/biz/ - Business & Finance

[Anonymous No.21673592]

I'm just curious has anyone here made over 6 figures in crypto and successfully transfered it to your bank account? How did you do it? Did you report the gains when you did your taxes?

[Anonymous No.21673620]

>>21673592
i know people who bought bitcoin super cheap and still cant cash out kek

[Anonymous No.21673767]

>>21673620
why? are they retarded? what do you mean they CAN'T ?

[Anonymous No.21673793]

>>21673592
i provided some proof of where i got it from.
When i bought my crypto, what price it was then etc. Nothing watertight but enough to make it more than plausible and to not have the bank think the money is criminal.
You do this before you cash out of course.

[Anonymous No.21673814]

>>21673767
BANK refuses to allow it

[Anonymous No.21673913]

>>21673592
Yes it’s trivially easy

[Anonymous No.21673996]

>>21673592
If you transfer in $10,000 increments, they shouldn't get on your ass about it. Of course then the problem becomes working around having your gains cashed out so slowly.

[Anonymous No.21674017]

>>21673814
must not be american then

[Anonymous No.21674055]

>>21673620
Hahaha that's what they deserve, assuming they got it with illicit practices.

[Anonymous No.21674065]

>>21673793
So you went to them first with data from the exchanges and told them before you transfered? Did you also report capital gains when you did your taxes?

[Anonymous No.21674077]

>>21673793

by cash out you mean the moment you transfer the cash from exchange to bank?

[Anonymous No.21674113]

>>21673996
From a money laundering perspective that look more suspicious. I work at a bank and they train people to look for frequent unexplained small cash movements.

[Anonymous No.21674144]

>>21673592
Bro, if you have 6 figures, you go to your bank and ask for the private time with the bank chick in 4 doors with closed walls. You pull your fancy asus gamer laptop and press one button, she cooms

[Anonymous No.21674160]

>>21673996
Enjoy your jail time for structuring

[Anonymous No.21674170]

I have one of the big american banks, I plan on cashing out $300k at one point. I'm going to call them before hand and give them the details of the rental properties I want to buy as well as the house, and say I'm going to keep half in the account for taxes. hopefully that will be enough.

>>21673996
this will get your account locked down

[Anonymous No.21674176]

>>21674144
This is how life is like as a SUTER holder I bet
Can't wait

[Anonymous No.21674199]

>>21673592
If you made that much, a lawyer and a CPA should easily be able to get your money cleared. You’ll get fucked by taxes but still end up with money for trading racists internet coins

[Anonymous No.21674203]

>>21674144
Honestly, this right here, I spoke to my bank many times before transferring o er 200k in 2017, no problems whatsoever, paid my taxes and now have a personal banker

[Anonymous No.21674206]

>>21674113
>>21674160
>>21674170
I've done this before with $50,000 and no one nailed me for it, but I also pay crypto taxes every year

[Anonymous No.21674276]

>>21673996
Bank are literally trained to look for this you retard.

[Anonymous No.21674285]

>>21673913
Can you elaborate? Have you done it? How did you do it? Did you report your gains on taxes?

[Anonymous No.21674327]

>>21674206
Do you pay the tax only when you cash money out?

[Anonymous No.21674341]

>>21674077
this is what is meant by cashing out, yes

[Anonymous No.21674375]

>>21674276
Are they figuratively trained to look for this too?

[Anonymous No.21674389]

Just don’t cash out, fuck fancy assets.

[Anonymous No.21674408]

>>21674327
It works like capital gains tax for stocks, or at least that's how TurboTax did it for me last year

[Anonymous No.21674469]

>>21673592
Not yet, but everytime I consider cashing out I keep wondering why I would cash out any more than immediate expenses into boomer paper money if crypto is the future? I'm only interested in the accumulation of assets, my bank account never has more than $2K in it, and usually it's less than $500

[Anonymous No.21674524]

>>21674408
Turbo tax lets you report crypto or you just report it under the same section you do your capital gains?

[Anonymous No.21674540]

>>21674469
IMHO, you should cash out profits and invest in your surroundings right now, you risk getting dumped in the world first crypto black friday

[Anonymous No.21674543]

>>21673592
You simply do it. And then you pay your taxes.

[Anonymous No.21674550]

>>21674144
Bababbahaha

[Anonymous No.21674559]

>>21674113
>small cash movements.
Wire transfers aren't cash

[Anonymous No.21674587]

>>21674276
When dealing with cash maybe. But wire or bank drafts in varying amounts over varying periods of time is the definition of normal

[Anonymous No.21674601]

>>21673996
Better buy some astroglide with those structured gains because the IRS does not bring lube with them. You gonna get gaped, son.

[Anonymous No.21674628]

>>21674524
There's a section specifically for crypto that works with Coinbase that I used, and it ended up counting everything with the same rules as capital gains tax. I actually ended up getting a larger return because I lost money in crypto last year lel

[Anonymous No.21674654]

>>21674469
I'm not convinced crypto is the future.
It looks more like virtual beanie babis at the moment. You still can't use it to buy anything and adoption has seemed to stagnate. I'd rather cash out my gains that keep them in a volatile coin that could drop to 0 at any moment.

[Anonymous No.21674656]

>>21674601
How retarded or poor are you people? Structuring refers to cash dealings. As in bringing in physical paper cash.

[Anonymous No.21674695]

>>21673592
>all these newfag talking about trading crypto
Are we about to see the biggest panic sell since 2016?

[Anonymous No.21674732]

Uhhh, purchase gold&silver instead and sell it for cash to a local buyer when/if you need fiat? Can somebody tell me if that’s a stupid idea?

[Anonymous No.21674751]

>>21673592
Bought bitcoin in Second Life in 2011. When I tried to cash out the bank wanted the source of funds and I couldn’t come up with enough proof so they had to refuse the deposit. I’ve just been buying gift cards with it since then, maybe things changed.

[Anonymous No.21674783]

>>21673592
Hire a tax attorney. They will help. It won't be pleasant but they will be able to explain things and work with banks on your behalf and even set up an LLC if needed, at least in murica.

[Anonymous No.21674803]

Just for all of your information, the ultra wealthy don’t cash out of their investments. They take a loan out against them at 2%, and completely avoid the 20% capital gains tax.

That’s for when you just want money to conduct other activities, like buying a house. If you want to actually “get out” of an investment completely, then selling is fine. The point though is that rich people never sell their good investments, strictly to avoid being taxed on it. So HODL.

[Anonymous No.21674810]

>>21673592
For yearly taxes, I've found koinly the easiest to use to calculate it.

