Tips for cashing out

[Anonymous No.21373389]

In case anyone wants to cash out some of his LINK gains (which I do not recommend) and doesn't want to get screwed like this retard (>>21359099), here are a few tips I heard from quite a few wealthy people I know:

1. NEVER fucking NEVER cash out everything at once into your everyday poorfag account. Every bank will freeze it and you might have a lot of stuff to explain before ever seeing that money. Go to a decent bank before you cash out, tell them you made some money in crypto and always set up a new account for this case. Also see a tax consultant depending on where you live and keep all important trades you ever made on paper, or at least have some decent story where the money came from in case an exchange went down. You really do not want to fuck with your countries tax office and are better off paying a few bucks extra for a consultant.
2. Actually,. try to set up several bank accounts where you cash out smaller summs. Like 100k-250k into 4-10 accounts from different banks instead of 1M into one. You decrease the risk of you bank jewing you and losing everything if they go broke. Also, if you ever want to tell your wife/family about the money you made (which is usually a bad idea), you can start by telling them about only one account you cashed out some money into and keep the others secret.
3. Get at least one account abroad depending on your countries laws. Usually, no one can forbid you having an account in Switzerland or something like that, as long as the money is taxed in your home country. Also lowers the risk of you getting fucked by a local crisis.

Feel free to add something in case I'm wrong somewhere

[Anonymous No.21373458]

>>21373389
Just move to Portugal.

[Anonymous No.21373540]

>>21373389
BUY GOLD

[Anonymous No.21373603]

Why would you cash out everything at once, even in different accounts? Why not just 5% every month or so?

[Anonymous No.21373652]

>>21373603
because your gains go from 100x to 50x to 20x to 10x to 5x as you cash out and the peak passes for your crypto

[Anonymous No.21373675]

>>21373458
im going to in 2021, no joke. so explain to me the benefits. for real.

[Anonymous No.21373687]

>>21373603
Because this is crypto and shit can drop 90% in a matter of weeks

[Anonymous No.21373805]

>>21373540
You can't buy a car with gold

[Anonymous No.21373915]

>>21373805
you probably could quite easily

[Anonymous No.21373927]

>>21373687
>>21373652
What if you buy USDC/USDT/any other stablecoin?

[Anonymous No.21373963]

>>21373603
>>21373652
>>21373675
>>21373687
I assume none of you hold link then, this isn't fuckin doge coin or tron if link succeeds it will keep going higher. Also selling out in parcels is the right way to do it. You aren't going to pick the top

[Anonymous No.21374141]

>>21373927
>>21373927
even they can pump and dump.

That is the big brained move though IMO

Cash out to stable coin (or 2 or 3 stable coins) and then cash out for real over a couple of months.

Problem with this is that you get fucked over with fees from coinbase for doing so. The less you cash out , the more you pay to coinbase. The fees and tax add up and you'll end up with like 30% of your crypto gains gone.

Also Coinbase actually lets you deposit in to a euro/usd bank account on their site so a stablecoin may not be needed.

Also anyody else have another cash out service that is just as reliable as coinbase with less jewish fees?

[Anonymous No.21374261]

>>21373805
Very easily actually. Just find a dealer that's not retarded

[Anonymous No.21374570]

>>21373805
>what is legal tender

[Anonymous No.21374571]

Why the fuck do they make it so difficult for us to get our gains?

[Anonymous No.21374630]

I actually bookmarked that previous thread, thanks.

[Anonymous No.21374673]

>>21374571
You think kikes and the fucking (((central banking systems))) will let a couple of autists be rich with internet tokens? Fuck the US govt too.

[Anonymous No.21374772]

>>21374571
they don't, this board is just full of retards that try to beat the IRS and not warn their bank that they're going to deposit over $10k... your account can get frozen from fucking traveling. banks are stupid

[Anonymous No.21374774]

>>21374141

Bruh. Coinbase Pro.

Only retarded newfags use normiebase.

[Anonymous No.21375288]

>>21374774
have been meaning to sign up for years

Will do it now

[Anonymous No.21375990]

>>21374774
>Coinbase Pro
still can't escape the irs and jewry of your local bank through this.
or can you?

[Anonymous No.21376164]

>>21373652
This is what stablecoins are for. Fuck tether, but USDC is audited and coinbase swaps it for dollars for no additional fees

[Anonymous No.21376267]

>>21374774
This, who the fuck doesn't use coinbase pro? I assume whenever someone says coinbase that they're using the pro version. There's no reason not to.

>>21375990
Okay but that's true no matter what way you cash out to fiat unless you do some risky shady shit on localbitcoins or put on a disguise and use a bitcoin ATM that rapes you in fees and would cost more than just paying your taxes anyway.

[Anonymous No.21376303]

How do you get around paying taxes on every trade due to it being realized gains and thus a taxable event?

[Anonymous No.21376382]

>>21374774
Regular kikebase is good for if you’re trying to buy crypto ASAP. You have to wait (((3-5 business days))) if transferring USD to Pro.

[Anonymous No.21376471]

>>21376382
that issue only matters for the very beginning. Whenever I spend a grand or two on crypto on CBP I do an ACH transfer from my bank to replenish the fiat supply on my account. That way I always have at least a bit extra to play with if I want to buy a quick dip or whatever.

