/biz/ - Business & Finance

im too scared to cash out because taxes

>>14463435
why does anyoen fucking say this stupid shit. with fucking websites like bitcointax you just download shit, upload it, and it tells you what to do
>buy link become millionaire
>get taxed 300,000 fucking dollars
>yes this sucks
>700,000 from a fucking internet meme
are you fucking massively stupid?
LIVE YOUR LIFE WITH 700,000 AND BE HAPPY INSTEAD OF IN A FUCKING JAIL CELL FOR YEARS AND GET OUT WITH LIKE 250.

the ab'lute state.

>>14463507
how will i go to jail i only have 5k

I CAN'T CASH OUT
AAAAAAAAAAAAAAAAAAAAAAAAHHHHHHHH

>>14463425
time to wake up, norman.

>>14463507
Yet I have never seen a single person online prove you can actually cash out. Literally not once, and the only IRL person I know who tried doing it lost everything, basically the "money" never existed.

never had this probblem

always assumed this was FUD or ppl using chinky exchanges

>>14463592
This is the weakest copy paste fud we aren't in 2015 anymore. I just cashed out btc like a month ago

>>14463592
you are saying things that were said in 2011.

>>14463425
The one time it's good to be a krautfag: Over here it's tax free if you held it for at least a year.

>>14463632
>I just cashed out btc like a month ago
Prove it.

>>14463659
fucking idiot
BTC is already cash
wtf you think an EXCHANGE is for?

>>14463659
do you literally want a screenshot of a bank statement?

>>14463659
Yes let me pull up banking records to prove to some stupid nigger on the internet that I have money

>>14463677
this is a fair point too.
this year i bought more stuff in btc than i did in whole of 2017/2018 together

>>14463729
What are the tax implications of buying with BTC? How do they even tax BTC when they don't measure in sats? I saw some anon claim that if you purchase something with it you still have to pay capital gains or something

>>14463688
Yes.

>>14463712
Interestingly convenient.

>>14463507
I'd rather go to prison than give the government 300,000$ so they can pay for Tyrone's gender reassignment surgery.

>>14463749
i never heard that before
i know in my ltd co i have to pay corp tax on gains
obviously personal btc going into fiat gets cgt

>>14463592
Every time you buy Crypto, that IS someone cashing out, you fucking retard.

>>14463866
Do you have any good resources for learning about taxes for crypto? I'd rather not have the SEC crawling up my ass when I try to cash out. Also since you mention corporate would it be better to form an LLC for tax purposes or is it too late post purchase for this? Assuming the things I already own now with no LCC or alternative

>>14463753
Pic related. Cashed out 1K of my trading gains from the recent pump. From coinbase the most normie off ramp ever to one of my personal high street bank accounts. They said it would take 5 days, it took 3.
Do you seriously think we're all joking when we say we can cash out?

>>14464022
Yet I have never seen someone do it. Funny.

>>14464044
This doesn't prove anything at all to me. Might as well have made that picture in paint for all that matters.

>>14464044
that looks like you put $1k into coinbase. thats not what cashing out means, you are just giving coinbase money.

>>14464033
err I'm UK mate
So the reason I started buying direct from company was because i didn't want to be paying myself 10K a month and getting taxed up the wazoo 50%. Income tax in UK is a fucking joke. I just buy with company funds. You have to do AML/KYC usually of your company which isn't the usual 3 day shit... can take weeks u gotta prove ur income etc show invoices etc ballache.
my resource is 4chan and my accountant. between the two i think i got it sorted. just keep accurate records u be fine.
sorry not much help to you.

>>14464064
You've never seen anyone give you crypto for your dollars? Who do you think you are paying?

>>14464072
FPI.
Faster payments IN.
INto my account from coinbase.

>>14464123
Nah it's all good any information helps, if nothing else I know a bit more about UK tax laws which never hurts because you never know

It used to be a bit of an issue. Now easier for me to cash out of crypto than to cash out of my bank account. If I want to I can lend it out at 7% minimum which is also much better than my bank account. It's more liquid and with higher returns even if I'm just all in on stablecoins.

I’m a poor fag and put in 250 at 3k which 2x so I took out my initial investment through Coinbase and was added to my account three days later, I should’ve kept it in but I too was skeptical and wanted to make sure I could actually withdraw it. Even though I didn’t try to withdraw a large amount like 10k or some bullshit which would be stupid to do at once cause that’s stupid hot and banks would notice I’d assume lower amount 1k max will transfer flawlessly

An entire board devoted to crypto, and not a single soul can post actual proof of cashing out when I ask. We can in fact see a lot of willfull misdirection, ignorance, stalling and cope.

