I want out of cryptos for a while, and have around 20k, but I'm kinda of scared to do a transfer with an exchange that it might get lost, delayed, account held, etc. And I'm scared of taxes (I don't reallly wanna pay any).
Anyone here regularly move large amounts into FIAT (over 10k)? Any problems, any preferred exchanges, any advice for staying under the tax radar?
Frankly I'd leave it all online somewhere if anything was safe and stable, but I'm terrified of loosing it.
Other urls found in this thread:
irs.gov
twitter.com
When you cash out you owe the tax man his money. Look at what capital gains tax you owe and put that aside for when you pay your taxes. This is the most important part.
Never ever under any circumstances fuck with the IRS. Ever.
private sales like with firearms in cash are the single best way to discreetly cash out. or Bitcoin ATMs which will scam you
t. IRS
Pretty much this. The IRS has a long history of fucking people much smarter than the majority of this board. You might be able to duck them for awhile but they'll get you.
Not an American... sorry should have said - I woulnd't fuck with the IRS either. I'm Jewropean, and our tax authority is slightly less competent.
I've actually never paid tax before, and dont have a tax number... robably living on borrowed time tho...
Sweet you can buy guns with bitcoins in Amurika?
Does no one withdraw their coins, or are you all just small timers?
Sell locally to avoid taxes.
Probably the only way
you cant withdraw any more than 100k tops, your account will get locked
I have - what's up?
just meet someone from localbitcoins and sell in person for cash? irs will never know and you will have 10k+ in cash. just make sure good feedback 500+ btc traded 10k+ trades... reputable traders that will come to you deliver cash at a safe place like police station, bank, whater you agree on
What like for cash? on localbitcoins? Rates are terrible. All profits lost that way.
Based on experiance, or what?
What exchanges and methods to you reccomend for large amounts?
yes. the exchanges are shady as fuck and they dont want your money coming out of it, they probably arent even liquid.
poloniex, bittrex etc. you cant cash out of.
I don't see why not. You'd still have to pass a background check though.
What's a reasonable amount to cash out from, say, Poloniex?
I do not believe they would do that because they just earn money with the fees (whether you cash in or out).
Kraken. Withdrawal via SEPA in Europe works and is fast (did one yesterday, took about 2 hours). Don't know about the tax part though.
I get that impression. Its hard as fuck to get coins out. People need to release this. Exchanges are dogy and will lock accounts and loose transfers all the time.
Has anyone moved large amounts to FIAT?
Good to know. Was it over 10k?
>cashing out
Nigga is j00 crazy? Hold on to that crypto, there are lending platforms inbound - you keep your crypto and borrow against it as collateral. Borrow fiat through SALT, for interest rates that constitute rape in most jurisdictions, or for a low rate for the stable coin DAI on the Maker platform. Both due out next month.
This also has more favorable tax implications.
Now THAT is interesting! Tax free loans on held crypto assets is genius. Is Salt well known and legit?
>DAI on the Maker platform
Giberish to me mate, what makes it stable?
But then wtf do all these people that have hundreds of thousands in the exchanges do?
How do they cash out?
fuck knows... they all make it easy to buy, but selling large amounts is really puzzling.
All you ever see is small time traders taking about localbitcoins and really poor rate debit card withdrawals. It works, and I suppose that is the price you pay for a bit of money laundry... but I've not come across anyone moving 10s or 100s of thousands out of coinbase or bitstamp etc.
What I do see is tonnes of complains about support that is non-exisitant, lost and delayed transfers, and locked accounts. Which frankly is terrifying.
If you plan on making big money in crypto you better have a way to get it out.
I've always done small amounts, but i'm tired of getting jewed by LBTC sellers, and getting bank accounts locked due to fraudulent transfers.
Yeah honestly just cash out local bitcoins, its 5% fee big deal.
You can get 100k+ cash for your bitcoins
untraced, just dont be dumb and deposit it all in your bank acc at once or make major on radar purchases.
Done.