[Anonymous No.21674861]

>>21674751
Damn. I've always been concerned of that so I save all the transaction reports from the exchanges I use. Hopefully it's enough.

[Anonymous No.21674956]

>>21674732
You'll lose a lot on the trade. Just go look what the current spread between buying and selling are. Right now, you can sell a silver eagle to kitco for 26.83. To buy one is 35.92.

[Anonymous No.21674975]

>>21673592
german here

yes, only had to call the bank and tell them. They also dont care about taxes since it's not their business

[Anonymous No.21675000]

>>21674732
>>21674732
so after that you are left with fuckton of cash, you obv spend it why would you cash out then, IRS comes
>helloo sirs, how you get more moneys??
anon only thinks it would be stupid but proceeds
>i sold gold and silver from my grandpa leftover, he is an ancestor from wordl first gold miner so he had stashed a fuckton over generations to thy point

also this >>21674956

[Anonymous No.21675223]

>>21673592
>paying taxes

[Anonymous No.21675641]

>>21674810
>>21674861
>>21674975
>>21674628
Do you recommend Coinbase as an on/off ramp? At least one aspect of every exchange has some shit deal. I just want to do sub-$50k trading and Kraken forces me to wire USD instead of ACH.

[Anonymous No.21676088]

>>21675000
I don’t mean to insult you, because you are speaking English better than I can speak any other English, but I can’t figure out what you’re trying to say. You mean that should work?

[Anonymous No.21676113]

>>21674389
>Just don’t cash out

This.
How many anons cashed out of BTC at $10, $20, $50, $100, $500, $1000, etc?

[Anonymous No.21676136]

>>21676088
Any other language* heh.

[Anonymous No.21676186]

>>21673592
Made 5
Gov took their 23%.
Same here if you cash out 6 figures.
Still a fucking robbery

[Anonymous No.21676227]

>>21673996
10k is reportable t ok the IRS retard. And don't say 9,999.99 either.

[Anonymous No.21676671]

pay taxes on your staking income. never sell your main stack and get a loan against it.

congrats you just became a Jewish Magician

[Anonymous No.21676779]

Guide from a smartanon, on cashing out and potentially setting up as an S corp or LLC to cash out like a pro.
1/4

[Anonymous No.21676827]

>>21676779
2/4

[Anonymous No.21676874]

>>21676827
3/4

[Anonymous No.21676930]

>>21676671
What do you mean get a loan against it?

[Anonymous No.21676939]

>>21676874
4/4.
Reminder this isn't financial advice, you should only do this in the minecraft smartmoney mod and never in real life. Also everyone should pay their taxes as is their civic duty.

[Anonymous No.21676975]

>>21676939
>>21676874
>>21676827
>>21676779
TL;DR can’t I just pay some guy to do all this shit for me?

[Anonymous No.21677042]

>>21674113
you suck at your job and you're probably just a teller with almost no AML/BSA training

wire transfers aren't cash, anyway you morons should know the actual amount is 10k daily, and no individual transaction should exceed 3k to avoid the local corporate rules

[Anonymous No.21677094]

>>21676975
Yes, there exists something called financial advisor.

[Anonymous No.21677138]

>>21676975
Sure, I'm a certified CPA. If you just give me your name, DOB, SS#, and bank account info I can set it up for you. Oh, I'll also need your private keys.

[Anonymous No.21677200]

>>21674732
Ive always thought this would be a good way to successfully launder money, idk how well it would work out though, there has to be someone whose tried

[Anonymous No.21677223]

Took me about 6 months to cash out $750,000.

Banks in my country don't allow money originating from crypto so I had to withdraw to a swiss bank.

What I did was contact the bank after hearing from a friend that they accept money originating from crypto after giving you a KYC/AML.

They inspected literally every aspect of how I got the money with the trail and everything and then when they cleared me they opened a bank account for me.

They gave me the account info and I withdrew money from Bitstamp to the account.

Income tax:

Since I can't pay the god damn tax authorities in my country because they demand to be paid with local currency and only from banks in the country (which I couldn't cash out to) I had to lie to my stupid bank that I'm sending money from Switzerland to my bank account to pay income tax and that the money is from investing in stocks, they didn't ask for any documents and let me send it only if they were to immediately transfer the funds to the tax authorities which they did.

Fuck banks, fuck taxes

[Anonymous No.21677271]

>>21676930
get a loan using the crypto as collateral... it's not really super feasible unless you have 7 figures or more, nobody at local bank, USA is gonna entertain that pitch

[Anonymous No.21677364]

>>21674803
What do you mean by taking out a loan against there own investment?

[Anonymous No.21677459]

>>21677042
Lol no I actually work in AML believe it or not.

[Anonymous No.21677534]

>>21673592
anyway, what is this retarded idea that you need to cash out all at once... why wouldn't you just build credit, take 20k/week and finance your large purchase with a loan? is 2-3% really gonna bend you over if you manage to pay if off inside 4 months? especially true considering you made it off crypto in the first place, you should want to keep as much there as you can to keep making the superior return over the cost of financing.

are you trying to buy a mcmansion or something? god all you chain link kids are so fucked, you're gonna lose it all on dumb shit.

[Anonymous No.21677636]

Just hire a financial advisor

[Anonymous No.21677645]

>>21674160
no one is going to go to jail for "structuring" unless they're legitimately laundering money from illicit means, particularly drugs

what enforcement agency do you imagine is going to show up at your door and arrest you for moving your money in small amounts? are they gonna subpoena your ISP logs and 4chan post history to prove you did it intentionally? get real.

[Anonymous No.21677735]

>>21677459
Okay, so do I call the branch manager before I cash out in coinbase? Or can I just do it (no intention of tax evasion or funny business)? Something tells me if I send like 20,000 through wire from coinbase, the only thing I'll be receiving is handcuffs (I live in the deep South, crypto is considered a scam here)

[Anonymous No.21677787]

>>21676939
>>21676874
>>21676827
>>21676779
what was point of the LLC? you honestly think once you provide the information as to where the funds came from and show tax returns they still will not accept your deposits?

[Anonymous No.21677873]

>>21677271
>what is AAVE

[Anonymous No.21677928]

>>21677735
If you deposit 20k from coinbase, you will be greeted by a 20k larger balance when you wake up in 3-5 days. and that's it.

the bank will file a currency transaction report in case you do try to evade taxes or launder drug money, and you will never hear anything about it again as long as you live.

dudes ITT are paranoid larpers

[Anonymous No.21677950]

>>21677928
thank you for the confidence anon, haven't cashed out a cent since 2017

[Anonymous No.21677999]

>>21677928
And what if I transfer 8 million from normiebase?

