/biz/ - Business & Finance

>>21789674
Don’t cash out over 75%, keep 25% in DAI or something.

>>21789674
WHATS THE FUCKING POINT OF THIS THREAD IF YOU DONT SAY WHERE THE FUCK DO YOU LIVE
FUCKING NIGGER JESUS ARE YOU STUPID

>>21789674
Where are you getting the 40% tax from?

1) Depends where you live

2) What price was LINK when you get into it? (Just curious)

>>21789798
Oh sorry, I live in USA in NY if that matters.
Also in case you were wondering. I bought in the ICO and early etherdelta days. Pic related.

>>21789858
short term cap gains is 40% in usa. i'm assuming i'd have to pay short term because i converted from link to btc to usd. correct me if i'm wrong.

>>21789899
If you hold for a year you'll have to pay 20%

>>21789866
God damn I wish this was me. I was too poor to buy anything back then fuck.
Now retards are asking how to cash out their millions lmfao. It’s not hard just pay your fucking taxes and hire an accountant since u had to even bother asking

>>21789674
Sounds like you’ll need 6 bank accounts. FDIC 250k

>>21789674
Well, there is a way you could avoid taxes.
Got any friends out in the UK? Or Russia?

>>21789674
Once you tell your bank what's up, they *should* be able to keep your account unfrozen. A savvy bank manager might ask for proof that you have the keys to your wallet, but this is doubtful. Keep proof of transactions because that will be something they will likely ask for. You've almost got out Anon, congrats.

>>21789952
the ico was a fucking rush. they made an announcement that the cap was 7eth so i made like 12 eth wallets and filled them up with 7eth each but the ico was sold out so fast that i was only able to buy on 5 accounts. i had to buy on shitty etherdelta.

>>21790016
like i said, i'm not planning on leaving my money in my bank long term. it's just to hold until i buy vanguard indexes. i already have a vanguard account so it should be easy.

>>21790078
i don't want to avoid taxes.

lmao I pulled out a large portion of my stack. Wired out to separate bank accounts from CB Pro (no, it is not illegal to have more than one checking account). From there, I combined the amount by initiating wire transfers to my brokerage accounts- who I feel better trusted with my "on paper" wealth. Though, I maintain 70% crypto, all you really need to be able to do is secure a mortgage for your 'made-it' home. Everything else is payable through crypto, don't even have to be savvy to do it.

Not sure if I missed the oldfag meeting where we constantly fud cashing out, or if people honestly believe if people weren't afraid to cash out the market would take. Or I guess everyone could be being genuine and think that cashing out is some sort of capital offense?

>>21789899
>short term cap gains is 40% in usa. i'm assuming i'd have to pay short term because i converted from link to btc to usd. correct me if i'm wrong.
if most of your gains came from link and you held for a year you'd pay around 20% (less for part). then you pay short term on your btc gains if any. google "cost basis"
go spend a few hundred dollars and sit with a legit tax professional / financial advisor for a few hours. it's going to save you way more than it costs

Buy Ava they pumping real soon with binance recently backing them up. Or book a travel with your gains and gtfo here. Use travala they accept crypto.

>>21790257
i'm just trying to be cautious because there was a thread here last week where an anon cashed out 1mil and got his bank account frozen.

>>21790078
I do have friends in UK. How do Brits avoid paying taxes?

>>21789866
you're heavily overestimating your tax cost if you have held for over a year. Go find a cpa before you cash this out and figure out how to pay the least amount of tax.

>>21790295
yeah, i'm definitely talking to a financial advisor before doing anything. i just wanted a rough idea of what cashing out entails by asking on biz.

>>21789674

More like $30 Million if you don't cash out that thicc BTC and ETH stack really quick. Get with the program buddy. Take a chill pill and relax.

>>21789866
As soon as you'll tell this to your banker he will call the feds and they will assign a team of agents to investigate your whole life. I hope your ass is clean.

>>21790353
>i'm just trying to be cautious because there was a thread here last week where an anon cashed out 1mil and got his bank account frozen.
That's why you have more than one account, and you never use your main bank account to do that kind of stuff. Nowadays banks are so afraid of the feds that they will not hesitate to fuck you if they think you're a risky client.

Just buy a pool, call Peter Schiff and ask for 1500 ounces of Gold.

Put Gold into pool, buy armed security and hold it down for the rest of your life while shit hits the fan.

>>21790929
>>21790574
This is attempt at money laundering, you’ll end up in prison if you follow this retards advice. Hire a cpa and contact your bank and if you can make a personal appointment with the branch manager not just some credit card approver.