[Anonymous No.21376605]

Hypothetically can one start an LLC in another state with no capital gains tax, open a trading account with a normie brokerage house, open a business account with coinbase custody, transfer your tokens to coinbase and then have funds transferred directly into your normie brokerage account where you buy etfs etc.? At that point one could hypothetically pay oneself from the interest and pay taxes on that alone, or am I crazy?

[Anonymous No.21376711]

Structuring crypto funds is extremely easy. Built in plausible deniability. Just say you sold parts off at specific goal prices in small quantities to avoid slippage.

[Anonymous No.21376881]

>>21376471

Lmao I empty every penny I don't need into CBP every paycheck, then usdc it to metamask, then flavor of the week 10x shitcoin.

Working out surprisingly well so far.

[Anonymous No.21376915]

When is it worth it to swing trade? IE paying the capital gains tax versus just holding during the dip

[Anonymous No.21377043]

>>21373389
>cash out smaller summs
>smurfing

[Anonymous No.21377179]

>>21373389
>Convert all into BTC
>Open up an ApMex, JP Bullion, & SD bullion account
>Open a PO Box somewhere
>Buy Good/Silver anonymously equally spread out between the 3+ accounts
>Have metals shipped to PO BOX
>Go to trusted coin store, not a pawn shop where they will rape you price wise with the metals you want to sell
>have everything liquidated to cash
>IRS never finds out and you have a $$$ in hand now. But you might be experiencing a few% loss in money between conversion to btc to buy metals to selling them again. Expect to take home 90% of your profits. Instead of 80% or even less with taxes and IRS

[Anonymous No.21377301]

>>21373963
Don't talk down on dogecoin. Elon is going to take it to Mars

[Anonymous No.21377348]

someone who isnt me just has his poor family members each cash out about 10k. and he lets them keep. those family members make less than 40k a year so IRS dont care.


also that person just trades on binance on an unverified account, so how will IRS know his trades?

[Anonymous No.21377433]

>>21373389
>cashing out
Fuck paper money

[Anonymous No.21377480]

>>21377179
You missed the final bit
>get arrested and jailed for tax evasion

[Anonymous No.21377529]

>>21377480
At least you go to the nice prison

[Anonymous No.21377608]

How much is taxes when you cash out?

[Anonymous No.21378006]

Not going to lie, all the tax implications of crypto are kind of worrisome and seem intentionally difficult to figure out and work around.

Kind of makes me not want to play this game anymore senpai.

[Anonymous No.21378085]

keep an eye on monthly and hidden fees, especially over 250,000

[Anonymous No.21378091]

>>21373389
why couldnt you literately just give them a printout of your purchases and your sell receipts? wouldnt this immediately rectify the problem?

[Anonymous No.21378112]

>>21378006
They’re trying to desperately to keep you from making it. Trying desperately to suppress what’s coming lol.

It’s so sad. Every country should just be like Portugal and not tax crypto trades on a personal level

[Anonymous No.21378440]

>>21376303
you can’t. if you haven’t been reporting all your trades at the end of each tax year you’re gonna have some serious problems if/when you try to cash out any substantial amount of money.

[Anonymous No.21378761]

There have been some pretty tax savvy people on /biz/ before so I have a question.

A couple of years ago I made a few hundred on crypto and cashed out. Didn't report it because it was so little. I've gotten back into it lately and I'm making gains, potentially real gains. What happens if I cash out a lot now and everything gets scrutinized? Will I just owe the few hundred from back then + new gains or are they going to come after with a bunch of fees and shit?

[Anonymous No.21378836]

>>21378440
How are you supposed to pay your tax at the end of the year in usd if you traded btc/eth all year. You deadass want me to cash out a portion of my stack to pay for some tax???? Is that real. Fuck that shit.

[Anonymous No.21378950]

>>21373805
gosh youre retarded. you can liquidate gold easy easier and faster than crypto and can rely on it never hitting 0 and remaining stable

[Anonymous No.21378994]

>>21373389
Nobody cares shut the fuck up already. There's like 10 threads on this shit in the catalog. S/A/G/E/D!

[Anonymous No.21379146]

I find it disconcerting that, whenever the subject of "cashing out" comes up on here, there is no agreement on underlying facts, and the most seemingly knowledgeable posts often directly contradict one another. I think consulting with a tax attorney specializing in crypto is the only real option.

[Anonymous No.21379314]

>>21378112
>Every country should just be like Portugal and not tax crypto trades on a personal level
It's only confusing and unclear because this stuff is still new and niche and state authorities haven't caught up yet. And the only reason it's still free in Portugal is that they're even further behind. Clearer tax regulation will come soon. Could be good, could be bad.

[Anonymous No.21379409]

>>21379146
I agree, and I think most would when discussing genuine high value cash outs. Some of the murkiness appears when you've made, say, several thousand and want to cash out. At that point you're paying taxes, a CPA, and a tax attorney to figure things out and you've lost so much of your earnings you might as well have not bothered.

[Anonymous No.21380009]

What part of BTC store of value do you faggots not understand?
Move it into BTC and only convert to fiat as needed.

[Anonymous No.21380372]

>swap for a stable coin on dex
>open a corpo in a land free of tax
>open bank account in said land
>open exchange account under corpo in said land
>dex trade for eth
>sell eth on exchange for local currency