/biz/ - Business & Finance

F

Did you try callin your bank

call your bank.

the police will be at your house shortly

We got you know. You owe us 22%.
Signed the IRS.

Also I don't care what country you are from. You still owe the IRS.

>>21541117
take your bank to kleros court

>>21541117
You need to let them know beforehand retard

>>21541117
Why the fuck do they do this? If I ever actually make any serious money with crypto, are they going to block a $20-50K deposit? With coinbase, I’ve typically used ACH deposits/withdrawals and had no issue outside of my bank initially blocking the withdrawals going to coinbase. Never had a problem cashing anything out, but I’ve only ever sent like $1200 tops TO my bank account.

Are the Jews going to fuck me over when I hit enough of a number that I can buy a new car?

>>21541117
Cashing out is a meme bro

>>21541117
You didn't just try to withdraw, did you anon? I have implemented fraud detection at banks, and you are a clear example of a false positive. Student, limited income and outgoings, suddenly gets 20k...the algorithms will eat that up. Call them ASAP and visit the branch tomorrow

>>21541117
your bank just put the 20k into kleros court.
they determined you 20k will be randomly assigned to 40 brown people on foodstamp.

That's actually normal, large transactions over like $10k get held and manually reviewed. It usually takes 2-5 business days. This kind of stuff is actually a good thing, it makes it impossible for someone to steal your account info and make any large transactions

>t. guy who's waiting on a $15k transfer to go through

>>21541117
Just call and tell them your about to get a large deposit thats what I do I dont even tell them where its coming from but it still works.

>>21541117
did you warn them

>>21541255
Uniswap

>>21541179
>>21541188
>>21541264
>>21541342
What do I tell them though?

Research FINCEN

>>21541444
Just that you did some clever investing into zoomer cash, if they ask what is zoomer cash you just say "you're too old, you wouldn't understand". If they then say sorry sir- YOU QUICKLY INTERUPT and say uniswap sir and hang up the phone.

>>21541444
checked

>>21541347
What about converting to USDC and cashing out at 5-8k increments?

>>21541595
This is the most autistic thing I’ve ever heard. Holy shit, anon. Please tell me that you don’t talk to people like this. You sound retarded

>>21541444
That you bought bitcoin when it was cheap and are selling it. DO NOT mention shitcoins.

why not incrementally withdraw 1-5k instead of dropping the 20 bomb when ur previous bank transactions indicate you are a poorfag that shouldn't have access to that much money

>>21541255

>>21541595
Based
>>21541732
Cringe

>>21541255
Underrated post

>>21541253
fuck you, I'll never pay taxes

i don't think anyone here cares about your 20k bank transaction. if it's trying to be a humble brag, 20k is peanuts.

>>21541709
>>21541791
is this a viable solution or retarded?

>>21541880
>>21541791
>>21541709
I heard that this is even more suspicious from the bank's perspective

>>21541709
Would be fine unless you're cashing out say 5k every 5 minutes. Thy have to freeze accounts with large sums when they aren't notified beforehand due to money laundering.

>>21541117
this is why you transfer your profits into a stable coin, then withdraw a bit at a time to not draw any attention. they prolly think you're receiving payment for a future terrorist attack.

>>21541880
this is called structuring and is very illegal. If you're doing it regularly the bank will flag your account. Anything over $10k gets automatically reported to the iRS, but you can't just send money to your account $5k at a time.

At least you can pay tax and legalize your gains.
In russia they can take away your money if you dont explain source of income. And when you tell them you sold your shitcoins - they dont really believe you.

can I just tell the tax agency that I didn't make any profit in crypto so I don't have to pay the taxes?

they won't actually go through the transaction ids to confirm this, right?

>>21541117
You should have called your bank in advance and said "hello I am getting a large deposit, please don't freeze my account", and then you deposit it.

>>21541950
So the best way is to just cash out all at once? And let your bank know ahead of time so they can review

>>21542108
or I can just make up my buy-in price, right? I mean I doubt the boomers in the tax office will know what shitcoin trading means

>>21541862
You WILL eat the bugs
You WILL live in the pod
You WILL pay the taxes
also, don't forget to tip after paying the gov

>>21542108
>they won't actually go through the transaction ids to confirm this, right?
You must be baiting? Average biz tard. They will go through every transaction and trade you ever made unironically.

>>21541595
kek'd

>convert gains to usdc
>send it to bitpay wallet
>use bitpay debit card for purchases
>avoid getting jew'd by banks
would this work?

>>21542108
You think the jew isnt gonna get his cut?

The system is there to keep everyone out of top 0.1% poor, simple. How ever you try to rise you still get fucked.

>>21542153
Crypto to crypto is taxable

>>21542139
If youre cashing out hundreds of thousands of dollars for the first your best bet is to get some kind of legal representation like a tax attorney before you actually withdraw it.

