How do i cash out large amounts of bitcoin without being fucked by the taxman?

sell them on ebay and you pay "only" fees of 10% to ebay

If i sell alot of coins like 2 bitcoin worth lower than the highest bid offer does bittrex make you sell at all the actual rates?

Buy gold online .. go to your local coin shop, exchange for cash...

Easy

If i'm just hodling Bitcoin for the long haul, do I have to report it on my taxes? Or is it only when I conver it back into fiat for gains/losses.

dont forget another 10% to paypal
providence and apmex no longer accept bitcoin. who does?

Pay your taxes. Jamal's children won't feed themselves.

Only when you cash out.

Guess since I don't ever plan on cashing out I'm good.

looks like jmbullion currently accepts bitcoin. problem solved

Look for a local bitcoin exchange most places someone will meet up with you. If its a large enough amount someone will fly and meet you at your local airport. Swap for cash in person never deposit it to your bank. Tax man never knows

No but if you traded for alt-coins even once you have to report the capital gain or loss based on USD value at the time of trade and pay tax on it.

Better hurry up user. Time is ticking. 9 days until shtf.

If i could go back in time, it would be to tell Capone to pay his taxes. RIP in peace

i dont believe that is true. id just like to take some profit and get my initial investment back

There is a way

You may open up a foreign bank account in a country that has special rules regarding capital gains, and put your btc into this account. ASAIK the IRS cannot charge you with capital gains taxes if you sell btc from your foreign bank. BUT its still investigated by the IRS and you'll have to make a statement

Lies

You can use the capital losses from other random shitcoins to offset how much taxes you pay on the buttcoins.
ie, Buy $1000 in shitcoins, sell for $5. Buy $1000 in BTC, sell for $10000. You only need to pay capital gains taxes on the $8005 instead of $9000.
Depending on how much you invested in what, this may not help you at all.
I don't know what the limit is for having to pay capital gains taxes, but you could cash out only an amount below the limit each year to avoid paying taxes. But the limit is probably low enough you can't live on it.

I don't get this tho

So if I put into crypto from fiat, then trade for Alts, but never actually go back to fiat, how do they charge you fiat? What if my Alts all plummet to 0 immediately after reporting to IRS? I'm just fucked out of money?

local bitcoin

coinatmradar.com/ here ya go lad. Only 2% on fees on some atms.

Kill yourself jew

Bullshit

He's bullshitting.

>So if I put into crypto from fiat, then trade for Alts, but never actually go back to fiat, how do they charge you fiat?

I don't know but they fucking make you do it anyway. I fell for the "it's only when you cash out" meme and now I'm fucked because I looked deeper into it and it turns out it's not true. I have to either use money from a different source of income to pay it or cash out a portion of my crypto, pay tax for converting to fiat, then use that fiat to pay tax again on the alt-coin trading capital gains. That's how it is for ALL property. That's why you can't avoid taxes even if you only barter, they make you calculate the gain or loss in dollars and pay in dollars. They don't give a shit how you're gonna get the fiat. Let's say you win a prize on a game show of a car that's worth $30,000. They'll consider that a $30,000 gain and make you pay tax on it. Even if you object and say Where am I gonna get the money??? they don't give a shit. They want their cut.

>What if my Alts all plummet to 0 immediately after reporting to IRS? I'm just fucked out of money?

Yes. If by the time the tax year ends and you have a capital gain, you have to pay them. If the next year all your holdings go to 0, they're not gonna give you your money back. All you get to do is report it as a capital loss for next year.

Buy gold (you can buy at 2% above spot price), cash out gold at a jeweler's place or a pawn shop.

It cannot be done without breaking the law. This may be disappointing but it should not be a surprise since the laws were designed to take money from you. Heres how you could do it:

1. marry a girl in a tax haven country asap
2. as soon as you have citizenship in that country, cancel your native citizenship.
3. If in the US, pay the extortionist jews their fucking expatriation tax and do not announce that you have cryptocurrency (it cant be proven)
4. If there are documents showing you have crypto, say you do not have the private key (it cant be proven)
5. finally get permission to leave the US mafia government
6. cash out in tax haven country that does not tax foreign capital gains
7. hope the taxman doesnt bother hunting down expatriates.

No, I'm not fuckers. At least if you live in the US.

irs.gov/pub/irs-drop/n-14-21.pdf

>Q-1: How is virtual currency treated for federal tax purposes?
>A-1: For federal tax purposes, virtual currency is treated as property. General tax principles applicable to property transactions apply to transactions using virtual currency.

