How do you cash out $10 million?

[Anonymous No.53904859]

So uhhh, I put $100K of fiat into ETH using using a KYC exchange in 2019, withdrew it to a hardware wallet, and traded it up to approximately $10 million in stable coins via thousands of unreported shitcoin to shitcoin dex trades over the past few years. How the fuck do I cash out now without getting tax raped?

[Anonymous No.53904883]

>>53904859
I don’t know anon but if you don’t spend at least a million on the autist war against jews you’re no fren of mine

[Anonymous No.53904890]

>>53904859
if you are in the usa denounce your citizenship and move to SEA

[Anonymous No.53904899]

>>53904883
Based

>>53904890
I can’t leave America. I have a high paying job, and my entire family is here. I need to cash out in America somehow.

[Anonymous No.53904906]

> via thousands of unreported shitcoin to shitcoin dex trades over the past few years

youre going to have to pay $12M in taxes

[Anonymous No.53904908]

>>53904859

sell urself an NFT

[Anonymous No.53904914]

>>53904859
I suggest speaking to a tax lawyer who specializes in cryptocurrency

[Anonymous No.53904947]

>>53904883
this
>>53904859
talk to an accountant.
my completely retarded amateur thoughts: if you withdrew the entire 100k in one go you might be able to file an amended return and pretend like you didn't own the wallet you sent it to. then cash out like 100k a year or whatever and just call it income and pay taxes on that. sounds cucked but it'd save you a lot of wrangling with numbers.
either that or leave the country and renounce. or buy gold and have it sent to various different unrelated addresses that you have access to.

if it were me, i'd gladly pay 5 mil to the pedophiles to just have the cash though.

[Anonymous No.53904953]

>>53904859
localmonero
small bits at a time

you're actually kind of fucked as an amerimutt.
otherwise lawyer up and pay 4-5 million of that as tax

[Anonymous No.53904980]

>>53904859
Give it away or pay tax.

[Anonymous No.53904982]

>>53904859
>How the fuck do I cash out now without getting tax raped?
You don't. Just hold stables and use them to buy stuff

[Anonymous No.53904996]

If you shoved $100K into your CEX wallet, then transfered that money to a wallet with a different address and did all your trades there, and now are moving $10 million back to your CEX wallet and withdrawing. You only owe long term capitol gains tax 20% after 84K. you can also move 84K tax free. why pull all out now at the beginning of the bull run?

If you never moved money from CEX wallet then CEX recorded all your moves and your fucked and will accrue penalties for not filing

[Anonymous No.53905016]

>>53904908
This could work. It would be a nice clean way of explaining all of the profit in a couple transactions while hiding the years of unreported trades. I wonder if they know about this trick and will find it suspicious though.

>>53904914
True. Any suggestions for finding a good one? Is it safe to assume I can tell the lawyer the ugly truth without getting fucked over? They have confidentiality privileges I believe.

>>53904982
I can’t make big purchases like houses with stables though.

[Anonymous No.53905021]

>>53904859
Renounce your citizenship and move to Singapore. Its what everyone does when they become filthy rich through tax avoidance

[Anonymous No.53905025]

>>53904859
>How the fuck do I cash out now without getting tax raped?
you dont
unironically hire a forensic accountant and pay your taxes

[Anonymous No.53905027]

Why not just pay the taxes to keep uncle sam off your back? Long term capital gains is only like 20%, you'll still have like $8 million left over. Throw it in an index fund and it'll average like 10% returns YoY, so you can withdrawal like $800k a year (again, minus cap gains, call it $600k after taxes) without making a dent in the principle. You can live pretty comfortably off $600k/year, especially if you're not having to stress about the IRS raping you anally over unreported gains.

[Anonymous No.53905058]

>>53904996
Here is the problem though: I put $100K into the CEX in 2019 and bought 500 ETH with it inside the CEX. I then withdrew the 500 ETH to my hardware wallet and traded it like crazy. Now my portfolio is worth 6000 ETH. If I send 6000 ETH back to the CEX to cash out, then sure I could qualify for long term capital gains on 500 ETH, since I could claim it was the original 500 ETH that I withdrew years ago…but what about the other 5500 ETH? Won’t they ask where the fuck it came from?

[Anonymous No.53905061]

I'll explain even retard with money can do it.

STEP 1
Hire Account or Lawyer - Create holding company in USA
Open bank account in holding name

STEP 2
Hire overseas Account or Lawyer in Tax Haven
Open shell company and bank account in shell company name.
The Holding (YOU) owns shell company if you have kids put that in your last will.

