/biz/ - Business & Finance

>>21406027
You can't cash out 1mil at once, dude. Your bank will freeze your account.

>>21406282
So you're better off dwindle it down weekly? monthly? Or mulitple small transactions on the same day.

>>21406282
>Call bank and tell them you expect payment
>Bank won't freeze your account

Feds maybe if you've committed tax fraud though

>>21406907
The tax man always wins

No one will have an intelligent answer because you can't cash out.

>>21407526
Must've been fucking hallucinating then

>>21407681
So there's a limit

>>21406027
you withdraw small amounts in multiple accounts across as many people as you can

>>21407815
You can literally have this increased up to a million easily, but you have to proof you actually owe that amount.

They just don't want to risk having your account hacked and used for $1M of funds disappearing

>>21406389
This is called structuring and they will notice it.

>>21408028
Okay. So what I gather it's best to let the bank know when you are moving large amounts to avoid any problems.

>>21408242
Yep, but the bank isn't the biggest issue.

Make sure your tax return is correct, if its just a few thousand they won't give a shit but if you're cashing out $40k+ you might get on their radar

>>21406907
Personally I still wouldn't risk it. Financial law is a clown world where you're guilty until you prove you're innocent, and even then they can still decide to tell you to go fuck yourself and keep your money.

I'll be cashing out to DAI and taking out a little at a time as needed. Can't freeze what's still on-chain

>>21407681
Possibility, but also may just be a newfag.

Just get a crypto visa and spend from there. Don't give them the chance to freeze your funds. It's the whole point of crypto.

>>21406282
I still don't understand this. If I disclose all my trades gains and losses each year, pay taxes and notify my bank prior to withdrawing, why would they care? And the tax man shouldn't screw me if I hire an accountant that year to properly calculate my taxed owed, right?

>>21408361
>>21408370
Why they gotta make it so stressful

>>21408450
Hopefully this will become the future.

>>21408601
the jew elites control the world control the world through their monopoly on finance, with the dollar being their superweapon. Of course they're going to try keeping you down for bypassing their fiat scheme

>>21407681
Coinmetro or coinbase?

>>21408913
Coinbase pro

>>21406027
Small portions

ITT: idiots that dont know about anything

Obviously hire someone to help you navigate this if you have a lot of cash. Also way better to have your money in a real bank and not sitting on some goofy fucking exchange.. and ultimately you probably want to move that money into a brokerage account and invest in something stable or buy real estate.

>>21409186
ok boomer

>>21408949
Coinbase is the irs bitch you idiot

>>21406027
Oh, shit, that pic, I have seen that coin on Uniswap. Don't tell others the name.

>>21409652
Like I said in my earlier posts you're just better off paying the tax because you will be fucked over if you don't.

>>21409186
Literally my exact plan. 90% of brainlets on this board have like less than $5k in crypto and ask shit like "durr how do outsmart the IRS and dodge taxes?!". You don't dumbfucks. . .

>>21410263
Pretty much this, or booking it out of the country never to return and living in a tax haven for the rest of your life. Best you can do is use whatever loopholes you can to have to pay the least amount of taxes possible, but you're still getting fucked no matter what.