>got approximately 4m usd from bitcoin
>can't prove how I got it (I want answers for both illegal and legal gains)
how do I cash out into the bank?
1. I don't live in the USA
2. I want to pay taxes, I really couldn't care less
how do I go about doing it?
Just move it from the exchange to your bank account and report it as capital gains to your local government when tax season comes around.
Also, wait until January to do it. Bitcoin is going to have a massive bullrun then.
Banks don't accept money originating in bitcoin..
I tried, believe me.
You have to change it from Bitcoin to fiat first.
why can't you prove how you got them?
I can't ;(
>oh hey bank, I want to deposit $4m in cash, okay?
Which country op? If aus/nz try independent reserve.
>oh hey bank, I want to deposit $4m in cash, okay
Yeah, that's literally what you do. You'll have to fill out some forms of how you got it and that'll be it. I don't understand your issue. You got it from Bitcoin, what else is there to prove? The banks don't give a shit, they'll be happy to take your money. The government doesn't give a shit as long as you pay your taxes, they'll be happy to take your money.
I sense some BIIIITTTCOOONEEEEEEEECT
and if I go to the "irs" in my country and tell them, hey I have 4m usd originating in bitcoin but I can't prove any of that shit but I want to pay you taxes they won't raise an eyebrow?
I could literally earn 4m usd from drug dealing, tell them its from bitcoin and do the same thing and deposit to the bank so it makes no sense
Go self employed and fake invoices paying you with crypto. Or sell stuff online to yourself with crypto.
I don't understand your problem. Is the money not on an exchange? It's not like you're depositing $4m in cash bills you mysteriously have. There's going to be a transaction record of you depositing the money you earned form Bitcoin originating from an exchange that deals in Bitcoin.
its obviously not on an exchange, its in my cold wallet
I could deposit it to kraken or something like that but wouldn't they ask me questions?
How did you plan on cashing out from a cold wallet? Yeah, they're going to ask you questions but you can just bullshit your way through it.
Itt op discovers why money laundering exists.
Cash out and pay taxes on realized gains.
They won't give a fuck as long as you declare what it came from not how you acquired it.
Why are you faggots so stupid.
Pay tax on your earnings and they won't bother you. There are multiple threads in btctalk and Reddit about how people have been Cashing out mad amounts for years.
Fuck off
Just cash out and pay your taxes. You'll lose around the same amount paying premiums for alternative exits. If you have illegal gains and do not want a trail, btc->monero, monero->usdt.
Just tell the truth how you got the bitcoin? How did you get it? Not seeing the difficulty here. Did you sell a bunch of drugs or were involved in trafficking?
Bump for interest
How do you explain the gains (to the IRS)? Best case scenario here is that they tax you on short-term cap gains which is massive, like 30-40%
Well how did you get it then faggot? Did you mine it? Did you buy it on an exchange? You would have proof either way.
I bought it from another guy directly in 2011 for fitty cents and it's all long term gains how bow dah?
Algo me dice que eres español, te han pagado por hacer algo en btc/has minado y te da miedo la tasa de autónomo. Con 4m tienes de sobra para pagar multas, consulta un abogado antes de hacer nada.
wait so i can just cash out, say i bought them on cryptsy or some shit for a few cents and simply pay taxes on the whole amount (buy in 0 dollars)?
they'll want all $4m. go ahead, try to be a good boy. good boys get killed in this space. any form of government is your adversary and should be treated as such. tell them nothing.
I still don't understand, I can report these funds to the "irs"? will they ask questions? because I can't prove shit