STEP 3
Open PO box with auto mail transfer to US in the shell company
TRANSFER ALL YOUR SHIT TO THE SHELL COMPANY ACCOUNT

STEP 4
get few travel credit cards ( no international tax transaction ) in the shell company name set pin and autopay.

STEP 5
Enjoy you taxless life.

[Anonymous No.53905070]

>>53905027
Two million dollars will buy you enough land abroad for a couple based families to live in peace.

[Anonymous No.53905085]

>>53904859
Register a company in SVG

[Anonymous No.53905102]

>>53905070

And he could recoup that two mil in 2-3 years invested in the stock market if it recovers and does well. Just doesn't seem worth the risk, if I made $10 million over 4 years trading internet funny money, $2 mil seems like a pretty fair trade for the peace of mind. And I'm not normally one of those commies that espouse this stuff, but don't think it's unreasonable for OP to "pay his fair share" since he's done so well for himself.

[Anonymous No.53905106]

Just pay your taxes. Your got free money and still acting all greedy. Yikes

[Anonymous No.53905125]

>>53905106
never.
https://www.youtube.com/watch?v=UZ7VRTQPgiU

[Anonymous No.53905152]

>>53904859
buy kilo gold bars using crypto as payment and bury them in your backyard

Seriously though probably look into a cook islands holding corp/trust or something. Tax havens seem to be what youre looking for

[Anonymous No.53905154]

>>53905061
saved

[Anonymous No.53905162]

>>53905058
staking.

seriously though, you say it was also capital gains from that 500ETH. pay 20% of 6000 ETH and everyone moves on.

when you go to a casino, you exchange money for chips. you dont pay per game, you pay when you cash out.

[Anonymous No.53905188]

>>53905058
>>53905016
>>53904899
>>53904859
>Won’t they ask where the fuck it came from?
maybe. there's a way to just report you made 9.9m in gains and pay 40% in taxes or whatever it comes out to with max fed marginal and state plus any local. i don't think the IRS is going to come after someone who paid 4m to uncle sam, though im sure there's already open source software that compiles some gains/loses based on wallet address if that was consistent
t. filed ~700 pages of shitcoins in 2020

[Anonymous No.53905227]

>>53905162
>>53905188
Thank you, sers. This is encouraging. I dont mind paying a cut

[Anonymous No.53905277]

fcking pajeets.

[Anonymous No.53905303]

>>53905188
might as well give all the money to the IRS. you cant scribble made 10million and heres 4million, no explaination, THAT will get you audited and then, just get a lawyer who will vouch that the IRS cannot prove the ownership of the wallet but the wallet did nothing nefarious so they can take the 20% or go to court, in which they can try to prove ownership(never happened) or prove with blockchain that the money was laundered, which if it never left the wallet is impossible to prove. Not against the law to send your money to a mysterious Indian kid who trades it for you and gives you back a profit. but you need a lawyer that will keep a straight face, alone you wont have the nuts to tell the IRS to fuck off

[Anonymous No.53905318]

>>53905303
to clarify "the wallet" means the wallet with all the trades

[Anonymous No.53905323]

Borrow against your assets like every rich person does and fuck paying taxes. Yes everyone does this.

[Anonymous No.53905335]

>>53905323

[Anonymous No.53905372]

>>53904859
Short term capital gains maxes out at 37%, so that is the absolute most you'd have to pay federally.

[Anonymous No.53905374]

>>53904859
>exits the tradfi system
>makes bank
>wants back into trafi
wtf is wrong with you anon? Just debt max your day job to borrow the lifestyle you want and pay for little shit with crypto where you can. Park a solid amount in BTC and enjoy your life knowing you've got one hell of a fall back.
Or register a company in low tax state "Faggots R Us", build website offering private advice on maximizing gay sex fun for a high fee paid in crypto, set up a bunch of bogus virtual meetings and pay your company.

[Anonymous No.53905527]

>>53904859
You're likely fucked. You need to calculate how much tax you owe manually by going through every trade. Then decide if you're willing to pay that amount in taxes. hopefully you used multiple wallets so you can claim you got hacked then you cash out the crypto in a tax haven and use the money to build a business.

[Anonymous No.53905569]

>>53905335
Then you pay interest and interest rates are shit now

[Anonymous No.53905592]

>>53904996
> Thinks the IRS won't ask where this additional $9.9Million came from
> Doesn't understand the whole concept of a public ledger

[Anonymous No.53905619]

>>53905527
You don't have to do any of that shit nigga, you just calculate how much fiat you put in, take that amount from what you pull out then plug in the remainder into a tax calculator then write them a cheque.
>t. Cashed out 7m in 2021.
I hate taxes too but if you want to buy anything of value you need that shit in an American bank. I tried to do the offshore shit but western banks refuse to do business with countries that aren't crs participants.

