Taxes

Anyone here successfully cash out a large chunk of money? Is it as simple as just keep records on bitcoin.tax and having them compile everything when the time comes?

you can only buy in, impossible to cash out

>cashing out

>cashing out

holding until crypto becomes enough mainstream
high sums no, small enough - localbitcoins

What did they mean by this

>cashing out

>cashing out

Yes I have, and you have two choices. Either claim it as capital gains, where 50% of the gains are taxed at your income bracket. Or claim it as personal business income and you can write off a portion of the expenses incurred to make the money (ie: Commissions, Electricity, Part of rent). But whichever you choose you must stick with over the years.

But if you're actually making a consistent large amount of money open a corporate entity for yourself and do your business through that. You will have far less of a tax burden and there are efficient ways to give yourself the money from the corporation.

At least for Canada anyways, I assume the states would be something similar.

I own part of a smaller accounting firm, and run and algorithmic trading company with a slight bitcoin mining operation on the side.

You're going to jail.
Also:
>cashing out

>INB4 IRSFAG
Yes. It's cashed out as capital gains so expect marginal tax rate. I used an attorney from San Francisco to help out. Pay your taxes, keep your money.

How much did you have to pay?

>cashing out

why is it 50%?

alright faggots quit meming and tell me how to avoid taxes

offshore account, retard.

In Canada only 50% of realized capital gains are taxed. So if you make $1000, you pay your individual tax rate on $500 of that, so whatever income bracket you're in.

Cashing out implies that you don't believe cryptocurrencies has a future. Just put everything into BTC and buy 10 lambos in a year or two.

>paying for muslims and blacks to get free food and housing and take over societies that are not their own

LOL no fucking thank you

but muh roaaaaaaaaaaaaads, the roads are falling apart so kill yourself if you even for a second though muh roads.

if you don't take profits to at least cover your initial investment you deserve to lose everything

Just invest in BTC??? You wont lose anything. Antifragile. Too big to fail.

>Too big to fail.

until btc becomes unprofitable for miners, then you can say goodbye to your money.

>paying for muslims and blacks to get free food and housing and take over societies that are not their own

Fuck off back to /pol/, you and your kind already soiled Veeky Forums enough...

cashed out around 90k €
had to pay taxes around 30 k €

profit: 60k €

not 50% tax but its alright, kinda annoying

pfff they literally stole 33% of your money, and you think that's ok? good goy.

I sell off a bitcoin or two on a frequent basis to fund my semi NEET lifestyle. I claim it always as long term capital gains as I am pulling it out of my wallet into Coinbase.

Feels comfty with that 1040EZ famalam.

It's not but I don't want to go to prison.

i hope you're merely pretending to be retarded

how does Coinbase = long term capital gains? have you not put any fiat into crypto for over a year?

back to r3ddit you faggot kike shill

this is what your taxes buy you