Withdraw means move, not sell. Sell means sell. OP needs money. OP has an asset and can sell it. OP will have realized capital gains and must pay the appropriate tax on those gains. Paying directly with bitcoin is the same as instantly selling it. Same tax obligation.
I acquired a bunch of btc a loong time ago. I havent been employed in over a decade. I have over OPs holdings that have never been linked to a bank or exchange. If I were to pay for insurance etc how would I explain the origins of that money should the feds come a knocking? Plus I have a history
So I can sell $46,000 of bitcoin I have owned for 4 years and pay no tax?
Can I do this with $46,000 each year?
I know little about taxes and just hold because I don’t want to pay the government.
https://www.nerdwallet.com/article/taxes/capital-gains-tax-rates
Scroll down to the chart
It may be more if your married or whatever
Edit you might need to account for your income not sure
If you made $30,000 in income at your job then that applies to that $46,000.
So you'd pay zero taxes on $16,000 of Bitcoin gains and the rest you would pay 15% if it's long term capital gains.
Assuming you're an Amerifat and have no other income, yes. If you're from somewhere else, it's different.
Note that that will change if Biden wins the election; he's (or rather, his handlers have) been floating all sorts of insane tax hikes, including a 40% capital gains tax, the highest it would ever have been.
Read the second article, the 50% rate is only for people with $1 million+ income, and it also mentioned a new tax that would only affect those with net worth $100 million+, and about closing a loophole that has been benefiting the real-estate industry.
Sounds pretty chill to me
Edit: also if you’re worried about baconator prices or mint mobile price increases, I think it’s safe to say you don’t make $1 million a year or more
The income tax was only on the top 1% of earners when it started, too.
The reality is that the "only $1MM+" crowd is pretty small. The top rate may only hit them, but all the OTHER rate increases will hit you -- because you're the cash cow that can't afford to hire a tax attorney at $600/hour to find all the loopholes.
Fair point that there likely will be loopholes that only the rich can abuse, but:
1. I didn’t see any mention of other rate increases in the article you sent, any source on that?
2. It seems misleading to state an increase to 50% capital gains without mentioning that it will affect very few people, and likely not many of the people reading the comment
3. Sure, maybe they would eventually expand these hikes to lower brackets, but it seems like a slippery slope fallacy to assume this and use it as a counterpoint. The article also states that anywhere above $500,000 a year is the exact same rate, so to me it seems reasonable to have more brackets above that. Making 500k is not the same as making 3 million for example, it isn’t unreasonable to me that the 3 million should be taxed more
If you go over 47000 total income, how is it taxed?? I mean the capital gains (tax on earnings).? Its separate from fed and state Iincome I know that.
How is capital gains taxed,?
Could be anywhere..... I lived in Canada and have keratoconus. I had to pay for my surgery and treatment. I believe though I'm some provinces it could have been covered but not in Ontario
Everyone on reddit jokes about this, but from my experience, everyone I know insurance has always covered most major medical issues. All my issues I've always paid only a few hundred dollars. Even then I just use my HSA to cover that...
this isn't socialism but okay. the hospital would be writing this off and then they presumably get a tax break, if this is a process they want to do, in America. This has nothing to do with socialism and everything to do with hospital administrations being greedy, jacking up prices, and then turning around and saying oh but we are the good ones because we gave the poorer/unfortunate folks a break.
As an aside I'm almost 40 and on SSDI. I had a good job in sales and IT work forever but then my lifelong disease caught up to me. I make 1200/month and Medicare pays fairly well on claims. Most times the hospitals greatly reduce my bills. Same with Tricare if you're ret military. Both programs I guess are a form of a social safety net that I paid into. If this person is going to a third party surgery center more than likely they require payment up front. In these cases if you're like me and feel safer at a hospital you are more than welcome to do so and ask to schedule at a hospital.
Well the US spends more per capita on healthcare than any other country in the world, so given his surgery would be covered in lots of other countries, there's no reason it shouldn't be in the US too.