[Anonymous No.53905622]

God I wish I had 25k, just pay the taxes and be happy you made it.

[Anonymous No.53905647]

>>53905016
you buy the house through your off shore company and rent the house from your self at a very reasonable rate. if you start living like you just turned $100k into $10M you will be audited.

[Anonymous No.53905656]

>>53905569
Not unless your contract says otherwise, with another fixed rate like, say, 0%?
It's possible between friends and family isn't it? No one demands you're a filthy jew about your moner, right?

[Anonymous No.53905854]

Use non-kyc exchange to go into stables then send that to hardware wallet and withdraw small amounts to bank account as needed

[Anonymous No.53905949]

>>53904883
Fpbp

[Anonymous No.53906030]

So, technically...
What would happen if OP reported someone just gifted tons of monero to his wallet while he was, let's just say, streaming.
So basically it was a gift, and since it's a private coin, all transactions are private and there's no way they can prove who sent it.
How much would he have to pay in taxes?

[Anonymous No.53906037]

>>53905854
Is that how you avoid using banks? Well, I simply use the CryptMi app for my transactions.

[Anonymous No.53906064]

Some anons are right.

If you want to just spend money here and there, then offshore shell might work.

If you want to make large purchases then it is easier to pay the tax.

Do not fuck around with the taxman. People telling you to flip the IRS and live your life have no idea how much can IRS make your life inconvenient.

Either way, hire a good tax accountant and a tax lawyer. Talk to them about your option. Do not take advice on taxes from cucumber carving forum.

[Anonymous No.53906144]

>>53904859
move to germany for 1 year (you actually have to live there officially) and cash out tax free after 1 year.
Be prepared for a lot of questions from the bank and tax office.

[Anonymous No.53906152]

Noone replied to me yet >>53906030
So does anyone how much he will have to pay if the donated monero was a gift from a random stranger?

[Anonymous No.53906186]

>>53906144
Burgers are fucked anyway, they have to pay taxes even overseas, would have to revoke citizenship

[Anonymous No.53906192]

>>53906152
Gift is not an investment, would be considered assumed income after 17K

[Anonymous No.53906195]

>>53906152
If that would work, every criminal would use it to launder money, alot probably are, but through established streamer, some newbie with zero viewers getting millions of donations surely raises redflags

[Anonymous No.53906196]

>>53904859
Why would you want to take such an amount out to your bank? So you get tasked or get hunted for? I'll rather keep it in Defi and if I want to spend my asset I can even spend in crypto using my crypto cards. What are the likes of CryptMi and Bitpay created for if not for this?

[Anonymous No.53906207]

>>53906196
You cant buy anything substantial with bitpay and co. can you? for these sums like OPs its utterly useless

[Anonymous No.53906217]

Can't you just visit a tax haven and cash it out into a newly created shell company. I'd imagine the lawyer would be surmountable though.

[Anonymous No.53906220]

Can't you just visit a tax haven and cash it out into a newly created shell company. I'd imagine the lawyer fees would be significant though.

[Anonymous No.53906231]

I'm from Europe and I don't even know how this tax shit works.
I've never paid any taxes for crypto.
I bought crypto for 1000$ and I've been trading with them for 6 years now, going from one exchange to another, I even used some exchanges that don't exist anymore.
How the fuck can I prove anything at this point?

[Anonymous No.53906240]

Guys I cashed out $300k to my bank over a year ago and the money is just sitting there. I never declared it or anything, I use the money of course but I never spend it bigly on retarded shit. The law here regarding crypto taxes is a grey area, barely any accountant even does it. The issue is I traded on FTX and have no copy of my trading history, but I do have source of my P2P cashouts saved through binance. what should I do?

[Anonymous No.53906241]

>>53904859
>How do I secretly cashout 10 million $

Start by not posting this kind of topic on an IRS honey pot.

[Anonymous No.53906250]

>>53904947
>pay 5 mil to the pedophiles
100 billion planets in the galaxy and we end up here, paying taxes to paedophile lizards.

[Anonymous No.53906261]

>>53906196
They are for spending crypto while CryptMi can give access to NFTs and it is more versatile.

[Anonymous No.53906313]

If only OP had atomic swapped to Monero and back into a different wallet using Tor

[Anonymous No.53906438]

>>53905374
>register a company in low tax state "Faggots R Us", build website offering private advice on maximizing gay sex fun for a high fee paid in crypto, set up a bunch of bogus virtual meetings and pay your company.
Kek, not bad

>>53905619
Doesn't the US consider crypto-crypto a taxable event? You have to pay the sum of all the gains and losses for every trade, which is probably different (more) than the gain from start to end.

