I made more than a million dollars in crypto. I am cashing out $200k.

Forgot the greentext there bud

>>2701374
cops watch buttcoin atm's too. you're also on camera when you withdraw from them. assume they're able to make rough estimates regarding how much you're withdrawing and how often you hit up the atm's to determine if you're worth going after for whatever laws you're breaking. if they think you're pulling out hundreds of thousands from various local atm's over the course of ??? you will get arrested.

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>>2701396

Literally this.

Bitcoin is also strongly associated with drugs, hitmen,and other illicit activies in the eyes of Johnny Law. It's a huge, huge gamble to cash out even five figures.

You are under FBI surveillance as we speak. You'd better pay every cent you owe to the IRS and hope the rest of your life is squeaky clean. One little slip and you will lose EVERYTHING. You will gain a trip to pound me in the ass prison.

>>2701411
unless you are trying to evade taxes, why would anyone be scared of withdrawing any amount that you honestly earned from investing in crypto?

>>2701374
>I do a transaction in person
how does one go about this so none of the parties involved get fucked over?

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>>2701374
>BTC ATMs
I know this is a larp post, but why the fuck wouldn't you just withdraw via a wire transfer to a bank account? Having $200k in cash is retarded. No one at your bank gives 2 fucks about a measily $200k, or $1m for that matter

>>2701446
dont declare it everywhere

>>2701427
If you are cashing $200,000, in literal cash, by moving from ATM to ATM, it is safe to make the assumption that you are trying to avoid taxes

>>2701446
Better check each individual bank note to make sure it's not counterfeit, and have protection against niggers

>>2701455
I don't mean tax-wise but how do the parties make sure one gets the BTC and the other gets fiat without relying on trust?

>>2701462
how do you receive BTC? via paper wallet? those can be copied and whoever uses it first owns the amount

>>2701473
You have the faggot send the coins to an address, and then wait for it to be confirmed on the network

>>2701482
why would the faggot trust you to pay him as he does that?
I don't see how it's possible without an escrow service in between, which leads us back to jewry

>>2701496
He shows you the cash, and likely has a good reputation on localbitcoins. I'm not saying it's not retarded, but it's how it's usually done

>>2701396
>camera

Oh no, that sucks. Too bad my face isn't on any government documents. What're they going to do, put my face on TV asking for leads on "guy withdrawing suspicious amounts of money at ATM"? Even if they did, it's not like I ever leave my house so nobody knows my face anyways.

>>2701525
you're right, zog doesn't take taxes seriously. you'll be fine.

>>2701533
I mined these coins myself back in 2010.

Prove I didn't.

>>2701557
Are you in the yay area? I need to buy some coins this weekend.What type of fee should I expect as a first time localbtc buyer? 2k usd

So funny. Checked everything in my country regarding taxes on this. Conclusion no solid law regarding this income and would only have to pay taxes up 1.9% of its value. My sides omg

>>2701557
long term cap gains is 15%. just because you found them in the mines doesn't mean you don't owe. you owe.

>>2701374
>cashing out $200k
>I'm currently cashing it out through localbitcoin and BTC ATMs.
So you either found some idiots that are willing to do huge transactions in cash, or you are doing 500 trips or something…
Yeah, fun!

Just cash out to a bank account, and pay your fucking taxes.
I can see that one won't go through all those hoops for just some single digit-k dollaridoos, but 200k? fuck that.

>>2701525
>Too bad my face isn't on any government documents.
So you either live in some third world shithole where you might as well cash out in your bank account since your governtment is corrupt and wont care anyways, or you are a passportless flyover 'murrican, in which case you just should KYS yourself.

>>2701557
CGT applies to mined coins - the fiat value at time of receiving fruits is your buy price. Not having your name on an exchange though is a good start on evasion and should be no sweat getting cash under the mattress, the hard part is being able to use that cash for anything good but I guess your armed brothers will know what to do.

>>2701411
I am paying taxes. I dont want to pay huge fees.

