Well I don’t mind paying taxes, but is there a way to minimize my taxes. What’s the best practice or opinions.
Example:
Buy with Coinbase or Gemini then trade it quick to kucoin? Will I get taxed if all the transaction are on Kucoin and is it safe? Then when I want to cash it out transfer back to Coinbase in which now they really cannot tax you? That’s my thinking and I know I am way off but hopefully someone can answer or give better ways to avoid taxes(or minimal taxes)
Thanks again
If the exchange isn’t KYC, like Kucoin or Coinex, then they don’t report to the IRS. Still technically tax evasion if you don’t report yourself to the IRS, but they don’t know about it, and if you don’t report they won’t know anyway. At least until you move those coins into a KYC exchange.
I was thinking that one loop hole appears to be if you have USDC in CoinBase and you pay for something in USDC direct, receive the goods, you technically didnt pay tax on that. Tesla was going to take BTC on buying a car and I heard it was discouraged because someone would just pay out of an account with BTC for a car that never got taxed properly based on state to state transaction.
Even today if someone pays you with Zelle or CAsh App it is not reported as income because it might just be a friend paying you back for lunch or a gift like graduation. That all changes in 2022 based on this story
The Feds are better at mining then we are. Mining your taxes that is…lol
That is so true!
