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.
Isaiah Rogers
I have £3k, hoping to make £30k bros
Josiah Evans
You could do that easy, even in a 100% bitcoin portfolio
Justin Fisher
I’m in the same ballpark. 30k will be easy honestly. Aim higher.
Jose Morris
This is the correct answer. You will end up getting screwed by letting the government know 1. You even have crypto and 2. Pay to little no matter what.
One way to obfuscate and delay until it’s clear is to use Stakenet DEX to trade as there is no KYC.
Christian Richardson
this is what I am strongly leaning towards too. Just pay CGT on the total bulk profit.
In which case it shouldn't be hard to work out yourself.
Just look on coinbase or kraken or whatever you use to find out the total ££ fiat you have invested, then work out what the profit is when you finally cash out, then send 20% of that to the government
what am I missing?
Kayden Hall
no way they are going to make cgt easier for us lads they need more tax money for gibs
Lincoln Fisher
are they really going to come after you for this?
obviously if you avoid paying anything then they will. but assuming you make £1 mil profit and you send £200k of it to the government, are they seriously going to try and take you down because you didn't report all your crypto-crypto trades on uniswap in 2020?
David Peterson
Lads, I have £1.7k in XRP, £800 in ETH and £750 in LINK What about you, what do you guys hold?
I do have £20k more sitting in the bank. Should I buy more crypto? They say to only invest what you can afford to lose
Jose Stewart
>They will get CGT tax on what I cash out (after i breach the 11k tax free limit) and thats that. If there is even a slight chance that they would be cool with this I would try this method first. I'm not cashing out until next year, but probably owe some crypto-crypto taxes on trades this year (as it's my first year in profit)
Jaxson Scott
with 1m profit i imagine you'd be a juicy target to take down, they'd be sniffing all over you to squeeze you dry
Eli Brooks
>Just look on coinbase or kraken or whatever you use to find out the total ££ fiat you have invested, then work out what the profit is when you finally cash out, then send 20% of that to the government I have only been using coinbase pro as my fiat onramp and will most likely use it as my offramp so this would be so easy for me (if it's allowed)
Carter Rogers
>If there is even a slight chance that they would be cool with this I would try this method first. How would they even know unless you do all your trades on cuckbase?
Henry Ross
wait for Link to go to £4 then pile 5k into it, you'll have a healthy babby stack to sit on
>as it's my first year in profit look in to declaring a CG loss for the previous years, you can roll that indefinitely forwards to use in the future to reduce a potential CGT bill
did you deposit straight from cuckbase in to another exchange?
Brody Parker
Well lets say you have 100k show up in your bank account, and you are happy to pay the 20% CCG, you are going to need to show how you got this money. You can't just say, here I owe you this money take my word for it, its legit not money laundered money.
Christopher Nguyen
> thousands of trades
I just bought link twice mate
Anthony Campbell
Nice...
Do you reckon LINK will be more rewarding than ETH?
Logan Clark
>are they seriously going to try and take you down because you didn't report all your crypto-crypto trades on uniswap in 2020? If they think you might owe crypto to crypto tax on previous years they could come after you for the taxed owed on those trades PLUS some heavy fines for late payment
Luis Parker
Are you autistic or a pleb?
You have 20k in cash, 10% of that in ripple and only 5% of that in eth and link?
You’re definitely not going to make it
Chase Russell
Like everyone else has said. Yes I do think this is more trouble to be flippant about it and just sending them 20%.
If you don’t plan to go into fiat but trade into stable coins and hold then you can use DEXs. StakeNet XSN DEX has not KYC to the government can screw itself until it comes out with a comprehensive and clear guidance.
Ryan Cox
to add: if I ever hit seven figures of profit I will peel some off to hire some expensive jew tax lawyer to figure a way to reduce my tax bill
Evan Lopez
Pay your taxes retards. Use accointing.com, they want to see the trades you’ve made, shrugging and trying 20% off the bottom line won’t cut it.
Hudson Turner
It would be best to hire a crypto accountant for this - I currently have a £10k stack and I'm looking to 50-100x this in the bull run. I'd happily pay an accountant 2-3k and 20% tax or whatever it'll be
