How do I cash out without paying taxes?

lostmypassword
lostmypassword

I need help Veeky Forums. I'm a total tard, and by chance I put some money in BTC a long time ago and let it sit. I now have about ~425,000 USD.

I want to cash this out, but I also don't want to pay taxes on it. What do?

Should I set up a bank account / trust in the Cayman Islands and then launder it back into the U.S. through an LLC or something?

I'm sure this has been done before. I know the whales know how.

I need help, I might pay a fee for advice.

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takes2long
takes2long

Maybe just pay your taxes?
You are using the infrastructure that is paid with it.
You are protected by the police force that is paid with taxes.
Your taxes oay the largest military in the world so your country can keep its dominating status in the world and bomb some shithole from time to time.

Pay your taxes and don't be a greedy asshole.

Evilember
Evilember

Just hold 1 year

Bidwell
Bidwell

if you put it in a long time ago just pay brainlet. It's only 15% on long term. Going through hoops and risking your ass is only worth it if you daytrade and they want to take 48% or some shit.

kizzmybutt
kizzmybutt

Convert to theter and cash out in small amounts.
Buy gift cards in bitcoin and sell them for cash on craiglist or some shit.

Gigastrength
Gigastrength

downlaod wickr and post your username itt. someone might add you back.

Boy_vs_Girl
Boy_vs_Girl

Cash everything out normal, go to the gun store, buy a large caliber hand gun, blow your fucking brains out before tax season, done. Just pay your fucking taxes moron, if you have to come on here and ask you're not getting away with it and you don't want your sweet neet asshole to blasted by Tyrone now do you?

Burnblaze
Burnblaze

Nobody is going to help you evade taxes, dummy. And I don't believe you have $425k in BTC. You're probably just another broke ass neet who made a couple hundred dollars, and can't bear to part with any of it, because you're a greedy child.

Snarelure
Snarelure

falling for the tax meme

Need_TLC
Need_TLC

Just send a letter to the IRS saying that don't recognize their authority and explain your reasons. It's that simple.

Spamalot
Spamalot

This. Conscientious objector status has been respected since the WW1 draft.

GoogleCat
GoogleCat

I'd tell you but most likely you're American and you're worth less than shit so no.

Carnalpleasure
Carnalpleasure

Step1: Live in New Zealand
There is no step two.

BlogWobbles
BlogWobbles

This.

I heavily invested in ETH back in 2016 and sold it all. I cashed-out around $800k to my bank account.

Then I wrote a letter to the IRS and told them that I, as a sovereign citizen, do not recognise their authority and will not pay any taxes to them.

Also make sure to include a document with all of your cryptocurrency addresses, exchange usernames and transactions so they give them tax-exempt status.

Shortly after, they send me a letter that they respect my decision and will soon get in touch with me. Its been 3 weeks now and I haven't heard back from them yet.

Lunatick
Lunatick

So many taxcucks in this thread.
OP heres my take: go and find a good (!) Lawyer and pay him a bunch of money to set something up for you. You do not want to fuck with the system and have some harebrained scheme fuck you in the ass a couple of years down the road because you missed some fine print. Go to a professional there are people who make a living exploiting tax loopholes and they can help you. Make sure you vet the guy because a bad lawyer can get you in trouble as well. Tax avoidance is 100% legal ny the way and all the big dogs do it. Only poor people pay taxes really, the rich find ways around it. Godspeed

LuckyDusty
LuckyDusty

How do I cash out without paying taxes?
you don't

5mileys
5mileys

Cash out with bitcoin atms. Buy giftcards. Go to a different country, make a foreign bank account, deposit your money in there, then slowly withdraw from atms in your home country.

Or just pay your taxes like a proper citizens. Don't be avoiding them like some filthy mexican or an illegal.

Methshot
Methshot

What about local crypto-to money exchangers?

Skullbone
Skullbone

Just hold 1 year
this does not work in all countries.

BinaryMan
BinaryMan

Except that my student loans there are probably INSANE by now. Fucking cunts, you can't change the terms of a loan AFTER I've signed up, I'd have never accepted the current terms. Never going back to NZ, I'm basically a refugee forever kek.

Skullbone
Skullbone

I cashed out nearly 100k in December. Coinbase never reported my shit to the IRS. I followed their little tax calculator page to report my gains and only ended up having to pay like 2K.
I'm guessing their calculations are wrong. I have not touched 25% of what I withdrew just in case the IRS guys come knocking.

BlogWobbles
BlogWobbles

this does not work in all countries.

Most countries actually have more crypto favourable Tax laws though. Like, you can write off your losses (so all your shit calls offset your wins), you only get taxed at cashout etc, or it's part of a flat tax on your whole estate etc.

Seriously for "Capitalists", Burgerland is pretty unfriendly, most supposed "Socialist" countries are easier to deal with once you know all the tricks.

RumChicken
RumChicken

There are easy ways to avoid paying taxes in this scenario. I'm not going to spoonfeed you but I emphatically implore you to look into Au.

No one should be paying taxes if you can help it. Taxation is theft and only enables worthless bureaucrats to continue to be welfare queens.

Crazy_Nice
Crazy_Nice

but I emphatically implore you to look into Au.

What, moving to Australia? Is Aus a crypto tax haven now??? Fucking way to go, doing something right for once Aussie government!

lostmypassword
lostmypassword

Au = Aurum = Gold

Snarelure
Snarelure

pay your fucking taxes you dip. It's better than years in federal prison

Sir_Gallonhead
Sir_Gallonhead

lol murican
Your problems and government are funny.

GoogleCat
GoogleCat

Oh derp, of course, I'm a fucking brainlet.

Yeah, that's good though.

Fuzzy_Logic
Fuzzy_Logic

taxes oay the largest military in the world so your country can keep its dominating status in the world and bomb some shithole from time to time.

Be a good Goy and pay those taxes

iluvmen
iluvmen

Those aren't as antithetical as you think. The superpower status nets you plebs some benefits over other plebs around the world.

massdebater
massdebater

benefits

What, 0 job security, crap wages, bad education, a shit-tier medical system, regular school shootings and getting raped by your TSA every time you want to leave on holiday?

Kek, keep your freedumbs America. It's sad - once upon a time you really WERE the greatest nation, and everyone wanted to go. Now only people from third-world hellholes emigrate. I loved the country itself (fucking Montana, the Appalachians etc are amazing, and met some fantastic people), but you've just collectively decided to imitate the Romans and drive yourselves off the civilisational cliff. Even with all of Europe's problems (I'm not a Europoor btw), I'd rather be there than the US.

Sir_Gallonhead
Sir_Gallonhead

No it’s quite the opposite here, I’m looking for options overseas too. Singapore and HK seem to be more realistic.

Bidwell
Bidwell

Replied before I realized you were talking about literal gold

t. over excited ausfag

Methnerd
Methnerd

the gift card stuff is good enough for me

Bidwell
Bidwell

Why would you sign something if you a) don’t understand it or b) know that you won’t be able to honour it?

Emberfire
Emberfire

Sorry, I read too fast, they actually changed the terms afterwards? I really don’t think this is legal.

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