burger herei made $600k on a play. no i wont say what it was this thread isnt about that. ive traded it to eth and its sitting in eth at the moment.i want to buy a house. i know the instant this money hits cuckbase or kraken a bunch of ransom forms are going to hit me. i know if somehow they dont my bank will definitely have questions about the 6 figures deposited into my bank accountdo i need a jew lawyer? ive never had a lawyer before so i dont even know where to start as far as finding one. let alone finding one that is competent in crypto. please advise anons that have been here. thank you
>>58455888You need to pay taxes on that. What you made after taxes is maybe 400k. You can’t buy a house with that money.
>>58455894400k can buy me a 3br 2ba house on 10 acres and have 100k leftover where i am at
>>58455898Oh, you want a cardboard box in a flyover state. Got it. Fucking Americans.
>>58455888Checked. Just tell us what it was. If it was a legendary 50x on a really retarded shitcoin on SOL I'd love to hear the tale. That's what real crypto plays are all about. Let me live vicariously through you anon. If it was a lame ass 2x, 3x on a 100k plus investment then keep it yourself.
>>58455888Checked.Lawyer anon here. Get a solid accountant - not just some ordinary CPA. If you can't find one, get a consultation with a tax lawyer and ask for a CPA that he trusts. You need one with some creativity and a deeper understanding than >herp derp, you get a spousal deduction, a dependent deduction cough cough sorry anon - I don't know what this crypto is of which you speak.No need for a lawyer at this stage to help you cash out. But you need to keep your i's dotted and t's crossed as far as reporting and paying your taxes.
>>58455937thanks anon. ive up until now used a website called cointracking.info to aggregate all my trades every year and popped that into turbotax and have paid whatever the number turbotax has spat out. hopfully neither one of those have fucked me.
>>58455940That should be okay. I use Koinly and over-estimate everything. It would be better if you have a flesh and blood accountant do your tax reporting but the fact that you are reporting something and paying on your gain should be sufficient.I don't practice tax law but I'm somewhat conversant in it (my law practice sometimes implicates it and I took tax law classes in law school). My understanding at the moment is that the IRS is leaning heavily on 1099 and W-2 matching to find unreported income. If you report it, they largely leave you alone unless you have A LOT of money at stake (i.e. millions - not thousands). They're understaffed, they're not getting more staff, and as long as you report your income and pay a solid chunk of it, they won't likely come sniffing around for more.You'll probably turn heads with your bank, though, dumping that much money in. Be transparent with them, and be sure to report your gains on your tax return, and you should be fine. Unless your bank is totally cucked. More likely, they'll ask questions in order to get you to pour your money into their wealth management program rather than actually investigate you for some sort of money laundering.
>>58455946thanks anon. i should clarify that i use a credit union if that makes any difference. they have always been great to me. never any crypto buying or cashing out issues. i was thinking i should give them a call and tell them that hey some big money is about to hit my account heads up i pay my taxes. should i just liquidate the eth pile to usdc for the moment so i have the cash to cover whatever taxes and fees that im going to get hit, or should i wait to see the total because that is going to trigger another taxable event? i know you said your not a tax lawyer but any input would be great on my next immediate moves
>>58455955Sorry for the delay. It shouldn't make a difference that you have a credit union. Definitely give them a call before sending the money - will be less likely to get flagged by their system for review if you do so.As far as selling your ETH for USDC and triggering another taxable event, I would wait to see the total (unless you're worried that crypto will go to zero before you have to pay the taxman). Typically, I set aside 1/3 of whatever gains I make as USDC (and, often, withdraw to cash and stick in an interest bearing account) immediately upon sale of an asset for tax purposes. That way I'm covered when my tax bill comes in.During future down periods, it may be worth wash trading your assets to claim a loss (i.e. sell and buy back immediately). Crypto is a strange asset class at the moment where wash trading works. It's a great way to shelter gains.
>>58457292I should add as to the wash trading, however, that your ability to claim a loss through wash trading depends on how long you held your asset. Your loss may only be applied to short term gains (ordinary income) if held for less than a year, or may only be applied to long term capital gains if held for longer than a year.
>>58455888>ive never had a lawyer before so i dont even know where to start as far as finding one. let alone finding one that is competent in crypto.anon, go to https://www.decrypted.tax/and choose schedule free consultation
Not an expert but I'm actually far more concerned about my bank randomly freezing my account or a solicitor refusing to accept gains in a transaction than I am about tax.So long as taxperson gets his chunk to spend on more pointless woke shit, they're not going to be bothered. They recovered something like 30 billion of unpaid tax in the uk in 12 months; most of which likely came from a relatively small number of businesses not bothering to pay it. They're not going to be all that bothered over whether mine is 99.9999% accurate or 99.99995; the whopping several pence of potentially positive OR negative error it might induce.Banks on the other hand... I know for a fact they have a knee jerk>crypto = launderingResponse because I know someone who literally vets the transactions at a bank and have seen how it works, all three seconds of training they get on crypto vetting.