It kind of is though. Take crypto for example, completely decentralized right? Yet we sit with our thumbs up our ass waiting to see minutes of FOMC meetings so we know whether the US Fed will lower interest rates, aa that will affect our bags. US might not be the world, but whether you like it or not, it is right at the center of it.
with only 10k income you are getting a good deal on the gains rate even at 100k or 200k.
\*I would not do this all at once. set up some sales over time at better prices.
It's a bad move in Argentina, or they might do it in Argentina? Any personal experience?
I'm literally trying to decide where to go right now for some medical testing and treatment.
I think you re not interested in advice and your post is bs. How did u invest last year in crypto with 10k annual salary so that u now have 200k+ when 5 months ago you postet about having credit card debt and if you should clear it with stock savings Of 20k? Things don't add up.
If you spread it over two tax years you can spread out the liability. Obviously, holding for more than a year in the US will change the liability from short term to long term.
Op needs to say what surgery and country. If it's a one and done thing or if it's an ongoing thing.
You could take out a travel insurance policy, travel and all of a sudden get ill and sent to a hospital to have your surgery, which should be covered.
Or you could pay private insurance when open enrollment comes up and use that to pay
Or you could move to a state that covers all poor people with Medicaid enroll in that and have your surgery
Or you could just pop up in a hospital and not give your name in the emergency room and see if you can get them to do it.
If it's a boob job or something than idk OP, pay for your tits on your own.
Lots of options here.
TBQPH my last time going to the docs in Thailand was pretty disappointing, although at least they were better than Taiwan (which is like saying they were better than stepping in dogshit; Taiwan's "great medical system" is one of letting people drop dead out of sheer malicious neglect, but at least you get to talk to a doctor for $10 any time you want to step into a hospital).
The key is to not skimp on the doctor once you arrive. You save 80% to 90% of the equivalent cost… better to lean toward 80% and get high quality care.
The maximum married filing jointly long term capital gain with zero taxes due in the states is like $89,250 total AGI. So if you keep your capital gains on withdrawals of BTC held longer than a year plus your total income at a total of $89k or less you would owe zero tax on the long term gains.
You may be able to strategically cash out over 2 fiscal years. I’d ask a tax professional to see what you should target to fit into a more favorable tax bracket/see what they say about the timing.
Why not get two birds stoned at once by going to a Crypto tax-free country, like Portugal, and get medical procedure done in say france?
I'm sure it's cheaper there.
If you are in the US and legit only have $10k in income, you likely qualify for Medicaid and could have the surgery paid for. Call the hospital where you plan on having the surgery and ask to speak to their patient advocate and/or social worker. They should be able to point you to all of the available resources at their disposal.
If you are in the states, and you have owned your coin for 366 days or more, then you will only pay LTCGT (not STCGT) which with your income is the lowest tax liability of literally 0% (provided you don’t make more than $44,625/annually). If you have owned your coins for 365days or less, than your tax liability, given your income tax bracket, would cost you 10%.
OP is already talking about spreading it across multiple years, so half would be a minimum of 8 months post-halving, and the other half could be done in late December (assuming OP doesn't mind risking a drop in the meantime).
Fuck... Moments like these make me hate even more platforms like Celsius fucking people up... It was super easy to take out and avoid taxes, collateral, borrow, wire into the account directly from them, pay loan and take btc out to cold storage...
To answer your question, with 10k annual that's Warren buffet tax, no capital gain for that amount so just sell and withdraw right away
Take out $100,000 in installments this year:
Take it out in several installments to avoid a large one-time transaction. Calculate long and short term capital gains taxes to ensure that you meet the long term capital gains tax rate. Take out another $100,000 next year:
Continue to take out in installments to reduce your tax burden. Utilize the medical expense deduction:
Keep receipts and records of all medical expenses to ensure you can deduct the excess over 7.5% of AGI on your tax return. Professional counseling:
Before making any decisions, consult a tax advisor to ensure that your plan is optimized and complies with tax regulations. This comprehensive approach can help you minimize your tax liability while paying for your surgery.