[Anonymous No.21678025]

>>21677873
>AAVE
>local bank USA
right.

so obviously there are defi and crypto space solutions that let you take loans off of crypto balances, you can even do it on normiebase soon. thought that was beyond obvious, itt we're talking about traditional banking and getting crypto money into accounts easily

[Anonymous No.21678120]

>you are supposed to be poor, it is too suspicious for you to have money so we are freezing it
Land of the free

[Anonymous No.21678121]

>>21677223
>fuck banks, fuck taxes
Well said. Also, fuck niggers, fuck kikes, fuck jannies, and fuck Simeon as well.

[Anonymous No.21678154]

>>21677999
your bank will call you, refuse the money, and laugh at your expense as soon as they hang up

follow the advice in the images here >>21676779

or schedule a sit down with a small town bank in advance to open a large account, they would love to have your (under-insured by FDIC) money on their books

none of the advice i've given itt is for the purpose of fraud, evading taxes, or actually structuring illicit deposts so if you're trying to do that then you need to go do some more complex things that are only a duckduckgo+vpn search away (easier and more legal to just hire a tax advisor and do it the normal, american way - offshore accounts and loopholes)

[Anonymous No.21678166]

>>21673592
Cashed out 170k at once, all it took was a single phone call with my bank to tell them why there’s suddently a lot of incoming money. I also didnt pay any taxes since switzerland doesnt‘t have any capital gains tax.

[Anonymous No.21678189]

>>21677928
What’s the limit of that though? How much would it take for something bad to happen?

[Anonymous No.21678269]

>>21674170
I'm unironically in the process of cashing out 50k chunks with a large us bank. I called and explained to them the situation and basically told me they didn't give a shit

[Anonymous No.21678363]

>>21678269
Why do it in chunks then?

[Anonymous No.21678427]

yes, around 700k gbp from coinbase in a series of transactions

i met first with my bank relationship manager (hsbc) and told him the money was coming and from where. declared the whole sum as profit on my tax return and paid cgt

[Anonymous No.21678472]

also whoever suggested cashing out in chunks, esp under 10k to throw off the taxman , don't do that it is layering. i only did my cashout in chunks because of my coinbase limits, and i told my bank manager this

[Anonymous No.21678476]

>>21676779
>>21676827
>>21676874
>>21676939
This guy was larping and full of it. Dont follow his advice.

[Anonymous No.21678510]

>>21678189
it's a game of chance, my guy. depends on whether your alphabet agency guy is feeling frisky (more accurately whether your behavior triggers a rule or model score threshold, then whether your analyst deems it worthy of a suspicious activity report, then whether that report triggers a rule or breaks a ML model score threshold at FinCen and THEN whether your agent gets frisky with a judge and actually manages to generate a warrant to seize your money.)

even if that happens, your money will be frozen and you'll have to jump through some loopholes. if you're transferring enough for it to be an issue, you will have enough to pay to have the money unfrozen - which might involve attorney fees. you won't end up in jail or anything dumb like that - very worst case scenario you'll be fined, unless you were doing something illegal or have a history of fraud/laundering/etc.

[Anonymous No.21678546]

>>21678363
Coinbase wouldn't raise my withdrawal limit

[Anonymous No.21678590]

>>21673592
Yes, used it to pay off my student loans. Sold through Coinbase and reported everything. Sites like bitcoin.tax make it easy. Sucked paying like $45,000 in taxes though.

[Anonymous No.21678623]

>>21673814
why not buy gift cards and services with them?

[Anonymous No.21678627]

>>21678546
>>21678472
Why is coinbase so uncooperative with this? I tried to request raising my limit and they refused without any real explanation. You probably got the same emails.

[Anonymous No.21678633]

>>21678590
including all crypto to crypto?

[Anonymous No.21678658]

>>21678633
Yeah. You can get CSV files from most exchanges showing all your trades and bitcoin.tax will take those and do the work for you.

[Anonymous No.21678660]

>>21678189
Probably no limit, it comes down to deposit frequency for some banks. If it looks like you're conducting business with the account then they may have something to say. Just give them a heads up

[Anonymous No.21678662]

>>21678510
That sucks but seems doable to overcome.

[Anonymous No.21678692]

>>21678472
that's not even close to layering, jesus what is wrong with you people. if you're doing explicitly to avoid the tax man, its obviously illegal. if you're doing it to avoid CTRs, then it is technically illegal but the odds of you being caught and them having a workable case against you are virtually nil.

>>21678476
it's not bad advice, though. he doesn't actually suggest doing anything much except creating an LLC or S-Corp (something everyone should probably do anyway for liability reasons) and telling your banks the purpose of large deposits and cash withdrawals is for land. it's a pretty clean way to guarantee the discussion goes smoothly.

[Anonymous No.21678709]

>>21678427
Why would he do that? Its only the gain that's taxable. Unless you only invested an immaterial amount it wouldn't make much of a difference.

[Anonymous No.21678710]

>>21678627
I hadn't used it in 3 years, so I am far from a preferred customer and am just using them as an off ramp.

[Anonymous No.21678711]

>>21678546
>>21678627
Gemini my friends.

[Anonymous No.21678781]

>>21677636
yes anon brilliant and pay him half the money
not to mention the bank fee + btc transfer fee(or any other currency)
you end up with probably less then 1/4 of your actual money

[Anonymous No.21678808]

never has it been as obvious to me that this site is full of larping morons than this thread. like holy fuck people just throwing around words they don't understand and scaring the shit out of consoomers.

i smell mad glowies in here.

[Anonymous No.21678833]

>>21678781
correction than*

[Anonymous No.21678848]

>>21678781
this. There's nothing hard about cashing out as long as you know your basis and file your taxes

[Anonymous No.21678867]

>>21673620
this
if you cash out more than $20k youre getting investigated UNLESS you can afford fancy lawyers

[Anonymous No.21678904]

>>21673592
funny how nobody commented on Bill Clinton
the Clintons made all their fortune with drug traffic

[Anonymous No.21678913]

>>21678848
Are people seriously reporting all their c2c trades on binance and uniswap?

[Anonymous No.21678934]

>>21674065
Yes.
No.
No cap gain taxes in my country.
Also am european and expat so have bank accounts in countries where i am not tax eligible.

>>21674077
Yes.

[Anonymous No.21678953]

>>21678867
>oh no i'm being investigated
>what really happens is a QAR/SAR is generated and 6 months from now some funds may be frozen pending investigation and you may possibly have to hire a local attorney on a pro rata basis to get your money back for 20-30% of your holdings or $20k, whichever is lower

begone kike

[Anonymous No.21679027]

>>21678867
>>21678953
which is if it even gets that far, they're probably just gonna generate a CTR and you'll never hear about it again. doubly so if you call in advance.

