfers, each UNDER 12.499,-€.
This information is granted for free to you...enjoy.
Best Regards,
Hahahahaha the PSYCHO EX comment hit me right in the feels! Great stuff!
Portugal is no longer crypto friendly. Taxes are to be paid, they've passed a new law recently.
Link?
There's much to be said for the goody two shoes approach. When I got divorced 15 years ago, I paid my ex a lot of money, money he didn't deserve. It was the most I've ever paid on anything, but it was the best money I'd ever spent up to that moment in my life. It's probably going to be the same when I divorce the USA.
Countries go after non-citizens ALL the time. If they know you have money, you are DEAD. The USA indicts & extradites people who don't even speak English and have never shipped anything to the US or even lived in the US. Just keep quiet & nobody will come after you! Flaunt your wealth & end up on a warrant
Well stay single and have a happy life like me.
You can attempt to buck the system, but the system's got a stiff neck. Hands down my favorite youtube channel.
He has endless puns like that, his videos never get old.
So if I bought cryto in 2021(I won't sell anything for at least 5 years). During 2021-2026, do I pay tax on anything at THAT time? Or do I just pay tax when I finally sell(at a profit) i 2027?
In the USA you only pay when you sell or exchange for another crypto. So no taxes.
What's that Ray Charles song? Oh yeah.....'Georgia on my mind' .
😂
If you hold on exchanges, the irs is requiring the exchanges to report activities on their clients
Love the video, just found you!!
🤘🏻😎🗽🗽🗽🗽🗽🗽🗽🗽
Welcome aboard!
I hold Double-Dollars and Double-Euros kindly state what would be my Tax Proposition as I would like to get second Citizenship by Tax payment
with XMR (monero) you have FULL PRIVACY!!!! if you do it right, it´s not traceable!!!
Man what a great video und person. keep the good work! Greetings from italy!
Glad you enjoyed it!
very good point in relation to govt/reg changes that may well occur when adoption is far more widespread
This is happening to me right now lol, 2021 has been a good year :)
Agree with doing everything legally. Key to note though, if you don’t sell then you don’t pay taxes.
Completely agree with what you're saying. Australia is cracking down on crypto but what are some segregations to minimise the tax?
You can file up to 3 years late so that's a pretty good Gap a lot could be done in that amount of time just saying perfectly legal too
The crazy EX...😂😂😂 I really enjoy your videos... thank you!
Thanks for the knowledge
My pleasure
"I don't want to live in fear looking over my shoulder all the time, I am going to declare all my assets."
"Good idea Ishmael. You will feel much better after doing this on your 1938 tax return, and all that hard work you put into building your business in Berlin is sure to pay off over the next few years."
hahahahaha.... brilliant!
12:07 Its like the "Psycho Ex" - the fact that they're just hanging around...... brilliant....
Thanks for sharing .... we all need to wake up and secure our families future from these predator's.
My favorite IRS doc was war gaming how to tax in game money for MMO”s.
Subbed! Thanks!
AMEN TO EVERYTHING IN THIS VID. Thanks for your always on point perspective!
I appreciate that!
What happens if you lock a lot in wallet you can’t find info for??
Thats the thing yes, crypto is by definition out of the financial system but then how do you cash out / buy stuff. Maybe a strategy would be to wait cashing out / buying crypto till youre in a low tax jursdiction per tax year? would that work in an official legal way?
It's only "out of the financial system" if you purchased it completely anonymously. Forget about it if you used a "verified" account through an exchange like coinbase. You're transactions are all a part of the blockchain of the particular crypto you bought.
@@aquilomanganelli175 The part where you purchases or sold on such an exchange is within the financial system but what happens in between is not. There is no way to prove that a particular address belongs to you or does not belong to you and its impossible to know what you did there. You could have lost it or exchanged it for something that went to zero after buying it for example. And the part where its in your private wallet is outside of the financial system by definition and no laws can apply to it. However when you sell on coinbase for fiat for example youre putting it back to financial system and at that point its taxable :) Anyway if youre in a country which does not tax capital gains this discussion is purely academic. Actually many countries tax only divident income and not capital gains. That includes many western countries.
Which country you have chosen Andrew post US?
Did anyone else think that when he said the radio station had a deal with Prodigy, he was about to talk about the band from the late 90s/ early 2000s?
Even if you have a second passport and you are a US citizen, not much changes. Still have to report crypto income.
You can keep IRS from taking your taxes legally if you live more than 180 days of a year in Puerto Rico. You can keep your citizenship, you stay in US soil and take advantage of ACT 60 (google Puerto Rico Act 60 previously known as Act 20 and act 21) As a US territory it has a special condition under the IRS. So there’s a way to legally avoid paying the taxes and still living in USA soil and keep the citizenship.
Right now, as far as I know for my country, as long as I don't exchange crypto for Fiat or services, it can't be taxed. I still have to indicate my crypto accounts if I want to be 100% clean.
Which country is that? Here we don't have to pay taxes or declare our crypto profits, unless we exchange them for fiat or buy goods/services with our crypto...
@@grimrr2878 which country are you referring to?
@@sibaroochi Romania
That depends on country but in many countries you dont pay tax on capital gains anyway so its irrelevant. But then even if you do you could argue you gain capital only when you exchange for fiat. Then it depends on the details of the law. Of course you could argue that crypto is by definition outside of the system. But then how do you buy and withdraw? Usually practically you need to use centralized exchange.