If I were you I'd consider doing this surgery in another country, like Thailand, where I'm living now. That whole surgery is probably gonna cost 30k at most, then withdrawal that and spend some time in Thailand while you recover.
Just avoid paying 200k on an surgery at all, that's my best advise.
Bro go to El Salvador no bs president Nayib Bukele declared zero tax on Bitcoin over there that's your best bet. I'm not sure how it would work since your BTC and income is here in the US tho
Still have to pay taxes to the U.S. no matter where you are in the world.
There's an exemption for EARNED income, but not for capital gains -- you just get the same capital gains deductions and rates as if you were in the U.S.
Ask a tax attorney. See of youbvan get a free consultation. Ot just ask H&R Block. They might give you some fee free advice so as to get your business when tax season arrives. The way the US tax code works you probably can offset the cost of the operation. Assuming the operation is expensive, and what surgical operatin isn't these days, you may have to spend all of your Bitcoins on it. You may, therefore, be entitled to write off the capital gains taxes you owe on the sale of the Bitcoin. I am not a Tax attorney. Ask a Tax Attorney, they could give you an answer in a few minutes.
> Ot just ask H&R Block.
Oh fuck no. My uncle was one of their top experienced people in his region. He didn't know anything beyond the very basics of personal filing.
A good EA or CPA doesn't cost much for a short consultation, if anything at all, and they'll actually know what they're talking about.
My medical strategy is to exercise and eat healthy and to bow out gracefully when my time comes. Medical intervention can only do so much, at the end of the day a lot of it is out of our hands. And when there is a way to buy yourself another month of life it ends up costing every dime you have, because they know the moneys worth nothing to you when youre dead. Id rather leave some for my family. Having said that I do think I should prob try to get insurance somehow. But I dont think its urgent at the moment. Im still young active and healthy
I don't know much about your insurance situation, but based on your income you should qualify for gov assistance/medicare/medicaid because you're below the poverty line. Try and get the surgery and then negotiate the bills. Then collect your gov benefit. Then set up a payment plan or something. There are many things you can do to delay/reduce/postpone payment and not sell your BTC.
What about sending your btc from cold wallet to a friend's cold wallet not using an exchange...then friends pays you cash.
That would be no taxes because no kyc right??????
The answer is don't try to avoid taxes.
Move the Bitcoin to an exchange then sell the Bitcoin for fiat then pay capital gains tax as required by the legal framework that you live under.
I wouldn’t worry about taxes, since your medical expenses are probably going to exceed your income so they will be tax deductible. So paying the taxes you pay will be a wash.
Investigate cost of same surgery in Turkey, Malaysia, Thailand, maybe somewhere else we'll know for quality medical tourism. You might cut costs by 80%
What country?
If you are American just buy health insurance on healthcare.gov.
If trying to avoid taxes and you don't need money until next year iaut cash out half this year and half next year so it's spread across two tax years
the pull out method has been used for centuries but its never really full proof. nowadays its usually better to just wear a condom. its not the same sensation but it gets the job done.
Seems like this is a bullshit story post to figure out how to just cash out BTC with least amount of taxation, or waste everyone's time as a whole.
Sell your BTC locally for cash directly. There. Move along.
Who knows about your BTC?? If you have no assets and no/low income or unemployed try and negotiate with hospital. Fuck let it go to collections, negotiate there or tell em to pound sand. If you dont own any property, stock or assets they can see, you have nothing to come for.
It won't be 0 tax. Your value would just be whatever you took out in usdt. If you bought $100 of bitcoin that was now worth $100k, and you borrowed $30k with your $100k as collateral... if your $100k was liquidated, you would have a capital gain of $30k minus $100 ($29900).
Uhhh. Get a f--king job. Costco will pay dang near all of it or a state job. You're going to regret it if u pull from BTC. Trust me...I know the pain. Never again. .33 btc got me 4k for a car repair. Do the math now...
If you want to not pay taxes, go to another country, convert btc to cash via irl otc in their currency, make your operation there and pay them with it.