[Anonymous No.21679079]

>>21674803
How do they pay this loan back without cashing out of one of their investments?

[Anonymous No.21679096]

>>21678913
Just use koinly

[Anonymous No.21679108]

>>21678709
i didn't want to provide any paperwork because my taxable gains were far in excess of what i actually cashed out to my bank, so i just declared the whole cash amount as profit so there wouldnt ask any questions. probably unnecessarily paranoid but w

[Anonymous No.21679109]

>>21678913
lmao if you think most people who trade crypto would even know how to do that. i mean, i do of course, but LOL @ some Link Thot on Twitter reporting c2c transacstions. if you get randomly audited the irs will just ask you nicely for their money anyway.

as long as you're not some Bundy Ranch tier retard and agree to pay the men in black, nothing hapepns

[Anonymous No.21679154]

>>21678913
Yes. Bitcointax.com makes it easy.

[Anonymous No.21679252]

>>21678867
fuck off, we're having a real actual discussion here

[Anonymous No.21679369]

>>21673592

Maybe they got it on the dark web so there are KYC issues but generally you just wire the money back after selling on an exchange

[Anonymous No.21679391]

also, i'm certainly not saying you must pay your taxes, in most countries and if you're doing less than 7 figs i probably woudn't bother, but in my personal situation (primary income comes from gambling, tax treatment of which is very grey area in my country) i didnt want to provoke any interest from the taxman

[Anonymous No.21679474]

>>21679154
bitcoin.tax

[Anonymous No.21679645]

>>21677094
where to buy financial advisor for service, sirs? In past I tink I read uniswap?

[Anonymous No.21679678]

>>21676779
>>21676827
>>21676874
>>21676939
I dont understand. is this to avoid the tax man? or just set yourself up on the other side after cashing out of crypto?

If anyone is sitting on large unrealized gains in crypto say >$500k, then you can just set up free consults with a few tax lawyers, accountants etc to see if there is anyway to mitigate the tax owing.
or
just yolo and say fuck the taxman. one of my friends is going to do this.
pic very related

[Anonymous No.21679705]

>>21679645
trade 1 link and a jewish financial advisor will show up at your door to soon part you from the rest -Ancient German Proverb

[Anonymous No.21679757]

>>21677271
Doesn't Fidelity offer crypto funds now? Maybe they can be a custodian of the crypto for the loan as collateral

[Anonymous No.21679782]

>>21677223
I am considering doing this too.
Would it be enough to show a crypto wallet where it can be seen that the price of the crypto went up by x50?
How much time does it take to open up a new bank account?

[Anonymous No.21679792]

>>21679678
i think it's just for poorfags to get fiat despite a lack of banking history.

the more i'm thinking about it the more i'm realizing all these people larping itt about the consequences never being the same are manchildren who've been operating out of a kid's/college checking account and never received a single deposit for over $400 until they suddenly tried to cash out $20k. they probably got a single refusal or call from their bank and flipped their shit on the financial equivalent of webmd (investopedia?)

[Anonymous No.21679810]

>>21673814
good thing for swipe

[Anonymous No.21679835]

>>21679705
Topkek

[Anonymous No.21679859]

>>21679757
looks like its still a wip but that's very interesting, thanks for putting it on my radar

[Anonymous No.21679872]

>>21679678
my friend is a CPA and didn't really have much to offer to avoid CGT for large realized gains besides some extremely boomer shit involving an annuity or something. pay the taxman and be done with it. Otherwise get fucked

[Anonymous No.21679906]

>>21673814
urban legend dumbfuck detected

[Anonymous No.21679915]

One thing that I don't understand is how will the amount that I’ve invested be deducted from the taxable amount.

Let’s say I invest 1k and cash out 3k, shouldnt they only tax the 2k difference? But if yes, how to actually calculate this if I converted fiat to crypto on many instances and then traded crypto with different success?

Also, am I allowed to just keep money in a foreign bank, or is this tax evasion?

[Anonymous No.21679919]

I used to work as a stockbroker, my colleague had a client who had about 5 million in bitcoin, he went to countries in Asia and bought businesses and property with them

[Anonymous No.21679933]

>>21674654
>You still can't use it to buy anything
You can use it to buy gold bullion online at just about every online coin/gold dealer.
You can trade gold anonymously for cash

[Anonymous No.21679958]

>>21673996
yeah buy gold and silver with BTC at $9,999 before taxes a piece then cashed out at bullions

[Anonymous No.21680091]

>>21679678

Ever heard of parallel construction and DHS Fusion Center spying you absolute faggot

[Anonymous No.21680134]

>>21674144
checked for truth. this is all you have to do. going to a fancy area is even better because over $100k and they'll treat you like royalty. might even offer you pizza from their lunch party if you go at the right time

>t. california techie

[Anonymous No.21680140]

>>21679958

Reputable coin shops require ID for their records

[Anonymous No.21680321]

>>21676779
i wonder if you have a masternode for XSN if you can use it as an LLC? or something similar to franchising a chain location because you're providing a service to people?

[Anonymous No.21680731]

>>21679915
>Let’s say I invest 1k and cash out 3k, shouldnt they only tax the 2k difference?
Yes
>how to actually calculate this if I converted fiat to crypto on many instances and then traded crypto with different success?
In most countries crypto to crypto is a taxable event. So lets say you invested 1k and it went up to 3k. You then trade it to btc and send it to an exchange to cashout. Now you have to first pay taxes on the 2k you earned. If bitcoin then gained 100$ in profit when you cashed out, you will have to pay the tax on the 100$ also. So everytime you trade crypto to crypto and then sell or trade again. You will have to pay tax if you gained anything before you traded it again.

[Anonymous No.21680956]

>>21680731
Yeah but who actually reports crypto to crypto trades?

[Anonymous No.21681002]

>>21680140
that's fine, just provide them with ID. as long as you pay taxes I don't see the big problem. tracking every crypto trade is going overboard

[Anonymous No.21681088]

>>21680731
That's interesting thank you...

But how does the crypto to crypto tax gets calculated? Let’s say I buy ETH for 1k, then I change ETH to 4 other cryptos and only one of them moons. And then I again swap to ETH and continue trading. How will they calculate my investment when I cash out at the end? Since many parts of investment failed (were not profitable), some were hugely auccessful etc.

