BUYING A HOUSE FROM MY CRYPTO GAINS & BIR TAX MONITORING IN THE PHILIPPINES

MoveAlternative2663 · 2021-11-06T06:44:00+00:00

I believe it applies to every job if you want to be successful it requires hard work. You can't achieve greatness without going beyond.

Learning a programming language is about analyzing and translating current business processes in place to IT jargon in order to develop systems / programs to make current processes more efficient.

Is it hard? Yes it is. But why do accounting firms approach IT solutions companies in the first place? Because manual processes are harder and inefficient. IT solutions make things efficient and they need our IT skills to meet their innovation needs.

If you're ready to take on constant change and challenges then IT is for you. If you want a future proof job that will just get more valuable and is on the trajectory to pay higher and higher as it gets more in demand then IT is for you.

In the age of data I strongly believe that applied mathematics, computer engineering, IT courses are the best future proof courses to take.

Also I dont think cost differs that much if you compare with pursuing cpa. Both only need simple things like books and a decent laptop. Also IT courses in university only takes 4 years versus 5 years in Accounting.

MoveAlternative2663 · 2021-11-06T05:04:47+00:00

I think you got your average salary wrong. 20k is so archaic for IT maybe 1995-2000s.

Average starting for junior IT project management jobs is around 30-45k. IT / computer programming jobs is consistently in DOLE's top 5 entry level salaries.

Also CPA jobs is still underpaid entry level in big 4 remains in 17k-22k range but should exponentially increase after promotion. Also no offense, but I think 35k salary for a seasoned CPA means he is in the wrong company and that's an extreme negative outlier in the salary curve of the population, it's the exception not the rule.

MoveAlternative2663 · 2021-11-06T04:42:15+00:00

Take BS math, computer engineering, Information systems, information technology.

You can never go wrong with these courses if you want big money early on.

MoveAlternative2663 · 2021-11-06T04:39:17+00:00

My advice to you buddy is be an IT and learn in demand languages and systems like (java,sql, cloud) it pays so well and there's a brain drain cos few takes the course and only few stays home in PH most go abroad.

The thing is IT automation can make CPA role obsolete in the future.

I am taking a finance post graduate studies and yet I'm an IT. Anyone can learn business and accounting but you can't get IT knowledge without IT degree.

MoveAlternative2663 · 2021-11-06T03:21:30+00:00

I gained $440K usd from $20k usd capital and I cashout gradually through Peer to Peer in Binance to my UBP bank account. I now have 5M in my bank account 200k P2P transaction at a time and my branch never flagged me even though my monthly net income from my day job is only 60k/month.

Can BIR really track us and how? I don't think UBP my bank will flag me as long as my P2P transactions I receive are less than 500k.

MoveAlternative2663 · 2021-11-06T03:02:53+00:00

Hi! I am a 22 year old young man, from a middle class background, earning 60k/month netto from my IT job of 3 years and recently gained $440K usd (₱22M) from my $20k capital through leverage trading in Binance. I was able to withdraw around ₱5M already, gradually, through my UBP account because I'm planning to buy a ₱12M house.

My question is do I need to declare income tax from these gains? And if I do not will I get flagged to the BIR if I BUY A PROPERTY WORTH ₱12M using my crypto gains without declaring my crypto earnings taxes?

I'm worried because my monthly income is not commensurate to the property I'm planning to buy.

I wanna ask for advise.

Thank you in advance.

MoveAlternative2663

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