right now i've got a solid 5 figures in eth coins in a trust wallet. i paid my taxes this year only reporting the trades from last year, before that i hadn't made any trades for 3+ years, im assuming the IRS didn't look backwards far enough to see that so i think im good. lets say i get a measly 20x and suddenly find myself with 7 figures. whats the best way to get some of it out to buy a business? should i keep it on trust wallet and swap it for USDC then transfer it to coinbase to sell? is that going to result in getting taxed twice? should i just move it to coinbase and swap directly to dollars there? can i just sell the wallet passphrase to someone for cash and report it as a long term sale?
>>62272069booba
>>62272069U should see a tax lawyer
>>62272113my mom works in an accounting firm, i was discussing it with her and she said they only look back 3 years, and if they don't find anything you're fine, she's done this before. the only reason i reported was to get it on the books that i own it so it doesn't just come out of nowhere when i try to cash out. is everyone in crypto seeing tax lawyers just to cash out?
>>62272069You'll be taxed on the cost basis of when you acquired the eth coins I assume, which will happen when swapping to USDC. I don't use trust wallet but they seem to have integration for taxes. Going from USDC to USD would be taxed on its cost basis, IE $1=$1 so no capital gains unless it depegged when you were swapping out and then it would be the difference of $0.998 to $1 or something.>t. I don't know what I'm talking about
>>62272123If the sum is significant (like in the 6 figures or more), yes, always lawyer and/or tax advisor before making a big move with unknown legal consequences
>>62272069https://www.youtube.com/watch?v=0yrIvEgqAuois way is always been and is way is always be
>>62272123Yeah if it a large amount I'll see old mate for advice first. Silly not too.
>>62272069wtf is this nonsense. you just used that ai slop as an excuse to post the girl
