An idea about tax

what are some current or most popular ways someone has created a loss to file for taxes yet kept the money via bitcoin?

i had the idea of someone possibly...selling bitcoin in a trade online at less than the value they acquired it for....and the recipient merely transferring it to a tor wallet after which the seller retrieves

the seller thus files on their taxes a loss on the sale


Comments


[11 Points] None:

Tax the robots they are stealing our jobs


[6 Points] jonpego9:

Capital losses are capped at $3,000 a year. Even if you could fake a loss, it wouldn't help you much with taxes. A loss would just reduce your adjusted gross income by $3,000. So say you made 100k with a 10% tax rate, you would owe $10,000. Now say you made 100k with a 3k capital loss, you would now owe $9,700 (100k-3k)*10%.

Things start to get fun if you own a corporation. You could theoretically take a Net Operating Loss and carry back 2 years, carry forward 20 years. Say you made 100k in year 1 and 2. Same 10% tax rate, $10,000 owed in years 1 and 2. Your business experienced a fake $1,000,000 loss on year 3. You can carry back 200k for both years 1 and 2. Now the IRS sends you a $20,000 check because technically you made 0 the passed 2 years (cleared it with the NOL). You have $800,000 in NOL left that you can carry forward up to 20 years or till it runs out. If you kept making 100k a year, that's 8 years of not owing any tax. Hope this sort of made sense.


[1 Points] ThrowAwayExpect1234:

What would be the point you can claim only 1500 loss as the max


[1 Points] None:

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