So you heard the stories about people selling to undercover feds on Local Bitcoins and being arrested for being "unlicensed money transmitters". Thought if you just cash out small amounts to your bank over time through an exchange you will be fine? Maybe... but you should also be warned about this:
WARNING. Cashing out less than $10,000 on a regular basis COULD land you in 5 years in jail and have your money seized based on being suspected of "structuring".
Quick run down on structuring:
>The Bank Secrecy Act requires banks to report customer transactions of more than $10,000 to the IRS. >If they SUSPECT that you’re breaking up your transactions to amounts less than $10,000 with the INTENT of skirting these reporting requirements, they are required to submit a suspicious activity report. >This is a crime known as “structuring” or “smurfing”. >It’s punishable with 5 years of prison and/or a fine. >Sums of money resulting from deposits less than $10,000 may be seized after a warrant is issued based on a suspicious report. >They rely on the fact that legal proceedings cost $20,000 or more for an innocent person to retrieve his money to “seize” (steal) people’s money. >The banks are not allowed to warn their customers that they’re under investigation. >91% of IRS seizures for “structuring” involved LAWFUL taxpayers.
So is it ok if I withdraw far more than $10,000? Like $30,000 at a time?
Isaiah Rivera
No you fucking kling-klong then you get reported to the IRS for having suspicious money coming in over $10,000.
Zachary Reyes
....so what happens if you just move to Denmark, live there, maybe give up U.S. citizenship?
since
....you know
fuck the U.S.
Easton Wood
just pay your capital gains dude, it's not hard and you can sleep easy in lamboland without worrying about losing it all and going to federal ass-rape prison
Alexander Parker
So what is a way to get around this then? Don't buy local, and don't transfer to your bank, sure. But what's the solution?
Levi Perry
THIS
They have drones and shit now. NSA too. Fuck
Elijah Perry
So you can't cash out less than $10,000 and you can't cash out more than $10,000? That makes no sense.
How do people cash out stocks then?
Jaxson Sanders
this. i want them all on a helicopter ride.
Aaron Young
>91% of IRS seizures for “structuring” involved LAWFUL taxpayers.
Kevin Thompson
>taking 100% of the risk >paying 50% of your gains so niggers and jews can live of my gains
not even once! from my cold dead hands user, from cold dead hands!
Jeremiah Gomez
Because structuring is illegal whether you pay taxes or not.
Just deposit more than 10,000 dollars and pay your capital gains you FUD-spreading doom-and-gloomer faggot.
David Campbell
Why would you ever cash out of BTC?
It's a deflationary currency! You can buy stuff with it already!
But if you do, just fucking pay the IRS your taxes. Seriously. Do NOT get fucked by the taxman, you will regret it. Hire an accountant if you must.
Do NOT evade taxes. They might not get you for a few years, but when they do you fuck you over for life and take all your gains.
Seriously, it's a scam, noone likes it, but prison is basically the worst thing possible. No gains possible in the slammer.
Jacob Butler
Wow, I'm so glad I'm not US citizen. Love the gun laws and freeduhms. But your financial/tax laws are fucked up.
Aaron Martin
Just pay your damn taxes cucks
Xavier Thomas
If you don't give up US citizenship they're going to fucking tax you.
If you do you'll have to pay a fee and after you renounce your citizenship you'll still need to pay taxes to the US for the next 5 years.
tl;dr - your fucked
Parker Ortiz
Agreed, just pay your taxes and vote republican for capital gains tax reform. Not worth risking 100% of your gains to retain 15%
Zachary Garcia
>>paying 50% of your gains so niggers and jews can live of my gains
Because taxes exclusively go to people you don't like.
Once you hit 10th grade economics you'll recognize how fucking stupid you are.
Brody Ward
>never cash out of BTC >never pay a dime in taxes
Adrian Peterson
>Cashing out
Good meme
Christian Robinson
You fucking idiots I was never saying "Don't pay your taxes". I was saying the manner in which you cash out could trigger a suspicious activity report and could get your money seized with $20,000 in legal fees required to get them back EVEN if you're innocent, and EVEN IF you intended to pay your taxes.
