How To Take Profits From Crypto Without Selling 

Its not

It's highway robbery 💸

It aint fair when its black Sambo.

Dont pay taxes. They aint paying any so why should you.

"Life in the big city."

I think you’re correct. That’s how I understand the law.

what about a crypto IRA?

@@dsoconn1 That's different if the IRA accepts Crypto as an asset.

I think as long as you are not selling - its true. For example you can lend your coins to a outfit such as Nexo and get yield but not sell or borrow and not sell. With Defi i suspect it wont work as you have to swap to a wrapped version in most cases.

Not in uk

Will that work in the uk?

That's what I thought too. Although I've not checked the actual wording on the legislation only the .gov website that uses the word "disposes" 😟

So if you were to hold your assets on cold wallets for 12 months move abroad, swap the assets off ramp and you would still be eligible to pay uk tax? I don't see how they can or even try.

@@shipmatessolutions7196 They won't bother if it's a small amount. But if you have a 50k, or 100k or more, then they'll bother. You had to buy crypto somewhere, and there is a record of transactions to which wallet was it transferred to. If you swap or sell, and all of a sudden you have roughly the same amount, that isn't the same transaction because there is a trace. They won't be able to track this for Monero maybe, Zcash, or some other, but they will for XRP, Ethereum, and many many others. To be perfectly honest, the easiest way to make some income is staking, and to be specific, staking Cardano is very easy. You don't have to re-stake it, it is automatically done for you, it literally just keeps dripping on your account. For Algorand you have to vote, participate, whatever. But for staking, even if it is taxed as an income, it would still be profitable, and if you decide not to sell those rewards you can look at it as buying at a discount. In future, you will gain much more if you hold.

​@shipmatessolutions7196 correct. You have to be out of the UK for 5 full tax years otherwise you are liable and could even end up paying dual tax.

@@shipmatessolutions7196 See my comment above regarding taxable events if becoming a UK NON resident for a period of 5 years, return during the 5 years you are liable to concatenated CGT. It might have been cheaper to pay the tax. You cant escape as the CEX you are using will report your activity to HMRC

Not only did you not watch the video, you never read the full title…

Lmao

Broke mentality

My plan is to sell 100k worth or xrp when it hits $100. Just so i can pay off all debt, car, etc. Then still hold 15k xrp until it goes to 4 digits at least

​@@T_Smoke😂😂😂😂😂 haha true

"Take loans out against your crypto " - But how would you do this?

Well I would assume the banks will have something set up but I know nexo and vauld both offered such services. They are both going through litigation and restructuring Tho at the moment so I would wait til full legal clarity and utility adoption for that. But it will be an option

also buy gold or silver direct

@@FMOTLGWU where?

Liquid loans on pulsechain. True de fi

Where? Proof?

It is my understanding that withdrawal from a Roth IRA is not taxable.

⁠@@kimzziereenee1638only if it is the contribution amount (under 65) for specific purposes such as buying a home. After you are 65, correct tax free gains.

Confusing are you saying that if you buy things like food gas groceries etc using crypto then your not taxed on it???or just that those things aren't taxed cuz they most certainly are it's called sales tax it changes by state? Unless im missing something?

Unless done on mexc with a vpn, or swapping on hot wallets like phantom

In the UK too I believe

@@jonathanbueltel9853 Yep, that’s called tax evasion. Not going there. Let the government be the bad guy.

if you profit from the swap

@@rod2508 Exactly they cant tax you twice on the same gain. E.g. sell BTC to USDC - gain is taxable event. Convert that USDC to Fiat €, £, $ etc not taxable as already captured in the Capital Gain selling the BTC

Thanks!

Glad to hear it

It is!

from what ive read if you put into a liquidity pool you are effectively taking it out of circulation so the value should go up

@@deanskidmore4495 okay thanks Iam still kinda confused just because why would they offer an Amm if they already had enough xrp, it's like there's not enough and there looking for ways to get more. Maybe Iam way off but idk thanks

Yeah I’ll touch on that in the next video

😂

Have already payed taxes on the money I invested. The UK tax you multiple times on everything.

You pay tax on the money from the country where you brought the crypto i heard Lewis say.

So the idea is, u transfer all your cryptos to that entity before the crypto moons. Minimal taxes due here

it is. 👍

I don't get what you are saying. Is it that you would borrow 250000usd against 1000000usd to reduce chances of margin call? That would be like missing the bullrun altogether, wouldn't it. If the alts drop 99% you would be left with 10,000usd if you had the full million. I am sure I misunderstood you.

Paxos has a coin where you buy one coin which is 1 Troy ounce of gold in a vault in England

That would probably work for Bitcoin if you waited to the bear set in. If a bear for Bitcoin does indeed happen. Alts generally drop 99%.

Lol if you don't know, you don't qualify

What exchange did you use to swap?

I was guna ask the same question. HMRC say "disposing" of a digital asset is a taxable event. Disposing is basically selling into Fiat currency, making purchases by spending the cryptos or swapping into another crypto currency. Please explain Lewis, surely you know something we dont

You're right. Conversion from crypto to crypto is still a disposal event and therefore taxable.

If you remain in the UK. Of you can off ramp you will be taxed to the maximum amount possible on all trades swaps etc. Thats why so many are leaving the UK and the Government are making that harder also.

He also states about keeping hold of your XRP and delegating it. It might be a legal manoeuvre to legally avoid tax. I'm sure they'll close that loophole nearer the time

In Romania, crypto is taxable only when is exchanged to fiat.

lewis-site-9af0.thinkific.com/courses/90MinuteExitStrategyWorkshop

lewis-site-9af0.thinkific.com/courses/90MinuteExitStrategyWorkshop