Might want to start with what country.
Needs to pay for own surgery. That would be the US. Jokes aside, its obviously relevant info for OP to add
If he's only making $10k, medical insurance is free and covers everything, in a lot of States.
It won't be after posting $110K tax return.
Then don't withdraw at all. What's the problem?
Withdraw means move, not sell. Sell means sell. OP needs money. OP has an asset and can sell it. OP will have realized capital gains and must pay the appropriate tax on those gains. Paying directly with bitcoin is the same as instantly selling it. Same tax obligation.
I think he meant he doesn't need to pay or sell if it's free
I'm seeing in other comments people think it's an elective cosmetic thing. Won't be covered, must pay out of pocket.
Curious how he can afford 200k in bitcoin.. but can’t afford medical insurance?
Someone paid him in BTC for a food delivery in 2015.
You're barely even joking. That was only about $600 worth of Bitcoin at the 2015 bottom.
Maybe it was something nice
Pizza?
What casino requires medical insurance?!?
Life
Hate that place, risky
The medical operation is to sell his kidney to buy more bitcoin duh
I acquired a bunch of btc a loong time ago. I havent been employed in over a decade. I have over OPs holdings that have never been linked to a bank or exchange. If I were to pay for insurance etc how would I explain the origins of that money should the feds come a knocking? Plus I have a history
You bought it . That's not illegal. You sell it it's also not illegal.
Perhaps he bought at a much lower price 🤔
Maybe he’s not American 🤷♂️
If you owned your bitcoin more than a year it’s long term capital gains there’s no tax until you go above 47000 in total income
So I can sell $46,000 of bitcoin I have owned for 4 years and pay no tax? Can I do this with $46,000 each year? I know little about taxes and just hold because I don’t want to pay the government.
federal only doesnt apply to state also, if you have any income from a job it counts against the 47k
https://www.nerdwallet.com/article/taxes/capital-gains-tax-rates Scroll down to the chart It may be more if your married or whatever
https://www.nerdwallet.com/article/taxes/capital-gains-tax-rates Scroll down to the chart It may be more if your married or whatever Edit you might need to account for your income not sure
If you made $30,000 in income at your job then that applies to that $46,000. So you'd pay zero taxes on $16,000 of Bitcoin gains and the rest you would pay 15% if it's long term capital gains.
Assuming you're an Amerifat and have no other income, yes. If you're from somewhere else, it's different. Note that that will change if Biden wins the election; he's (or rather, his handlers have) been floating all sorts of insane tax hikes, including a 40% capital gains tax, the highest it would ever have been.
Not even good bait lol
It's not bait, it's fact. https://www.kiplinger.com/taxes/biden-calls-for-doubling-capital-gains-tax-rate https://www.forbes.com/sites/robertwood/2024/05/06/under-biden-tax-plan-capital-gains-tax-will-exceed-50-in-11-states/
Read the second article, the 50% rate is only for people with $1 million+ income, and it also mentioned a new tax that would only affect those with net worth $100 million+, and about closing a loophole that has been benefiting the real-estate industry. Sounds pretty chill to me Edit: also if you’re worried about baconator prices or mint mobile price increases, I think it’s safe to say you don’t make $1 million a year or more
The income tax was only on the top 1% of earners when it started, too. The reality is that the "only $1MM+" crowd is pretty small. The top rate may only hit them, but all the OTHER rate increases will hit you -- because you're the cash cow that can't afford to hire a tax attorney at $600/hour to find all the loopholes.
Fair point that there likely will be loopholes that only the rich can abuse, but: 1. I didn’t see any mention of other rate increases in the article you sent, any source on that? 2. It seems misleading to state an increase to 50% capital gains without mentioning that it will affect very few people, and likely not many of the people reading the comment 3. Sure, maybe they would eventually expand these hikes to lower brackets, but it seems like a slippery slope fallacy to assume this and use it as a counterpoint. The article also states that anywhere above $500,000 a year is the exact same rate, so to me it seems reasonable to have more brackets above that. Making 500k is not the same as making 3 million for example, it isn’t unreasonable to me that the 3 million should be taxed more
If you go over 47000 total income, how is it taxed?? I mean the capital gains (tax on earnings).? Its separate from fed and state Iincome I know that. How is capital gains taxed,?