Nathaniel Hall
Just have a Jew on retainer then
Eli Rogers
No it's not. It's easy to get your money seized if you're structuring but if you obtained your money legally you can petition to get it back.
Dominic Ortiz
Lawyer up and accountant up when it's time to cash out faggots, simple.
Liam Perez
>could trigger Did you even read the article you posted? It says the 278 people had their assets seized for STRUCTURING, which is a crime in of itself. It doesn't matter if the income is legal if you structure it to avoid mandatory financial disclosure regulations.
Do you have any evidence of lawful and taxed capital gains being seized by the IRS without returning them when the deposits are > 10,000? No? Then stop with the FUD bullshit.
Henry Mitchell
How am I going to buy a lambo with BTC?
Lincoln Campbell
What if you withdrew all your cash before the IRS could seize it? If you were innocent that is.
Connor Rodriguez
just sell btc in cash on craigslist the kikes will never know
Alexander Bell
hownewru
Lincoln Brown
hm
what if we all just chip in on an island and start our own country?
Jeremiah Hall
lmao u could only afford a 2014? lame
Xavier Ramirez
Daily reminder to sage and ignore tax threads and non-bitcoin threads
>No person shall, for the purpose of evading the reporting requirements of section 5313(a) or 5325 or any regulation prescribed under any such section, the reporting or recordkeeping requirements imposed by any order issued under section 5326, or the recordkeeping requirements imposed by any regulation prescribed under section 21 of the Federal Deposit Insurance Act or section 123 of Public Law 91–508— >(3) structure or assist in structuring, or attempt to structure or assist in structuring, any transaction with one or more domestic financial institution >(d) Criminal Penalty. >(1)In general.— >Whoever violates this section shall be fined in accordance with title 18, United States Code, imprisoned for not more than 5 years, or both.
Jeremiah Wood
>The rules are intended to stop money launderers from evading federal banking regulations by making small cash deposits under $10,000, but IRS agents ruthlessly pursued cases against small business owners when there was no other evidence or indication of criminal activity. For example, The New York Times profiled the case of Carol Hinders, an Iowa woman runs a small, cash-only Mexican restaurant. In 2013, two IRS agents showed up at Hinder's door and told her the agency was seizing $33,000 from her bank account for structuring violations. She was never accused of a crime.
Structuring is a crime of "intent". They pursued those cases with no evidence just the accusation that the "intent" was to avoid triggering reporting requirements.
Jayden Bell
Not the point. Taxes exclusively get coerced out of people.
I'd rather donate to a charity than pay taxes; at least I get the satisfaction of knowing the money is going toward other tax dod-- a cause I WANT to support and not one the government forces me to support.
Asher Howard
What is the tax rate for crypto gains in the US? How do you even pay them? Just call up the IRS after you withdraw to your bank account like, "hey I think some of this is urs"
Nathan Brooks
so don't cash out anything under 10,000 so they have no grounds to accuse you with
Liam Anderson
>ill just pay my taxes and they wont take it!
hahahahahahahah no.
the scariest part about the structuring laws is that they can take your money just because they suspect you of trying to circumvent the reporting laws...not because youre not paying taxes.
so you could pay 100% of your taxes and be fully squared away by the IRS...and still lose all of your money if they think you were trying to avoid the reports
the only way to win is to cash out $10k and do your taxes properly.
shits fucked.
Jacob Jones
Despite hating the majority of people, yes, my money tax money generally goes to Jamal, Jerome, and to/for the killing of Jihadis.
Kayden Cox
>the scariest part about the structuring laws is that they can take your money just because they suspect you of trying to circumvent the reporting laws...not because youre not paying taxes.
Exactly
Sally cashes out $9000 a month to her bank from her business = Legal.