>>21791147
>This is attempt at money laundering
What do you mean? Because I said he should have more than one account? As it was said earlier it's not illegal to have more than one bank account. Money laundering is injecting illegally earned funds into the real economy. If OP just invested in crypto he did nothing illegal... And there is nothing wrong with doing the transactions on a secondary bank account if you're declaring everything to the IRS anyway...
But it doesn't mean he is not going to get investigated, that why I said he should make sure he is 100% clean.

How do I avoid taxes??
I’m already risking my already fucking taxed money, and these shithead fuck dweebs think they’re entitled to ANOTHER 20% are you fucking joking me??
You weren’t the ones who fucking held link for 3 years when they weren’t worth anything why the fuck should they get anything??
Completely bullshit if you ask me

>>21791375
you're not gonna win at their own game. just pay the fucking taxes.

>>21790078
Elaborate faggot

>>21791463
Fuck that. I would rather just pay rent in crypto and keep all my money in Tether,
Unless I would still have millions leftover after taxes then I wouldn’t give a fuck,

But if I only make 1MM and they want 200k?? Fuck that.

>>21789674

take a loan collateralized by crypto
move funds to bank account
source loan
that is not income
then pay the loan with the collateral
if the loan was made by an entity in a free country like singapur you owe nothing
there

>>21791504
What you're going to do with your useless million if you can't use it in the real economy?
Stop being a naive kid and just pay your taxes, you'll thank us later. You don't want to have to run from the irs for the next 10 years.

>>21791687
fuck off

>>21789674
There was a thread recently about this. Very good information. You are rich now act like it.
> Hire a crypto accountant to advise you and handle tax implications. You may also want to hire an attorney to advocate on your behalf.
> Find a bank to do business with, exclude all the shit banks, BOA, Chase, wells fargo...
> Tell them you have had an investment windfall that you want to reinvest in real estate. Tell them approximately how much, 3 mil.
> They will gladly accept your funds. Do with them as you please.

There was much more to it. Anon who posted all the advice was the real deal. He was very generous in his details. Do not just send 3mil to a personal bank account that never contained 10k before and expect everything to be ok.

why would you want to cash out now, when everyone is printing fiat as fast as they can?

ngmi

>>21789866
Might be worthwhile to incorporate a business in a more tax friendly state and cash out to that.

>>21790078
Why would go so far to avoid taxes? You have 3 million nigger, it wouldnt make a dent in your wallet

>>21789674
Withdraw $9k or less per month to your bank account; make it $8k+X where X is a random number less than 1,000.00 every 31+Y days where Y is a random integer less than 10; the money you keep in crypto will appreciate value much faster than even the highest interest bearing bank account, and sub-$10k monthly withdrawals won't show up on IRS' radar.

Do this until the IRS tries to audit you, then simply NEVER RESPOND.

Move to a house you bought in someone* else's name cheap from a foreclosure auction.

*Someone is a fictitious or recently deceased but not-reported-deceased immigrant.

Every month take out $5k; spend half on gold and keep the rest in cash; secretly bury both in strongboxes on federal land.

Fuck all kikes, IRS & SEC.

>>21791810
fuck you

>>21791375
you can find a good tax guy to reduce your taxes a lot. you cant avoid them completely and win. its not even worth trying.

>>21790257
Yeah man dont you know you're supposed to buy the top and sell the bottom? It's literally how markets work!! Now get back to posting pink wojaks!

>>21791871
taxation is theft you fag

>>21789899
the link to btc conversion was the real taxable event, which if you held for 3 years means 20% cap.

when you go from btc/eth to usd it’s also taxable, but only if they appreciated in the time it took to sell for dollars. if they depreciated you can write that off as a loss

>>21789674
Cyprus or Malta or something anon. Don't give more than 18% to the jews.

>>21791687
It’s not useless, you can work your way around it.
Just pay for everything with crypto, or only cash out small amounts that they won’t tax

>>21789674
you dont. this is where you move to bangkok, when you need to pay your expenses each month you sell a bit to whatsapp scott on soi 18 or Mr. Somsak on khao san

>>21791978
After you cash out in Malta can you move back to your original country? Or am I stuck on that tiny island for the rest of my life ?

