I'm just curious has anyone here made over 6 figures in crypto and successfully transfered it to your bank account...

I'm just curious has anyone here made over 6 figures in crypto and successfully transfered it to your bank account? How did you do it? Did you report the gains when you did your taxes?

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i know people who bought bitcoin super cheap and still cant cash out kek

why? are they retarded? what do you mean they CAN'T ?

i provided some proof of where i got it from.
When i bought my crypto, what price it was then etc. Nothing watertight but enough to make it more than plausible and to not have the bank think the money is criminal.
You do this before you cash out of course.

BANK refuses to allow it

Yes it’s trivially easy

If you transfer in $10,000 increments, they shouldn't get on your ass about it. Of course then the problem becomes working around having your gains cashed out so slowly.

must not be american then

Hahaha that's what they deserve, assuming they got it with illicit practices.

So you went to them first with data from the exchanges and told them before you transfered? Did you also report capital gains when you did your taxes?

by cash out you mean the moment you transfer the cash from exchange to bank?

From a money laundering perspective that look more suspicious. I work at a bank and they train people to look for frequent unexplained small cash movements.

Bro, if you have 6 figures, you go to your bank and ask for the private time with the bank chick in 4 doors with closed walls. You pull your fancy asus gamer laptop and press one button, she cooms

Enjoy your jail time for structuring

I have one of the big american banks, I plan on cashing out $300k at one point. I'm going to call them before hand and give them the details of the rental properties I want to buy as well as the house, and say I'm going to keep half in the account for taxes. hopefully that will be enough.

this will get your account locked down

This is how life is like as a SUTER holder I bet
Can't wait

If you made that much, a lawyer and a CPA should easily be able to get your money cleared. You’ll get fucked by taxes but still end up with money for trading racists internet coins

Honestly, this right here, I spoke to my bank many times before transferring o er 200k in 2017, no problems whatsoever, paid my taxes and now have a personal banker

I've done this before with $50,000 and no one nailed me for it, but I also pay crypto taxes every year

Bank are literally trained to look for this you retard.

Can you elaborate? Have you done it? How did you do it? Did you report your gains on taxes?

Do you pay the tax only when you cash money out?

this is what is meant by cashing out, yes

Are they figuratively trained to look for this too?

Just don’t cash out, fuck fancy assets.

It works like capital gains tax for stocks, or at least that's how TurboTax did it for me last year

Not yet, but everytime I consider cashing out I keep wondering why I would cash out any more than immediate expenses into boomer paper money if crypto is the future? I'm only interested in the accumulation of assets, my bank account never has more than $2K in it, and usually it's less than $500

Turbo tax lets you report crypto or you just report it under the same section you do your capital gains?

IMHO, you should cash out profits and invest in your surroundings right now, you risk getting dumped in the world first crypto black friday

You simply do it. And then you pay your taxes.

Bababbahaha

>small cash movements.
Wire transfers aren't cash

When dealing with cash maybe. But wire or bank drafts in varying amounts over varying periods of time is the definition of normal

Better buy some astroglide with those structured gains because the IRS does not bring lube with them. You gonna get gaped, son.

There's a section specifically for crypto that works with Coinbase that I used, and it ended up counting everything with the same rules as capital gains tax. I actually ended up getting a larger return because I lost money in crypto last year lel

I'm not convinced crypto is the future.
It looks more like virtual beanie babis at the moment. You still can't use it to buy anything and adoption has seemed to stagnate. I'd rather cash out my gains that keep them in a volatile coin that could drop to 0 at any moment.

How retarded or poor are you people? Structuring refers to cash dealings. As in bringing in physical paper cash.

>all these newfag talking about trading crypto
Are we about to see the biggest panic sell since 2016?

Uhhh, purchase gold&silver instead and sell it for cash to a local buyer when/if you need fiat? Can somebody tell me if that’s a stupid idea?

Bought bitcoin in Second Life in 2011. When I tried to cash out the bank wanted the source of funds and I couldn’t come up with enough proof so they had to refuse the deposit. I’ve just been buying gift cards with it since then, maybe things changed.

Hire a tax attorney. They will help. It won't be pleasant but they will be able to explain things and work with banks on your behalf and even set up an LLC if needed, at least in murica.

Just for all of your information, the ultra wealthy don’t cash out of their investments. They take a loan out against them at 2%, and completely avoid the 20% capital gains tax.

That’s for when you just want money to conduct other activities, like buying a house. If you want to actually “get out” of an investment completely, then selling is fine. The point though is that rich people never sell their good investments, strictly to avoid being taxed on it. So HODL.

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For yearly taxes, I've found koinly the easiest to use to calculate it.