If I had put even a cent into crypto, let alone my entire savings, this would really unnerve me.

>>14464247
this is true.
there's a little bank in the uk called clydesbank or something.
some dude cashed out 50k and they basically took his whole account.
eventyally after LONG battle he got his money back since in the UK we have some laws i think about this stuff but my god that pain i wouldn't want
way i see it in 3 years it'll be fuck the banks i won't need to "cash out"

>>14464276
okay bye
we're just trying to help

>>14463425
>>14463435
>>14463507
>>14463564
>>14463592
>>14463597
>>14463677
>>14464276
Welp... We arrive at this point again. Where another poor soul finally realizes that crypto is a scam because you can't cash out.

You LITERALLY can't fucking cash out. Seriously, try it. You wasted all your money on internet bucks. There is no way to convert it back to fiat. All those "exchanges" that claim to deposit your money into your bank? Those are scams, the deposit never goes through. All those people saying it isn't a scam? They're shills for the scam "exchanges."

Anyone who tries to refute this post is a scammer shilling for scammy exchanges.

>>14464276
Kys

>>14464334
Want to help? Post a single proof you can actually cash out from crypto.

>>14464276
It's because nobody cares to show you and the post is so stupid that it's an obvious troll post. If you're actually being genuine I feel bad for you and you should leave immediately or maybe DYOR.

Nobody here cares what someone who doesn't even understand the base level thinks, it's really that simple.

>cashing out

>>14464353
Nice try IRS, I have not cashed out a single penny ok?

>>14464361
i did that screenshot
i know ur just fudding now mate
or dense lol

>>14464404
Its the IRS trying to target people for audits.

>>14464353
ur pretty funny actually now i re read this

>>14464414
I'm a good goy and pay my taxes though. If there are any IRS agents reading this and know my IP send me a job offer please

>>14464353
>market worth hundreds of billions
>all fake

>>14464354
>>14464373
>>14464383
>>14464404
>>14464414
>>14464429
>>14464454
>>14464468
Ha ha ha, let me ask you a question, HAVE YOU ACTUALLY TRIED to cash out? at least ONE fucking time? If you haven't go and see for yourself. There's plenty of people on the internet already realizing it, that it's all a sham; this shit is going to explode at any time. Consider all your investment a loss and just start investing in REAL things instead of "muh digital assets".
Don't say I didn't warn you.

>>14464494

No I have never cashed out or made any trades, held only bitcoin for over 2 years tax man. I promise I will pay you when I do ok?

1. Buy whatever random stuff you want off of craigslist, tons of normies accepting crypto. Cars, whatever you're into. Use PayFair to secure the transaction. You could always flip a car or 2 later for fiat. You can burn through tens of thousands this way. You can likely burn through your entire initial investment this way and then some. It's fucking "currency." Spend it , there's no actul need for fiat.
2. Cash out and just pay taxes on the entire USD transfer to your bank. Pay normie short-term gains. The IRS will never fuck with you. You did NOTHING to earn these these gains and it's basically money you stole from Chinamen and reddit normies anyway.

>>14464353
What's easier, post proof of cashing out and refute the argument for life thoroughly, or keep denying it the "no u" way and play dumb every time you're asked again to post proof you have ever cashed out?

/biz/? More like cope central.

Again, you'd think in an ENTIRE BOARD, at least one vengeful autist would take it upon him to prove me wrong. Yet no a SINGLE guy has done so. Be honest with yourself, doesn't that raise a a little doubt?

>>14464494
>>14464353
>literally nobody recognizes this pasta
ok, if the link euphoria wasn't a big enough sell signal, there it is
friendly reminder bitcoin just went 350% off tether printing, not real fiat entering the market

>>14464494
This is pretty funny but yea I've cashed out before

>>14463749
Not if you live in a civilized country.

>>14464582
*Sigh.

Have YOU ever tried to cashout? Stupid fucking cunt.

Just where do you think your fiat goes, when you buy Crypto? Do you really think it just ALL goes straight into the exchange's pocket, and the dude actually selling it gets fuck all?

You don't cash out crypto. You cash out your fiat