Hypothetical question:

Hypothetical question:

Let's say I make under 50k a year wagecucking, but I managed to make $1,000,000 in crypto investing and I want to cash out. How would I cash out without attracting too much attention to this massive change in my bank account!

take it out slowly? or is there a way to send this to an anonymous paypal account?

>trying to fuck with the taxman
Isn't going to end well.
Godluck.

Just pay capitals gains tax, it isn't that bad and it's your patriotic duty.

Move to singapore

move to a country that doesnt have the tax take it out then move back

I don't know of any exchanges that deal with PayPal. If I was to cash out, you would have to imagine that I would want to do stuff like buy a house or car. Stuff like that attracts attention.

If I decided to just take it out and pay taxes, would the bank give me any trouble?

just go to literally any other country, and cash it out there, then come back with physical money
oh and spend it extremely carefully, because if you make a grand purchase in all cash, the tax man will come fuck your ass till it bleeds
and prison

>patriotic duty to fund foodstamps and obama sailphoams for dindu's.

This could be a possibility

>international travel with over 10k

Dude, border patrol would confiscate all of my cash

Pay the tax so you can sleep at night

>sailphoams
I KEK'D M8

pay your taxes, then the government doesn't give a shit.

This is a really good question OP. Been wondering this myself

Yeah but will the bank just allow a 1,000,000 deposit no questions asked?

Be honest and say you made it in crypto. Then pay the taxes and you're good.

Withdraw it slowly in small amounts while also using it to buy things directly. Buy gold online and sell it IRL.

Just pay your fucking taxes if you are an American. You get taxed based on citizenship if you are an American, don’t fuck with the IRS.

t. Ameriburger who works in law firm that defends people from the IRS.

A bank will report any transactions over $10,000 to the IRS. If you make a bunch of transactions under $10,000 to avoid getting reported, they may suspect you of structuring, which is a crime and they may seize all your assets.

will they come to my house and manhandle me for my sheckel?

A few things to consider. The first is that you can create market-neutral exposure without trading into fiat by buying short contracts on bitcoin futures on BitMex. There are ways to keep your money in crypto without being exposed

The second is that certain exchanges (notably gemini) have fdic insurance. So you can hold up to $100,000k or $250,000k (i forget which) on their site and that money is insured by the government. You won't pay taxes on this until you put it into your bank account, so you can hold it there and rebuy crypto later/use it to limit exposure until there are better ways to cash out

Third, you can buy things directly with bitcoin that are useful to you and that you can sell. If amazon starts accepting bitcoin, you will be able to buy almost everything you want directly. Obviously this isn't the same as having $1mm to put into stocks, real estate, and etfs, but it means that you can put almost all your fiat income directly into investments. You can also find ways to buy gold or silver with bitcoin, or try to set up OTC trades with large investors at a discount in exchange for securities/cash/commodities

Fourth, you can make bank accounts overseas to avoid taxes. This money is harder to spend, obviously, but you can certainly make a swiss bank account from which you invest in European real estate or buy securities on European exchanges/invest in funds and etfs out of London or other european financial hubs

Fifth, you can generally withdraw slowly and spend that money immediately to obfuscate your cash flow and avoid drawing attention to yourself. You still will suffer if you get audited, but your bank won't flag you.

buy diamonds.

>The second is that certain exchanges (notably gemini) have fdic insurance. So you can hold up to $100,000k or $250,000k (i forget which) on their site and that money is insured by the government. You won't pay taxes on this until you put it into your bank account, so you can hold it there and rebuy crypto later/use it to limit exposure until there are better ways to cash out

If you sell bitcoin for cash on an exchange, you don't have to actually withdraw the cash into your bank account to owe taxes. As soon as the trade is executed, you owe taxes. If you don't pay it and the IRS gains access to your trade records from those exchanges you'd be fucked. They're fighting in court right now to get coinbase customer records.