Cash out 66k after initial of 26k

ive reported you to the irs incase you were wondering

Lmfao OP, you're a fucking retard. 12K into the trash. Should have never had that money on an exchange in the first place, that way when you sell you don't have to pay taxes.

That extra 12K could have been used for groceries, rent, or even a downpayment on a rental property.

This is why I bought NEO and held for GAS. 1 year CGT are much easier on the wallet and the dividends is free money. Plus NEO is only going to grow in value so for the next 5 years you could easily cashout for low tax brackets every year.

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Don’t worry you could be me. I made a trade on 12/31 and the coins I bought with it are 95% down. IRS still wants 45k after already giving them 15k. My current portfolio is worth like 23k. My ATH was 330k.

what? this is crypto ive converted into fiat...I just wanted to get back my initial investment plus some fun money. no matter what, you need a fiat gateway like coinbase, who report your withdrawals to the irs

1 transfer to Monero
2 ...
3 pay no taxes

>Should have never had that money on an exchange in the first place
Can you elaborare? Newfag here

>tfw I had the same amount and owe $14k by my estimations.. Portfolio only worth $8k atm.

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>you need a fiat gateway like coinbase
No you don't. Out here in Chicago, I buy/sell crypto in person. Do it in a public place, so you don't get robbed at gunpoint. I do it in the local police station, because they have a counterfeit checker for money.

i dont see a safe outcome for that although i think that would be the best option

Does not solve the problem. If you transfer to monero you still need a way to launder the money to cash out

read
Basically, I can buy/sell any popular cryptocurrency in public. Me or the seller takes out the predetermined amount of fiat currency, funds are transferred from wallet to wallet in person. When the transaction is confirmed on the blockchain, the fiat changes hands and we both leave.

Don't put it in your bank account. Don't get verified on exchanges.

There's bitcoins ATMs just don't use one that requires KYC or charges more than 5%. There are a few around me that charge less than 5%.

There's localbitcoins (don't make an account because they're starting to push KYC and some of them leave contact info) and craigslist. Just respond to ads don't put any up. If you don't sell above market rate and don't have any ads up how can they say you're operating an unlicensed business?

justice.gov/usao-cdca/pr/bitcoin-maven-sentenced-one-year-federal-prison-bitcoin-money-laundering-case
>The so-called “Bitcoin Maven,” who admitted to operating an unlicensed bitcoin-for-cash exchange business

Helps if you live in a high population area.

You're going to have to be your own bank.

Yeah, there have been people in Los Angeles/San Francisco caught by authorities for illegally doing this, but they were moving up to millions per year in person and collecting a fee for it. In this way they are a payment processor rather than an investor/trader and require licenses.

The FBI already visits me yearly though T_T

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is the crypto to crypto trade tax meme real? if so thats fucking gay

Yes, I use Localbitcoins, craigslist, and also facebook, although my facebook account has no associated identity.

>Plus NEO is only going to grow in value

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sauce? Ill need this for later

Are you in CA? They did that to me too.

no im in bumfuck georgia

Most of the tax paying 50Yfaces on reddit say it is, but only for after 2017.

Can't you bypass capital gains tax if you cash out less than 38.5k?

OP, get a second passport and relinquish your mutt citizenship. Only then will you know what freedom really is.
OR
stay a good goy

OP, Look up 'the grace commission', your tax doesn't go to what you think it does. only pays the interest on the federal interest, (not talkin about state tax) its a gov. commission

wtf?
the second part cant be legal. my cpa is a retard for making me get audited but she would have caught that grace commission bs

nerdwallet.com/blog/taxes/capital-gains-tax-rates/
I've never cashed out, so idk.

Applies if you don't have any other income, i.e. wagecucking.

Killing yourself is a good way to avoid taxes desu

Ok. So let's say I make 60k a year and cash out 50k from crypto. At what rate do you end up paying taxes?

>hold for over a year before cashing out = long term capital gains
>20% maximum rate
>hold for under a year and cash out = short term
>regular rate
Remember you have to pay whatever state tax on top of that. And if you traded crypto to crypto that's short term gains on every single trade you made.

Capital Gains is 39% not 18% you fucking mongrel.

Can't believe you made that much in gains with your tiny brains. You were one of the lucky ones, right?

but my salary is considered low so wouoldnt that put me in a lower tax bracket?

>doesn't just get gold/cash in the mail with btc
lollers

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and im not a fucking tax expert thats why i hired a cpa and even she cant do her job right

Don’t worry bud just remember all the immigrants kids you are feeding

Will the IRS tax me on trades before 2018?

Considering I just reported you to the IRS, yes

how do you owe more in state but not in federal?

it's a simple percentage. Did you fuck that up or are they questioning your income/trading numbers?

i got one piece of mail from state govt saying i owe more due to income differences? im not sure but the fucking paper said I owe 2000 more

The IRS can go back 7 years and revise/review your returns.

Move to Puerto Rico

that's weird. How much did you pay to fed and state? You must have fucked up some basic math

>buy and sell anonymous, decentralized currency
>get charged fees by your local, state and federal governments
I don't get it

>but my salary is considered low so wouoldnt that put me in a lower tax bracket?
only if you held on to your shitcoins for more than a year.

my cpa told me i had to pay 12k in federal and 2k in local. then she started saying i had an exemption for 2k for something, idk remember cause i wasnt listening. so it ended up being 12k total

so you didn't even pay any state?

i couldnt tell you where it came off cause i wasnt listening. but holy shit cpas are retarded, my family runs a business and our old cpa got us audited too. incompetent people man. im pretty sure i paid state

> did complete financial accounting of every single trade in bitcoin.tax
>paid 12k in taxes

>paid twice that amount in fees to exchanges

Who is really fucking you over?

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>All these new fags down 90% from last
>Tfw when anybody here since 2015 is far in the black that could not give less of a shit.

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I cashed out ~$90k but didn't pay any taxes. No letters so far from my state. I wonder if it's because I cashed out in January. I do plan on paying something for 2019 taxes.

dont wanna worry you but it takes a couple years

It wouldn’t happen that year. Could take several years or maybe you get away with it. Donno.

don't pay, there's only like a 4% fine for not paying
if crypto dies, well, just hang out with Sayori

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I probably won't get away with it. It took surprisingly long for me to get my state tax refund this year. I wonder if it's because they were scrutinizing my filing, or maybe they're just slow from incompetence.

>Cashed out $400,000
>Haven't paid any taxes at all this year
>Moved to a different country and never reported my new address
Lmao. I'm so fucked.

>You make it past the cash out boss only to get fucked by the tax Jew
We weren't meant to make it bros

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>my cpa is a retard
yea, your CPA doesn't know...

Check into the background, read about the tax system, alot of your 'money' goes there, i am surprised how many dig their head in the sand. I believe it was set up by Regan to streamline the tax system to get them most out of it. but b/c of the findings of the US gov. commission it was deemed not worth it...user i hope you know that not enough taxes are collected to pay the interest...a loan has to be taken out to keep up the payments, what do you think those gov. shutdowns are about?

Also read this, it still applies to the states, please read it carefully. Best 14 pages on the net. also notice its .co.uk not .gov.uk....this is the UK central banks own document on creating money.

bankofengland.co.uk/-/media/boe/files/quarterly-bulletin/2014/money-creation-in-the-modern-economy.pdf?la=en&hash=9A8788FD44A62D8BB927123544205CE476E01654