I just got a call from my bank.
They asked me how I went from being a poor student to being a multimillionaire.
Now they sent me this email.
I did it 100% legally by holding stuff like XRB, ETH, Antshare etc.. but I never documented a portfolio.
Can a bankfag tell me if this is just a "routine" thing where I can post a few exchange screenshots ? Or do they want the full list of shitcoins and if I don't give it to them they will fuck my ass in jail ?
I have always been afraid of banks. - Andrew Jackson
CANT CASH OUT AAAAAAA
Get a lawyer and an accountant
T. Financial services UHNW strat
Are they preventing you from withdrawing your funds?
Have you paid tax?
If no to 1 and yes to 2 then just move bank
Nothing is frozen, I paid all my taxes (even for 2016 when the value was in crypto).
Pardon? I get the first part ...what strategy? What are you on about?
withdraw everything and find a new bank(s)
theyve essentially sent your info to the feds for being suspicious
Why would you ever trade anything, crypto or otherwise, without saving a transaction history for your records? What were you planning to do about computing your cost basis when you sell and have to pay taxes?
Move bank.
Talk to the new bank first with regards to what they need for proof of origin of funds. Maybe if its coming from another bank they don't mind.
Where are you from OP?
Pay the fixed % on witdrawn amount? But I'm not a US fag
I have fuck all saved. I'll trade all my shitcoins into BTC and then OTC trade that
I don't know how it works outside the US, but here if you don't subtract out your cost basis and just pay a % of the full sale amount you'd be over-paying tax. I guess that's ok if your initial investment was tiny
Fucking banks, shit like this scares me for the day when I want to cash out.
Because im not a trader, I was just holding shitcoins on my wallets and sold at the top.
Im not from the US, I just need to report the value of what I hold, no need to track trades..
Better to buy bitcoin again and open a short with 1X leverage on Bitmex such that you'll be holding that amount in synthetic USD in bitcoin, then transfer small amounts to localbitcoins when you want fiat
>cashing out
>to a bank
thank god I don't live in the usa.
imagine having to track every buy and sale and pay tax on it. that's just retarded
Yeah move your multi millions to a new bank you dumb shit.
There are a plethora of banks and if you can't find em locally look for a bank that's online.
They are asking not telling you. But when you tell them your not going to play their game. They gonna lock you out.
You may be obligated to tell them based on their terms of service or your shit out of luck.
Move you money now and tell them to get fucked, literally.
Drop to the bank TODAY and take your money out. If not you'll be posting here saying "muuurrr bank account is frozen"
It's so that you only pay tax on the difference between the price you bought at and the price you sold at, foreigner. Imagine not knowing the price you bought at and having to pay a % of the entire sale value
>Storing your wealth in rapidly inflating fiat
It actually is, haha fucking hell anyone who actively tracks that shit. I sold 100 WTC at 74k sats after the whitepaper pump earlier and rebought at 68k.
Fuck tracking that
I will give them the biggest trades (OTC BTC/ETH =>FIAT) and I will change bank to be safe.
I mean even if they go berserk on my ass, I can prove it's all legal, but it will take weeks of work..
>I cashed out everything
You can summarize all trades in the Schedule D by just doing a cost basis. It's pretty easy to show bank transfers out to fiat exchanges and what you brought back in.
I withdrew £500k into a UK bank in April. Countless phonecalls, meetings, letters, and emails alter, I've still been unable to spend or access any of this money. I've contacted a lawyer about a month ago and hopefully I can finally get it sorted.
It wasn't a meme guys. You literally CAN'T CASH OUT
Are you retarded? Just give them some made up trades like Bought 2000 ETH at ICO, then sold at $1000. Or just find a shitcoin that made a 1000x. They have absolutely no way of checking.
>t. not american so not retarded
Why would you A) Put that all into the same account and B) Cash out that much at once?
Dudes, what the feck !!??
In a civilized cunt your money and fortune is presumed legal, unless PROVEN illegal. Like the bobbys have to prove you got your shit from illegal shit. The bank cannot seize your money, wtf !!??
As I've grown older I'm always amazed by how terrible banks, taxes, and the government in general is.
What you say is correct, to the point of tiny initial investment.
Anyway wouldn't it be enough to keep track of the initial purchases from FIAT to Crypto only? That way you subtract the original investment from the taxable amount.
"10k USD worth of BTC purchased over time, after some more time 20k USD withdrawn. I tax payer subtrack initial 10k and pay the tax on 10k USD profits"
Would it change anything if I made that 10k by holding or by daytrading shitcoins? In my country you can do that and avoid keeping track of every single trade, but I don't see how you could gain advantages by keeping track of every trade, you're not getting dividends.
lol i remember your thread m8
what are you planning on doing with the money when you finally get it? i'm interested to hear how a fellow bong intends to reinvest after making it - i'm planning to become a student slumlord when i finally make it.
>when I want to cash out.
not going to make it
You just realized crypto raison d'etre
it's not as easy as just "overpaying taxes"
if it was this easy everyone would launder money that way, saying it's coming from crypto but they have no records and gladly pay 20-30% while still keeping millions of dollars that are now clean
I don't see the issue. Just get an accountant. It is pretty normal for a bank to ask for this info if it is such a huge sum. They are forced by your local tax office in case of illegal money.
Since you paid your taxes this info is probably included and should be enough to show them your holdings/trades.
the kikes need to know how you turned original 2btc into let's say 10btc at the end of year
otherwise they will simply accuse you of money laundering or some other shit. They can fuck anyone in the future that doesn't have perfect records and even those who do aren't safe because the kikes can always say that your screenshot aren't a proof of anything and binance isn't a regulated exhcnage so they could also be bribed to fake you transaction history.
Just wait for the next bullrun when people start cashing out massive amounts and you will hear about frozen accounts and seized money everyday on the news
You need to hire a lawyer. Don't be cheap. Your millions are worth jack shit if you get into hot water. You should literally be willing to spend over $100k to ensure you get all your funds in a safe manner.
Where are you from user
What are you even talking about? Half the people here don't know anything about that, it didn't matter until recently. I mined half my cryptos in between hitting the bong and playing skyrim ffs. This had 0 to do with that lame government busybody crap until recently.
this
don't bring a knife to a gunfight bring a bazooka
Pipebomb.
One always brings a pipebomb to ensure an easy win.
Got what you mean, except I don't see issues with using binance screenshots as logs if you acted in good faith. Money laundering is another issue.