If I were to cash out 200k worth, how the fuck do I show the government (burger here) where and how I got the money? Am I unironically fucked? I’ve never even thought about this before until I wanted to cash out
>be me
>buy monero in late 2016
>inb4 why would you pay taxes
I just want this money for a house, and I don’t want to worry about having the gov after me
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just assume your cost basis is zero (it's probably close enough to zero that the tax difference is small) and pay the jews in government tax on that
Negotiate with the seller to purchase the house with Monero. Offer a little extra money.
move to another country where they don't tax crypto and then move back? I dunno.
Imagine selling monero now
exchange it for BTC and 2p2 cash out
I actually considered this, that would be fantastic. But in regards to the question in general, is there really no way for people with Monero to even cash out legitimately? I’m surprised no one has mentioned this before.
Thinking about this as well
I’ve held my stack for almost 5 years, I’ll have half of my bag to sit on for the next 5.
I wonder. Do you think it would be possible to find somebody willing sell property directly for crypto?
Surely, you could find someone, somewhere, who would accept "X" amount of Monero for their house.
This seems like the only route at the moment, which means I’m going to have to do some serious digging
>Negotiate with the seller to purchase the house with Monero
>This will likely never be a reality
>where and how I got the money?
Open a shell company in Panama and cash out into your Panama account. Purchase your house in your company's name and transfer ownership back to yourself.
To cash out you always need a KYC exchange. You fell for the anonymity meme, no one is using cryptos for shit, let alone accepting it for a house lmao
My understanding is that you will have to show each crypto to crypto transaction and calculate the percentage gain or loss in value. If you do not have that proof it is possible you may run into a little auditing. My recommendation is to find a tax lawyer. They will know the every jewish trick (hire a jew unironically) and pay him off his share and you won't have to worry about anything. This is what I plan on doing.
>boomer with real estate
>"Hi there, my name is user. I see your house on the market and I'd like to purchase it with Monero, the privacy-based crypto currency!"
>FUCK OFF, I DON'T WANT YOUR MONOPOLY MONEY! COME BACK WHEN YOU GOT REAL MONEY!
Wouldn’t this be considered money laundering as well?
Ffs anons, I might be holding these bags for ever
What country are you based in? If its outside the US then it will be really easy deal with.
He could just bite the bullet and tax the entire thing as income if he has no records of the transactions.
United states
you think our frens at the IRS won't notice you getting 'gifted' a $400k house?
the only way this would be viable is if it was from a family member. even then, you're going to have some questions to answer.
So long story short, I’m fucked and Monero is a meme?
Do you have transaction records?
This isn't really a Monero problem, but a crypto tax problem
You need a tax lawyer, one with some crypto experience, preferably an unironic jew
If you didn't trade or something you shouldn't have much problems with cashing out
>He bought cuckero instead of bitcoin
NGMI
Just buy a whole bunch of weed with it and sell that for cash.
How did you get the money anyways? If you can prove its legit then who gives a fuck?
You don't think the government would ask questions about that much Monero? Has there been stories of people cashing out massive sums of Bitcoin and just paying the tax on the entire amount?
bartering still exists. I'm sure that "thing for house" deals happen all the time. Like, if you traded an old rare car to Jay Leno for a house.
Why don't you do it a bit at a time? Maybe a $9999 transaction once a month via bank transfer?
I don't know how taxes work in the USA, but pay your taxes? where did you buy monero? if worst comes to worse you can still prove your holdings , and how long you've held with viewkeys, in case you're audited or something.
I think the best bet is paying taxes with a cost basis of $0 if you can't prove a purchase at a set price. if you can, just pay normal capital gains taxes.
>You don't think the government would ask questions about that much Monero?
They wouldn't if he has records of a bank transfer to a exchange, they wouldn't at all if he has all the transaction records
>Has there been stories of people cashing out massive sums of Bitcoin and just paying the tax on the entire amount?
Plenty, most crypto richfags paid their taxes, there's plenty of firms out there that appeared around 2017 that specialize in crypto taxes
I invested a little over 15k, but I’m not sure I have the transaction records of that. I’ve sold a little here and there in negligible amounts, but nothing compared to 200k
I’ve tried to scrounge for these records, but only managed to find a single purchase of 5.1k XMR on bitfinex a few years back that I used BTC to get.
Oh yeah some company just gifted you a house for no reason
I can suck a mean dick ;)
>there's plenty of firms out there that appeared around 2017 that specialize in crypto taxes
Yeah true user. This is going to be my plan. Do some research and find a firm/lawyer and find the best way to go forward.
Cashing out legitimately will entail using Monero to purchase something that exists in the real world. "Adoption" will happen between 100-200 years from now if the median wage of a U.S. citizen continues to trend against the per capita GDP of his/her country.
People are working more and more and more, whilst being significantly more productive in adding value in whatever it is they do. You need to have a STEM degree, (be a scientist/intellectual), for a shot at a middle class lifestyle. Middle class lifestyle is 100K, median wage is 33K a year.
ssa.gov
To buy a house now it'll cost you a total of 4 median wages, as opposed to just under 3 in the 1950s.
archive.curbed.com
This trend isn't stopping, and will only stop, when people have had enough. Enough of karoshi. Enough of two working parents. Enough 14 hour days. Enough 100K debts to a college degree that'll net you the income slightly higher than the median wage. If you buy a house today, you added a little less than three houses in terms of GDP growth to get that one house, as technology has made humans more efficient, and education has proliferated so much more, being 3x as valuable as someone from 50 years ago is the equivalent of getting the same amount of stuff someone got 50 years ago.
That's why mass adoption will take place 100-200 years from today, as the trend continues, people will be at their limits.
This is the problem, I can’t remember exactly where I got the XMR as I’ve used a bunch of exchanges over the years to get it, along with cryptomorph a few times. Only thing I’ve managed to find is a purchase on bitfinex, which I managed to find because I remembered it was just before the big hack, and purchased with BTC. My main issue is I have nowhere near the amount of info I need to prove where and when I got the Monero I have, which will therefore likely have the government looking into me
I assume you still have the keys for your old wallets? you can see when XMR was deposited into your account, and look up market rate that exact date. Don't know how strict they are here, but you can make close estimations. Again, if you're unsure, just pay capital gains as if you bought it for $0
Think I’m gonna go this route, just was unsure if this would be sufficient. I have a lot of digging to do reeeeeee
You still have to pay taxes. If you buy something with crypto it's taxed, because it's interpreted as you "selling" it for another asset.
That 5.1k purchase it's probably enough to justify your current holdings as long as you can justify the BTC used, they should cover all your current XMR if you pretend you never bought more or did anything with them (with the exception of losing some or something)
I would seek a lawyer and plan around that purchase and incorporate anything else you did, specially if you ever did dealings with Coinbase, you definitively want to build up some history that makes sense in the future