>reputable traders that will come to you deliver cash at a safe place like police station, bank, whater you agree on
10k is fine to cash out.
maybe 25k is pushing it.
any more than that they will just lock your shit up.
What I have done in the past this is Canada/Japan/Korea experience:
-Buying luxury goods like a Rolex watches with BTC. Then selling them for cash.
-Some Bullion traders accept BTC. Some may require ID, in that case I would have friends buy for me.
- Best option is dealing directly with the BTC ATM operators. Call them and tell them you want to move a lot of BTC.
So I've read if you're poor you don't have e to pay capital gains tax for us citizens on cashing out. I think that's how I understood it. If I'm getting tired of sleeping in my car for whatever reason can I just cash out 10k every so often so I don't get taxed and can maybe live somewhere or is Uncle Sam just going to take my shit like I'm a slave?
10K isn't a lot of money dude most people on this board make that or more in a month contact a reliable bitcoin ATM operator in your city. Easier if you live in a larger city
In the US
>Crypto mining is taxed at income tax
>Crypto gains are taxed as capital assets
From Notice 2014-21
irs.gov
>A-8: Yes, when a taxpayer successfully “mines” virtual currency, the fair market value of the virtual currency as of the date of receipt is includible in gross income.
>A-7: The character of the gain or loss generally depends on whether the virtual
currency is a capital asset in the hands of the taxpayer. A taxpayer generally realizes capital gain or loss on the sale or exchange of virtual currency that is a capital asset in the hands of the taxpayer.
Sounds like BS, but i'll bite:
Where do you buy luxury goods with BTC?
There are 2 Bullion traders of note that accept Bitcoin. JD and Bitgild, neither have good reputations (anymore). You can't even get a support reply form them - i've tried
ATM operators maybe, but they will have no difficulty getting bitcoins at market rates themselves. Most ATMs are selling BTC only not buying them.
pay taxes...move freely. dont bee greedy retards. be always clean slate with irs
in germanistan: hodl 1 year and all gains are taxfree
literally the only good thing in this shithole besides sections without speed limit on the autobahn
Half the people on localbitcoins are feds looking to fuck you over.
is this actually true???
doubtful.
tfw you live in Liechtenstein
tfw Liechtenstein doesn't have capital gain taxes on crypto
Gains are taxfree but you have to pay Kapitalertragsteuer (25%) right?
nope, Privates Veräusserungsgeschäft
taxfree gains if hodled at least 1 year
>buying fiat with precious BTC
>10k is "large amount"
Dude just move it to kraken and SEPA to your account, what the fuck ?
is this amount based on BTC count or Euro count?
every trade in fiat (also crypto to crypto)
so if I buy 1 bitcoin for 5k and after a year its worth 12k I have 12k tax free or 5k tax free?
you gained 7k, so 7k tax free
but if you sell it earlier you add those 7k to your einkommen and pay taxes
same goes for altcoins
if you do short term shitcoin gambling with big sums you better prepare your anus for the finanzamt
Does that mean you can still gamble with shitcoins all you want as long as you hold BTC or sth for a year afterwards before cashing out?
And where can I read up on that stuff (regarding Germany in particular)? Can I just look up the laws and apply them to crypto as a layman or can you point me to a write-up / resource that does this for me?
To clarify, if YOU SELL it for 12k, you have a capital gain of 7k.
If it goes to 12k while you hodl, there's no taxable event.
Seriously talk to an accountant. A couple hundred bucks is nothing compared to thousands of gains.
no, -every- trade in crypto without holding at least a year is a taxable event
so if you are playing with big sums and going to be taxed in germany, dont gamble short term but HODL good projects at least one year
unless you want to pay our lovely refugees
use the german version of cointracking.info
they even list you the amount of coins you can sell for taxfree gains with the exact amount and date
Cant you move usd directly into a checking account on normiebase?
I bought $7000 gold and silver with bitcoins when it was at $1000, hand to hand, no trace
Never contacted the guy again and actually i don't know what to do with it