@@Vadamsama in the 🇺🇸 whenever you convert crypto to crypto, or crypto to stable coin that triggers a taxable event
So I have 2 citizenships right now (US and Polish). I can also become a legal resident of Mexico. I live and work in the US right now so this is where I'm buying my cryptos.
What do you recommend to keep the leeches away?
In the US you can borrow against your asset (crypto) with blockfi and its a legal way out of capital gains. You essentially use your cryptos as collateral until the loan is paid off. Need a house, don't cash out, just take debt against your btc.
That's what was throwing me off about this video, when he said the US would no longer let you borrow against your assets. That'd be a nightmare
Great video. Thanks.
Does anyone here know if it's as brutal in Canada for crypto-taxes?
Hey Andrew! What do you think of crypto IRAs? Isn’t that a better way to keep your money especially if you’re actually saving for retirement? I’m thinking this is a good option.
I thought as long as you hold and don’t sell or trade, you don’t have to disclose your holdings?
No problem for me paying some taxes... major gains are major gains it’s a good problem to have. Gotta keep things in perspective.
Canadian Revenue Agency already know I am involved in crypto. Agree with what you said that evading taxes is not worth loosing a good night sleep over. As I do not want to move to another country just for tax reasons, one day I may have to pay a fortune on taxes as this is just a consequence of the choices I made. Personally I think it is worth it. This is just my $0.02
Although I will never use your services, I really enjoy your videos. Thank you for that.
What if you’re already a citizen of the Cayman Islands and just a permanent resident of the US?
US permanent residents are US persons for tax purposes.
Move out & don't renew. Don't go back. End of story
The difference between tax avoidance & tax evasion used to be 20 years. Not so sure any more?:)
So funny you posted that today. I was asking myself that exact question last night. What if you do have a american and European citizenship, still live in the USA. Even if you move, don't you have to pay the usa taxes as long as you are american anyway ?
Is renouncing the US citizenship the only way?
Yes
You can live in the us territory puerto rico, no taxes on crypto
@@sandraduncan4372 Which is why the Dems are trying so hard to FORCE statehood on PR!
@@rusty9129 I live on the island. Pr will never become a state. Its a pipe dream
correct. the US has a "citizenship-based" tax system. So, IRS will tax you even if you live in the moon, as long as you're a US citizen.
Another way to sleep well, and the choice for some of us, is to just pay our US taxes. Having a 2nd passport, agreed, is a good idea if possible.
I know lots of people that converted everything to crypto as far back as 2013, left the USA, and the IRS never went after them. They didn't renounce citizenship, just went dark (stopped filing returns).
Thats cause they only audit a very very low percentage
Can you talk more about Portugal crypto laws specifically?
That's just a google search away. Do your own homework if you are serious.
If you Pay with Crypto using a Crypto card through Visa/Xrp or any other type you can avoid it.
Mining crypto in Georgia 🇬🇪 is not taxable and electricity is quite cheap it’s cheapest way to get Crypto.
In the US, it's unlikely unrealized capital gains will be taxed. Both Yellen and Biden are against, with Yellen saying it would be too difficult to implement.
YES a Tea Party... Andrew said something very important...if businesses will not stand up to the establishment and except crypto; it leaves little chance for their employees etc...
the CRYPTO COMMENWEALTH need to join together and vote this establishment out of office...for the time in 100 years we may have the power/money to do this through cyrpto/blockchain...
WE ARE THE MANY THEY ARE THE FEW
Besides reporting the Bots that reply with your name, is there anything else we can do to help you clear out these scammers?
I report them too. Glad I'm NOT the only one reporting them. I don't agree with a lot Andrew says, but he doesn't deserve this
Great video. But If you are in "trouble" with the taxman, the US has an extradition treaty with almost most of the plan B countries. I am not sure if that will be any help. So do things legally, to begin with !!
Why you would avoid any taxation because its crypto? If you have made gains in crypto and you have capital gains tax on your residence (or, if you're a US citizen, worldwide) then not declaring crypto is tax dodging. You adapt your fiscal situation in order to get crypto gains (and other gains) not taxed.
So if I Hodl crypto, meaning I'm not trading, selling, or swaping crypto that I HAVE made a profit on, by profit I mean ITS GAINING IN VALUE, that I will be taxed anyway on my GAINS that I haven't cashed into fiat or otherwise, as described above????
Please do reply because your title to the video is implying that I will have to pay taxes for purely hodling!!!
Yes they want to tax unrealized gains as crazy as that sounds.
@@rogerrippel48 so you've got $100,000 in crypto on your exchange and according to the Tax Dept in Australia I have to withdraw $30 - 40,000 dollars worth and give it to them???
I'm calling them today!
A future client coming soon.
So happy to hear it 😊
If they start recognizing Unrealized capital gains for tax purposes you will be swamped. Maybe you should be swamped now just in case. Always better to be 3 days ahead, then a day behind & an electronic Yuan short.
If portugal is a us territory. How can crypto be more friendly there? Wouldnt they enforce any us laws?
The tax queation on irs form is asking if you traded crypto. Not if you bought it... am i incorrect on this?
I think they want to know if you have sold any crypto assets.
Buying it is not a taxable event
“At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?” Wrong.
the voice of reason!!!