Say I have a shit ton of bitcoin that I want to slowly cash out of coinbase over the coming years and my sell limit is 30k.
Will this set off any red flags if I sell 30k worth of BTC directly to my bank account? Should I contact my bank before selling so they don't think its fraud and get my account closed or some shit?
Depends, are you worth auditing? How about you tell me more about your financials and I can help you.
Alexander Kelly
I don't care about the taxes, I'm obviously gonna pay those when I cash out. I just don't want coinbase to freeze my money or the bank doing the same thing when they see that go into my account.
Blake Cox
Don't cashout directly to your account. Don't cashout 30k like you're the boss of this shit. You will need a lot of documentation in order to pay your taxes. Maybe try localbitcoin?
Hunter Gomez
Give me like 10% and you can use my bank account and I'll send you funds through PayPal
Jaxson Stewart
>Don't cashout directly to your account. Don't cashout 30k like you're the boss of this shit. You will need a lot of documentation in order to pay your taxes. Maybe try localbitcoin?
It's easier to just cash out with coinbase. I've done it in the past with lesser amounts and the money will appear in your bank account less than a week later. I'm just curious about when it's a big sum like that if it matters.
Eli Brooks
>It's easier to just cash out with coinbase No shit, you serious? That's why you shouldn't. Coinbase is the PayPal of cryptos. You should've never put any $ on that horrible website. If I were you, I'd get prepaid cards and cashout using those. Maybe use Skrill, Neteller. Hell, if you use Skrill you can ever cashout 10-20% more.
t. used to sell in game items for bitcoin that I'd sell for skrill to buy more in game items that I'd then sell for bitcoin that I'd (...)
Dominic Wood
Don't do it. Any Bitcoin deposits to USD more than $10k will get you under suspicion of money laundering or drugs. your bank account may be frozen. Has happened to many many people.
There is no way to safely cash this shit in.
Jayden Diaz
I don't get it. So if that's the case, how do people cash out stocks when they hit it big? Shouldn't it be just as big of a red flag?
Mason Brown
Stocks are regulated. Everything is there for the SEC to check. Bitcoin is harder to track and the IRS can't and tb h doesn't give enough shits to check it.
Bottomline - cashout using prepaid cards, bitcoin ATMs, I mean, anything but your bank account.
Grayson Walker
yes the bank will file a suspicious tx report in the blink of an eye at those amounts, and are also trained to look for patterns if you try to structure the deposits
>t. bankfag
Joseph Rivera
how do you cash out to prepaid cards? is that an option on coinbase?
Evan Sullivan
what if it's ethereum?
Carson Gonzalez
I'm not from the US of A, so I'll try to give you a prespective on that. US - I believe that big box stores have prepaid cards. You charge those up with ACH transfers, so you can go from crypto - localbitcoin - ach transfer - prepaid - atm - ??? - profit.
Worldwide - There are a ton of companies that issue prepaid cards (paypal had it, Skrill and Neteller still have it) There are already exchanges that issue prepaid cards (bitstamp for example).
Please be quick with your questions, I want to go to sleep.
Easiest way is to convert to btc and then cash. ETH money markets aren't as developed and aren't as trustworthy as btc ones.
Cooper Martin
>Guys trust me, this whole cashing out thing is just a meme >H-ha ha s-salty ass nocoiners >Buy buy buy 10k by next week lambos lol
Juan Stewart
What did you expect? You could make 100s of $ in profit and not have problems with it? Like think about it, this is the free market, not illegal, but don't you think this is similar to the drug market? High profits, little investment. Difference is you can actually put this money on your bank. But you'll have to declare every trade, with the exchange to $/€/£, like in normal stock trading. You'll also be subject to a capital gains tax and, if your gains are high enough, you'll get an upgrade on your IRS and pay even more.
Does it suck? Yeah. But it's our society, it's not a crypto problem.
Colton Hughes
Point is, once it's cashed out through coinbase and they find that nothing illegal transpired, you should be good to go, right? A talk with the bank before-hand should clear things up, no?
Samuel Davis
yeah, pay your taxes and you can do whatever the fuck you want
Nathaniel Smith
>you should be good to go, right? No, you'll have to provide the documentation I spoke of above. Should you fail to provide that accurately (by the awful IRS standards), you may have your funds frozen and your ass fucked.
Jesus dude, if your account is paycheck to paycheck, you're fucked if you receive a big ass transfers larger than said paycheck. Just go with the prepaid card way.
Benjamin Morgan
>Does it suck? Yeah. But it's our society, it's not a crypto problem.
Once upon a time people used to consider themselves lucky to be born in America. Now it's better to be born almost anywhere else.
Zachary Edwards
Can't you just print that info out on Coinbase? They have a huge log you can print out whenever.
Caleb Russell
If I pay my taxes, theres no reason to go to gift cards etc?
I only pay 15% tax, so long as I document that on my taxes I should be good to go?
Then again I plan to sale only a couple of thousand.
Mason Jenkins
Literally this. You may also have accounts seized for years and fall under money laundering investigations.
