I cashed out over $50,000 last year slowly to my bank account and didn't pay taxes ROFL. I made sure to do random amounts like 3k 5k 2.6k numerous times usually once every 2 weeks.
They have no fucking idea because I never went above the $10,000 deposit. It's actuality fucking hallarious hearing stories about people who paid their taxes.
Even if they do come after me ill say I didn't know I needed to pay taxes on bitcoin and say I'm new to this. There's nothing they can do.
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>not laundering your crypto through a fake business.
>lower taxes.
If you think pleading ignorance gets you off the hook with the IRS, enjoy losing in court.
fear
You are larping or incredibly stupid if you think banks don't about the oldest trick in the book
you can get a reduced tax bill if you convince them you are a fucking retard when it comes to taxes
but you will still pay the full tax thats due
desu i think its worth the shot, the tax office cant see everything and dont want time for small shrimps like op, 50k is nothing compared to the billions that gets laundered into the country every week
You are fucked. Saying you didn‘t know still makes it your fault, you‘ll still go to jail
You are so fucked. LOL
Why don't people just get citizenship or something in a country where there is no crypto tax/irs
Hope you like BBC.
>not buying tangible assets with BTC directly
It's like you want to go to jail.
Good luck user. I'm glad you are fighting this fight, godspeed. I am not because I'm scared.
user, of course the IRS have no clue as to what is in your account or were it came from. As you know if you keep it under 10k they will NEVER find out!
user, congratulations, who would have thought that if you transfer out to your bank account the IRS will never know....
At some point in the next two years you'll find out why we paid.
I'm an accountant and u my friend are in for a world of pain
Explain. I own a business. How do?
You didn't spend more than 5 minutes reading about this if you think they don't treat multiple deposits exactly the same as one big one. You are a fucking moron holy shit
Because they've been brainwashed into thinking that the USA is the best country in the world.
USA! USA! USA!
>Not opening a line of credit as large as the sum you want to cash out and withdrawing everything then paying off 9000$ Every week until credit reaches 0 again
kek you cucks are pathetic, I know a normie who didn't pay any income tax for 4 years and just got fines
Thanks just bought 100k
Oh shit I forgot one, 9184944 here.
>Not selling for cash through localbitcoins.com
Smart contracts are about to make your profession completely obsolete.
not paying taxes is legally totally different from making false statements on the tax declaration
Believe me they have algorithms to track exactly this behavior. If you are dumb enough to have actually done this you deserve everything coming to you
Why wouldn't this work?
Uhh... could you rephrase your question and specify what «this» is?
because you are depositing from an exchange...did you ask a loan to trade crypto user?
No one cares about you not paying taxes on your peanuts. If you wind up making millions you now have no way to cash out without the IRS absolutely raping you. They will audit the fuck out of you and you will pay extreme penalties, all because you thought 50k was worth it. Congrats, retard.
Non US, EU citizen here, are you guys taking profits in one batch and pay tax in april/may? Or do you sell for cash?
/thread
you'll be fine.
what did you make at your real job, you have a real job right? even the short term gain taxes on 50k isnt that much a good tax person can probably deduct some shit and get you pretty close to even. Or you pay a few grand big fucking deal. Your not going to get caught, but your stupid and your going to keep doing it and your going to make a mistake somewhere. and THEN you will get caught. good luck my dude your going to need it
Prove it. You cant. You are just a scared little baby.
This. They'll never come after you for
I'm also an accountant and I think he could easily get away with it.
The bank would take immediate action if they suspected money laundering and it is unlikely his exchange is issueing 1099s.
>crypto kids really believe this
Multiple bank accounts, multiple routes of withdrawals ie: different exchanges, random ways like game skin websites.. localbitcoin, family members make wallets for withdrawing smaller amounts throughout the year...
Use your brains people...
If you kill someone then claim you didn't know it was illegal you still go to jail
>laundering your crypto through a fake business
>owe corporate tax
>as well as dividend or income tax
Brilliant. This really only makes sense if you're going to be trafficking drugs.
Only Normies cash out
>he didn't trade it to bullion then write it off as a loss
They will get you brainlet boi. Your goal is to get dem mad gains into a tax free account, not raising flags on your current account.
been in crypto since 2016, have taken around 100k out so far roughly
never paid 1 cent in tax
first of all, you have to report your gains yourself, this means the tax office has no way of knowing where you got your money from
seond of all, unless you are acting sketchy AF they wont care about it, and take small portions home at a time, maybe once a month
and if you get caught, play the dumb card, you might get a 20% bill slapped untop of your tax thats due, but thats it, def worth it
this but even worse, all transactions are virtually monitired, kek
You err do know that unexplained gains get you watch listed right? And they will watch you for years before slapping that ass.