>Q-5: How is the fair market value of virtual currency determined?
>A-5: For U.S. tax purposes, transactions using virtual currency must be reported in U.S. dollars. Therefore, taxpayers will be required to determine the fair market value of virtual currency in U.S. dollars as of the date of payment or receipt. If a virtual currency is listed on an exchange and the exchange rate is established by market supply and demand, the fair market value of the virtual currency is determined by converting the virtual currency into U.S. dollars (or into another real currency which in turn can be converted into U.S. dollars) at the exchange rate, in a reasonable manner that is consistently applied.

>Q-6: Does a taxpayer have gain or loss upon an exchange of virtual currency for other property?
>A-6: Yes. If the fair market value of property received in exchange for virtual currency exceeds the taxpayer’s adjusted basis of the virtual currency, the taxpayer has taxable gain. The taxpayer has a loss if the fair market value of the property received is less than the adjusted basis of the virtual currency

So. All Virtual Currencies are property. Trading a virtual currency for virtual currency would be property for property. And As they state in A-6 you would have a taxable gain or loss depending on the "fair market value" of the virtual currencies which they define in A-5.

name a single bank like that.

Exchange it for cash immediately. Forget it exists.

You can also buy user load and go travel cards, give fake details and deposit to them and cash out at an atm wearing a face covering burker. Ive laundered money for years with this method (ausbound) from online fishing scams to amazon insurance fruad to crypto-gainz. Never pay tax user, its immoral. Your money goes to corrupted cops, single mothers, rapeugees and even Pajeets

I don't know man. As soon as I get some gains, I'll start worrying about gains tax.

Don't tread on me

only person with balls in here. i seriously think there's pajeets in this very thread shilling the tax man hardcore. what kind of fucking idiot would actually give his money away without a fight

>continued

Ask me anything user, step by step ill tell you how to avoid tax. user sim card for burn phones to open up user bank accounts and all. I am /yourguy/

>t.highrolling-dollbludger

>instead of paying $1350 in taxes pay $1200.75 and lose $995 ($2195.75)

Veeky Forums intellectuals

And before any of you say "No it's a like-kind exchange". You still have to report each trade. They offer NO GUIDANCE on how to do this for virtual currencies and if alt-coin trades even qualify. But if you do try to file them as like-kind exchanges good luck because you'd have to fill out this 2 page form for every single fucking trade. You're just asking for an audit if you do this.

irs.gov/pub/irs-pdf/f8824.pdf

tfw in germany there are zero taxes if you idle your btc for a year

too bad I'm poor and will never have that problem

>makes his money with phishing and insurance fraud

>says paying taxes is "immoral"

he's not wrong.

Bonus tips are how to escape 9-5 and live off of amazon insurance money.

How to middle man online drug importation without incrimination.

And I am assuming you are up-to-date on the infinite money crypto boom

I am just as much as a cockroach as the tax department. I never claimed to be better than your overlords. Cept I am just a free man, i dont get on my knees and beg to the system to spare me

Pay your taxes, kike

how are you using the internet anonymously?

How do I into /wealth/, V.M. Varga?

Besides I only scam Chads not citizens of kekistan

Tor browser, dogy, no camera outback internet cafes.

What I meant was, if you've already lost money in shitcoins, be sure to report that so you pay less taxes on the bitcoins. I didn't mean that you should lose extra money just to avoid taxes.

It took you so long to come up with that excuse, brainlet.

you belong in an oven.
>shove that carrot up your loose asshole.

Do I need to pay any taxes if I'm a NEET with $0 income history?

Yes

Go on, I'm listening.

pay your taxes you fucking faggot

roads don't pave themselves

They actually would if the government would get out of the way.

Ok but in that example they cannot force the car on you, and they are required by law to offer you the cash equivalent of the car's value in place of the car just for this reason.

laughed hard

Show me one example of such a system working on a national scale. And you say communism has never worked

How do i get a gf?

if youre from the US you will likely find it much easier to approach attractive women in other countries when you are mainly doing it for citizenship, and they are likely to reciprocate interest for the same reason

americuck'd, where you can pay taxes on income, investments, or buying anything

bitcoin.tax/blog/bitcoin-taxes-common-questions/

Is it possible to cash out in jewelry and claim you are only selling assets?

If you hold over a year, you pay the capital gains rate

The irony is that its gold you want.

Ya know, after all the crypto shills said how useless gold is.

Show her your bitcoin wallet.

The atms incentivise withdrawals sometimes so that the themselves don't have to deal with as much hard cash

buy stuff for BTC
on alza.cz you can buy even TESLA car for bitcoin

It was very obvious he meant that from the start