Some whale gave me 230 bitcoins

This happened a few years ago. I want to cash out but how the fuck do I explain this to the IRS?

Nice larp

just say you mined them back in 2011 or something like that

cost basis of zero. IRS can't go lower than that, really not an issue OP.

...

that will make it short term income tho

if he holds 1 year it becomes long term

It seems like most of you faggots don't know how taxes work.

He doesn't get tax for unrealized gains.
He gets taxed for capital gains.
When he takes OUT the money.

Just take out the money slowly. Like 3 bitcoins per year. Or if you want to take your money out faster you could register as a business, Investment firm or something. Pay yourself 30k as income. Hire your mom and dad, pay them an income. Give them money as investors as well. Then take some of that "reinvest" that into your own business. Purchase stocks or something that give dividend.
Boom, you saved yourself a lot in taxes.

There are methods that you can file for a loss in your company and your gains as revenue instead of gross. You should hire an accountant then.

Whatever you do, do not lose the private key to the wallet that received them

You may need it to prove to the IRS or another tax authority hjow long you owned the coins

this could be a difference of millions or tens of millions in taxes.

this slut gradually crossed the line from mentally ill in a hot way to mentally ill to the point you'd back away if she threw her pussy at you

Time-intensive but tax free method:

1. Trade Bitcoin for Monero
2. Trade your Monero for physical cash or gold/silver (at a small discount)
3. Buy things in cash, don't deposit to a bank

Fucking fat chicks is not a crime

>tax free but risk of jail for tax evasion and doesn't work for any significant amount of money

Ewww OP your taste in CP is shit

>3 bitcoins per year
at that rate bitcoin will be worth 10$

doesn't people buy Bitcoins in cash in USA or something? i mean by localbitcoins or something like that

in my country we avoid taxes buying/selling bitcoin in black market and stuff like that, besides i am a neet so i can't send 40k of BTC to my bank account which has a also a limit lol

He can do that.
If it was 200k and less that would be very easy to do.
He has a bit less than 2 million. That's huge some of money.

It's better to cross loopholes than for IRS to see him sitting with 2 million in a few days that were never reported as income. That's tax evasion. Huge fee and possible jail time.

this. the peace of mind is worth paying a bit, especially as it's long term capital gains and your tax evasion methods take their own cut too, and have their own risks (do you KNOW that gold is real? do you know you won't be robbed? Or caught in a sting?)

name?

stop posting that attention whore faggots

230 bitcoins was worth almost 100k even a few years ago...

>doesn't work for any significant amount of money
Hot money is ridiculously easy to launder when its in large sums the more the better. Usually you can find multiple contractors or local businesses to loan to as zero interest loans (unofficially negative interest as a fee), the repayment is then then gradually sent through an offshore shell company

That's a lot of risk and variables.

Plus you think the average autist on Veeky Forums is going to pull it off?

no it wasn't dumb fuck

>230 bitcoins in wallet
>He didn't sell at 19k
Would be stupid rich, but you're retarded. Cash out when it gets to 12k.

>Not selling at 19k

Game over lad

Or 1 million each like mccafe was saying. Could go either way

larps are getting shittier by the minute

>gets taxed for capital gains when he takes OUT the money.
>Just take out the money slowly.
so just break the law

>long term income

She's 20 but yeah I agree... kinda creepy..

You need to prove some income you retard, otherwise every fucking brainlet would launder money like this

But what if he is a neet or something or his money circle isn't enough to even start entering 1 BTC per month to a bank account without looking suspicious?
it sucks to have a lot of money under the bed like that

But it's not breaking the law.

There is no law that says you have to turn all your investments into cash at once.

i mean taxes on the small amount of money he takes out.
biz has been through this a million times. if its a decent amount of money its more convenient to just pay the taxes.
or just break the law laundering money

>risk of jail evasion
Fucking how? Do you think IRS has fucking psychics working for them?

>otherwise every fucking brainlet would launder money like this
And they do.

If you create your own business you can funnel money in a lot of ways.


>1 btc per month
That's too much. As I said, to minimize all taxes. Creating a business and giving yourself and your family employees of income 30k (lowest tax bracket)

Then rest can be considered assets for the business which can slowly be funneled out and put into other asset classes, like stocks or real estate.

But he would really need an accountant for that. Which he can also list that as expenses for the business.

>230 BTC is a whale

Kids these days

cant you just cash it out and pay 50% tax?

None of what I said is breaking the law.

Assuming OP is a NEET.
If he has no job and doesn't want to create a business.
He could take out small sums of money, under the lowest tax bracket. If he lists is employment status as "freelance investor" or some bullshit like that. He can essential get away with paying a lot less in taxes.

step 1 give up your US citizenship/passport
step 2 open offshore account
step 3 ????????
Step 4 profit

its not breaking the law if he doesnt get caught.... i see

hire a tax agent

How would the IRS crack monero?

I hate these threads (even when they aren't LARPing), because they always end the same.

>OP: "How do I withdraw in the US without paying taxes"
>Everyone: "Buy Monero and sell for cash or precious metals"
>OP: "Nah, dawg, that sounds too hard"

Just pay the long term capital gains tax which depends on your income bracket.

$0–$38,600 = 0% capital gains tax
$38,601–$425,800 = 15% capital gains tax
Over $425,800 = 20% capital gains tax

230 BTC * $8200 = $1,886,000

$1,886,000 * 15% = $282,900 in taxes

Good luck cashing out all 230 at once though.

>Letting the .gov take half your money for nothing
I don't think so, Tim

He said a whale gave him those coins retard, not that he is a whale.

it's found money and no one knows the long term exchange rate.
any attempt at a sophisticated tax-minimizing scheme will result in OP getting fleeced.
cash out, pay your taxes, lock in your found money and move forward with your life.
or don't. be consumed with tax schemes, deal with shady people, get worked by pros and make a sad wojak post on Veeky Forums.

Google bitcoin ATMs near you or fly to the closest group. Withdraw maximum amount that you don't need to enter information daily.
take out 30-40k and stash it at your house and pay for everything except your bills in cash.

WOULD THIS WORK?

pay pajeets to create shapeshift.io clone
move coins back and forth until fees decimated it and you own it as earning from your business
buy traffic and ads with some coins to actually make your shapeshift clone a legit business

WOULD THIS WORK?