10k unexplained income in a year will 100% trigger a flag
Nobody will notice if you cash out slowly. They are basically relying on people giving away money withouf being prompted. And it works because people are so scared and paranoid lmfao.
I mean, they probably know but what can they do about it? He's not breaking any laws
>We see you've moved 50k into your account last year. Why didn't you pay taxes?
>I'm new to this whole taxes thing. Do I have to pay those?
You seriously think you broke the system by doing it little at a time? Fucking autist.
Bait, or if you're actually serious, you might be literally retarded if you seriously think either of your methods will work.
Yeah, of course. Except not paying his fucking taxes which is a felony punishable by up to 5 years in prison. And for what? 12 months rent?
Lul they'll see multiple sub-10k deposits as a worse flag then 10k deposit cuz they know you're trying to not set off the 10k alarm
>Structuring, also known as smurfing in banking jargon, is the practice of executing financial transactions such as making bank deposits in a specific pattern, calculated to avoid triggering financial institutions to file reports required by law, such as the United States' Bank Secrecy Act (BSA) and Internal Revenue Code section 6050I (relating to the requirement to file Form 8300). Structuring may be done in the context of money laundering, fraud, and other financial crimes.
This. Its called structuring and you will get a one way ticket to "pound me in the ass prison" if u keep fucking around with the irs.
>Even if they do come after me ill say I didn't know I needed to pay taxes on bitcoin and say I'm new to this. There's nothing they can do.
"Officer, I swear I didn't know murder was illegal!"
2/10. Made me reply.
Do you know how many people cashed out a lot of money from poker sites in the 00s and had no issue at all?
This makes no sense. Say he makes it and cashes out 300k. Why would the IRS randomly decide to audit him for multiple years back? They wont, you just talked out of your ass.
>extreme penalties
No he won't. The most he'll have to pay is 25% more than the original tax bill on the $50k, and if he already has millions, it will be a drop in the bucket for him.
>Even if they do come after me ill say I didn't know I needed to pay taxes on bitcoin and say I'm new to this. There's nothing they can do.
You're a special kind of stupid aren't you?
Well, no, it just costs a shitload to drop U.S. citizenship since they won't just let you move out of the country. If you're a citizen and you live in Germany or something the US still expects you to pay taxes to them
Is the IRS so fast?
I imagine it takes like a year for them to react.
the absolute state of biz brainlets holy shit
Lol imagine being this deluded
See you are talking out of your ass. I've dealt with large sums of money and never been audited because of it.
The wheels of Justice turn slow. The IRS still uses snail mail for all correspondences. This may not hit you immediately, but eventually it'll catch up to you. By that time you'll have to pay interest, principal and penalty fees if you get caught. That 50k can easily turn into $125k depending on how long they wait. That's how they get people, they let the tab run up until it's worth their time to come after you.
bad news user. when you get audited it is usually for shit you did 3-4 years in the past. up to 7 years. and pleading ignorance isn't a defense. you'll either get jail time or best case you'll have to pay everything you owe plus interest and penalties.
>t. been audited
But he's cashing out below $10k so technically he doesn't have to pay taxes. Whether he's doing tax evasion or not, it's open to interpretation by the bank and ofc they will flag it. Although maybe he could declare the money as gambling or something if he was in the UK? In the UK you don't pay tax on your profits from betting.
Anyway, I'd say what he is doing is more in the grey area instead of illegal.
Thread is larp
Evidence:
>cashed out
Literally impossible
>But he's cashing out below $10k so technically he doesn't have to pay taxes.
You are so misinformed it's actually painful. I can't begin to explain why you are wrong because there could be any number of reasons why you believe this.
I hope you used a proxy to post this
Shhh dont ruin the fun. just let them think they can cash out first
I've cashed out ~13k total in two years. Both years when I filed the taxes for it I just cited them as personal item sales. I pay the full tax amount and avoid the huge confusion in filing all the transactions. I'm sure its wrong but I doubt they'd come after me for paying the full tax amount on my deposits.
See you in prison user
I think I actually got dumber reading this
They probably and I stress probably won't send you to jail. They'd rather fine the fuck out of you and drag your ass through court. It's a gamble taxes on 50k might be worth it.
They can audit you and stick you with a bill, probably around ~20k
Generally speaking though they have bigger fish to fry
What is structuring
buy property in tax haven country...
either start a busniess there to launder, or move and apply for citez. then forget the fucking irs,. FUCK THEM
>There's nothing they can do
nothing except throw you in butt-fuck penitentiary.
you fucked yourself and should be worried.
even if you do get audited, they are going to see you made a good faith attempt to pay the taxes. all these guys trying to be sneaky are going to get fucked.
why gamble at all, take your profit, pay your taxes and be free and clear