>>21792131
Of course you can. If the money is legitimate and gone through taxes + systems, you can do as you please with it. Not like they're gonna tax it again if you send it to an American bank account.

seriously this is how i lived for the last 5 years or so. (got in to the eth ICO and the further ICO craze) i live in a random asian country now on a tourist visa. i joined a local tg group and pay for everything with cash by selling small bags to a OTC guy that i meet in 7/11. Complete and total FREEDOM

>>21791973
dang i looked it up and NY also has a shitty tax rate, they’ll hit you for almost 9% on top. More if you live in NYC

>>21791871
This.

Ignore all the other fags in this thread who are telling you to not pay any taxes. My advice is to start a foundation, where you have to pay 1.35% in taxss when you sell anything, and donate 5% annually of your gross to a charity (you can make money in a foundation through crypto, stocks, real estate, whatever).

Alternative is to take a trip overseas and visit somewhere like credit suisse, make an account and let them take care of everything. Make sure you get a CPA for their accountants though, to make sure they don't kike you

>>21791832
Based

>>21791763
Before the dollar value becomes that of the shitcoin in questions value in 2017. If OP can secure what he needs to now, he'd be better off. A simple $150k house on some acreage, spread the rest into assets that pays him monthly like real estate, vaguard ETFs like he mentioned, etc, and a good pile of metals and he'd be set. If I were in his place I'd definitely be scrambling to find the easiest way to soften the blow from the tax jew. He's not going to escape it outright, but anything helps.

>>21791718
Lmao salt

>>21789674
I cashed out about 7 mil in 2017. Get verified for large withdrawals on bitstamp. Then wire transfer to your bank. My bank account got closed down after a few months because they thought it was suspicious so once you wire some money in, go and open some other bank accounts with large initial deposits and they won't think large deposits in the future are suspicious. Make sure to pay your taxes

>>21792335
I'd be salty too if I found some greasy federal jews going through my pockets.
Luckily I'm broke, and always will be.

>>21792206
Sounds boring af

>>21789674
Is my bank going to flag me for withdrawing like $500-800 from coinbase to them?

>>21792406
how do you pay your taxes?
do you just mail the irs a 20% check and your name + social security #?

>>21792491
Me too anon me to

>>21792582
What's your average income outcome

>>21792593
i use turbotax to do my taxes and there's a question where they ask you if you bought/sold crypto. when you check the yes box, they give you a field to enter the amount that you made or loss and the tax gets deducted from your refund.

>>21792593
No, use something like bitcoin.tax to compile all your trades and calculate what you owe. Then hand that info over to a good CPA and have them file for you.

>>21792741
For large amounts you're better off using bitcoin.tax if you can identify all specific instances of buying/selling (tool does this for you) then according to new IRS guidelines you can now use first in last out accounting rather than FIFO and you can save yourself a lot of money.

>>21791147
>This is attempt at money laundering,
it's literally not tho.
>>21790929
is just describing to get a second bank account. that's all . you are still giving your info to the irs and pay your taxes all that's happening here is that you use a seperate bank account.

>>21792741
I admit for 2019 I just skipped the question since it was such a small amount it didn't matter, plus I I can't find anything from coinbase telling me exact numbers. Apparently in 2020 the IRS is going to make crypto a priority so it isn't avoidable. Would it be best to just hold everything in a stable coin in December so you technically didn't profit?

>>21791871
>>21791375
few options. You can hire the tax guy so you can get less taxes OR.
move to a country where there isn't any treaties with your country. for my country that leaves me 2 choices of which one is panama and the other one some country in micronesia.
OR
spend it along the way, never cashing out all of it and using some crypto debit card for payments.
OR
putting it all in a company/business. Some countries will let you get off tax free this way.
There are other options but im no expert. Best way to handle this is to just pay your god damn taxes but hire a good lawyer/ tax expert so you have to pay a whole lot less.

>>21791375
I'm pretty sure small amounts would be easy to withdraw at btc atms. Pretty hard to do once you hit six figures though

>>21790377
not a britbong but a dutchy.
We funnel it through businesses. literally just start a business with that money and it gets taxed less.
But then again we get taxed like 1.5% a year on wealth <750k and like 4% a year over 750k. Real estate included. this is less when its a mortgage because the mortage gets deducted from your total wealth. however if you got a business you get taxed for like 50% of your income, so it's best to move it around from the wealth part to business property. having to pay only 5% for a single year and then it's just business property. Im not an expert but its something with real estate, thats what they all do.

>>21791774
I'll second this, if you do not already have a consulting LLC set up your doing it wrong. Get paid in crypto for consulting. Registinger a buisness, creating the tax ID linking it to a bank account takes less than a week.

>>21789674
contact bank, say the money is coming
get ready to prove how you got them
pay tax

>>21793350
what is wrong with you people