I'm an American who lives in NY. I have $700k in LINK and want to cash out $200k. What is the best means of doing this?

>jack off
>coom
yes, it's that easy.

I thought ppl in ny aren’t allowed to trade crypto? Reported

This. And sell slowly on the way back up so you don’t crash the price.

Also this. I’m in Nevada for a reason.

What is special about those states?

Couldn't he just find a broker to sell OTC? I've been buying link from a broker based in the UK and they have an option to buy coins/token OTC for 'companies or high net worth individuals'

sorry, buy FROM companies or high net worth individuals.

You need to pay taxes on crypto to crypto transactions?

Taxation is really some fucking theft

no state income tax

>1. move to florida, nevada, or wyoming
bros should i move to nevada or wyoming

Zero tax on long term capital gains up to 75K

I don't know how your tax situation looks like but I would recommend that you handle the conversion legally and according
to IRS rules and regulations. Good news is that if your only source of income is from long term gains your gains up to 75K
is tax free and anything above that up to 450K is taxed at 15% Fed Plus your state tax.
Please see the following IRS link.
(NV does not have personal income tax- something to think about for future conversions....that’s why we move to Nevada.

irs.gov/taxtopics/tc409

Also look into opportunity zones.
You’ll be able to differ capital gains taxes for yrs by investing in low income areas in your state.

Basically, 1st quit your wage slave life.
Retire
Begin using your node gains tax free forever.

y'all forgetting obamacare tax of 3.3%. Net investment tax.

People usually understand how this works: you only pay taxes on your gains per transaction in the same way if you cashed out with usd. Basically the gains you made from link are taxed once you trade it for btc, then if btc goes up, you are taxed on that amount, if you then trade it to gold and gold stays stable you aren't taxed on that transaction necessarily. Losses offset gains aswell so if btc went out, you'd owe less taxes theoretically because you lost some taxable gains.

Find an OTC broker faggot. I think I found one that operates in NY and has a $75k order minimum so u should be good lemme look for it

genesistrading.com/trading/

thanks fag

Never used them but good luck. Hopefully they can help. Maybe you should hire an attorney too to make sure they don't fuck you

By waiting a year

Do you hire a tax guy/attorney before or after you cash out. Can't I just cash out, set aside 50% for potential taxes, then contact a tax guy to sort this shit out?

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>look into opportunity zones
this guy fucks.

You're supposed to be capital gains profits the same quarter you cash out. If you only owe them a few grand its not a big deal but if its like $50k+ they're going to expect payment that quarter

lol this pic is so fucking delusional i cant even

if you withdrawal over 20k a year from coinbase you will get a tax form in the mail for reporting. Sell to btc then buy usd then deposit in your checking, might have to let bank know what your doing first so they dont think its some shady operation