Has anyone here successfully cashed out?

So what do you do if you have large amounts you want to cash out?

Then wtf should I do? I want to cash out and pay off $90k in student loans.

just pay your loans as they come unless you make it big in crypto like 300k then plan on paying a shitload of taxes on top of your student loans.

serious question:

at what point will they 'look into stuff'? 10k? 20k? i just wanna withdraw like, 2k usd for the month.

sent 10k to my real banking account as a test
seemed to work fine
bitstamp is the only working decent exchange tho

2,000 is probably fine. If you're trying to cash out 6-7 figures just pay the fucking taxes and be done with it. Unless you plan on staying in crypto, just put everything into Monero for that.

no but I have a plan when its time

10k
even for cash
irs.gov/businesses/small-businesses-self-employed/form-8300-and-reporting-cash-payments-of-over-10000

I got an amazon gift card for $700 with my original btc stake.

can I open a bank account in Europe as an amerigun?

All banks have automatic triggers and programs monitoring "suspicious" actions in the bank.

Usually if you withdraw about 10k you will be flagged and if you dont declare it, you'll get into some tax trouble.

Also dont think you'll be a smart ass by withdrawing 2000 per month for 5 months, they'll know that too.

The safest choice you can make is to talk to a tax accountant to help you declare your taxes on cryptos and if theres any tax deduction payments you can make then use your money to pay for it so you get something for it.

I have a friend in the netherlands who told me he was going to go buy an apartment not cause he needed it but so that he can claim part of the costs for his taxes.

Yea you can, but there are special laws and regulations for amercunts.. read the TOS

I think it is a must for banks to have a special link on their sites only for americunts.

Important information for US Persons
The offering, sale and/or distribution of many of the products or services described on this website are not intended to any US Persons. If you intend to obtain any product or service from Nordea that is described on this web site, you must first inform Nordea whether you are a US Person.

This website and its respective contents do not constitute an offer or invitation to purchase or subscribe for any securities or a solicitation of any offer to sell any securities to US Persons. Any brokerage and investment advisory services described herein are not intended for US Persons. Furthermore, any solicitation on this web site of banking services (including accepting and/or soliciting deposits), insurance services, mortgage and/or consumer lending services or credit card services is not intended for US Persons, who are physically in the US.

“US Persons” are generally defined as a natural person, residing in the United States or any entity organized or incorporated under the laws of the United States. US Citizens living abroad may also be deemed “US Persons” under certain rules.

Nordea does not accept any liability whatsoever for any loss howsoever arising from any use of this website or its respective contents or otherwise arising in connection therewith. Nordea cannot be held responsible for any damages or losses that occur from transactions and/or services in violation of the relevant rules of the purchaser’s home jurisdiction.

Yes

Hello, IRS.

virwox.pw
>sell btc
>transfer to Pay Pal
>no need to send in penis pictures for identification purposes
>watch youtube video how to use it

I've used jmbullion to buy silver rounds with BTC. Basically selling on bittrex to BTC, BTC to them for silver, silver to an address that takes freight for my job. I grab it in the morning using my key before anybody shows up.

I just bought $2500 ETH from CoinMama.com and had to pay $250.00 in fees. 5% for them and 5% for the CC transaction. Is that fucked up??

guys pay your fucking taxes. Suspicious Activity Reports can be made by your bank/exchange with as little as $2000, and don't even try to fucking structure smaller deposits to bypass the SAR $ limit, because that's explicitly illegal and you'll be even more fucked.

pay your taxes, unless you're making pajeet tier gains, the IRS won't even bother with you then.

Yes. I've cashed out $300k in July. I was an early adopter (2014), still hold ~90 BTC & 2k ETH. I cashed out to put a down payment on my house and buy a new car (nothing fancy).

Used coinbase to cash out. Took a few transactions and weeks time, but they wired to my bank account.

Lol that's a ridiculous fee. Even normiebase doesn't fuck you that hard.

fuck man i wanna use this for amazon vouchers but it's for .com only
>UK fag here

GDAX -> Bank
no problem

lmaoooo 10% is atrocious

did this just to check whether cashing out was a meme

I used it and I’m in the UK
Just ask the live chat dudes to help

you got got. but you're learning, and now you have ETH so its a step up!@

You pay/report for taxes?

Next time buy ETH from Coinbase using your bank. Only 1.5% fee.

eToro tier

anyone that cashes out now must be desperate. this is going to be the biggest bull run in our lives.

yes

How long do you expect it to last approximately?

Yes

Me

6 months ago I turned $700 into about $9,000. I cashed out and bought a new home theater set up with furniture. Pretty fucking amazing.

Yes, I made sure to take out enough to have the liquid to pay the tax on it. I'm not trying to get 10-20 years for tax evasion, money laundering and wire fraud. It's really unreasonable to be so shady when the money came with pretty much no effort, just a gamble on what I thought had potential years down the road.

Cashed out $600k in December, $25k/day
Expecting to pay $100-$150k in taxes

>cashing out
>2017+1

When you hit your goals you'll cash some out too, ya dingus.

How long did this take?
Did it require any further verification above the standard photo ID?

I think it's ridiculous to go to jail for tax evasion if you're a single person.

...

Why monero?

poloniexanon detected

Yea, well, Uncle Sam doesn't fuck around. It's not worth the risk. I'd rather fork over the $55k and pocket the 245k. Seriously I put in ~$10k and made over a million in 3 years. I think that's pretty rediculous too.

only poor people evade taxes

>having goals
>any year

Buy some land with the cash.