Sally cashes out $9000 a month to her bank from her business with the INTENT that the bank doesn't report her transaction = Illegal
Some idiots in the thread don't see where that can get you into shit even if you fully intend to comply with the law. They even ADMIT they compromised people's rights. And even when those individuals presented evidence that they didn't "INTEND" to structure they just ignored it.
Or stop giving into the jews and move to a different country.
But your a cuck burger.
Julian Morales
Yeah that's why I made this thread to warn people not to do that. They pursued random small business owners for cashing out less than $10,000 you think they won't do it for "Internet Money laundering, deep web drug currency"
Ian Peterson
No wonder chinks are coming here and buy our houses with cash.
We are to broke after IRS and all the local and state taxes to afford anything.
The jews are genius in making us poor in our own land.
Camden Lee
>Money laundering law is just vague enough to be used as a weapon of the state to punish dissidents
Crypto might become de facto illegal if they invoke this law whenever someone cashes out.
Wyatt Gonzalez
just move to a different country. in most countries nobody gives a fuck about btc
Connor Campbell
You didnt seriously think that the government would sit idly by while NEETs make millions exchanging Monopoly money on the internet, did you? Didn't your father ever teach you that if something is too good to be true it probably is?
Juan Jackson
If you read the tax code, there are many, many, many other sections where intent plays a huge role in how much you actually have to pay in taxes. It's unbelievable. Understand that by claiming certain intentions, you can actually lower your taxes a lot. It's very strange.
Tyler Jones
I swear, I'll quit my job, live in a van, and put ALL my income into crypto just to resist. Panhandling on the side of the road for bucks to exchange into BTC - That's the life.
Charles Scott
>implying rich NEETs wont just move to one of the tax free Crypto Citadel's
Anthony Nelson
bitpremier.com
Lamborghini also directly takes BTC or so I've heard.
Hudson Anderson
This x100. It's just the U.S. thats full of jews trying to take your money. Become a citizen of some smaller country and cash out there.
Noah White
Why would you cash out?
You can just buy almost everything, including illegal shit and gold with crypto.
Since the inception of the darknet, you can in fact buy more things with bitcoin, than with USDs.
Also, as I said, if you want to safely store you BTC long term, just buy gold with it and store it, either at a banks vault or your own safe.
Adrian Reyes
Just get one from LocalLambos.com and make sure you don't get robbed.
Nolan Torres
>locallambos.com
LMFAO.
Julian Harris
you have to pay taxes when you buy merchandise with crypto that has appreciated in value.
technically you have to report when you buy merchandise with crypto that has depreciated as well but they won't care since you won't owe money.
David Jones
>government steals your money without a court case and then threatens you with a court case so that they can keep the money I'ts quite ingenious really
Lucas Diaz
What if i don't have a us citizenship but only a us bank account?
Matthew Turner
Source?
How are they supposed to check that?
David Roberts
...
Joshua Miller
>petition to get it back. Wow! Such free. Thanks, Moshe, for letting me petition you to get my money back. Israel is truly our greatest ally.
Camden Sanders
File quarterly estimated tax returns on your cashed out gains to build a paper trail. It is harder for the IRS to make a claim of illegal money laundering when you have already paid the tax on it.
Carter Jackson
not a amercuck but if i was you guys i would cash out in BTC or ETH not in fiat
James Richardson
How does this apply in bongland fellow bongs?
David Hall
>killing of Jihadis you mean funding of jihadis.
Jonathan Harris
You report your income like a good fucking goy and pay your goddamn taxes.
Parker Rivera
> >>killing of Jihadis >you mean funding of jihadis. Funding, killing, and training jihadis
Cameron Martin
It doesn't but Theresa May is sure to go 1984 on our ass real fast
Julian Fisher
Structuring is such a bullshit charge that basically anyone can be guilty of. If you own $10,000 worth of assets or have $10,000 worth of cash, you could be charged with structuring. It's just a fancy way for the man to steal your shit.
