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16776958 No.16776958 [Reply] [Original]

I have 4 BTC on binance that I can't cash out into my bank account as I can't pay tax on this shit. I have no trading history as I was active on like 7 fucking sites, including EthDelta and shit, there is no fucking history.

Lets say BTC reaches beyond it's ATH again an I feel like taking profits, HOW THE FUCK can I cash out without getting assraped for tax evasion?

>> No.16776968

>>16776958
You calculate your gains as if you bought them at 0 dollars

>> No.16776983

>>16776958
You have 2 options:
1. Pay your taxes on your net gains
2. You withdraw through a bitcoin ATM and avoid paying taxes

>> No.16776994
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16776994

>>16776958
Reported to IRS HAVE A NICE DAY

>> No.16777022

>>16776958
I think holding it might be a good idea, especially if it ever goes to over 50k. Cash depreciates in value because of inflation. Bitcoin will bounce back.

>> No.16777049

>>16776983
plenty of other options for those above the 80iq threshold

>> No.16777071

>>16776983
>2. You withdraw through a bitcoin ATM and avoid paying taxes
is it that simple? Don't I have to verify my identity with my ID or something like that? That would actually be a great solution


>>16777022
I'm holding other things, I just want to know how to cash a part out if needed

>> No.16777787

>>16776958
Buy bulk xannie bars on the darknet with your BTC. Convert those into cash on the street for x10 what you paid for it.

>> No.16777828

I have a very similar issue to you OP. Funds obtained lawfully but may no trail to prove that. Unsure how to proceed, holding for now.

>> No.16777855

Well fuck, what do you do?
This is definitely FUD’ing me from crypto in general

>> No.16777904

I would also like to know how to fix this. I’m more careful now, and only using 2 exchanges and tracking history, but last year was a clusterfuck and I used a dex with a lot of day trades. wat do?

>> No.16777929

>>16776958
>Lets say BTC reaches beyond it's ATH again an I feel like taking profits, HOW THE FUCK can I cash out without getting assraped for tax evasion?
Real answer? Pay tax on the entir sum. Assume you bought BTC at $0.01. This is a real answer btw.

>> No.16777952

>>16777929
Thats not rly a good solution unless you hold long enough to drop the taxes to 15% (one year). Otherwise you are gonna give up 30% of whatever you cash out, not just 30% of the profit, which is absurd

>> No.16778189

>>16776958
Were in a similar boat. I have a good stack of btc that I accumulated in the past year but all of the info is scattered or gone.

From what I’ve gathered it’s pretty simple to do crypto taxes. Let’s say you sell all 4 btc and now have 40k as income. When you go to file there’s a form called digital assets or something and on that form you can fill out your buy in price/date along with your sell price/date. If that time period is over a year then you pay 15% on whatever amount you gained during that period. 25% if it’s less than a year I think. Here’s a scenario.

>Buy 4 btc at $3,500 in January 2019, $14,000
>Sell 4 btc at $8,000 in January 2020, $32,000
>$32,000 - $14,000 = $18,000 in profit
>$18,000 * 0.15 = $2,700

So for that transaction you’ll be paying $2,700 in taxes. But, I’m not a professional just a neet with a lot of coin so don’t take my advice too seriously.

>> No.16778226

>>16776958
can't you just report it as capital gains and get taxed for how much its worth? That's what I did last year with no issue.

>> No.16778357

>>16776958
>>16778226
Ohhh okay, I misread OP. You just don't want to pay taxes at all. LMAO good luck m8