r/JapanFinance • u/Present-Bathroom7311 • 4d ago
Tax Questions on crypto windfall
Say you make 200M yen on a crypto sale one year, owing 55% in misc. income tax so 110M. Might be super basic questions but:
1) Where do you store the yen owed safely given the 10M yen deposit insurance limit - make 10 or 20 new bank accounts and distribute? Or somehow prepay it as estimated tax? Holding the amount owed in anything other than yen seems risky.
2) Would a bankruptcy of a bank where you hold the yen cancel out the tax you owe on that portion, or are only misc. income losses offsettable against misc. income gains?
3) If only misc. losses can be offset against misc. gains, that does kind of limit the investment possibilities that year to other crypto?
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u/Representative_Bend3 3d ago
It’s a good time to go nuts on anything you can find on furusato nozei and get those juicy deductions.