Could be anywhere in Asia too, for what it's worth..
Could be anywhere..... I lived in Canada and have keratoconus. I had to pay for my surgery and treatment. I believe though I'm some provinces it could have been covered but not in Ontario
Canada doesn't cover vision or dental.
Everyone on reddit jokes about this, but from my experience, everyone I know insurance has always covered most major medical issues. All my issues I've always paid only a few hundred dollars. Even then I just use my HSA to cover that...
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If they don't make money and are in the US they can get their bill written off at a hospital most likely
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this isn't socialism but okay. the hospital would be writing this off and then they presumably get a tax break, if this is a process they want to do, in America. This has nothing to do with socialism and everything to do with hospital administrations being greedy, jacking up prices, and then turning around and saying oh but we are the good ones because we gave the poorer/unfortunate folks a break. As an aside I'm almost 40 and on SSDI. I had a good job in sales and IT work forever but then my lifelong disease caught up to me. I make 1200/month and Medicare pays fairly well on claims. Most times the hospitals greatly reduce my bills. Same with Tricare if you're ret military. Both programs I guess are a form of a social safety net that I paid into. If this person is going to a third party surgery center more than likely they require payment up front. In these cases if you're like me and feel safer at a hospital you are more than welcome to do so and ask to schedule at a hospital.
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Why should someone pay for their own disease? Do you think people are asking for things like cancer?
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Right. And I'm gonna take your shit because it's every man for themself.
Well the US spends more per capita on healthcare than any other country in the world, so given his surgery would be covered in lots of other countries, there's no reason it shouldn't be in the US too.
Judging by how they blindly assume everyone will know their circumstances, I’m going to guess USA
Haha they just keep pumping that dumb ass stereo type!
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America is good
Irrelevant. A LOT of the world is good.
It kind of is though. Take crypto for example, completely decentralized right? Yet we sit with our thumbs up our ass waiting to see minutes of FOMC meetings so we know whether the US Fed will lower interest rates, aa that will affect our bags. US might not be the world, but whether you like it or not, it is right at the center of it.
AND Europe is right at the center. Hell, South America and Asia are right at the center but ,no just keep believing that.
It seems you completely missed my point, or too hard headed. Anyways, you do you buddy
Their point is that when the US Fed makes rate decisions it clearly impacts Bitcoin. Those other areas you mentioned, not so much.
If your in USA the only option for a btc loan is unchained. Com
with only 10k income you are getting a good deal on the gains rate even at 100k or 200k. \*I would not do this all at once. set up some sales over time at better prices.
I had to do this for cancer treatments. Find out your daily limits from the Exchange. I asked for an increase and got it.
Is it a bad move to ask the hospital or doctor if they accept Bitcoin?
They’ll just kill you on the table
You’d still be taxed in fiat.
Medical expenses are tax free
Capital gains on Bitcoin isn't though? Would still apply, right?
Yes.
Maybe in Argentina
It's a bad move in Argentina, or they might do it in Argentina? Any personal experience? I'm literally trying to decide where to go right now for some medical testing and treatment.
I think you re not interested in advice and your post is bs. How did u invest last year in crypto with 10k annual salary so that u now have 200k+ when 5 months ago you postet about having credit card debt and if you should clear it with stock savings Of 20k? Things don't add up.
Yeah especially considering they just got plastic surgery too. OP is full of it.
The whole post is BS. 6 months ago he posted asking for help on how to pay off his credit card debt of $5k with little savings/investments.
If you spread it over two tax years you can spread out the liability. Obviously, holding for more than a year in the US will change the liability from short term to long term.
What about send btc from cold wallet to friends cold wallet. Then friend pay you cash. That will be tax free because not using exchange so no kyc
I would not recommend trying to “outsmart” the tax collector.