[Anonymous No.21681112]

>>21680956
nervous anon? It's really not that hard

[Anonymous No.21681131]

>>21680956
You cant just deposit 1 million to your account and say you traded. They will need to see how much you initially bought for and literally every single trade you ever made to make sure you didnt steal it and to make sure you are paying the taxes. They are not stupid they can look up your transactions yourself and see.

[Anonymous No.21681152]

>>21679678
Puerto Rico - Act 22. Learn some Spanish, fuck some thicc Latin mamis, and enjoy the tropical weather for at least 180 days in Puerto Rico for a year (and no more than 8 weeks spent in the US states that year). Wala - you've avoided capital gains taxes and are now bilingual

[Anonymous No.21681243]

>>21681088
If you lose on one of your investments you wont need to pay any taxes since you didnt gain anything on that and you can even get a bit lower tax since that was counted as a loss. But different countries have different rules. I would recomend reading the basic crypto tax laws in your country or just get in contact with the bank or someone that can explain it.

[Anonymous No.21681365]

>>21677223
>they didn't ask for any documents
lucky
based tax authority

[Anonymous No.21681664]

>>21677223
Where d>>21677534
>implying crypto isn't virtual beanie babies and this isn't all going to blow up one day

It will

[Anonymous No.21681709]

>>21679859
i dont know if its worth your while. But maybe some CME broker can offer something. Not sure if CME just offers trading data on crypto or there are actual reputable brokers/brokages that trade on the floor

[Anonymous No.21681809]

>>21681152
im a leaf. Crypto is treated as property and 50% of your gain is taxed.

[Anonymous No.21681916]

Do I have to report losing money on crypto?

[Anonymous No.21681941]

you idiots should report gains with cryptotrader.tax. It took me literally 5 minutes to be done with it

[Anonymous No.21681958]

>>21681809
kek I feel better being a burger now

[Anonymous No.21681981]

>>21673814
>cashing out to a literal bank account
Wtf are your friends boomers or something?

[Anonymous No.21681990]

>>21681941
This. Some sites even calculate TLH for you

[Anonymous No.21682043]

AMA

[Anonymous No.21682061]

I assume all crypto gains are considered as one unit, right? In my country I can get 0% tax on long-term investments if I didn't touch them for a year. But I have to pay 33% if I've been swinging or trading. I'm guessing I can't cash out my LINK (been sitting in a wallet since I bought it, never touched it) tax-free and only pay tax on the other coins I've made trades with? The tax authorities are going to look at it as all one thing and charge me 33%, right?

[Anonymous No.21682209]

>>21682061
Completly depends on the country you are in

[Anonymous No.21682216]

PAY YOUR TAXES GOOOOOOY
WHA IS IT?
YOU EARNED 70K WAGEKEKING???
WE’RE GONNA HAVE TO TAKE HALF OF THAT (jamal and qanicksha need this)
WHAT IS IT NOW GOY?
YOU DECIDED TO TAKE A RISK AND INVEST THE OTHER HALF WE LET YOU KEEP???
WE’RE GONNA HAVE TO TAKE 30% OF YOUR WINNINGS NOW GOY!!!!
WHAT IS IT?
YOU’RE MAD?
ALRIGHT GOY IF YOU DONT PAY US WE’RE GONNA THROW YOU IN JAIL
JAMAL WILL HE VERY HAPPY WITH A PASTY BOY LIKE YOU
AHAHAHAHAHAHAAHAHHAAHAHHA

[Anonymous No.21682283]

>>21681941
Should I donate to your local synagogue too faggot?

[Anonymous No.21682307]

>>21673592
Any crypto-friendly banks one can recommend that treat legal crypto assets like mature adults?

[Anonymous No.21682393]

>>21681809
Not if you trade frequently/intended to make a profit. Then it’s treated as income and fully taxed. It’s shit.

[Anonymous No.21682689]

>>21681131
>They will need to see how much you initially bought for and literally every single trade you ever made to make sure you didnt steal it and to make sure you are paying the taxes. They are not stupid they can look up your transactions yourself and see.
Yeah thats bullshit. If you get audited by the IRS then maybe, but the bank isn't gonna wanna see all that.

[Anonymous No.21682755]

What kind of issues would I run into if instead of cashing out to a bank account I just get one of them Crypto.com credit cards, covert to stable coin and spend from there?

[Anonymous No.21682862]

>>21682689
In my country its like that. If it wasnt it would be to easy to launder money.

[Anonymous No.21683291]

>>21679678
It's to prevent the bank from holding your withdrawl because they find it 'suspicious.' If you randomly ash 20k into a bank account you will get looked at.
The brokerage or the LLC can receive large deposits without it being blocked or held or pried into. It's not to avoid taxes. It's just how to receive windfall.
There's also tax strategy avaliabe to the LLC/SCorp potentially, claiming losses as a corporation works better than as an individual.

[Anonymous No.21683433]

>>21682755
Spend on what, candy? You will never be able to move on with life like investing in real things like real estate

[Anonymous No.21683595]

>>21683291
Where are you getting the idea that businesses are immune to scrutiny and audit? If anything it looks worse since youre starting a shell company to move money through.

[Anonymous No.21683635]

>>21677928
This 4chan is full of turbo paranoid schizo’s and basement dwelling losers that actually believe the ZOG monitors everything everyone does 24/7. I’ve known several 95-105 IQ drug dealers worth 500k+ that were able to buy houses in straight fiat drug money or make fake LLC’s for a “clothing” company to get loans to buy cars and McMansions and then pay their mortgages/car payments in cash. If these midwits have been getting away with this stuff for 3-4+ years anons that bought in with legit money will be fine as long as you can half ass show some proof of your purchases. Anyways how would they prove regardless if say you had 10-20 BTC from Mt. Gox days anyways?

[Anonymous No.21683711]

>>21674113
What is frequent exactly? If I were to make it to a high 6 almost 7 figure amount, i planned on just cashing out maybe 5-8k every couple of months for expenses but to keep building my stack. Don't want to pay taxes even on the small amount I withdraw.

[Anonymous No.21683845]

>>21683595
Never did I say you are immune to scrutiny/audit.
If you cash 20k+ in crypto gains to your personal checking account it will IMMEDIATELY be held, your entire banking history will be assessed, accounts running through everything you have ever done with that account, and it'll be months before you ever receive any of your cash. Even if you intended to fully pay taxes and everything, you won't get a chance, it will immediately be held.

A brokerage or LLC can accept a large deposit without those alarm bells ringing instantly. As long as you are filing paperwork and paying your dues nobody is seizing your cash for months. This is literally a completely normal move for an investor. Plenty of investors trade out of their LLC/SCorp for tax strategy and so their bank is holding all their gains for months.

