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/biz/ - Business & Finance

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4606382 No.4606382 [Reply] [Original]

If I cash out ~$1000 USD in crypto this year without claiming it on my tax forms what are the odds of me getting fucked in the butt by the Feds?

>> No.4606393

>>4606382
100%

>> No.4606456
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4606456

>>4606382
kek OP, i cashed out over $15k over a 1 year period noone gives a fuck for small amounts

>> No.4606461

very low
If tthe IRS found out they would just ask you to pay it anyway. they dont send feds to your door.

>> No.4606477

Almost 0.

>> No.4606523

>>4606382
Easy just send it to a secure wallet and cash it out locally. If you are cashing out large amounts, cash out in increments and report 1-3 transactions legitimately and don't report the rest, so even if you get caught you can point a finger that you reported the transaction (even though it wasn't the only one).

>> No.4606646

95%. And they will send you to jail.

>> No.4606714

memes completely aside dude it is 1k dollars they don't give a fuck. also, think about how much money you have put IN. For all they know you are just pulling out your initial buy-in, which is what I plan on doing. 1k fucking dollars dude wow what a rush. If you're a neet you double don't have to file it because you will have not made any real money anyway, i believe under 12k a year you basically don't exist from a tax perspective.

>> No.4606746

You’ll be good , if you start cashing out $75k plus yearly then the IRS will take notice

>> No.4606788

You can't cash out.

>> No.4606803

>>4606382
I hope you're using a VPN and a costum MAC because just by posting this out of the Tor network the IRS now knows of your intentions and are going to Jail you

>> No.4606845

>>4606382
Google IRS audit lottery.

IIRC it's about 5% and the more money the IRS thinks you might ow the more likely you are to win the lottery. So for $1000, provided the rest of your tax return is copacetic, very unlikely.

>> No.4606908
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4606908

>>4606845
Well I was way off. It's closer to 1% and probably less nowadays.

>> No.4606992
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4606992

>>4606382
0%

That's not enough for them to bother with.
>Tfw not enough crypto gains for government to care

>> No.4607008

Don't you get 20k before you have to claim it? That's how it is in my 1st world country anyway

>> No.4607110

>>4606845
>>4606908
you need to have some serious capital for this to even matter even one bit. most of us loser 4chan fucks have almost nothing to begin with and what capital we might have on the blockchain wouldn't really be up for debate, but rather the 1k or so anon withdraws to buy his mummy a gift for christmas

>> No.4608062

>>4606382
IIRC you don't have to report less than $1050

and as long as you are lower income you wouldn't owe on it anyway

>> No.4608084

>If
You can't cash out anon. Unless you mean usdt?

>> No.4609032

>cashing out
he dont know

>> No.4609092
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4609092

>>4606992

one day they will