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Right, so I guess I was asking: If you cash out everything as quickly as possible, no one from the government will ask where your millions came from?
by sillysaurus3 9y ago
Right, so I guess I was asking: If you cash out everything as quickly as possible, no one from the government will ask where your millions came from?
- stale2002 9y agoSure they will ask. And you can say something like "I was an early bitcoin investor". Or "I trade cryotcurrencies". It is perfectly reasonable to be a cryto trade that never withdraws to USD, and just makes money by transferring between crypto currencies and ICOs or something. I am sure there are a whole lot of people out there who spent a thousand dollars or so back in 2009, and now they have 10 mill in the bank. It is not like any of that could be tracked. And then you pay long term capital gains on that money, and you are set.
- sillysaurus3 9y agoI guess I'm skeptical of the idea that they won't ask for proof of your trades, which would lead to discovering you were a thief. But I suppose that's highly unlikely.
- true_religion 9y agoI suppose but this sub thread was a reaction to someone mentioning that it was hard to get USD out of Bitcoin. It's not about laundering money from illicit transactions.
- kalleboo 9y agoThe IRS has this interesting FAQ on their webpage > https://www.irs.gov/publications/p17/ch12.html#en_US_2016_publink1000172108 https://www.irs.gov/publications/p17/ch12.html#en_US_2016_pu... Illegal activities. Income from illegal activities, such as money from dealing illegal drugs, must be included in your income on Form 1040, line 21, or on Schedule C or Schedule C-EZ (Form 1040) if from your self-employment activity.