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5465608 No.5465608 [Reply] [Original]

What's the best current method of cashing out? What your attitude toward the IRS during the process?

>> No.5465907

Cash out and put the money towards things that will net you a tax credit equal to your tax burden.
So if your withdrawal would cost you 2k in taxes, put some of the money towards something that gets you a 2k tax credit and keep the rest.

>> No.5465958

How to sell RDD for fiat?

>> No.5466431
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5466431

>>5465608
https://bitflur.com
https://paxful.com

These are the only options if you want to completely jew the IRS

>> No.5466486

>>5465608
I do small withdrawals using bitflur or paxful. I normally use paypal or a debit card withdrawal. I try to do under $2k weekly due to IRS concerns but so far, nobody has raped my bank account.

>> No.5466524

>>5466431
Anything other than localbitcoins for deposits.

Only use localbitcoins if you’re a richfag with $25k or more to cash out on. Money via mail is a good option.

>> No.5466547

>>5465608
lbc
pax
flur

always use amazon codes and resell items on Craigslist for cash kek

>> No.5466591

>>5466431
The only solid way desu
>>5466547
you’re an evil genius

>> No.5466622

>>5465608
If I had enough gains to even be worried about capital gains taxes I'd be thrilled.

>> No.5466643

>>5466486
same here anon

serve debit cards are perfect

>> No.5466682

>>5466431
Literally came to post this kek

>> No.5466702

>>5466622
same, they dont give a shit about my $75

>> No.5466756

Convert to monero, find localmonero buyer, profits!

>> No.5466820

it's like you fucking retards don't acknowledge BTC atms exist

I have one 30 minutes from my house with a 2% seller's fee. Up to 3000 dollars per day.

>> No.5466824

>>5466547
not bad

>> No.5466846

The best way of cashing out of fiat is to buy crypto

>> No.5466854

>>5466431
How much max per amazon guftcard?

>> No.5466860

>>5466846
kek

>> No.5466871

>>5466756
Until the buyer pops out to be a secret service/IRS agent and arrests you.

>>5466820
Those ATMs require ID and take pictures of you.

>> No.5466894

>>5466547
that’s actually a great method
>>5466854
not him but I think $1k is a maximum

>> No.5466921

>>5466820
not all of us live near these

>> No.5466925

>>5466431
>https://bitflur.com
what's the exchange rate?

>> No.5466960
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5466960

>>5466925
>not just going to payment page and looking

>> No.5466982

>>5466871

You can withdraw up to 1500 without ID. 1500-3000 requires ID. Big shit.

>> No.5466990

>>5466820
never seen one irl

>> No.5466999

>>5466921
If you have enough money in crypto that you’re worried about cashing out and avoiding the IRS, you can’t afford to drive a few miles?

>> No.5467033

>>5466982
are there any in NY?

>> No.5467054

>>5465608
You posted it, when you want to cash out do it over a long timeframe from an atm, dont deposit the cash into your bank account, just use it on whatever you want

>> No.5467061

>>5466982
The machine AND the store have cameras, you dumb nigger. And even if you managed to successfully cash-out everything you had, how would you legally spend it?

Deposit it in a bank?

Nope. The institution flags your account and hands detail over to the IRS.

>> No.5467133

I have insider information that contries like Belgium have a free crypto withdraw now buth will get a 33% tax starting 2019

>> No.5467155

>>5466960
it says "deposit $500 BTC to get your $500 paypal credit"

there has to be more to this, like a 1% exchange fee

>> No.5467193

>>5467155
pretty sure that they pay fees.

I got mine at a discount kek

>> No.5467218

>>5467054
This

>> No.5467244

>>5467155
Flur isn’t an exchange

Not an exchange = no exchange fee

>> No.5467257

There's a lot of suggestions of how to cash out a little at a time, but what if I hypothetically wanted to cash out $1mil all at once?

>> No.5467271

>>5467061
Just spend cash whenever you can. Every single time you're grocery shopping or just paying for a service.

Then you can save up almost anything besides what goes towards rent and insurance every month, and no one will suspect anything.

Of course this doesn't work if you absolutely want to spend the money on luxury cars or houses

>> No.5467279
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5467279

>>5466990
me neither

OH THE MYTHICAL BITCOIN ATM

WHERE ART THOU

>> No.5467311

>>5467257
You would need to hire a lawyer with experience in tax optimization. Hypothetically speaking.

>> No.5467327

>>5467257
Probably you should do withdrawals smaller withdrawals at a time, keep documentation of the transactions and pay your taxes.

>> No.5467338

>>5466820
The only bitcoin ATMs I've seen only sell bitcoin, they dont let you cash out.

I got a bitpay debit card and I've been cashing out with that. I didnt report shit to uncle sam this year and I'm not going to next year. YOLO.

>> No.5467339

>>5467257
hmmmmm

maybe meet someone in Las Vegas

>> No.5467388

>withdraw crypto gains to AUD
>reluctantly pay capital gains tax to avoid going to jail

i'm not so sure about how to handle all the crypto to crypto trades i've done, cause i know that technically they are taxable.

>> No.5467420

>>5467257

Contact an exchange and set up an offline sale at their offices. They will gladly take your coins for their reserves. Just make sure that your lawyer will be with you when you sign-up the sale contract, and make sure that you have proof that you legally acquired the coins.

>> No.5467482

>>5467338

These crypto debit-cards (bitpay, TenX, Wirex ) automatically send your account activities to your local tax office. And if you have verified your bitpay account with an ID you will be more fucked.

>> No.5467601

>>5465608
Use SALT and take out loans using your crypto as collateral

Loans are tax free, right?

>> No.5467677

>>5467601
The IRS is still going to ask how you obtain that crypto for the collateral.