>>21542139
From what I am gathering from others in this thread, that appears to be the best course of action. That is my plan when the time comes. It’s going to look really fucking weird when I randomly have an incoming 100K to an account that at max has only ever had around 5-7K in it. I was going back through my checking account and it’s literally just “withdrawal coinbase” for the past 6 months.

>>21542180
Can't you just say fuck off and take the capitals gains tax loss? I'd rather do that with a large sum of money desu

>>21542108
>>21542153
yea anon....just dont drop the soap

>>21542199
Every crypto credit card requires KYC.

If you're in the UK there is a very sneaky loophole in the law used regularly by politicians and other rich faggots to avoid paying taxes. Hint: it involves gold.

Why didn’t you just swap for bitcoin, then buy gold. Then sell gold, avoid tax and bank holds

>>21542287
whats kyc

>>21542108
then how do explain your profits with a casual wire from ching chong crypto exchange?

>>21542269
>Can't you just say fuck off and take the capitals gains tax loss?
I wish, but they would be breaking the law if they accepted that. They will tax you on every trade to cuck you as much as possible

>>21542303
because once I sell the gold, I will have loads of cash on my hands that I will still need to deposit somewhere and explain where it came from

>>21542324
Know your customer

They want to know some basic information about who you are to verify your identity in some databases that financial institutions use

>>21542339
I will admit to trading cryptos, but I won't tell them that I made any profit. Basically I am withdrawing my initial investment.

>>21541117
Withdrawing to the (((bank)))

>>21541255
Checked and kek’d

Since when are transfers even taxable events lmao. If anything the trades are. Your country and your banks are shit if they freeze your withdrawals.

why didnt you just sell your account to someone

>>21541284
yes.

>>21542438
>>21542153
>>21542108
IRS has 75,000 employees. You really think they won't look into you if it sounds kind of shady?

>>21541732
>>>
> Anonymous (ID: s4iIv+pq) 08/17/20(Mon)14:05:39 No.21541179▶>>215
you're a dumbass

>>21542108
no they wont go through every transaction. they will make you do that and prove how every single dollar and sat moved and how you ended up with the amount you cashed out. if you dont do this, jail (and they take everything).

>>21542438
Good luck. They will lookup every transaction and how much you bought for. They will have to confirm everything you are saying.

>>21541709
Bad idea. The IRS jews could accuse you of "structuring" and make your life miserable. Just call your bank before you make a large deposit.

>>21541179
>>21541188
have you tried robbing your bank for your own money?

>>21541758
you can mention shitcoin trading. all they care about is that its not drug money.

HAHAHAHHAHAHAHA

delete account after full withdrawal

>>21542297
Buy gold with crypto?

When the value of my stack grows enough, I'm going to open an account with Schwab and maybe one with Chase too so this doesn't happen. My credit union doesn't deserve to get that much money at once.

Like others have mentioned, I am going to hire a tax/investment accountant to protect my ass before cashing out.

Unless you're actively trying to avoid paying taxes (hint: you won't avoid paying taxes), you're not doing anything illegal by trading shitcoins. Stop acting shady. Communicate with your bank and hire an accountant/tax lawyer.

>>21542262
Why can't you faggots just withdraw small amounts over time? Do you really need $100k dumped into your bank in a single transaction? Probably not.

>>21541255
checked+keked

>>21542108
Yeah anon, I'm sure they've never hear THAT one before.

>>21542665
what a beautiful story

>>21541117
Its funny when bankers, drug lords, intelligence agencies and kikes, transfer hundreds of millions between each other daily, no alarm bells ring. But when the average person gets some money they drop the hammer. The system is so rigged its fucking disgusting.

>>21542792
>>21542783
this. stop trying to cheat the system.
cheapskates always end up paying more in the long run.
if Bezos couldn't avoid paying taxes you definitely fucking can't

>tfw owe well over 75k in tax that i haven't paid on my crypto gains since 2017
>tfw scared of investing or withdrawing anything of the fear of them finding out
>tfw banks are now obliged to report their logs to the tax man since 2019 because new crypto tax laws

>>21542438
IRS: "hmm and where did you get that initial investment?"

>>21542862
Financial structuring will fuck you harder than anything chief

>>21541179
>>21542655
why do Americans need permission to use their own money?

Just pay the taxes on what you cash out ffs.

how the fuck do I calculate every trade to file for the taxes though?
I have over hundreds of trades done
is there an app that does it for oyu?

>>21542070
Just withdraw 1k dollers, travel to europe, get european bank card and withdraw all at once there. Europeans do not give a shit.

Fuck this shit guys. Once I cash out at the end of this bull run, that's the first and only time I'm paying 20% CG tax. After that, I'm moving to Germany where meme money is tax free.