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Good luck paying those taxes my dear Amerifriends. In the meanwhile us Europoors can enjoy our almost taxless cryptogains.

>>2701411

>you have no contract with the IRS.
>let them prove it, they can't.

>>2701680
How?

>>2701788
We don't have a capital gains tax, atleast not in the prosperous countries like Belgium, Holland, Germany. Not sure about other countries but I believe most carry similar laws. There's only a capital tax when you hold a very significant amount of money, like 6 figures. And even then it's only around 1 percent.

at what point does the IRS know you are withdrawing money from the crypto world to your bank account? Like if it's only cashing out a few thousand from Coinbase to your bank account, then would they come after you to pay CGT? or would you need to be withdrawing tens of thousands?

or do they only come after you once you are buying shit that is clearly not affordable by your day job, like lambos and houses and shit?

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>>2701822
>We don't have a capital gains tax, atleast not in the prosperous countries like Belgium, Holland, Germany.
On crypto or in general? If the latter: sorry, nope.
And I think crypto is also not tax free. You probably even pay extra speculation tax, if you don't hold for longer than a year. Don't know how that would work, but I think theoretically you'd have to provided them with papers (aka dead trees) for every single crypto transaction.

>>2701861
Explain this, I don't speak Nazi.

>>2701909
>value sold at: 2022.4 €
>calculation of tax relevant gains
>gains: 523.57€
>gains used to calculate taxes: 523.57€
>calculation of taxes:
>25% capital gains tax on 523.57€: 130.89€
>5.5% solidarity tax on 130.89€: 7.2€
>What you thus actually get on your bank account: 1884.31€

>>2701848
Tens and non affordable shit, doing multiple smaller transactions won't work, but if you're only bringing in a few grand or so total I wouldn't be overly worried about it

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>>2701411
>You will gain a trip to pound me in the ass prison.
>Prison
>For tax fraud

...why would you go to prison for a white collar personal crime?
You just get heavy monetary sanctions and you go off your merry way, albeit with a giant debt to the state looming over you

>>2701451
The owner of Sheep Marketplace got arrested because he wired $40k into his wife's bank account over the course of one year.
Some banks just automatically flag all transfers from known bitcoin exchanges.

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https://pastebin.com/ZUxTmR99

>>2701822
If I recall correctly, capital gains tax in Holland is calculated over a fixed, fictional gain of 3 or 4% or so. Many people feel fucked in the ass by that because they don't even get 4% gains in reality, but for crypto I imagine it's quite positive.

>>2701861
On capital gains in general! And yes you're right, forgot to mention you have to hold for atleast a year

>>2701861
>>2702241
So this is a speculation tax?

>>2702241
This post is specifically about Belgium though.

>>2702003
>why would you go to prison for a white collar personal crime

Crackdown, which there will be

>>2702248
http://www.taxbites.be/taxation/content/view/64/42/

"Capital gains are only liable to income tax on few occasions" such as speculation.

So hold it for a year and move to Europe I guess

>>2701582
You'll be paying anywhere from 3 to 10 or more % buying off of localbitcoins.

lol zero taxes here on cryptogains after you hodl for one year
government literally rewards hodlers

stay cucked amerisharts

>>2703082
You're German I suppose. It's weird, I always thought America was more capitalistic and yet they have ridiculous CGT.

>>2703147
>I always thought America was more capitalistic

Kek
I used to have a pretty bad vision of America, on the economic side, but /biz/ has shown me a plethora of ways it's even worse than anyone thinks
From how taxes work to the concept of a credit rating, it's like America's population lives in a Ben Garrison comic
The blatant ways people are jewed out of their money is so ridiculous that if you saw news stories about them you'd pass them off as satire
And the worst part is if you point out any of that to them they go "lmao cucked europoor you're just jealous", completely blind to how they're being fucked by their own nation

>>2702150
arressted for what exactly? if youre done with taxes why would anyone give a fuck