So I'm planning on selling a bit of my stack and quitting my job. I can't take it anymore. Going to take out about $40-50k and live off it for a year.
My question is, my bank will probably be notfying the taxman of my deposit - do I need to file my trades to them immediately or do I just wait until tax season for 2019? Ive heard you need to pay CGT quarterly but I'm not sure how this works.
localbitcoins.com
Fuck off with this shit already.
I’d like to know this as well. I thought we would just have to report starting this year, so therefore it would be on next year’s taxes. Can anyone confirm this?
It would be paid next year, but do I need to notify them now or just wait until I pay the taxes?
Who is she, how much for a night with her?
Will the bank really notify the IRS? I didn’t realize that...do you mean if you transfer out from Gemini or Coinbase?
if you're cashing out now, you wait until 2019 to do taxes obviously. What a retarded fucking question.
He’s worried his bank will notify the IRS. I don’t think they would for 50K, but I’m not sure.
why is op so angry at localbitcoin
I've heard many banks will auto-notify if it's over $10K.
i'd pay 600, 700 usd/hr, tops.
Because it's not a solution. Sure I can avoid taxes by selling locally but the moment I try to make any large purchase with that money the taxman is going to be on me regardless.
I have heard this as well. Don't do stupid shit like $9999k either.
Quit your job and take out $4-5k a month. You don't really need more than that, do you?
You're only going to get idiot responses. You can search the internet instead for real answers.
not even that. just take out like 2-3k thats plenty.
BTC ATM?
Well if I truly make it I'll be cashing out a large amount so may as well test things out now. I've seen posts on here of people cashing out six figures before.
this. just take it out in smaller amounts as needed
also try to live bare bones/below your means if possible, no reason to try and live like a baller if you're actually going to quit your job completely.
I quit my job around 1.5 years ago, I used to live off ~$35-40k/year but was able to change my budget and cut it down to about ~$20k per year (basically zero restaurant meals, quit drinking alcohol, quit buying shit for women, traded in car for one with better gas mileage and cheaper insurance, etc.) and was able to get a lot further on a lot less. Made it feel much safer living off my crypto earnings that way as well, and I'd rather leave as much as possible invested to continue multiplying it.
Point is just look for ways to reduce your budget. If you can go from needing $40k/year to $32k/year for example that's $8k more you can invest that you wouldn't have before, and maybe you put that $8k into a shitcoin that ends up going 5-10x.
My initial investment was around $28k so I feel like taking that out at this point would be a psychological relief for me. Like it's enough money to live for a year after I quit and if everything goes to shit (I don't think it will) I at least have that.
But I guess the point of taking it out as needed is to allow the money to continue to grow?
Go ahead and get the records ready. You don’t have to pay quarterly really but April is when you settle up. Prepare to pay capital gains. They hit you harder on short term investments. I’d just leave it in for the year and wait it out.
Wait - if he cashes out today you’re saying he still has to pay this year? I don’t think he has to report it until next year?
End of tax season is mid-April. I've heard stuff about CGT being paid quarterly. My real question is whether or not I have to send anything when I cash out or hold off until I actually file taxes.
bump. looking for a fuckin straightforward, goddamn answer. been hearing all kinds of shit. SOMEONE TELL ME REEEEEEE
what a lame-o life you live. Why even quit then i your just gunna be a loser and do nothing.
I hired an accountant who is very familiar with crypto. He gave me two options, one-pay all gains even on crypto to crypto trades and I'll get X amount of profit tax free for 2018 trades. Option 2 only pay taxes on what I cashed out to fiat and be prepared to pay for the additional gains as I cash out throughout 2018. He also said option 2 would only be available for 2017 returns.
I'm going with option 1, and yes your bank will report you, I worked for a bank for 10 years.
See above
dude just get an accountant... it' not rocket science
>Going to take out about $40-50k and live off it for a year.
Why not just take out 5k a month and pay taxes quarterly as you go? Either you believe in this market or you don't.
I can do that too. I still haven't paid my taxes for 2017 yet, but I have my entire trade history already sorting out. Explain paying quarterly to me, I'm retarded. Why is that more beneficial than paying it all during 2018 tax season?
Reading this tax shit is giving me anxiety. I'm a 19 y/o uni student and have like almost $2k invested... Never cashed out. Wouldn't even know where to start if I would lol
I'd unironically pay $1k for a night with her. If anyone knows her instagram/twitter or whatever please I'd like to give my offer
What made you want to quit your job OP?
I've made significant gains
It's a terribly boring job
Commute sucks
I want my freedom back