Remember, crypto is still associated with things that are illicit as fuck.
There is no safe way to cash out millions, even if you earn them. That's the big catch to all this.
Josiah Lee
Buy gold, sell as needed.
Hunter Rogers
Use the DNMs to cash out your BTC. Just be prepared for a 10% fee.
On Hansa you can find some cash-out services that, who will send you cash for your BTC. Deposit some of that cash to your bank, but do not exceed 10k a day (you'll be flagged).
This is by far the safest, easiest, most convenient way without getting fucked by any service. But for that reason too, you have to pay the 10% premium, which I believe to be worth it.
William Hill
Why don't you sell it in Nigeria? Check this nairaex.com
i can only speak for USA rules. here we might owe quarterly estimated taxes too, but all you'll get is a penalty if you don't pay them.
>There is no safe way to cash out millions hire a tax attorney, problem solved
Robert Cruz
>Now it's better to be born almost anywhere else. I have the same shit here. My rate is 28% on any capital gain from stocks.
Did you only trade within coinbase? If so, that should suffice, but again, I strongly advise you NOT to do it. There isn't enough regulation in the market. The IRS people aren't informed, they don't know how to work with crypto gains and they don't give a shit about learning it, they'll just say "yeah that's illegal".
Bottomline - don't. try. it. I mean, why the fuck does it need to go to the bank? So you can invest on some tbills or deposits that'll get you 1% a year?
The problem is that taxes on crypto aren't well thought. Crypto is still not a thing.
The bank can still see that you got an unusual amount of money. The IRS will ask for the origin. You'll be fucked when you try to tell them it's crypto.
>hire a tax attorney Basically, if you are trying to get out a few mills, that'd be the best thing. Get a consultation.
Mason Ward
I wouldn't go with the retard saying cashing it in prepaid cards, that's even more suspicious tbqh notify your bank, or hire someone, inform someone, just make it all official and get everything checked off the safe way and pay your taxes so you can actually do it
Jason James
I'm in the US
Yes but don't you tax them as capital gains regardless of the fact that they're crypto?
Christian Cooper
Do you have your private keys? Then you could try to find someone to buy your private keys in exchange for cash.
Matthew Turner
Just set up a company in a tax-free juristiction like the British Virgin Islands or Seychelles, set up a bank account there and transfer it into that.
Avoid the prying eyes of your seemingly ruthless tax collectors and avoid paying for Laqueeshas new weave.
Robert Evans
Ok senpaitachi I need to go - please, don't cashout to your bank, especially off Coinbase. Use prepaid cards, buy gold, I don't care, just don't leave a trail for the IRS to bug you.
Say that to the 10s of thousands that I have already cashed out.
You do, but you need to provide documentation to show they're really from capital gains, otherwise a drug dealer could just do that and clean his money. And there'd be no need for money laundering.
Matthew Thompson
>Bottomline - don't. try. it. I mean, why the fuck does it need to go to the bank? So you can invest on some tbills or deposits that'll get you 1% a year?
So I can buy assets like a car or a nice condo?
Kayden Peterson
this
Joshua Morales
Ah gotcha.
Can't you just print the report from Coinbase? They have reports there.
Unless your in a smaller bracket like me. If you only pay 15% and hold until it becomes a long term capitol (a year), then its not taxed.
Kayden Bailey
^this on the tax attorney. Had a friend who made $300k in some altcoin P&D, he hired an attorney, got buttfucked with $80k in taxes but at least he got to keep the rest and not viewed as a criminal.
Trust me, if Busoni over at Polo can handle tens of millions in money daily going in and out of his website and not end up in prison himself, you can legally protect yourself as well.
Jayden Ortiz
But how are you going to pay for a lawyer with no money? It's like NOBODY thought this shit through. I bet 90% of the people who hold BTC don't even know what a blockchain is. Somebody on fucking Veeky Forums told them that they'd get a Lamborghini and they just blindly threw their money in without even thinking about having an exit. Just wait until people start trying to cash out en mass. Shut is going to be comedic gold.
Andrew Lee
So how the fuck do bitcoin prices even go up or down? Obviously people sell their bitcoin and that's what causes prices to drop you FUD morons.
Jordan Carter
>But how are you going to pay for a lawyer with no money? i make $80k+ a year at my day job and have no debt. my salary is tiny by Veeky Forums standards I know, but I could pay for a lawyer just fine, and anyone else that needs to move that much money would be able to afford one too. neets who just bought in the last month might have a few thousand at the most, they don't have these kinds of problems yet.
Adam Foster
how much could someone with say 40-50k a year cash out at a time without a problem? Assuming he had unlimited amounts of BTC.
Jason White
>FUD I keep seeing this what the fuck is it
Christian Cook
sorry I mean has a 40k a year salary. Maybe just cashing out a couple grand a month would be fine?
Liam Fisher
What don't people understand about bitcoin having no intrinsic value and being 100% speculation? It's not like this is some stock of a company or s currency that's attached to a nation. The price of bitcoin is based SOLELY on baseless demand.
