Tax help needed

>>1299665
why not just keep it as BTC? it's better for the economy. once you spend it the problem becomes someone elses problem, then hopefully they decide to spend their BTC and so the economy grows and the price of BTC rises.

>>1299669
I'll probably keep a sizable chunk of it in BTC because I believe the price will likely rise and also for future transactions, but I really want to cash out so I can start investing on the NZX and ASX.

>>1299665
I don't know tax law in your country however here's what you'd do if you were in the US.

Generally, the following gifts are not taxable gifts:[5]

>Gifts that are not more than the annual exclusion for the calendar year (For the year 2015: $14,000 per recipient for any one donor[6])
>Gifts to a political organization for its use
>Gifts to charities
>Gifts to one's (US Citizen) spouse
>Tuition or medical expenses one pays directly to a medical or educational institution for someone. Donor must pay the expense directly. If donor writes a check to donee and donee then pays the expense, the gift may be subject to tax.

So, if you don't need it all right now, your best shot is taking it out 14k each year until you eventually have it all out.

When pulling it out you could also split it between your bank and paypal to make the money harder to track. If you have a spouse you could pull another 14k out to her bank account and her paypal. Get a friend or father to promise to testify if need be to say "Yeah I had a bunch of cash saved away in my safe that I gave to him as a gift".

That gives you 48k for this year. Then you can repeat again next year to get the rest out.

>>1299672
what do you hope to gain by investing in that ponzo scheme?

>>1299712
>ponzo scheme
What Ponzi scheme?

>>1299665
You won't get busted for tax evasion if you pay taxes on it when you withdraw it. They don't know when you got the income, you can just say you got it all this year.