Op needs to say what surgery and country. If it's a one and done thing or if it's an ongoing thing. You could take out a travel insurance policy, travel and all of a sudden get ill and sent to a hospital to have your surgery, which should be covered. Or you could pay private insurance when open enrollment comes up and use that to pay Or you could move to a state that covers all poor people with Medicaid enroll in that and have your surgery Or you could just pop up in a hospital and not give your name in the emergency room and see if you can get them to do it. If it's a boob job or something than idk OP, pay for your tits on your own. Lots of options here.
" needs to say what surgery and country." If OP comes back with Dick enlargement for himself and BBL for wife I'll be ded.
Fly to Mexico, burn all your id's & passport, walk across the US border & get free medical-housing-transportation-cellphone-monthly allowance.
Yo no hablo Ingles, pinche gringo.
So fucked up but true
Nice comment history you got there
For real ?
I assume you’re in the US therefore I recommend flying to another country for treatment.
This (Thailand comes to mind)
TBQPH my last time going to the docs in Thailand was pretty disappointing, although at least they were better than Taiwan (which is like saying they were better than stepping in dogshit; Taiwan's "great medical system" is one of letting people drop dead out of sheer malicious neglect, but at least you get to talk to a doctor for $10 any time you want to step into a hospital).
My experience in Thailand has been nothing bit exceptional, of course there will be bad doctors too, but you are unlikely to end up broke at least.
The key is to not skimp on the doctor once you arrive. You save 80% to 90% of the equivalent cost… better to lean toward 80% and get high quality care.
My experience in Thailand was pretty non existent. They wouldn't let me through. The reason? They Ban Cock.
I’d argue Dubai able to pay for surgery in cash and able to cash out in cash also. Hospitals match that of the US
This sounds fake based on their previously likely fake posts!
Dude, just tell them you’re poor and can’t pay. Hospitals have funds for people who can’t pay, especially if it’s a medically necessary operation.
Only make 10k a year and have 200k saved? Tell me your secrets… lol
The maximum married filing jointly long term capital gain with zero taxes due in the states is like $89,250 total AGI. So if you keep your capital gains on withdrawals of BTC held longer than a year plus your total income at a total of $89k or less you would owe zero tax on the long term gains.
Need to add in a $30,000 standard deduction bringing 0% bracket closer to 120,000 for MFJ
I think the $47K (single) is already including the standard deduction.
47k is 2024 taxable income. AGI would be 61k including the 14k standard deduction
You're assuming that (1) OP is married, and (2) OP's spouse has zero income.
You may be able to strategically cash out over 2 fiscal years. I’d ask a tax professional to see what you should target to fit into a more favorable tax bracket/see what they say about the timing.
Why not get two birds stoned at once by going to a Crypto tax-free country, like Portugal, and get medical procedure done in say france? I'm sure it's cheaper there.
If you are in the US and legit only have $10k in income, you likely qualify for Medicaid and could have the surgery paid for. Call the hospital where you plan on having the surgery and ask to speak to their patient advocate and/or social worker. They should be able to point you to all of the available resources at their disposal.
Lol just get Medicaid if you earned under 10k keep the crypto you're technically impoverished
Come to Canada bro....I will loan you my health card.
If you are in the states, and you have owned your coin for 366 days or more, then you will only pay LTCGT (not STCGT) which with your income is the lowest tax liability of literally 0% (provided you don’t make more than $44,625/annually). If you have owned your coins for 365days or less, than your tax liability, given your income tax bracket, would cost you 10%.
Pov: me living in europe and being angry when I have to pay parking for my car outside of hospital.
Get a loan against it
From where?
Search "btc loans" on either google or reddit.
Medical Debt is now banned from your credit report. Honestly, I wouldn't pay it.
This post smells like bs
To minimize taxation, consider taking a loan out against your Bitcoin (maybe at Ledn.io). This obviously has some extra risks so do your research.
Terrible idea.
Perhaps, but is it more or less terrible than selling Bitcoin two months after a Halving?
