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/biz/ - Business & Finance

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56869714 No.56869714 [Reply] [Original]

say I managed to buy a small cap alt coin that did a 100000X or something and made me like $100,000,000

Am I supposed to explain this to the government ?

Won’t they just assume its proceeds of crime and freeze it and tell me to fuck off because…

“there’s no chance this random autistic incel manlet just made $100M, it’s gotta be crime”

>> No.56869724

There's actually a "magical internet money" section of the tax form that they give to incels only

>> No.56869769

>>56869714
>Won’t they just assume its proceeds of crime and freeze it and tell me to fuck off because…
>“there’s no chance this random autistic incel manlet just made $100M, it’s gotta be crime”
Banks might, they can hold the deposit and/or freeze your account for a few weeks/months, maybe even years while they conduct an investigation and you have little recourse. Best not to put all your eggs in one basket because of this sort of scenario.
AFAIK government doesn't give a shit and don't need an explanation, just pay the taxes and they might decide to audit you or investigate you because it's unusual, in which case you do need a papertrail showing where the money came from and the trades you made, but besides that there's not really anything they'll do.
Worst case they do a civil forfeiture because they accuse the money of coming from criminal activity, in which case you have to prove its innocence to get it back.