[Anonymous No.21684004]

>>21673996
They cover layering in AML training. Holy fuck this better be bait.

[Anonymous No.21684144]

>>21673592
5 figures here

[Anonymous No.21684195]

>>21683845
>If you cash 20k+ in crypto gains to your personal checking account it will IMMEDIATELY be held, your entire banking history will be assessed, accounts running through everything you have ever done with that account, and it'll be months before you ever receive any of your cash. Even if you intended to fully pay taxes and everything, you won't get a chance, it will immediately be held.
This is fud and nothing more

[Anonymous No.21684267]

>>21683845

[Anonymous No.21684315]

>>21683711
Every few months won't be noticed as much as once a month or every few weeks. But somebody at the bank might question it if it seems out of the ordinary. That's what they're trained to do. A few grand every few months probably won't get any attention but there's always a chance.

[Anonymous No.21684338]

>bagholding massive untraceable crypto
>continuing to live in a country with capital gains tax
imagine

[Anonymous No.21684387]

>>21679079
Take out another loan.
Repeat forever.

[Anonymous No.21684399]

>>21683845
You’re a lying faggot or a paranoid loser. Either way gtfo my board.

[Anonymous No.21684415]

>>21683635
Paying for everything in cash will catch up to them. Just wait.

[Anonymous No.21684530]

>>21676779
There is one thing about this I don't really understand.
Can you transfer directly your money from a crypto exchange like coinbase to a trading account without using an intermediary bank?
Doesn't the money you transfer to a trading account have to come from your own banking account?

[Anonymous No.21684538]

>>21682393
how can they prove you were intent on treating it as income and weren't just trading? what bullshit

[Anonymous No.21684607]

I've cashed out and paid tax on about 700k since 2017. The first time I cashed out, I went to a smaller regional bank in person and explained that I wanted to open an account and cash out 250k from Coinbase. (Try to look somewhat presentable when you do this.) They talked to a manager and said it was fine. I left the money in the account for a month or two so that the bank got something out of it, then transferred it out to a brokerage account. I've used that bank for all of my withdrawals with no problems, and I haven't needed to let them know in advance.

[Anonymous No.21684646]

>>21683845
Have made several deposits of between £10k and £20k to my personal account from Coinbase and none have taken more than a couple of hours.

[Anonymous No.21684784]

>>21684646
>£

[Anonymous No.21684807]

>>21681088
Treat the losses as negatives and tally everything up. So let's say you swap 4k ETH for shitcoins A, B, C, and D in equal amounts, for arguments' sake. That means 1k in each of them. A, B and C all crash to half their value, so that's a 500 loss on each, or a -500 "gain." Shitcoin D moons to 11x it's value. That means a 10k gain, since 11k - 1k = 10k. So that's a positive 10k gain. Now you exchange everything back to ETH. Since this is the taxable event, you now tally everything up: (-500)*3 + 10000 = 8500, which is your capital gain. Of coures, if ETH pumps or dumps before you cash out to fiat, you take a capital gain or loss on that, too, since that's a taxable event

[Anonymous No.21684852]

>>21684415
It’s been 4-5 years, older dudes from Cali have been doing it for 10-20 plus years. Autists live in a schizo bubble and play right into the Jews hands actually believing they hold an iron grip lol. I know legit 80 IQ NIGGERS that were bringing back 100’s or pounds of weed and kilos of fucking fentanyl through a regular ass airport and didn’t get caught for like a year. A kilo of heroin is enough to kill an entire city of people.... their illusion of complete power is just that a facade to keep you a scared Shabbos goyim that does as he’s told and doesn’t break any rules because he’s a scared spineless cuck. Could you get caught? Sure anything can happen but will you? Probably not unless you’re a terrorist or neo nazi that posts anti government shit all day on BoomerBook. Regardless if you have legit make it money it’s best to just pay your taxes so you don’t have to live in fear.

[Anonymous No.21684893]

>>21684607
What does a bank get out of you leaving your money for 1 month on your account?
What is the expectation of a bank manager when someone wants to open a account to cash out?
Isn't it a lot of effort for nothing if you plan to move your money to a trading account?

[Sage No.21684908]

Idk why you guys struggle with this so much, I’ve cashed out 40k this year and not even a phone call. But then again, I’m not a neet and if you don’t y’know have any money they may get worried.

[ACUITY SUBSTRATE BASED BLOCKCH(...) No.21685032]

Acuity is a fully decentralized social media platform that has been in development for five years, but it began as an independent Ethereum blockchain called MIX. The project is now migrating to a new Polkadot blockchain.
https://www.coingecko.com/en/coins/mix

[Anonymous No.21685171]

>>21684893
I don't really know how banks work, but the way I understand it, for every dollar they have on deposit they can lend out 10 dollars. It's all a big pool, so an extra 250k for two months is comparable to two months of profit on a 2.5M loan.

I leave 5k in there when I withdraw to keep it open and avoid fees.

[Anonymous No.21685199]

>>21681809
It is absolutely criminal for a government or cartel to tax 50% when you personally have taken all of the risk.

[Anonymous No.21685257]

>>21678781
if you have wells fargo bank account you can speak to a financial advisor whenever for free.

[Anonymous No.21685275]

>>21684852
Nice larp Tony Montana.

[Anonymous No.21685348]

>>21673814
What, you mean going to the bank and showing them your bitcoin wallet and asking to cash out?
Nigger you need to convert your money at an exchange first

[Anonymous No.21685440]

>>21683845
you're such a fucking moron

[Anonymous No.21685511]

>>21685171
It could work, but this would create sudden cash movement for them to replace.
However if the bank has negative interest rates on money it instead has to pay interest for your deposit and would try to have only the minimum amount of cash with a preference for credits.
But I have no clue what the banks are really doing when they get so much free money from central banks.

[Anonymous No.21685587]

>>21673592
>cash out
>bank
its simple now frens: sell what ever shit coin you got into BTC -> deposit to cash app -> sell. fuck the banks.

[Anonymous No.21685590]

>>21684908
I've cashed way more in a matter of weeks and all my funds are readily available

[Anonymous No.21685731]

>>21681152
>just get murdered and robbed possibly raped by 3rd world nigs who hate rich Americans

[Anonymous No.21685804]

>>21674540
World first? Nope, already happened right before Christmas in 2017.

[Anonymous No.21685838]

>>21677271
I would find it hard to believe banks would give you crypto backed loans without access to the private keys and even then they probably give you 25% Or something pathetic. But there are services now that you can use, just depends if you can use them and still stake your funds. But this is literally the only way I will be cashing out.