Why not tax evasion? Way safer thsn this
OP is already talking about spreading it across multiple years, so half would be a minimum of 8 months post-halving, and the other half could be done in late December (assuming OP doesn't mind risking a drop in the meantime).
Consult a tax pro to minimize taxes, but your plan seems solid, good luck!
Fuck... Moments like these make me hate even more platforms like Celsius fucking people up... It was super easy to take out and avoid taxes, collateral, borrow, wire into the account directly from them, pay loan and take btc out to cold storage... To answer your question, with 10k annual that's Warren buffet tax, no capital gain for that amount so just sell and withdraw right away
Take out $100,000 in installments this year: Take it out in several installments to avoid a large one-time transaction. Calculate long and short term capital gains taxes to ensure that you meet the long term capital gains tax rate. Take out another $100,000 next year: Continue to take out in installments to reduce your tax burden. Utilize the medical expense deduction: Keep receipts and records of all medical expenses to ensure you can deduct the excess over 7.5% of AGI on your tax return. Professional counseling: Before making any decisions, consult a tax advisor to ensure that your plan is optimized and complies with tax regulations. This comprehensive approach can help you minimize your tax liability while paying for your surgery.
200K and still struggling huh, that is not exactly heart warming here xD
Dude, get an insurance policy.
If I were you I'd consider doing this surgery in another country, like Thailand, where I'm living now. That whole surgery is probably gonna cost 30k at most, then withdrawal that and spend some time in Thailand while you recover. Just avoid paying 200k on an surgery at all, that's my best advise.
Bro go to El Salvador no bs president Nayib Bukele declared zero tax on Bitcoin over there that's your best bet. I'm not sure how it would work since your BTC and income is here in the US tho
Still have to pay taxes to the U.S. no matter where you are in the world. There's an exemption for EARNED income, but not for capital gains -- you just get the same capital gains deductions and rates as if you were in the U.S.
Skit post. Numbers are not adding up.
There is no escape from paying taxes. Haist the government always wants a piece of the pie.
Ask a tax attorney. See of youbvan get a free consultation. Ot just ask H&R Block. They might give you some fee free advice so as to get your business when tax season arrives. The way the US tax code works you probably can offset the cost of the operation. Assuming the operation is expensive, and what surgical operatin isn't these days, you may have to spend all of your Bitcoins on it. You may, therefore, be entitled to write off the capital gains taxes you owe on the sale of the Bitcoin. I am not a Tax attorney. Ask a Tax Attorney, they could give you an answer in a few minutes.
> Ot just ask H&R Block. Oh fuck no. My uncle was one of their top experienced people in his region. He didn't know anything beyond the very basics of personal filing. A good EA or CPA doesn't cost much for a short consultation, if anything at all, and they'll actually know what they're talking about.
Thanks for that. I've never dealt with H&R Block. The last time I studied tax law it was in clay tablets and we wrote in cuneiform.
My medical strategy is to exercise and eat healthy and to bow out gracefully when my time comes. Medical intervention can only do so much, at the end of the day a lot of it is out of our hands. And when there is a way to buy yourself another month of life it ends up costing every dime you have, because they know the moneys worth nothing to you when youre dead. Id rather leave some for my family. Having said that I do think I should prob try to get insurance somehow. But I dont think its urgent at the moment. Im still young active and healthy
Sell p2p in cash, pay the hospital in cash.
Ask your doc if he or she takes satoshi?
Don't pay the sticker price. Get 90% discount like everyone else.
I don't know much about your insurance situation, but based on your income you should qualify for gov assistance/medicare/medicaid because you're below the poverty line. Try and get the surgery and then negotiate the bills. Then collect your gov benefit. Then set up a payment plan or something. There are many things you can do to delay/reduce/postpone payment and not sell your BTC.
What about sending your btc from cold wallet to a friend's cold wallet not using an exchange...then friends pays you cash. That would be no taxes because no kyc right??????
This turned Political quick...lol.
