So since the golden bull may be approaching let's discuss how we plan to manage our crypto finances.
I currently have a little over £100k in crypto. If we get a bull run, this will be somewhere in the 7 figures.
1) How do you cash out huge sums? Does Coinbase let you withdraw any amount to a bank account or do you have to do it in stages?
2) What are you doing about crypto-crypto tax? We have all made thousands of trades, and I have no desire to calculate taxes for all of them. If I just cash out and pay 20% CGT on bulk profit, will HMRC care?
Hope my fellow Englishmen are buying gold, silver, and the GDXJ/SILJ instead of wasting their time on crypto. Get real money into your hands so that you can resist the tyranny which is befalling us.
1) They have withdrawal limits. They are quite large but it might still take you a number of days to withdraw. Trade into GBP when ready to draw. 2) I have almost 1000 trades so I'lll need to find an automated tax reporting solution. koinly.io supports HRMC tax reporting, so I'll check it out first.
Ian Young
don't cash out until they simplify crypto taxes (flat CG tax rate)
Hudson Cruz
fake internet money is real money my man get with the times and stop being such a newfag retard trying to turn people away from something you don't understand yourself.
David Gray
why would you cash out? just sell into DIA stable coin, deposit into YFI and earn 16000% apr
Landon Cox
Is there any timeframe for this though? I can’t see it happening any time soon.
Nathaniel Kelly
>I currently have a little over £100k in crypto. If we get a bull run, this will be somewhere in the 7 figures. I'm in a similar position and have the same questions. I plan on moving out within the next few months, and possibly paying a full year's rent upfront in cash. So looking to cash out around £10k
With regards to crypto-crypto tax, fuck no, theyre not getting that. No doubt this thread will attract the do-gooders and teachers' pets who want to prove themselves good citizens of this country and its oh so wonderful government which loves them dearly, who will tell you that you MUST declare every crypto-to-crypto trade, yes, even the BRAP tokens you bought on forkdelta and TOILET token you bought on uniswap. If you want to be a good cuck then go ahead and do it, but there is no way I am. They can get fucked. They will get CGT tax on what I cash out (after i breach the 11k tax free limit) and thats that.
My question is, how do I cash out more than £11k and pay the CGT? Should I hire an accountant to deal with it or can I just pay it myself?
Daniel Edwards
Surely you cash out when you are at maximum profit? Like the top of the next bullrun. I'll happily spend a few extra hours doing taxes if it makes me more money.