>>53906231
>>53906240
In some countries I think you can argue that records don't exist and use your best guess, at least the UK has a provision for that, the tax man might argue with you or saddle you with fines though.

[Anonymous No.53906456]

>>53906438
>In some countries I think you can argue that records don't exist and use your best guess, at least the UK has a provision for that, the tax man might argue with you or saddle you with fines though.
Like, how the fuck can I prove anything if exchanges don't exist anymore?
I don't even know what taxes are for staking.
I understand the bank won't make any big deal if I'll just withdraw a few bucks there and then for a living.
But what if I want to buy a house for example, I don't want to pay 50% for taxes or whatever.
I don't know how to prove anything

[Anonymous No.53906562]

>>53906456
In the UK staking rewards are taxed as income but I'd probably look for an accountant who handles crypto, this probably happens a lot.

[Anonymous No.53906606]

>>53904859
>How the fuck do I cash out now without getting tax raped?
easy, just dont be american :)

[Anonymous No.53906611]

Once again /biz/ proves to be a board of midwits and brainlets.
I can give you a fool-proof method that I personally use to liquidate my crypto holdings, but not for free. Hint: You don't "cash out".

[Anonymous No.53906639]

>>53906606
Whichever way you go they will come after you. Either calling you a fraudster or killing you with taxes.

[Anonymous No.53906744]

>>53905188
>>53905162
The IRS does not work like that. In an audit, they will expect OP to track every single crypto to crypto transaction and report the exchange rates for that day in USD from whatever shitcoin.

[Anonymous No.53906746]

>>53904859
Swap over to privacy protocol. Learn to use privacy wallet like Railway wallet.

[Anonymous No.53906994]

>>53904883
BASEADO

[Anonymous No.53907053]

Withdraw it all and report it at zero cost basis.
$10M gain.

That way, if they do audit you, they will be unlikely to find any additional gains.

[Anonymous No.53907481]

>>53906994
kys monkeyzillian

[Anonymous No.53907511]

>>53904859
take the 6.whatever million

[Anonymous No.53907900]

>>53904859
Monero -> cash

[Anonymous No.53907933]

>>53904859
You are such a genius trader, just get it up.to 20 million, the. Cash out and pay 10m in taxes and you will still have 10m
Simple as.
>Or put your head in an over you larping >fgt.

[Anonymous No.53908047]

>>53904859
I guess fags are not ready for quantum computer threat, Binance partnership with a quantum resistant Blockchain is gaining tractions and millions of eyes are already on Qanplatform.

[Anonymous No.53908106]

>>53904859
trade against yourself at a loss for -10000000 dollars
option 2 convert into bitcoin and withdraw, you probably want bitcoins and not dollars

[Anonymous No.53908119]

>>53908047
Didn't this coin literally just get hacked and they had to relaunch on a new address?

[Anonymous No.53908149]

>>53904859
OP, I'm not bothered. If you don't get stock on self custody that's your regret.

[Anonymous No.53908153]

>>53904859
just say fuck it, report it all as one gain from 0, pay 4 mil in taxes, walk off knowing you're free. Get a CPA to facilitate it. Walking away with 6-7 million dollars and knowing that you can finally break free of the wage cage is worth it.

I guarantee you everyone telling you to dodge taxes does not have even a six figure portfolio. You can go that route but if the IRS catches wind of it, they'll fuck you like an animal

[Anonymous No.53908166]

>>53905016
If this isn’t a troll thread I can actually hook you up with a cayman or Bahamas off shore account.
This is perfectly legal btw and should minimize the amount of taxes you have to pay.

[Anonymous No.53908189]

>>53908119
Oh yeah, BTC was around 19k at the time of the hack, and it was around 0.011. The price is currently fluctuating between 0.014 and 0.018, and no one is on the losing side.

[Anonymous No.53908198]

>>53905374
This nigger gets it

[Anonymous No.53908264]

>>53904859
wash it all through monero, cash out and report it as a single trade from eth to xmr, so your profit is $9.9M but at least you wont have to do all that paperwork

[Anonymous No.53908279]

>>53905854
How secured is that shit

[Anonymous No.53908394]

>>53904899
>I can’t leave America. I have a high paying job, and my entire family is here. I need to cash out in America somehow.

America is collapsing and your high paying job will be gone soon. Your family is not safe. You would be doing them a big favor by establishing a life somewhere else they can flee to when the collapse accelerates.

[Anonymous No.53908779]

>>53904982
Get your ass on QANX, it's already showing a very good sign of having the best comeback. The latest partnership with the reputable AlpineEsports will melt faces.