Just did yesterday actually.

Finally feel like I'm truly making it in crypto.

About 6 months ago I started with a meager $5k, worked it up to about $50k, and during that last huge BTC bullrun where it went up to near $20k and all the alts tanked, I had been holding mostly BTC which I sold around ~$18.5k and bought into discounted alts.

I went from $5k to $50k to $430k as of yesterday morning.

Finally cashed out $50k and keeping the rest invested. Going to buy a newer truck I think, and maybe a cheap vacation.

Yes through coinbase. Was fast and painless.

Exactly this.

Zero problems with Coinbase.

Things with crypto would be even better if they had not fucked up the BCH release so badly.

What about the tax on cryoto to crypto trade? Do you pay that? Or pretend you've sat on it since 2017.

>only poor people pay taxes
ftfy

WHAT TAXES? HOW DO I PAY MY TAXES?

i tried cash out to but coinbase froze my transfer so it's pending forever

Took out 160k for a down payment on a house.

Took out 80k to pay off student loans.

I take out 1-2k/month to play and have fun.

I haven't worked in months.This is nice.

I only pay the capital gains from when I cashed out. I don't daytrade, user. Also those rules only took effect 2 days ago.

Atta boy, have fun

Check this out:
reddit.com/r/Bitcoin/comments/1uccfz/i_am_a_tax_attorney_here_are_my_answers_to_the/

Gains are only taxable if you convert crypto into cash. Crypto to crypto is not taxable.

You literally just wasted it on some circus tier shit.

you absolute fucking mong... you better have 100K+ in crypto still

I've been hearing a lot of Jewish tricks about having to pay crypto to crypto tax if you make gains on it, but that would absolutely kill the crypto market for us burgers.

How or where can you cash out, say more than 500k in one go? Piece mealing it out in smaller chunks is both a waste of time and a risk given volatility. Would be interested to know who has done this and where.

>asking for a friend

crypto to crypto isn't considered a like-kind trade anymore dumbass

>reddit.com/r/Bitcoin/comments/1uccfz/i_am_a_tax_attorney_here_are_my_answers_to_the/

you fucking shitting me?! is this correct??

Cashed out 10k recently (90% of my portfolio)
Huge mistake, BTC went up and I'm just gonna reinvest those 10k in cryptos now.
All I got is a bunch of DBC, hopefully it Moons soon

damn man nice work. Started the same time as you with 15k but I'm nowhere near 500k.

Kinda sketchy though that the 160k only covered a down payment. No income with a pending mortgage can put you under stress if you face downswings on your portfolio.

I don't know if I'd commit to buying more property if I didn't have guaranteed income stream or enough to completely pay off the property in one lump sum.

>last edit June 2017
Yeah this is old and no longer applies. Crypto can no longer be considered like-minded exchange in the US.

>Last Edit: June 2017

kys

GDAX's registration is always fucked up when I try it. Their fees sound great though

wewlad

Eh - if you have the mindset of “I could have made more”, you’re going to end up getting played. Bottom line is I have a bunch of new shit that I didn’t have to pay for.

user why the fuck would you do that? at least you know now but jesus fucking christ it annoys me seeing these guys throw away what will very likely be hundreds of thousands of dollars in 2-3 years

Sorry. Looks like crypto to crypto is now taxable. But is anyone actually doing it?

So I can't just cash out 60k straight into my bank and then wait until the end of the year to do my taxes? I don't get this shit. If I just cash out 60k what is the IRS going to do? Arrest me? How the hell do I pay them the taxes in the first place? I need a lawyer to do this???

Not paying taxes? WTF is wrong with you people? would you rather live in an African shithole. Taxes go to all the nice things we have in the U.S. you NEETs make money from doing nothing and you act this entitled. seriously fuck or stop complaining

ehm, that's not true, that loophole never existed. You pay taxes on every crypto-to-crypto trade, but its only taxed when its realized gains - when you cash out.

It doesnt really matter though, because the gains are so insanely high, that you or any one of us could assume zero cost basis (when you have no proof of what investment cost you started off with). Zero cost basis only really fucks with daytraders and scalpers. For people like us, that $1,000 it cost me initially to invest into btc is peanuts and wont affect the massive tax I have to pay anyway (35%)

ha

>Taxes go to all the nice things we have in the U.S.

Yeah all those nice things like the food stamps I don't use and the potholes and the dirty tap water and the refugee resettlement thank you taxes

>“I could have made more”
It's not that, it's buying something that has legit value, like land or gold.
You just wasted it on some worthless garbage.

Only two thousand square foot. I don't need a big home. That down payment was 50% of the cost.I can pay off the house right now if I wanted to, but I'd rather keep that money in crypto for now.

Point is... I've been taking $ out monthly to take care of bills and have fun. So for the OP, yes taking out crypto is ez.

Taxes are a scam you fuckwad. The government is $20,000,000,000,000 in debt. The whole thing is a sham, everything runs on credit. The government literally creates money out of thin air to use. Your taxes dont do shit.

No it doesn't kike. It goes to shit government contracts for the military, "peace offerings" and the pockets of some other fucker.

What a fucking pathetic cuck

Don't know why so many people are afraid of the IRS. Assuming you make massive gains just pay the 30% tax fee and be done with it. If you faggots try to evade the IRS you're only asking for trouble. Quit being fucking pussies

>KC

Bernd?

>30%

Only when cashing out, right?

Police, Fire, Parks, Public Schools, business incentives, government officials to manage your municipality. Arts and culture. and everything else that makes life here the envy of the world