bitcoin tax question

You're fucked, sonny jim. The tax man is gonna dick you.

No but honestly, you have to pay taxes once you cash out.

>>2688053
.

dude, just hire a CPA and pay your taxes

you got lucky investing in a meme, just pay them jesus

>>2688209

I think you can cash out 35 k unmarried a year after a 1 year hodl at 0% capital gains tax rate.

careful with that idea of putting on usb and traveling if U.S. Bill S.1241 passes you must declare it if its over 10k usd. If you dont you will forfeit the funds and possibly spend 10 years in jail. Likely hood of this passing is actually high, but soon isn't likely, but in a few years probably.
(simple solution move out of country before the regulations become a headache for US users)

>>2688311
hahahaah whatever. i can keep all BTC on blockchain.info wallet and then log in from thailand,

ya basically they dont give a shit as long as you pay taxes...generally speaking im not an expert and have never cashed out gains, but there is so much money in bitcoin now, and unless you were under investigation for drug dealing then there wont be any suspicion about your bitcoins.

>>2688262
>>2688280
>>2688308
can you fucking retards read? im asking if I have to explain the origin of the money you dumbasses, that is the main point of the thread. I KNOW that i have to pay taxes and I will, because I want to buy a fucking house, so there's no way around it.

>>2688311
lmao, how can they know what's inside an encrypted USB?

also, you can just put the wallet in an email, go to the country and recover the wallet

there are endless ways to bypass that bullshit law

that is as dumb as the US trying to stop faxes back in the 80's.

it shows how bitcoin is and will be, they are struggling.

>>2688360
but I have seen accounts frozen for no fucking reason other than the origin of the funds coming from some bitcoin exchange or something

"civil asset counterfeit" is a thing in the US

im an eurofag anyway, but I just want to be safe and not sorry, and I want to know if the country im cashing out and willing to pay taxes at, is not going to fuck me up and steal all of my hard earned money

>>2688209
even if you move to a dif. country the IRS will still go after you, duh

I plan on selling my accumulated btc on coinbase for 100k, and transferring it into my bank. I will have to pay about 30k in taxes. Will they come to me? or will my bank just automatically give them the 30k

>>2689299
it's going under short term gains btw.

>>2689264
they won't care where you got it from as long as you're paying taxes. Why do you care even if they do ask? Nothing about your story looks illegal?

File: 1498563732788.jpg (99KB, 1080x1350px) Image search: [Google]

99KB, 1080x1350px

>>2688209
Poor/newfag here. I would start by saving the operation CSV registry of your (currently alive) trading sites. Just in case.

Where do you live? If you have problems turning it into FIAT, you could "temporarily move" to another country that don't tax crypto, in order to cash it, but it would be a mess and not sure if it's legal at all.

Another idea, you could buy gold and sell it later, because gold isn't taxed when you buy, only when you sell (at least here), and there you could make some trick.

This cheap advice is free, but if somebody want to give 0.05 btc, I'll not say "no".
1GX2pAwAHwPJtCcCgMKt1d6v3af7YN9awU

>>2689377
>if somebody want to give 0.05 btc, I'll not say "no".

Kekked

>>2689332
But why they should believe it without further evidence?

If one sells drugs on the darknet for bitcoins and makes a million dollars, are you saying they will not care where the money came from as long as you pay the taxes?

>>2689377
The bulk of my money was made posting on bitcointalk for signature campaings when you could make like 2 BTC a month

then some more on cryptsy and mintpal (exchanges dead and I didn't save the trading history, and even if I saved it, why would they believe it anyway? the addresses could be from anywhere)

and some mining on dogecoin

so what the fuck do I say when 21 BTC is worth several million dollars by 2025?

"I made this forture shitposting on the internet, trading on dead exchanges and mining dogecoin"

which is the truth, but sounds ridiculous.

Am going to need to give them my bitcointalk accounts if they ask? its embarrassing because i have cryptopunk and anti government views and they will see... fuck this.

And what about the dead exchanges and the mined coins?

How the fuck did the people that mined millions worth of BTC cash out like? I mean what explaination did they gave?

and again, if you made the money selling CP and drugs on the darknet, are you saying they wouldn't care as long as you paid taxes? sounds stupid.