>sell for some shitty real state>btc does a 3x>kill yourself in regret>alternative>hold>sell>can't cash out>also kill yourself
unironically this. if you need help with your bags post em, that easy. That's how I knew about Superverse and the winning scheme behind the games they're supporting rn, so im seeing 10k in the near future just for me. :)
>>58455894Imagine letting someone steal 200k from you just because
>>58458099>YOU SHOULD JUST PAY TAXES IF YOU WANT YOUR MONEY BRO LIKE WHAT IS YOUR PROBLEM YOU DIDN'T EARN IT AFTER ALL ANYWAYS LOL KEK
>>58458085man what I would do to profit at least 2k
>>58457304>https://www.decrypted.tax/>and choose schedule free consultationI'm taking note of this for.... advice.
>>58455888Move out of the country Make an Argentinian fren (soc would help ya) Convice him to put all the converted money in MP in the span of a week and buy physic dollars in the meanwhile Have fun, if you want Give negro friend 1k if you feel generousSend money via Zoom or Western Union to someone in the states Done
>>58455946>IRS is leaning heavily on 1099 and W-2 matching to find unreported income.listening....>>58455946>as long as you report your income and pay a solid chunk of it, they won't likely come sniffing around for more.that's sounds like scaring away piranhas with buckets full of guts and blood.
>>58457849better paying some fagget rather than paying the fucking feds tbf
>>58455888>burger here>i made $600k on a play. no i wont say what it was this thread isnt about that.>ive traded it to eth and its sitting in eth at the moment.>i want to buy a house. i know the instant this money hits cuckbase or kraken a bunch of ransom forms are going to hit me. i know if somehow they dont my bank will definitely have questions about the 6 figures deposited into my bank account>do i need a jew lawyer? ive never had a lawyer before so i dont even know where to start as far as finding one. let alone finding one that is competent in crypto.>please advise anons that have been here. thank youfucker get a lawyer asap
>>58458146>fucker get a lawyer asaptheres plenty of options on thread newfagREAD THE FUCKING THREAD
>>58458085Fucking follow your own path and buy your own shit you yourself pick you brainless sheep scumfuck.
>he moved everything to ethereumlmao what a dumbass
>>58455937are you suggesting crimes?
>>58458163Last time I checked, holding crypto and buying and selling it hasn't been outlawed. I'm suggesting disclosure, dumbass.
>>58455910EXTREME eurocuck cope
>>58458305oh timmy
>>58455937mr. lawyer, i have some rather personal questions id like to ask u. i dont feel comfortable asking them in this thread here as im paranoid. any contact info, telegram or smth i can talk to u on?Just have a few questions, dont wanna waste too much of ur time
>>58458386>5,720 sqft lotOh wow it's almost big enough for a midwest driveway
>>58455898Why do that? you'll be back to being poor?
>>58455888>i made $600k on a play. no i wont say what it was this thread isnt about that.let me guess APU.
>>58455888Pay taxes anon
>>58458386Kino>>58458418Midwest is cheap because life there isn't worth living. That house will triple in price before a Midwest house will rise 50%
>>58458473>Midwest is cheap because life there isn't worth livingI feel you man, if I get more than 5 minutes away from a Barcade I begin to get jittery
>>58455888if you've been into crypto trading for years, it's over for you if you never reported shit all that time. you will definitely be audited, penalized HEAVILY for all pass years of non-reporting gains. $600k may not even be enough, you'll probably owe about $300-$500k on top of your $600k or go to jail
>>58458673>just lying and concern trolling
>>58455888I sold a few million dollars worth of Bitcoin in 2021 on Gemini, wired it to my bank account, then sent it to my brokerage, kept a chunk in cash-like assets to pay the taxman, and threw the rest in glorious index funds before sending my resignation letter. It's not that tricky of a situation. Still, I tried to be careful about it.- you don't need a lawyer, unless you're withholding material details in your situation.- you'd probably benefit from a CPA to report all the taxable events in your play correctly. None of the exchanges you've used tracked your cost basis correctly, if at all. That's on you to put together from your transaction history and a plausible source of daily prices for each asset involved.- you should have been fully verified on the exchange(s) of your choosing already. if not, get to it. hopefully you'll have better luck getting Kraken to respond to you than I did. they've dragged ass every chance I've given them, while coinbase and gemini have been reasonably snappy.- I contacted my bank beforehand to ask if they'd flinch if I were to receive proceeds from crypto, and got a wonderfully ambivalent answer, probably the best outcome I could have gotten from them anyway.- I tested the waters with a 5 figs sum end-to-end, getting it to land in my brokerage account unmolested before trying larger amounts.- Your exchange may ask you for the source of your funds. Describe it simply, as best as you can. Don't lie, it needs to match whatever blockchain analytics report they'll put together on their end. Mine did ask, but only several weeks after I had completed my operations.- Your bank might flinch. Some banks used to be rather twitchy where it came to crypto. I'm hoping this is no longer a thing, but be prepared to provide an explanation similar to what you'd provide to your exchange, except this will be read by clueless corpo drones that probably won't understand the details of what you're explaining.
>>58458673> it's over for you if you never reported shit all that time.yeah, you missed the part when OP explains he did report shit all that time.> you will definitely be auditedthat's only true in a universe where the IRS has been given the budget it needs to do its job it has been tasked with.> penalized HEAVILY for all pass years of non-reporting gainsthe above notwithstanding, that is true. if it gets to that, no amount of lube will suffice.