[Anonymous No.21685953]

>>21685731
there are plenty of nice exclusive areas in Puerto Rico where you will survive living there for 200 days off and on... just stay in highrise condos or neighborhoods near the 5-star resorts

[Anonymous No.21686039]

>>21678166
>I also didnt pay any taxes since switzerland doesnt‘t have any capital gains tax
jelly as fuck

[Anonymous No.21686102]

>>21686039
i wanna be swiss

[Anonymous No.21686221]

>>21685199
50% is taxable not 50% tax rate. good rule of thumb for leafs, your USD value is approximately how much CAD you’ll have after taxes

[Anonymous No.21686254]

>>21673592
I recently did 5 figures (I have 6 figures in LINK still). I'll figure out what happens when tax season comes. kek
t. burger

[Anonymous No.21686286]

>>21673814
how fucking retarded are you?

[Anonymous No.21686627]

>>21679915
Even if crypto to crypto is a taxable event, nothing changes in what you actually owe the taxman. No matter how many shitcoins you traded in between. The only thing c2c being taxable means is that if you LOSE money because you traded into some pajeet scam you still owe the taxman real hard cash and then when you finally lose your investment all you get is 'capital gains loss' credit on their books. Otherwise literally nothing changes between the amount you own the government than just the difference in purchase price and sell price multiplied by the capital gains %.

>e.g.
>pay $1000 for 200ETH
>Trade shitcoins back and forth losing ETH and gaining ETH
>When I go to cash out I now own 205ETH, 5ETH total gain from shitcoins trading
>from the total sale price you just subtract $1000 dollars. Everything else is capital gains.
Do the math if you want and track every trade, every capital gains event, it changes nothing in the end. Only if you have big losses due to stupid shit does it matter, but the taxman wants his money anyway... that's why it's taxable when you trade it, so if you then lose it all on a bad trade you still owe tax.

[Anonymous No.21687015]

>>21685275
Really doesn’t matter if you believe me or not, my point is 4chan autists play right into the Jewish facade that they have total control when in reality people get away with illegal shit all the time. You’d be surprised who might lurk here fren, /b/ in 2009-2010 was one of the first places on the internet to talk about Silk Road and crypto.

[Anonymous No.21687174]

>>21674783
So which is the better option, tax attorney or CPA?

[Anonymous No.21687405]

>>21674656
>Structuring is the act of parceling what would otherwise be a large financial transaction into a series of smaller transactions to avoid scrutiny by regulators and law enforcement
Are you baiting?

[Anonymous No.21687544]

>>21673592
She's 22 in this image and said that Bill Clinton was a complete gentleman that never touched her. Keep shilling though.

[Anonymous No.21687743]

>>21678269
the guy on the phone didn't give a shit but that doesn't mean the bank itself won't

[Anonymous No.21687819]

>>21674803
i've often wondered about this but it seems risky. can't you just pay back the loan immediately with whatever you used as collateral? wouldn't that technically be a sale of crypto?

i want to make enough in crypto to buy a home but i don't want to bother juggling loans for years

[Anonymous No.21687856]

>>21687544
>Unironically defending a ZOG shill pedophile, regardless of the picture
Anon I...

[Anonymous No.21687998]

>>21684387
So, you're saying that if I have 8 million in crypto I can take out a loan against it and then invest that loan into dividend stocks for passive income? Then I pay off the original loan with the earnings from my dividends over a few years?

[Anonymous No.21688010]

One important tip is to cash out irregular amounts at irregular intervals. An innocent person could plan on cashing out 5k of their stack per week, but if the bank sees 5k every week at the same time they will assume you are structuring no matter what.

[Anonymous No.21688142]

>>21684004
you mean structuring, actually. Nice try dumbass

[Anonymous No.21688171]

>>21673592
find a buyer otc, use localbitcoins

[Anonymous No.21688184]

>>21683845
I've cashed out hundreds of thousands in net profit and over $1mm in transactions total, never heard from my bank even once.

Stop

[Anonymous No.21688284]

Several banks worldwide have been known to freeze bank accounts that have large deposits from coinbase sent to them, etc.

The work around solution I found for this was a bank that is 100% crypto friendly that Peter Thiel started up several years ago. It's called N26 and its like a virtual Swiss bank - global.

[Anonymous No.21688315]

what's stopping me from opening up a swiss bank account and just putting all the money in there

[Anonymous No.21688360]

Why don't you just use a btc atm?

[Anonymous No.21688519]

>>21687743
so far so good

[Anonymous No.21688537]

>>21673814
HAHAHAHHAHA HOLY SHIT MAN IVE CASHED OUT MORE THAN YOU HAVE RN GET FUCKED SÖYIM

[Anonymous No.21688817]

So for those who finally cashed out. Did you report all c2c for that year only or all years up to it?

[Anonymous No.21688929]

>>21673592
What is this retarded cashing out meme? You just send it back to your bank account from the exchange and then it is your money. You actually believe the idiots telling you you can't cash out?

[Anonymous No.21689058]

>>21683845
Where do you retards get this dumbass idea? None of this bullshit is true. I get it, you are poor, you don't understand how money works and that people actually put money in their bank accounts. You don't need to go around pretending like you have a clue what you are talking about.

[Anonymous No.21689081]

>>21687544
>I NEVER had sexual relations with that woman

[Anonymous No.21689258]

>>21684852
Based you are all retarded shizos, just pay everything in cash or open up a e-commerce and buy shit like that

[Anonymous No.21689272]

>>21673592
yeah in 2021 i sold some LINK
>sold on coinbase
>withdrew $50K
>deposit took like 4 days
>never got a call from the bank but the cute bank teller tried to flirt with me when I had to deposit some checks
>tax guy laughed and said I hit the lottery on those magic internet coins but gotta pay some jew tax
>he doesn't know i have millions in LINK

[Anonymous No.21689333]

>>21687015
BASED

[Anonymous No.21690267]

>>21684538
activity in other words # of trades per month/year

[Anonymous No.21690660]

>>21683291
>also tax strategy avaliabe to the LLC/SCorp potentially
true. Just to be clear tho, if your tax authority like IRS or CRA audit you, you will owe tax on the amount prior to transferring to your LLC
>>21688315
Not much. But costs, time, reporting requirements is a start
>>21689272
>he doesn't know i have millions in LINK
why not ask the jew a theoretical question of what the best way to cash out would be?

[Anonymous No.21690970]

>>21674389
this really is the actual answer

Unless you need that money for something, why convert it to fiat in the first place?

