Let's say theoretically I made 500k in crypto, currently

BTC being turned into USD would be subject to capital gains tax
hold it for longer than a year in BTC before turning it into USD and the capital gains tax is less severe
short term capital gains tax is just brutal

>>3315595
you'd better move to poland or something and renounce your citizenship because you just lost like 40% of that if you didn't hold it for over 1 year. Your only other option would be to lie and cover it up but they will probably take the time to find out if it's for over $100,000. Be happy that you made $300,000. You can go all of the way in that scenario and have an offshore account and bring the money back into the USA via a loan from that off-shore account for a house or something and pay no tax.

btw poland with $500,000 is basically like living in the USA with $1,750,000 and you'd be set up for life there with no monetary problems forever. there is also mexico and argentina and other such places and have even more money.

don't do this it's illegal and fraudulent and you WILL be punished and etc etc i don't condone it this was satire and not meant to be taken seriously etc.

>>3315595
You need to give more information like are you in the US?

>>3315595
From what I've read $20,000 is the point at which the IRS/SEC starts investigating withdrawals. If you want to keep a low profile then spread $19,999 across multiple exchanges. Also connect a shift debit card to your coinbase account to make your daily purchases:
>www.shiftpayments.com/card

>>3315817
I was talking with a guy that got a lot of money in inheritance and put it into btc. They live in Mexico but they're legally a US citizen. I asked how they pulled it off but they only told me that they would rent a car and take off the license plate, and payed to stay at a resort. Idk how they avoided the visa issue after being gone more than a few months

>>3315817
except you can't just start living in Poland as a foreigner (in this case a US citizen) you will max get a 3 month visa

>>3316082
You idiot, that doesn't miraculously exclude you from the obligation to pay taxes. Also the IRS aren't all full of idiots. If you make repeated withdrawals just below the threshold for reporting that's also suspicious and will get you investigated- it's called "structuring".

If you have $500k in crypto and just hold it, you owe no taxes. It's the same for stocks or anything. If you sell it, or purchase something with it, the gain is taxable.

>>3316132
he exchanged for USD, it's taxable.