So has anyone successfully cashed out...?

so has anyone successfully cashed out...?

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My portfolio is in shambles, what am I supposed to cash out?

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If you ever cash out more than $10k total in your life, they send a van to take you to the camps.

Everyone who tells you they cashed out are CIA

I cashed out some crypto through some electronics on fasttech (they accept crypto directly with no middleman) and some games on g2a
yo

Yes, back in early December 2017.
I notified my bank that Coinbase will transfer a certail sum to my account, then I declared it to my local IRS and everything went smooth. Had o do a couple of calls and one meeting with someone from my bank, but considering the amount, it was all cool and relaxed.

At least from the side of the bank and the IRS - coinbase was a bit of a bitch and delayed the transfer a bit...

yeah, both in late Q4 2017 and in early Q1 2018
the bubble was obvious to anyone who took part in past bubbles - crypto or otherwise

I'm sorry to hear that user

If you just have small fry amounts, say 20k, then you'' have no problems.

If you are cashing out large amounts but youve always had a lot of money in your accounts prior to crypto then youll have no problem.

If you are cashing out large amounts and youve always had a piddly bank balance and have a shit job or no job then good fucking luck.

Im assuming that you had a decent paying job and/or had a decent amount of money in your bank account(s) prior to this correct?

btw, pay your correct taxes.

Why would it be a problem? The bank statement shows Coinbase, you can make a list of every transaction.

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>Im assuming that you had a decent paying job and/or had a decent amount of money in your bank account(s) prior to this correct?

As decent as a fresh graduate in finance in Germany can get (45k p.a.).

But as a recent graduate comming from working class, I did not had any money before. If anything, I were in student loan debt. However, a professor I was close with advised me on how to handle the banks & IRS and was present at the meeting with the bank.

Oh youre German and cashed out in Germany? Idk anything about that. I was speaking about "free" America.

This needs to be emphasized.
At the bank, they basically told me that they would have relayed the information to the IRS anyways and because of the amount, they would have closed down the account and asked me on more information on it. I actually accelerated the process by notifying them.

>Oh youre German and cashed out in Germany? Idk anything about that. I was speaking about "free" America.

Yeah, German.
Dont know how it works in the US.

Yea man I cashed out 599,99 € (the max. tax free) and buy food delivery shit with the rest of my stack without the gubermint knowing.
The only question left for me:
Sushi or Tikka Masala today?

What do you mean by "cashed out"? Are you being serious??

It pretty much goes like this in US Youre fine if you dont go from a NEET to very wealthy from crypto.
If you make chump change like 20k no problem.
If you make big bucks 100s thousands but you already had 100s thousands in your accounts from whatever prior sources job/family/whatever then youre also good. As long as you pay your proper taxes ofc.

But if you go from rags to riches with crypto then you better have detailed records of everything and have enough cash to pay taxes before your accounts get freezed/closed.

People have bills.

you sound like a redditor

Like you mean you traded you crypto for fiat??

yeah £5k and i cashed back in again

but i can imagine theres big problems for people who want to cash out big amounts

Nah. Dont like the need to log in and the overall layout.

Yes over 200k€. Wish I cashed out more though.

how much did ya cash out kamerad?

>Germany
>IRS
Ahaaa... I understand..

this, always make sure to cash out $9,999 a few seconds before tax season ends, then another $9,999 after, best life hack and you don't get party vanned

There used to be multiple services that had bitcoin debit cards, cryptopay, wirex, xapo, advcash, and one or two others, some allowed you to have up to 3 cards, usd, eur and pound

I used to have something like 8-9 debit cards all with 1-2.5k daily limits

And used them to cash out quite often on daily, weekly, monthly basis in different countries at almost any atm, all throughout 2017 while faggots would spam the you can't cash out meme. But around December those kinds of cards got shut down..

Now I use localbitcoins but have less of a reason to cash out since everything has gone down so much since then.

I've cashed out at least 250k using these methods.