[Anonymous No.21691003]

i've heard the 20% capital gains only works if you can prove your crypto has been a long term investment i.e. at least 3 years. if you can't you have to pay 40%. i'm in UK. i haven't bothered looking it up because lets face it, i'm not expecting to make 6 figures ever

[Anonymous No.21691067]

>>21691003
but if i do.. my plan was to use the money to buy some cheap property outright. that is probably my dream goal from crypto and the only reason i would ever want to cash out. can i really just give the government 20% and be done with it?

[Anonymous No.21691257]

Friend of mine offered me 100 btc in November 2011 if I gave up two of my graphics cards.


[nobizspoilers]I said no[/nobizspoilers]

[Anonymous No.21691325]

>>21690267
that's bullshit because maybe you were holding as you did research on other possible trades. no way they can prove this

[Anonymous No.21691546]

>>21691257
You probably would have sold it before it reached $1000.

[Anonymous No.21691655]

>>21691546
Probably. Who would have thought digital coins would be worth nearly 20k at one point

[Anonymous No.21691702]

>>21673814
OH NO NO NOOOOOOOOOOOOOOOOOOO

[Anonymous No.21691745]

>>21673996
This is gonna get you a visit from the feds. Make sure you have a large coffee maker for that

[Anonymous No.21691855]

>>21674469
Unironically this. Aquire assets while value of dollar steadily declines.

[Anonymous No.21691857]

literally takes 5 seconds to google it, i found this article about a guy that cashed out 10mil. all you fucking do is call your bank. where is this poorfag myth from that you cant cash out?

[Anonymous No.21692072]

>>21690970
Why have money if ur not gunna spend it?

[Anonymous No.21692095]

>>21691857
the goal is to not pay FUTURE tax on the crpto once it is converted into fiat. Thats why >>21676779
>>21676827
>>21676874
>>21676939
might be a good idea
cash out, buy some property or other assets and hold them .in LLC or S corp. I corp could issue a dividend to you, so that becomes your income. Dividends(at least in leafland) is treated the most favorably when it comes to sources of income

[Anonymous No.21692240]

>>21673814
>Banks don't want your money

Sure bud

[Anonymous No.21692255]

I'm not looking forward to cashing out at all. I absolutely suck at filling out paperwork, so I am going to need a crypto attorney. It doesn't help that I super awkward around people I don't know. I imagine it's going to go something like this;
So how did you get this money?
>I got it from shit posting on 4chan.
What do you mean?
>Well some Indians made a thread and said I could get filthy rich if I spent $500 on their cryptocurrency.
Are you sure this isn't a scam?
>Absolutely. The autistic nerd who posted a picture of a frog drinking piss from a wine glass said it was a good investment.
Is this some kind of a joke?
>Spaghetti

[Anonymous No.21692753]

>>21677364
the bank is holding your stocks, so they let you get a line of credit that is equal to X% of your stock account's value. if you spend $1000 then you owe interest on that $1000 every month OR you have the bank sell $1000 of stock to pay it down

>>21676088
he's saying it wont work because the IRS will ask you where your income is from and why you're not paying income tax. if you say your grandpa left it for you then i think you owe death taxes on it which is pretty big

[Anonymous No.21693604]

>>21687544
kek, the op says nothing about the picture, why are you so defensive?

[Anonymous No.21693765]

You renounce your citizenship then cash out.

[Anonymous No.21694061]

>>21691745

Yes, it's called structuring and they can freeze your accounts

[Anonymous No.21694270]

>>21677042
What is this 3k corporate shit? Anything more specific its called?

[Anonymous No.21694740]

why are you fucking retards so fucking retarded you don't have to cash the max out all the time. literally just convert to tether, keep on coinbase and cash out random amounts under 4k at random times like once 9-37 days. month

[Anonymous No.21695041]

>>21694740
Wouldn't it be better to keep it in real USD instead of tether?
What's the advantage of tether?

I remember we were waiting for their bankruptcy during the bear market after we found out the US seized a big part of their cash and they had to take a loan to replace it, leaving their real capitalization with less than 60%.
What happened after this?

[Anonymous No.21695078]

>>21694061
The fucking neets in this thread. Structuring is less than 10k and cash.

[Anonymous No.21695143]

>>21691857
The can't cash out meme was great in 2018

[Anonymous No.21695158]

>>21681152
>wala

[Anonymous No.21695275]

>>21678934
What if you sent the coins to your local wallet.

For instance:

Buy 1 BTC in Coinbase
Send to Trezor
Years later send it back to Coinbase
Sell

But instead of 1 BTC, a lot of more buys

With the withdraws to the Trezor and then sending it back to Coinbase you lose money with the fees so the final amount is changed

And what about the hardforks?

How the fuck is this measured? How do you show this to some 80 yo boomer gov officials/investor? what a clusterfuck

[Anonymous No.21695321]

>>21685953
>save in taxes
>lose it since you are forced to live in luxury areas and private security
whats the point

[Anonymous No.21695388]

>>21692255
I would assume that unless you have Jewbase buy and sell receipts you are fucked. It's basically a lottery depending on the boomer that audits your ass.

So I wonder if going to PR will help you, assuming they will not give a shit where the money came from as long as you pay their tax. But I doubt this is the case anymore. This aint the 80s.

[Anonymous No.21695540]

>>21673592
Guys help me out. If I bought bitcoin at an exchange that doesn't exist anymore and I decide to cash out, what do I tell them if they ask me where the money comes from? Will they be ok with me not having any proof where the money came from?

[Anonymous No.21695570]

>>21690970
why have it in some dumb ass token? specially if its not btc

[Anonymous No.21695646]

>>21674587
>have money coming from foreign crypto exchanges (they do know)
>perfectly normal

[Anonymous No.21695763]

>>21692753
>. if you spend $1000 then you owe interest on that $1000 every month OR you have the bank sell $1000 of stock to pay it down

Yeah and you may get a mortgage backed by your portfolio right when a recession that lasts years hit and you keep lossing money since not only stock lowers but you lose the compound interest due it going lower

[Anonymous No.21695891]

>>21695540
See:
>>21695388
I would assume worst case scenario. You would be dealing with some boomer that sees that you have BTC (already alarms on) then you mention you have basically no proof but the story of how you got it on some dead exchange. Sounds like what they like to use to fine people and ruin their life.

Not sure how Puerto Rico's government (for instance) would react to this story compared to regular countries. But who the fuck knows. Switzerland for instance is no longer safe for you to do that. Some guy mentioned some shithole like Georgia not caring that much about it, but I would rather be poor than cash out money there.

[Anonymous No.21696036]

>>21695891
fuck... thanks for answering though.

[Anonymous No.21696789]

>everyone claims to be rich
>No one knows how to cash out
Lol this thread exposed every linklet