Thomas Gomez
as long as you are paying taxes and not trying to evade you can cash out whatever you want. unless your crypto portfolio is in the 50-100k range and you plan on liquidating a sizable portion none of it really applies to you. if you do have a massive portfolio then you can afford to hire someone.
Christopher Cook
Some Forex brokers accept BTC. Send coins to your account, change to whichever currency and cash out.
Anything wrong with that?
Parker Jones
You would still have to pay taxes.
I think if you're moving under 10K, just move it to your bank. No biggie.
If you got more, split it up among cards/bank/paypal Forex.
Just make sure to pay your taxes and document it
Nathaniel Nguyen
I've cashed 3000$ out of coinbase multiple times and never had any problems. Never gone higher than that because I'm afraid of triggering the IRS but Id imagine it'd work just as well if you withdrew your max
Alexander Miller
What about buying gold with Bitcoin then selling the gold?
Charles Robinson
if you used coinbase, IRS is going to have you dead to rights regardless
Charles Ortiz
it's legal so long as he pays his taxes
Leo Gray
>Crypto
>Cashing out
You thought this was some kind of ETF, faggot? Or a forex account?
Evan Johnson
Not op but... So basically, this entire idea of getting into BTC was a huge fucking waste and the only way to cash out without being fucked over and having my bank account frozen is to hope I can find a credible exchange that will take BTC and give me something back that isn't money? And there's just basically no way out of doing this in some shady-ass manner despite the fact that from what all I could reasonably tell, I earned my money fairly? Great.
Xavier Morris
the fun is just getting started don't sell yet.
Christopher Davis
Not only that, but without them giving me direct cash, there's no way to even determine that they'll give me fucking anything. I own virtual vapor.
Landon Davis
>Not OP Oh right this board uses IDs. Whatever.
Dominic Gonzalez
This. Hold it until the day you won't WANT to trade your BTC for dollars.
Xavier Baker
Today I learned a lesson about reading the entirety of threads.
I'm gonna go kill myself now. Bye.
Kayden Butler
can you put it via paypal? or use a bunch of bitcoin ATMs or bitcoin debit cards
Josiah Perry
For fucks sake OP pay for a fucking accountant, don't get advise from fucking Veeky Forums of all places
Asher Carter
I've had mutiple 35k$+ transfers to my account from GDAX no issues whatsoever
Jason Hernandez
Fear uncertainty and doubt
Jace Long
>summer
Jason Peterson
>Cancerous summerfag meme How old are you then? 18? 21? Can't be that much over summer if you're posting summer. Just saying.
Elijah Mitchell
can you help me figure out how to go about doing this?
Luis Powell
This thread made me depressed Im still a nocoiner and wanted to jump on the cryptohypetrain with several thousands of dollars But after reading the thread... I dont know anymore
Anthony Miller
>gets discouraged by problems he doesn't even have yet >will ever make it
pick one faggot
Jonathan Perez
All you have to do is hire an accountant if you manage to make a ridiculous enough some that hiring an accountant actually becomes affordable.
Julian Thomas
*sum Fuck.
Julian Ross
Question regarding cashing out into cards. Say I cash out 25% of my BTC into a prepaid card, and then cashout the rest some other way later, perhaps into my bank. So if I have to track the transactions and all that shit, won't there be potential for me to still get caught by not paying tax when cashing out into the prepaid card?
Cooper Young
Type it in the search box you dumb nigger. Are you new to the internet? Lurk more faggot.
Noah Robinson
Welcome to adulthood, where taxation is theft and free gibs are for greedy niggers.
Hunter Davis
You guys are retarded. >HUR DUR IRS WILL TAKE IT ALL THEY DONT LIKE CRYPTO, JUST BYPASS THE IRS YOU'RE SAFER THAT WAY
Are you kidding? Thats the actual WORST advice. Heres the thing about the IRS, theyre willing to look the other way as long as they get their cut. Theyre not going to launch some crazy investigation over 30k. They'll take their 15% and happily be on their way.
Now on the other hand, if the IRS finds out you're buying a bunch of shit with undocumented gold or prepaid cards, they will fuck you up to make an example of people that don't suck the taxman's cock.
Carter Wood
Also, if you're worried about a frozen bank account just cash out to a different account. You will present your trade records, the IRS will take their cut, and everybody will be on their way. This is all legal, remember? It might be a pain in the ass, but in the unlikely scenario that they freeze your account you have proper recourse to prove your trades were above board.
Kevin Lopez
Do you know if we need to document every single trade? And if we do, do we need to pay tax on each one, or just on the final profit?
It ain't easy being a cuck in the U S of A
Nathaniel Price
finds stores that accept BTC, buy items, hoard in your attic.
Connor Lee
Exchanges document it for you, go to "orders" or "history" tab. Maybe print them out just in case.
As for your second question, 15% of total profit would be the same as 15% of profit from each individual trade added together.
Cashed out all my gainz. Total of $1500. I don't plan on reporting. Will irs know? Will i really have to give them 600$?? That's almost half, fucking Jews