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/biz/ - Business & Finance

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25653125 No.25653125 [Reply] [Original]

I have $11.60 USD in my bank account, how will I explain to my bank when I will receive a several hundred thousand dollars bank transfer from crypto gain?

>> No.25653170

>>25653125
bank wont care
IRS will

>> No.25653178

tell them you are a whore and this is blowjob money because you really own what you are doing

>> No.25653197

and why do you need to explain it?

>> No.25653203

>>25653178
This

>> No.25653206

do it in increments of $10,000-20,000 and wait till the cash is in your hand before you do another cash out

>> No.25653235

>smart enough to buy low sell high
>Not smart enough to draw up an exit strategy so uncle Sam won't buttfuck you
The duality of anon

>> No.25653250

>>25653206
Thats called structuring and they wont like it

>>25653125
Theyll want to talk to you. You could call them ahead of time and ask.

>> No.25653257

I would call them and let them know before you do anything. No experience doing this personally but I've heard of anons getting their accounts frozen by suddenly depositing tens of thousands

>> No.25653270

the bank does care. they'll file a form 8300 telling the IRS what you did. you're supposed to be poor and stay poor. the financial anti-bodies won't allow it.

>> No.25653282

>>25653125
suck up your autism for a second, you have to speak to a human being, maybe a couple

>> No.25653305

Didnt they tell you there is no cashing out?

>> No.25653315
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25653315

>>25653235
My best idea so far is buying gold with crypto and skip all the IRS shit.

>> No.25653329

>>25653282
Also talk to a tax professional, and consider getting a loan on crypto instead of selling to avoid taxes

>> No.25653378

>>25653315
unironically this. keep it for a year and it gets taxed at long term gains rate right? if so pay your taxes OP and don't live with eyes in the back of your head for 6 years

>> No.25653403

>>25653315
Won't work. You would be considered tax avoiding. Talk to a CPA and tax lawyer. Ask for free consultation. If it's high 6 figures maybe even talk to the magic circle firms. I have a link to a thread somewhere about them.

>> No.25653558

>>25653125
skip the jews. cash out to paypal or some other anonymous shit and buy gold. the jews fear the precious metals collector

>> No.25653640

>>25653206
Make sure you do it in increments of $9,999 so they think you’re just being careful and legally abiding the FAIR act

>> No.25653685

>>25653125
my bank is fucking kiked, is there any banks that won't lock your accounts for irregular activity? Like an offshore account or something, there must be banks that deal with shadier individuals, not that I'm doing shady shit, I just want a bank that doesn't lock my account every time I move more than $1000 out of it

>> No.25653718

>>25653315
shhh you need to keep this method under wraps or it wont be available when its time to cash out at the end of the bull run
im not memeing they will crack down on it

>> No.25653784

If you have a bitcoin atm use that. No KYC bullshit, the only downside are the fees but depending on how you look at it you may end up paying less in ATM fees vs capital gains taxes

>> No.25653806
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25653806

>>25653315
Just buy amd cpus and put them to mine monerujos.

You will end with top gaming computers to resell and recover your cashed money in mined monerujos.

>> No.25653848

>>25653125
*click*
"Yes?"
"I sold."
"....... pomp it"

>> No.25654005

>>25653784
Yeah but what about large sums of cash?
Even if you somehow manage to cash out millions on those ATMs, you can't just buy a house or a car with straight up cash without questions.

I guess you could just buy used cars with cash and pay rent.

>> No.25654007

>>25653806
unironically the right thing to do

>> No.25654034

>>25653170
Don't listen to this retard. Call them and let them know

>> No.25654052

>>25653125
If it's on coinbase then they have cooperation with irs already.

>> No.25654189

Call your bank to let them know, and just suck it up and pay your taxes.
Don't listen to the larpers here. You made enough that your tax agency WILL track you down, but not enough that you can get real tax avoidance tips from other elites while snorting adrenochrone and fucking five year olds.

>> No.25654357

is it possible to move it all into a stablecoin or something and then wait until it counts as a long term investment

>> No.25654508

>>25654357
Moving it into a stablecoin is a taxable event.

>> No.25654641

>>25653125
If you're in the US, schedule an appointment with a bank officer and let them know what you're doing. If your gains are legal and you intend to handle your taxes, there is nothing to worry about. If anything, they will be happy to hear about the influx and should offer related financial services.
The bank's concern is with attempts to launder illegal gains (AML compliance). If you're not laundering money, there is no problem.

>> No.25654689

>>25653403
Link to thread? I plan on cashing out after this bullrun, and I have no idea what's the best way to do so.

>> No.25654782

>>25653250
>Thats called structuring
shut the fuck up you stupid fucking normie moron.
structuring is when you try to keep under the 10k reporting threshold...

>> No.25654840

>>25654508
what if i moved into this wallet through monero so theres no linking its transactions to me

>> No.25654845

Banks are used to crypto gains by now, just make sure you pay your taxes and probably talk to your bank manager first just to notify them of the deposit so they don't get suspicious.

>> No.25654917

>>25653170
Banks actually do care and will block you out of your account if you can't explain it with actual proof.

t. experience with it

>> No.25654940

>>25653403
it's only illegal if he doesn't report the capital gains when he sells the gold.

>> No.25654977

>>25654641
ok irs agent

>> No.25655079

>>25654005
Get loans pay them off immediately, you can build credit along the way as well.

>> No.25655131

>>25653125
Dony worry cant cash out