How to sell-off?


#1

Hey guys

I’ve not had much experience in selling off large sums of crypto in exchange for fiat or BTC for my local currency.

What is the best way to go about this and how do you all plan to sell off some of your SAFE/BTC when the time is ripe?

The issue is with the likes of Polo that they have a max withdraw daily limit…and my local BTC/AUD broker has a daily limit too.

Would love some feedback or pointers on this.

Also whats the best way to avoid tax :smile: im serious though, that’s right, avoid tax… how would one do it correctly?


#2

Some ideas:

  • move to a jurisdiction that doesn’t have taxes on crypto capital gains
  • harvest capital losses to offset capital gains
  • put profits into tax deferred investment accounts to lower tax burden

#3

There are some OTC desks in Australia that can assist in selling large sums of crypto. I have used Finder in the past for clients.

Avoid tax :thinking: I am a tax accountant in Aus. Best way is to minimise tax is to offset gains with losses (said above) and use the 50% discount method, available for assets held > 12 months. Other ways are usually illegal.


#4

Depending on how much you are setup to make from the sale, it may be worth trying to immigrate to a tax haven country, if only for a year or two to cash out. Most of these countries only require you to be a resident for a year before you can take advantage of their favorable tax policies.

For example, in the US, we have the ability to “immigrate” to Puerto Rico, and by immigrate, I really just mean move because it is a US territory. Puerto Rico offers massive tax advantages to people that move there and live there for some period of time, which I don’t remember off hand. They also offer massive tax benefits to people that stay there and start a business employing locals.

I’m sure there are similar options for Australians as well, that was just one example I know of off hand since that’s my gameplan if MAID/SAFE ever moons.


#5

Good idea, I just found out NZ don’t have capital gains tax. I may look into moving there while I sell off.


#6

Does that mean they charge tax as if that was income? That is what I’d expect NZ to do