So, I traded Bitcoin when I was in highschool like 10 years ago, and I thought I lost my private keys. Did some disk cleanup today, and found a hidden file which ended up being A BACKUP OF MY OLD BTC KEYS and it had almost 50 BTC in it.
I'm just a software engineer and I don't make that much, but I'd love to cash out some of this and throw it into some loans (car loan, private loan I took out to trade awhile back, some student loans I refinanced). Do you guys have any recommendations for cashing out? I don't wanna get wrecked by the IRS, especially because I didn't even know I had these coins (or when I traded them for how much, I have the deposit dates though).
Overall a little in shock right now but very excited!!!
Congrats bro. Maybe go to crypto tax free countries like singapour and Germany?
Ryan Rogers
Moving isn't an option, my grandparents are in bad health due to Corona and I wanna be close just in case they take a turn for the worst.
Robert Baker
Maybe cash out un very small amounts?
Chase Campbell
if you live in a big city, check out local bitcoins. you can exchange your bitcoins for cash
Joseph Wood
Hire an accountant and/or lawyer familiar with crypto. That's it, don't try to do this yourself.
Benjamin Taylor
This. Don't fuck around and try and launder life changing money.
Adrian Campbell
Wait 2 more years and you will buy a house with BTC. No need to cash out especially at the bottom
Jacob Brooks
But then how do I go from cash -> bank account without setting off red flags? I don't want people kicking down my door because I bought some Bitcoin in 2010 lol
Is there an amount that doesn't raise red flags? Like, $2k a week or something? I have a coinbase account that I did KYC on that I was planning on using
Austin Bell
pretty sure the IRS still flags you
Jordan Howard
Ok I'll look around for someone. Appreciate the advice, very excited for all of this. I will make some calls tomorrow morning
Brandon Edwards
why would you cash out now when 6 figure btc is less than 2 years away?
Grayson Jones
definitely do not cash out now - maybe just one of two to help you ride out the next year
shits going to be worth minimum 50K each within 4 years time
Joseph Davis
Gonna cash out enough to be debt free and keep the rest in :) I also have a $50k stack of shitcoins that I've amassed over the last 3 years
Tyler Nelson
No, that's called structuring and it's illegal. If you do this through legal channels through a lawyer, you won't need to worry about cashing out a little at a time. The BTC is yours, no need to be shady about it.
Daniel Bennett
honestly man, if this isn't a joke then you just found generational wealth. don't fucking sell this shit for USD of all things, especially when we aren't even at the peak of a cycle you could invest small amounts of those coins into no-brainer things and make enough passive income to pay off all of your debts
Gavin Bennett
This sits with me much better, I will hire a lawyer
You don't. use the cash to buy your groceries etc. and use your salary to pay loans.
Michael Rivera
Imagine busting your ass for years doing high level maths and logic, being awarded an engineering degree, and being paid like a pauper. This world is worthless desu
Parker Ortiz
But isn't crypto to crypto taxable? I just don't wanna get wrecked come tax season, I'm already probably gonna end up owing a fuck ton due to my high frequency shitcoin trading
I use credit cards to buy groceries and stuff bc building credit
Kayden King
This would be structuring. Now you're tax avoiding AND committing a felony. The financial system is setup specifically to catch this. user if denny hastert went down for this you don't have a chance.
To OP: just cash out through an established site like Coinbase, then set aside half to pay your taxes and hire a decent CPA for year end. It sucks, but it's found money, and it's not worth getting super ass raped over when you get caught (and you will get caught, this is real money)
atomic swap into monero if you're worried about privacy
Logan Hughes
Pajeet detected.
Nolan Anderson
Kill yourself
Yeah. I wanna retire really badly in the next 2-3 years. Hoping this is my shot.
Tyler Roberts
you are wealthy enough now to warrant having a certified accountant do your taxes. don't worry about that. but you seriously should not sell any of these coins right now
Mason Stewart
Oh I haven't seen this thread in a while.. shotgun posting it next.
Honestly OP what do you get out of larping how is this fun for you?
Matthew Bailey
This. Monero can help you hide your money.
Charles Kelly
Oh don't worry, I'll definitely be adding to my [unknown amount] stack of Monero
So I can cash some out as long as I set aside money for taxes, great this is helpful. I'll put aside 50% just to be super safe. Thanks for the help everyone. I'm still in shock a bit but finally feel hopeful for the first time in a long time :)
Noah Watson
30 year fixed mortgage in a growing city Inflation is coming and people are moving out of mega cities
John Edwards
I wouldn't risk trying to launder this much money, sell what you need for cash now, and save the rest. Btc is going up. Pay your taxes only way to avoid anxiety
Jonathan Lee
Read my fucking mind dude. I already have 1 property but this will buy #2. Moving back home to be with my family (like I said, sick grandparents and I work remote bc software developer)
Jaxson Lee
you are an actual retard and you deserve to go broke
Owen Reyes
What would you do if you were hired by someone to develop a coin, and you were paid in the coin? Strictly hypothetically speaking, say I have $100k I was paid out in a low cap coin and I traded it to ETH to cash out. How would I go about claiming that? Should I get a lawyer?
Grayson Campbell
Go fuck yourself faggot I'll be richer than you in 3 years :^)
Jeremiah Mitchell
You don't need a lawyer, I'm not a CPA but in field related to taxes (that's as much as I can say). There is a method to file taxes on barter. Like if you worked for a farmer in exchange for 1/4th of his crop. It would be full pop on the fair market value of the coin at the time you earned it (which is probably next to nothing), plus capital gains on all appreciation at that point (which is 15%)
but of course run this by a cpa, I am not one
Brody Rogers
Pffffft ok it hasn’t done anything in 3 years. I would run with that so fucking fast.
Michael Thompson
you are already richer than me and 99% of the rest of the board you stupid fucking faggot. you're sitting here talking about buying a fucking HOUSE with bitcoins. take that 50 btc and buy a diamond encrusted gold rope and fucking hang yourself dipshit
Camden Morgan
That's for sure something to seek out a lawyer for. You would have to pay taxes on the coins since they're income. If it can be considered a security, that's another world of hurt