I think that anyone with half a brain should realize that once youor crypto holdings start approaching six figures, you really need to get in contact with an accountant. Preferably a filthy Jew. I mean, how is that hard to figure out?

>>21542070
LOL the absolute state of R*ssia

>>21543236
Dont I need residency in europe to get their bank card?
I can actually go to Ukraine, they also dont give a shit, but I will need their card.

>>21542391
Buy some disposable credit cards for internet purchases. Use cash in face to face transactions.

>>21543216
Lmao

>>21541732
With that wage cuck mentality you'll never make it. You got to be your authentic self and not brainwashed by the cult that is professionalism

>>21543298
I think it depends on a country. At least you won't lose everything working with europeans when(if) they block your transaction.

>>21542297
I'm in the UK, would it be feasible to just fuck off to Germany instead? I'm a Euro citizen, so Germoney will take me, fuck the UK really. Too many pakis.

>>21543104
You don’t actually know what structuring is like most biztards here.
>Structuring may be done in the context of money laundering, fraud, and other financial crimes.
If someone is already accurately reporting gains to the IRS they can’t be charged with structuring. If someone only needs $2k a month or something then that’s just how it is and a lawyer would have a hard time proving intent to structure.

>>21542953
Those people you mentioned just know the right people, and the right tricks. We have to make the effort to learn the tricks is all. Every system has cracks.

>>21542070
fuck
wat do then

just do multiple 9k transactions

>>21542347
It is advantageous to actually do each trade individually in the event that some are long term gains (lower tax rate) instead of short term gains (taxed as regular income). It is not overly difficult IF you keep a record of your trades and fees. If you want to be rich, you have to put in a little effort, youngster. Now pull up them bootstraps and open an excel document.

>>21541255

>>21542070
You arent wording it properly, you have to say

"Earned it scamming westerners" and they will prob let you have it

>>21543256
Why?
If you use a tax calculating website for your report to make your trading report, what else does a jew accountant bring?

>>21543216
Go to koinly and connect your wallet to it

>>21543008
cash out in weed and convert into physical cash

>>21545850
I just did it. It only found like 20% of my actual transactions since binance deletes records every 3 months. Wtf do I do

>>21541444
Virtual currency huh?
Tell that to the courts

>>21542070
russoids btfo

>>21542780
Based.

>>21541117
Newfag here, is this a can this be a stock related problem here? cause it looks like anon didn't file a tax report for the shekels he made.

>>21542153
Al Capone went to prison not for running an organized crime syndicate and having people murdered but because of tax evasion. The IRS has more power than the actual police.
Just pay the damn taxes, you WILL get caught otherwise.

>>21547181
This, if you are not a criminal dont try to be one and fail. Just be a good goy and pay your goy tax

>>21541255

>>21546436
>since binance deletes records every 3 months
I'm sorry but you're an idiot. Binance only shows a 3 month window at once (which is stupid), doesn't mean it only goes back 3 months, just change the dates. It perfectly showed all my trades from late 2017.

>>21541709
They still figure out what you’re doing and review it. Anecdotally my mother worked for a bank when I was growing up and they caught a guy draining a dead retiree’s account by withdrawing $200 every week or two for a couple of months

>>21542108
>>21542153
Just pay the taxman. It's ridiculous kike theft but you have to pay it. Tax every single transaction, including uniswap transfers. It'll be complicated but uniswap- through metamask- and coinbase should have complete records of all your transactions.

i work in KYC at a large bank. If you call beforehand, someone will take a look at your account. If you have made regular deposits into exchanges etc they will not look at it any longer than 5 minutes though. There are a lot more exiting and suspicious transactions to look at

>>21541709
DO NOT STRUCTURE. The IRS will get in your ass so fast you won't even have a chance to clench. Just call your bank and tell them what you're doing, where the money is coming from and that you have all the trade records to prove it is legit. Then deposit the money as normal. If they still freeze shit, write an email to them with a fake law firm like jacob@steinbergandsteinberg.com on the cc line. And if that doesn't work, then lawyer up for real and give them hell.

>>21541117
Nice try goy that money is ours

>>21542792
Actually avoiding taxes is fine, rich people do it all the time to successfully pay zero tax. It's evading taxes that gets you thrown in the slammer.

>>21543177
sounds like you hate our freedoms, mohammad

>>21543216
I use bitcoin.tax, costs probably $40 a year for your amount of trades but importing is a cinch and it generates the spreadsheet that you send to the IRS for you. The most you have to do is decide if you want to live dangerously and use LIFO instead of FIFO.

>>21541255
This desu I wish I could take my bank to the Kleros Court I know you guys would back me up and I could finally get refunds for all those overdraft fees I swear it's not my fault

>>21541117
That’s the secret service who’s pounding on your door right now