>>2690085
>>2690104
I have the exact same questions OP, i'm also a Eurofag, but /biz/ doesn't seem to help. They all say that the government doesn't care where your BTC is from, I find that hard to believe. Maybe it's because they are mostly Americans and thr government there might not care. In America the law works a little differently, it's the government that has to prove you sold CP or drugs. In Europe, you have to prove that you didn't (kind of a joke, but yeah).

Remember senpai that New Zealand has no capital gains tax, I'm living in Aus ATM but once I have my Lambo money I'll move back and live like a baller

>>2688311

> find kitty picture
> put btc wallet inside kitty picture
> has kitty picture in frame on dash
> roll up to border with framed kitty picture
> well sir that is a nice kitty
> thank you, she's worth a million
> very well sir. have any bitcoins?
> what are bitcoins?
> nothing sir, have anything to declare?
> no, i'm just visiting family
> very well sir, have a good day

Now they're going to pass a bill so they can search through your pictures of pussy.

>>2690187
Tax isn't paid according to your location, but your citizenship. You can't travel to NZ, cash out and act like nothing happened. So many misconceptions here that for sure some of you are going to jail. If you were a NZ citizen and renounced your Strayan citizenship, then yes.

>>2688209
Start putting the trail together now as best as you possibly can, when it's complete take it to a tax expert to help you with what you need to do going forward to create the best possible outcome for yourself. Many anons are in for a harsh wake up call when they come to understand that the taxman is not a child their imaginary scenarios do not work.

>>2690426
>tax experts

but they know shit about bitcoin

and does the government know about bitcoin? tracing addressess etc?

It's not my fault mintpal and cryptsy dissapeared with all my fucking trades.

If they are not willing to help me, then I will go to any other country willing to take my money and i'll pay the taxes here

im sick of this nonsense.

>>2690136
So how do we do it?

Do we have to give them full access to our bitcoin core wallets?

This is fucking nonsense

And there's nobody to ask because regulators and accountants know SHIT NOTHING about bitcoin

>>2690827
I don't know and it seems that the people who cashed out don't want to talk about it. For now just hodl and keep asking until you reach a few million. They will probably bring some new legislation until then.

When you transfer it to your bank, if it is over $10k, the bank reports it to the IRS. When the IRS comes knocking, tell them you are going to put it on your next tax returns and ask what firm you need to fill out. They will probably put a note in your IRS file and you will probably be audited. Don't freak out if you're paying the capital gains taxes for your income bracket. Is is fairly new to everyone, but if it is treated like you sold property, its no different than if you sold a yacht for millions. You get proof of the transaction and apply it to your taxes accordingly.

>>2689377
who dat girll

>>2690857
im from europe

>proof of the transaction

what proof of transaction?

just buy lots of CP online with your crypto gains and then slowly sell them online.

least risky way to earn tax-free money.

>>2690931
bump

>>2690814
>Q-1: How is virtual currency treated for federal tax purposes?
>A-1: For federal tax purposes, virtual currency is treated as property. General tax
principles applicable to property transactions apply to transactions using virtual
currency.

They fucking know

>>2690857
Is it legal to structure this with a bunch of $9999.99 transfers?

In Australia any gains made are taxed according to capital gains and not GST. The max. threshold (income dependent) is 35%. If you were to cash out gradually you may be able to minimise this or avoid it completely
> Assuming that crypto is around for longer than a few years to give you time to cash out under the taxable threshold.

>>2692298
This is why it's better to be out in front of it

>>2692311
Definitely a gamble but given the history one that might be considered.
> Also Alphabay has various cashout services that might be useful to assist.

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817KB, 601x800px

>>2690931
>>2692198
She's Gemma.

http://www.gemmalouiseb.com
https://www.instagram.com/gemmatokyo/

And a vid, for informative purposes only:
http://watchjavidol.com/mmr-aa065-gemma-ジェマ-天使降臨!/

I don't know what happened, in the last days her twitter 404'd, as well as some other videos.

Do this worth the 0.05 btc?

>>2692324
My point is that for any given anon there may and most likely will be ways to better manage their hodlings that result in paying a more correct amount of tax rather than being slugged with an unexpected and unfair amount when it's too late to do anything about it. If evasion is the play even more important to be on top of it as early as possible, simply 'not telling' means never being able to use any significant amount of the money.