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/biz/ - Business & Finance

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27112687 No.27112687 [Reply] [Original]

if I found an old bitcoin wallet of mine that was lost years ago, and I was able to find it recently and it has 5 bitcoins, what is the tax situation if I want to cash those out right now? When those bitcoins were acquired, I was living in a 3rd world country and now I'm in Germany. Does anyone here have any idea?

>> No.27112799

>>27112687
>tax advice from /biz/ when it's infested with people who have literally never traded before this week
just don't report it on your taxes

>> No.27113269

>>27112687
Stfu irs glownigger. Kill yourself satan

>> No.27113335

>>27112799
so I just hold them coins forever?

>> No.27113394

>>27112687
You will have to find out what the rules are in your country but you should hodl the price will go up massively this year and you will rope. If you don't sell you don't have to pay taxes.

>> No.27113393

>>27112687
go to a monero general. iykyk

>> No.27113435

>>27112687
First off HODL it.

Second, pay a tax attorney to help figure out what your basis and liability would be when you realize it.

>> No.27113498

>>27112687
Hey (you)
>>27112799
fpbp (first post best post)
first post is best post

>> No.27113626

>>27113435
Not him. So if I suddenly dumped it all onto my bank this would be a bad idea (even if I declared it and paid taxes)

>> No.27113689

>>27113626
>not him
I was on /tv/ for a couple years I forgot about ID’s lol

>> No.27113747

>>27113626
Same question, I have no problem paying taxes on them but I don't want to be criminalized or something

>> No.27113963

>>27113335
Uhh yes? That's the point of crypto. Hold, and use in the future. You're not really supposed to cash out. You're not supposed to have increasing your amount fiat as the goal. Your goal should be increasing your amount of crypto coins (by selling high -- into a stablecoin -- and rebuying low). The point is to later, many years from now, when you have an overabundance of wealth in the form of your crypto coins, to use those coins to buy stuff online. Just hold and wait. Don't buy something now, because that amount you spent would've been worth much more in the future. For example lets say several years ago you paid 1 BTC for a graphics card, when 1 BTC was the equivalent of say $400, well that's in effect a $40 000 graphics card in 2021. Later it would be a $400 000 graphics card. See what I mean. So just hold.

>> No.27114311

>>27112687
And btw, go back to whatever country you came from. With 5 BTC you've already made it if you hold them for few years, so no need to stay in Europe. Your home country will have less regulations and laws about crypto anyway, than European countries will in the near future.

>> No.27114561

>>27114311
Not an option for me, I ran away from my country. I'm a refugee

>> No.27114715

>>27114561
You especially have to go back now

>> No.27114725

>>27113963
I cashed in like 7BTC in 2014 to buy a van. That van cost more than the average persons house now. Listen to this anon, it's not worth cashing out anyways when you lose 30%-50% to taxes. If BTC 10x you only get to keep 5x... crypto taxation is what is going to cause the 100x of staking coins like ETH/LINK/RSR as people begin to realise there is no point cashing out to buy back in (what most people do) as you need a 50% drop in price just to break even when including taxes. People will move to ETH/LINK/RSR and just stake them for passive income and never having to work again.

>> No.27114943

>>27114561
Go back to Africa, nigger

>> No.27115805

Be smart if people actually use it and it only has value because it's always talked about