/biz/ - Business & Finance

there is no "cashing" out
or did no one tell you that?

>>15739339
h-haha, funny joke there...

>>15739327
Wait what's cashing out? Like running out of cash?

>>15739390
I mean like once we moon I can live neet life right? But I need to pay rent and stuff, so I need to pay people in USD

>he thinks he can cash out

>>15739327
I cash out six figs every month
Coinbase pro to bank account ezpz
Yes, i pay taxes

>>15739557
It's like 20% capital gains right? So you've never had issues with banks freezing you or IRS? That's good to hear at least

>>15739327
Allow me to be your personal Google

https://en.wikipedia.org/wiki/Capital_gains_tax_in_the_United_States

>>15739327
You'll probably only be able to withdraw 5k per day anyway

>>15739327
The trick is to hold for ever, keep buying. Not knowing you are working to buy out the guy who got in at under 80 dollars...you fucking idiots

if its short term profits are taxed off income bracket + state tax. if long term profits are based of federal long terms and state tax rate. some states do not have taxes for this stuff so you only pay federal.

>>15740476
It's gonna take like 10 years before you're able to pay rent/utilities in crypto.

>>15739327
can't speak for americans but as a european i cashed out euro via kraken. did it two times. in total i cashed out a total of about 60 k euro (about 66k usd) to my bank account in my own country. no problems whatsoever

i paid capital gains tax on everything. the tax calculation is complicated in my country because every single trade is taxable, and half my gains were from bitmex which makes it even more complicated. but fortunately there's an automated tool that calculates it for me and makes it extremely easy (i just feed it csv files of all my trades. it's a paid service specific to my country.)

my initial investment was 5k euro. the taxes ended up being about 24% of my net profit

>>15740411
my kraken account is limited to 200k/day or 500k month in fiat withdrawals

>>15740820
Do you just need to get standard verified (proof of income, residence, govt ID etc) for those limits?

>>15739327
Literally hire a fucking accountant bro this isn’t rocket science. I only cashed out 80k but I’m a student with a yearly gross of 30k part time freelancing so I had to do it the right way. Paid like 10k in taxes + accountant fees because a lot of it was LTGC.

Any other option that involves trying to avoid paying taxes will fuck you royally. But your shitcoin trades on no name exchanges don’t need to be reported.

You get what you pay for

>>15740838
What do you need an accountant for? Withdraw to bank, pay 20% capital gains or whatever it is on next April's tax filing, done?

>>15740831
yes

i googled just now and they apparently have separate limits for americans though: https://support.kraken.com/hc/en-us/articles/360000455043

remember try to avoid slippage when cashing from crypto to fiat. best to spend some time if you have a lot. dont just put everything in one big market order

Cashed out about £150k via coinbase in the uk. Pay 20% CGT tax , so £30k. Bought a nice new tesla model 3 and put the rest in my savings. God bless link

>>15739595
No issues whatsoever

There are more oldfags here than I thought. Hope I'll be in the same boat in a few years

>>15740920
I need more hopium like this, thanks

>>15740955
These are mostly larps m8. A lot of people trying to cashout get scammed

>>15741235
sorry but you're clueless bro. stop hanging out on r/buttcoin. there are plenty of legitimate exchanges to cash out through. i know people who have cashed out a lot more than i have. just gotta know what you're doing. the legitimate bitcoin/fiat trading volume is in the order of hundreds of millions per day

>>15740955
if you ever do catch a massive bull run, make sure to cash out at some point. there were so many people from here who were millionaires in late 2017 and early 2018 (on eth, sia, ans/neo and lots of other crap) but never cashed out. i'm sure some of them literally killed themselves

>>15741235
Sure I doubt there are any millionaires here but still, you do know that /biz/ and /g/ existed before 2017 right

>>15739557
>>15739595
literally all you have to do is fucking do your kyc, pay your taxes, and you can be a fuckin chad like this dude. its that simple

>>15739327
I cash out around 12k LINK last year and I had the IRS banging on my door. Shit was so fucked. Long story short had to run off to Aruba and have been living here ever since. Fuck the west.

>>15741528
if you had them banging on your door why didnt you just pay your taxes? lol

>>15741528
lol based if true

So many larps in one thread. Stop fooling the new fags, you can't cash out

>>15741600
But there are plenty of stories about crypto millionaires and such?

>>15739327
my friends have set a legal OTC company authorized by the state financial authority in canada. we can turn your crypto to cash and charge 4% no kyc required.

>>15741617
They have millions in btc not usd.

I cashed out 14500 Euro so far. It was tax free.

In July I cashed out £100 on coinbase from my heavy 2017 bags, to make sure I could get back the next 20k I put in that definitely won't also become heavy bags kek

>>15741486
there were lots of people from biz who where way into crypto well before the insane bull run started in march 2017. some of them definitely become millionaires, particularly from ETH and ANS/NEO. were you not here when everyone was posting their blockfolios in 2017? at my ath i had $110k and at that point i was only about in the middle of the pack, as far as what people on biz had. if that. lots of people had several million. of course no one cashed out at the right time, but some of them are bound to have cashed out more than a million. those who didn't cash out at all probably killed themselves.

anyway those days are gone. we won't be seeing another 2017 in a very long time, if ever

>>15741672
same thing these days. the market is more than liquid enough to cash out millions *per day* across multiple markets

>>15739327

9 times x 9k euro cashout, direct to bak account enver payed taxes they only check transactions over 10k...

