Let's say that you hypothetically had a ton of an altcoin that you earned through less than legal means (gambling)...

Let's say that you hypothetically had a ton of an altcoin that you earned through less than legal means (gambling). Hundreds of thousands of dollars worth.

How would one go about transferring it into BTC and cashing out? What would you tell the IRS?

>inb4 they wouldn't find out

Yes they would, especially after you attempt to purchase a house with said money. Hypothetically speaking.

Other urls found in this thread:

en.wikipedia.org/wiki/Cryptocurrency_tumbler
irs.gov/forms-pubs/about-form-w2g
twitter.com/SFWRedditGifs

Please respond

I'm also curious about this.

Bump

Slowly in cash through local bitcoin or a local exchange. Start buying all of your daily expenses in cash use your wagecuck job to get a mortgage. Its fucking easy OP

>use your wagecuck job to get a mortgage.

But wouldn't the IRS know if it's a large mortgage ($800,000+) and I'm buying a car as well? Or could the wagie job cover this?

You're a criminal. That's dirty money so you have to clean it (laundering). Good luck

I can give you 100% fail proof answer to this but i can just tell you it give you the keys and you can not have to pay taxes on this. Its an excise tax upon Public Office which you do not hold, the 16th ammendmnt added no new tax as held by brushaber v pacific railroad, part of the Sinking Funds cases, You may see in examples of printed United States constitutions amending clauses citing changes made by amendment, to which you get to anythign to do with taxes and it states "see 16th ammendment" unlike all other notations emphatically stating "was changed by such and such ammendment" Anyways here is the website a good one sedm.org

Set up a company, Expense the Car as a company vehicle. and the house as a 'real estate investment' property.

>transfer to btc
>tumble
>cash in
>pay taxes

no mortgage no reporting, If the IRS has no reporting form they have no basis to state funds came from excise taxable activity of holding a public office and receiving profits from either office or public holdings

>trying to hide finances from IRS
>thinks its a good idea to buy an 800k house cash

Are you fucking retarded? Live in a shack and renovate the interior.

>Live in a shack and renovate the interior
way cooler.

Why is this not the obvious answer?

I'm pretty sure nobody in the US has been convicted for online gambling yet. Why not just pay the taxes on your gambling wins? The government is usually after the companies offering the illegal gambling.

Kek (you) ing yourself

Pathetic

Dude look up usc 7701 (a) 9,10,26 none of which is expanded in the IRC to mean anything other than those given. Then go read the Trade or Business Scam by FamilyGuardian/sedm I'm tired of answering this question and getting no interest, worse than on /POL/ and they just take what im saying and add it to sovereign citizen bingo boards.

Just want an answer m8 so I can go to sleep. I see the ID's

Get on Social Security Welfare live in section 8 housing and buy a LAMBO

Could you please expand on this?

en.wikipedia.org/wiki/Cryptocurrency_tumbler

Cryptocoin washer. Should work with any coin, but btc is probably most available and reliable due to size.

Thanks user.

I'm still not sure how to explain where I got it. Do you think saying I used a BTC faucet in 2010 but can't remember where would work?

>Why is this not the obvious answer?

Because they're still going to want to know where the fuck you got all that, no?

Anyone?

Why not, I doubt the government would actually bother to research its origins as long as you're paying capital gains taxes on your "investment".

there literally a yotube video of a guy who that and they sent him to prison

name?

>gambling
>illegal

What kind of fucking third world country to you live in lmao

The obesity-ridden favela known as the United States

>land of the free

How'd you accumulate this?

You literally tell them exactly what happened. IT IS NOT A CRIME TO BE THE GAMBLER, ONLY FACILITATING OR RUNNING THE OPERATION IS ILLEGAL.

The IRS has a form, here ya go:
irs.gov/forms-pubs/about-form-w2g

You can even deduct your losses. You classify the cashout as gambling winnings (which is what it is), not investment income, and they will leave you alone. Why is everyone fucking stupid?

You cant use it on anything big.

That is now your lifetime supply of pocket change. Use ur real income on the big purchases.

What happens if it rains?

My plane would be:
>Push it all into XMR so the balance stays private
>Periodically exchange to BTC using a protonmail account on bitfinex or other offshore exchange
>But BTC into shift card through coinbase or wait for a blockchain card
>Wait until SALT lending provides avenue for loan for big purchases

What’s the most the irs could tax on a $800,000 house purchase?

[spoiler]What if I'm running the operation[/spoiler]

You know

Hypothetically

>gambling
>illegal
The absolute state of countries that are not Britain

We are too stupid to be trusted to make our own financial decisions. We are not allowed to gamble :(

Depends on where you live.
You can find a calculator pretty easy with google.
Tennessee is $6000.

That's every year btw.

1. Find an old crypto buy that you made.
2. Tumble your shit and throw it on an exchange for a while.
3. Say you made all this money in day trading but your old accounts are gone so you can't prove every trade.
4. PAY YOUR CAPITAL GAINS TAXES,

Ah biz, never change

>hypothetically

I plan to pay tax on it.

Would they not be able to charge me with anything since they couldn't prove shit and neither could I?

...

Hnnnggggg

take a loan, pay the loan selling crypto. Don't tell the IRS

The IRS isn't the fucking police dude, they don't give a shit about how you earned it or whether gambling is legal in your state, they only care that you did earn it, if its from gambling just tell them its from gambling, the feds aren't going to come after you for being a degenerate gambler, they go after the people running the casinos not the guy who got lucky as fuck

This is exactly how I feel about the cryptocurrency taxes. If you cash out any amount from crypto just pay the damn IRS what you owe and then a little extra just in case.

Move to a different country, because you're going to get fucked eventually.

gold!

Even if he hypothetically tumbles the BTC?

wtf is a blockchain card

>your hot gf will never host a dinner party at your swanky urban pad for you and a bunch of your friends
>tfw no gf
>tfw no swanky urban pad
why even go on bros i'm fucking serious

Feds will get him eventually for running a gambling site

Guys..... I bought into the EthBet and BitDice ICOs. How long am I going to jail for?

Move to Asia and pay cash for everything. Why the fuck is this board so stupid?

Guys?

Usd value means nothing

could you just explain it oooone more time pls? :)

>sedm.org
Sovereign citizen shit is bs you know right? It doesn't work in real life.

Dude he's just talking nonsense. Heaps of people are always talking about this nonsense, but they still get fucked by the law.