So after ETH goes to the moon, what do we do? Not like what type of cars do you buy, but If you have a big gain will you report it on your taxes?
Do you have a way to launder your money?
At what point would you have a suspiciously large gain?
In Canada, cryptocurrencies are taxable. But gambling isn't. So if you give 3 friends $5000, they can go and cash in at a casino, give you the chips, then you cash out and report $15000 in tax free winnings.
>>1134325
How will they know you earned magical internet money anyway? It's not something physical. There's no way for them to tell.
>>1134333
>IRS sees guy with a lambo
>he's never reported income of over $30k/year
I thought in america if you pay for anything over 10k in cash it gets reported to the IRS and they note it on your account.
If it was so easy wouldn't everyone do that?
The "go to a casino" thing.
>>1134380
https://www.irs.gov/uac/Newsroom/IRS-Virtual-Currency-Guidance
You going to jail for tax evasion.
>>1134325
I only own 105 ETH. If it doubles in a year, that's only $1000. I aint reporting shit imma cash out and add it to my down payment for a house fund.
>>1134403
Nigga it'll double in a month. Huge fucking dump coming tonight. Don't say I didn't warn you.
>>1134390
Well?
I'm pretty sure this isn't new and would be suspicious AS FUCK to be winning $50k+ in casino winnings yet not being able to prove any of it.
>>1134390
That's only in Canada. I think a lot of it is most people don't have large cash gains that aren't reported. Most people only get money through paycheques, or from investments registered at their bank. It's mostly just drug dealers, and guys like tow truck owners who only take cash that have the need for it.
>>1134402
This is why I don't get why people are buying BTC with money directly from their bank. It starts to make a paper trail.
>>1134417
How do you prove casino winnings? They don't give you a receipt after every round of blackjack.
>>1134418
Regardless of where you start the money from. Unless you buy big assets under the table, there will be a paper trail at some point. You think you can just buy a Lamborghini and not register it? You have to pay tax on the vehicle eggs that you can't explain owning.
>>1134422
>>>1134417 (You)
>How do you prove casino winnings? They don't give you a receipt after every round of blackjack.
Of course but there HAS to be a catch.
This isn't a new idea and I'm sure they've got *something* to detect this. It simply can't be unpatched for decades...
>>1134418
Yeah I'm also in Canada.
Just kind of skeptical.
>>1134422
No, but don't they if you cash in a lot of chips?
>>1134430
>>1134427
You get a receipt when you cash out.
But your 'winnings' aren't taxable. So you just report them, but don't have to pay anything.
It's been noted as a big problem for years.
http://www.cbc.ca/news/canada/british-columbia/former-b-c-casino-investigator-calls-suspicious-transactions-shocking-1.2804418
CBC has a lot of stories about it. But there's little public interest in it, and the casinos have enough political capital to stop anything.
There's other ways to launder money, so the government doesn't want to play an expensive game of whack a mole.
>>1134450
Damn why doesn't everyone do this then?
Shieeet senpai lmao
>Sell bitcoin for cash on localbitcoins
>Do the casino meme
NO TAX
>>1134458
I don't really know. I've bought my BTC with cash, and paid about 10% over current market for it. I'm hoping I front loaded an expense instead of back loaded it.
I think for most people their gains from trading are so small that it's not really detectable.
If natives were smart, on their tax exempt reserves they would offer crypto exchanges to non natives.
>>1134475
I have not bought any crypto since I got burned by PND.
Fuck that jazz desu
>>1134325
I doubt I'll make any significant amount of money on ETH
>>1134380
but are you really that much of a memester that you need to actually buy a lambo with your winnings??