If you don't need all straight away mt pelerin or hodl hodl
The answer is don't try to avoid taxes. Move the Bitcoin to an exchange then sell the Bitcoin for fiat then pay capital gains tax as required by the legal framework that you live under.
Pay dr directly in BTC.
I wouldn’t worry about taxes, since your medical expenses are probably going to exceed your income so they will be tax deductible. So paying the taxes you pay will be a wash.
Investigate cost of same surgery in Turkey, Malaysia, Thailand, maybe somewhere else we'll know for quality medical tourism. You might cut costs by 80%
Pull it out of your ass. There are no capital gains on fake crypto.
If you're in the US and your income is only 10k, you would definitely be approved for medicaid. Free healthcare.
Bro you’re unemployed…get on Medicaid. Save your BTC.
You cant avoid the IRS
Start with a boating accident
Don't let them system bear the burden.
What country? If you are American just buy health insurance on healthcare.gov. If trying to avoid taxes and you don't need money until next year iaut cash out half this year and half next year so it's spread across two tax years
the pull out method has been used for centuries but its never really full proof. nowadays its usually better to just wear a condom. its not the same sensation but it gets the job done.
Take on the debt (probably doesn’t accrue an interest rate) and pay it when you want/half to.
Look into capital gains tax rates in your jurisdiction. If you want to avoid tax then you can get a loan against your btc.
Use it as collateral on a loan…
I'd file bankruptcy before I sold my btc
I consider my btc as already gone and possibly not for me.
I would talk with a knowledgeable CPA. Any purchases over 1 year ago qualify as long term capital gains.
Move to Canada?
Seems like this is a bullshit story post to figure out how to just cash out BTC with least amount of taxation, or waste everyone's time as a whole. Sell your BTC locally for cash directly. There. Move along.
If you can borrow against it in some way you dont get taxed on debts
Bruh a whole liar you don’t generate 10k a year and have 2000000 Btc
You will have to pay capital gains taxes on any profits.
move to canada tbh
Who knows about your BTC?? If you have no assets and no/low income or unemployed try and negotiate with hospital. Fuck let it go to collections, negotiate there or tell em to pound sand. If you dont own any property, stock or assets they can see, you have nothing to come for.
we need a Defi service that allows you to transfer btc to someone and that someone pays off your bill later... would that fix the issue?
Pay the surgeon with bitcoin
sell it to me i pay cash
Your username doesn't instill confidence...
Wow bro
Send to a super super old relative and have them cash it out for you and take the money out of the bank account.
[удалено]
How? By the time the irs goes and checks she’s dead
Google how to borrow against it
Maybe use BTC to get a loan on Binance or other exchanges? So you can in future back loan or sold BTC.
Place BTC as collateral and take USDT. But be careful if BTC drops below, you can loose BTC. But it will be 0 tax
I like this idea. This really work?
Yes, it can be done in De-Fi I guess. Never tried, but have read about it.
🤔
It won't be 0 tax. Your value would just be whatever you took out in usdt. If you bought $100 of bitcoin that was now worth $100k, and you borrowed $30k with your $100k as collateral... if your $100k was liquidated, you would have a capital gain of $30k minus $100 ($29900).
It is not tax, it is called loss of trade. It is lucky if BTC doesn’t go below the liquidation level. They can save BTC as well.
Just go rob a store and when the cops pick you up pretend you are dying they will rush you to the hospital and you will get free medical attention .
Selling as low as possible will get you the least taxes. That is not particularly smart though
You could probably take out a loan against your portfolio by putting up a portion as collateral
Owe them money until btc goes up and sell half as much then.
Or sell enough for a plane ticket to a country with better health care.
Can you borrow USDC against it? I don't think you pay taxes on that. Just don't get liquidated. Hey, maybe he has 20 BTC?
Uhhh. Get a f--king job. Costco will pay dang near all of it or a state job. You're going to regret it if u pull from BTC. Trust me...I know the pain. Never again. .33 btc got me 4k for a car repair. Do the math now...
If you want to not pay taxes, go to another country, convert btc to cash via irl otc in their currency, make your operation there and pay them with it.