[Anonymous No.53909004]

>>53908279
You feel nowhere is secured? Then you've not meet identity management protocol that focuses on interoperability.

[Anonymous No.53909055]

Move El Salvador unironically. Cash out there. There is no reason to continue to live in increasingly Marxist declining hellholes in the "first world" west. And never look back.

[Anonymous No.53909832]

>>53904899
>need to cash out in America somehow.
hahahah good luck bro, dont forget israel needs its cut.

[Anonymous No.53909849]

>>53905102
>dude just hand over 2 million to some strangers lolz

[Anonymous No.53909944]

Just buy a house for $10 Million in BTC and then sell it for dollars. You might actually end up with more money.

[Anonymous No.53910298]

>>53904859
Keep using peer to peer trading strategy for periodic cash out. Might take three to five days to exhaust everything. But if I were you, I'd leave at least 10k in ETH and CYMI to max out your bag in a month time.

[Anonymous No.53910794]

STOP STOP STOP

Inaction is your best friend, wait at least 30 days an explore every option. It is prudent to be extremely patient
Saving an extra 1+ mill on a lump sum is like paying yourself a huge salary for just 30days of due diligence

There are ways to LEGALLY and OFFICALLY get it all without any or <10% taxes.

consider a family office spend 20k get old money advice, interact with other smart rich folks. I would walk you through what to do step by step and connect you to the right family office for a 1% finders fee

[Anonymous No.53910880]

Don’t you dare give Uncle Sam a freebie 1mill+ Please seek out a private professional connection. Far Better to make a few payments totaling max 300k to walk away with 8-9m then 6-7m

[Anonymous No.53910925]

[e-mail]
samefag phoneposter from about

[Anonymous No.53910946]

>>53904883
I’m a Jew and I do NOT approve of this message. VERY un-fren-like.

[Anonymous No.53911031]

>>53904859
1. You need a tax lawyer. Their job is to help you cheat.
2. A good accountant will help but they will account for all your earnings according to the law or they will lose their license. So it might not be best to tell them what you have in your personal custody or how you made all the money of you aren't ready to pay.

Lawyers > Accountant.

I'm in the same situation. Still haven't figured a fix. However I still pay a ton a taxes to keep i-rs off my back.

Keep in mind the ir-s audits make up 85% of those making 25k and under. They go after poors cause it's too costly to go after the wealthy. And when they do go after huge corporate entities or uber wealthy individuals these entities end up poaching tax auditors if they are shown to be competent. So the ir-s is made up of B-talent.

25k and under earners just pay what they owe and move on. So do your best to pay high taxes. It increases your chances of non audits.

[Anonymous No.53912918]

>>53907900
Aside monero, what else?

[Anonymous No.53913073]

>>53910298
Isn't low caps not better to make gain?

[Anonymous No.53913258]

>>53908279
The quantum threats is increasing, and I prefer to keep my ass safe on a quantum resistant hybrid blockchain that ensures security, as it is built on Crystals-Dilithium algorithm

[Anonymous No.53913291]

>>53912918
AI and Identity management protocol, focus on these two.

[Anonymous No.53913301]

>>53904883
cringe

[Anonymous No.53913437]

>>53912918
AI and Identity management are the next trendy.

[sage No.53913496]

larp, sage in all fields

[Anonymous No.53913585]

>>53904859
1) travel to dubai
2) buy house via crypto
3) sell house, money to local bank
4) withdraw to your bank
5) profit

[Anonymous No.53913620]

>>53904859
Yo anon I run a tax evasion business, I can withdraw up to $100,000 per month for you, all tax free. Just send me the money. I will take a 5% fee though

[Anonymous No.53913722]

Cash it out over the next year or two and report the sales on your taxes using the 100k initial buys from the cex as your cost basis. If you get audited you will pay a lawyer 20-50k to reconstruct your entire trade history.

[Anonymous No.53913727]

>>53913073
Web ID management are for smart dudes, I look forward to a better self custody based projects.

[Anonymous No.53913752]

>>53904883
fpbp

[Anonymous No.53915867]

>>53905372
Wrong. There are additional special taxes tacked on on top of that for arbitrary bull shit reasons that raise the effective rate higher

[Anonymous No.53915985]

>>53905323
How does this avoid tax if you have to pay back the loan with taxable income or by selling other assets? Am I just a brainlet?

[Anonymous No.53916014]

>>53904859
Dex trades are the easiest to report. I wish I had only made dex trades in 2021.

[Anonymous No.53916405]

>>53904859
Just report the gains at zero cost basis