East EU god bless

>>15741732
>anyway those days are gone. we won't be seeing another 2017 in a very long time, if ever

Sure we won't see the same percent gains, but whether you hit 6 or 7 figures from here all depends on how much capital you have to invest. Do you mind me asking roughly how much you put in to get 110k? (I know we're all anon here but still, lol)

>>15741732
2017 really was another world, I'm not expecting the same kind of craziness but I am betting on overall crypto market cap to see 10x over the next 3 years

>>15741769

You realsie thats 2x more than 2017 lol?

>>15741788
I guess I meant more 2016-2017 then. In September 2016 we were at around $500, half of previous ATH. Just 5 months later in 2017 it made a new ATH, and then ran up to 20k in just 10 months after that.

So from Sep 2016 to Dec 2017 that's something like 40x in 15 months.

>>15739327
I cashed out 30g from coinbase and never heard anything from them or IRS or my bank.

Will pay all my taxes when I cash out 7 figs desu

>>15741762
sure, my initial investment was exactly 5k euro in june 2017. i've cashed out just over 60k euro, in 2017 and 2018

about half my gains were from bitmex, the other half were from bitcoin and some short term trades in ANS (it was renamed to neo) and LTC

as of december 2018 i had cashed out everything except 1700 euro worth of btc, but i've since traded that amount up to 6000 euro worth of btc (on bitmex). will keep trading with it. no plans to cash out any more since it's a relatively small amount

everything i cashed out (after taxes), i spent on eliminating my student loan and paying down on my house

>>15741762
I went from 20$ to 500k
cashed out but a pittance.

>>15741528
>12k link
Isn't that like 50 grand tops? Nobody is knocking on your door for that, lay off the drugs

>>15741945
It was his mom knocking on his door screaming at him for rent

>>15741881
That's cool man really good job. You didn't just buy at the right time and hold either, you must have had some skill.

I on the other hand started putting money in around June 2017, trading at first until I decided I didn't like losing money, and ended up at December 2017 having fomo'd in 35k which I was determined not to trade, so I left it completely alone during and shortly after the blow off top lmao.

Got a promotion at work the week after, in a new town, so took my eye off the markets and returned a couple of months ago to pick up the pieces.

The new job has allowed me to make all those savings back and more though. If there is a God I think it's his way of saying "have another go and don't fuck it up this time"

>>15742000
>The new job has allowed me to make all those savings back and more though

good to hear man. don't waste it

>>15742028
I have a plan to escape with 30k if we crash below 6k this year. Good luck to all in the coming months.

>>15741909
How much cashed out? If say this goes to 100k I think I'd want to cash out at least enough to NEET a couple years, and hope by that time my remaining assets have mooned

>>15741881
Good job actually taking profits, I was too scared to push the button and now I'm bagholding until 60k

>>15739557
>>15741512

yeah sure, i bet some faggot will fall for this LOL

>>15739595
Yes
>>15741512
this
cashed out 700k with no issues

>>15742713
Who knows if he's larping or not, but there are plenty of people on this board who have made it big.

>>15740631
>It's gonna take like 10 years before you're able to pay rent/utilities in crypto.
They said that 8 years ago, that vampire Greek fool. Antonnious...something ...the fucking pyranta Tony Robbins of crypto


You child, when the govt finds out that you accept income with crypto, you get fucked hard by the long dick of the IRS.

If enough people do it, they ban crypto exchanges and your fucked...have to meet people in alleys to cash out

>>15739327
>he thinks he can cash out
lmao

>>15739327
I used H&R Block's site because TurboTax kept glitching out. But not without trying to go to one of their braindead tax preparers first
>"hi, can you help me getting my crypto taxes in?"
>"what's crypto"
>asks around the office, someone tells her it's Bitcoin
>tell her my entire portfolio was Ethereum
>"what's ethereum"
>tell her it's a cryptocurrency
>"no it's not, Bitcoin is the only cryptocurrency"
>starts asking me to give her some form from my broker
>hand her my spreadsheet that Coinbase shat out
>asks if Coinbase is my broker and why they didn't hand me a form that brokers give to investors
>explain to her that Coinbase is an exchange and not a broker
>she tells me you can't buy Bitcoin without a broker
I ended up going home and using the software on H&R Block's site that their clowns at their offices use. I paid about $5,000 in taxes which my former poorfren self was perfectly fine with after making $22,000 before tax by basically just waiting. We know now that everyone who did crypto stuff in 2017 got audited for it, but at the time you could seemingly get away with murder as far as taxes go because none of the tax people knew what they were doing.

>>15739327

you're "cashing in" when you buy bitcoin fucking retarded n00b. jesus christ when will you guys learn what we are doing here?

>>15739327
Don't cash out. Buy Zuckbucks and wait a year.

>>15742748
>but there are plenty of people on this board who have made it big
Prove it

>>15743306
Yeah that's cool and all but gotta pay the bills. Can you do that with crypto? No? Okay then.

>>15739327

>>15742944
Not true, decentralized exchanges like bisq will rule in that case

>>15739327
just keep track of your trades and transfers. pay taxes accordingly. there's an overwhelming number of libertard anti-tax LARPers here who will pretend like they store their "gains" in offshore accounts. you can ignore them, they're literally all just coping bagholders

>>15743896
Yeah pretty much, it's not that hard. Pay the 20% or whatever and move on.

>>15741732
>blockfolio threads
Bad news anon, yoi can enter whatever number into blockfolio. 99% of those posts were larp. Holy hell how did you manage this place for 2 years and not realized that? Lurk more post less

I dont pay taxes. I simply hodl until I'm cashing out at a loss and dont have to worry about that

>>15744117
There are still taxes on capital losses you know