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How would you cash out on a huge BTC gain? What would happen if you sold say $500,000 worth at an exchange, then had them wire that to your bank account? Let's
by xyz1237795 9y ago
How would you cash out on a huge BTC gain? What would happen if you sold say $500,000 worth at an exchange, then had them wire that to your bank account? Let's say no account in your name ever had a monthly deposit total greater than $10,000 and suddenly that shows up. Would you be under investigation by several organizations? Would you be flagged for audit every year for the rest of your life?
- Obi_Juan_Kenobi 9y agoYour bank might be worried, but if you use a 'reputable' exchange that does KYC/AML, e.g. GDAX or Gemini, it should be alright. You might want to space out the bank transfers. As for the tax man, declare the capital gains and you'll be right as rain.