4chan archive /biz/ (index)
2021-01-15 07:50 26003013 Anonymous So I made 300k in link... what now? (frens.jpg 1280x720 164kB)
I've held for years, if I was to take it out, what happens next. I'm a NEET so i've never paid taxes or anything. Once it's in my bank accounts, what to do then. Will the bank complain it's too much money? Serious answers only. I'm just an autistic 20 year old who started doing this when he was 16 .

6 min later 26003117 Anonymous
>>26003013 Pay the IRS their fair share. I know, I know, "fuck those kikes". But I don't want you to be a NEET in a federal prison. Just get a tax attorney that specializes in crypto and pay them to get their shekel-pinching claws off you. Also, I'd personally move some of your funds into other crypto / stock options. Don't keep all the eggs in one basket.

9 min later 26003192 Anonymous
>>26003013 congrats anon. not sure if just call your bank and explain so they don’t block the transaction or do something weird. you’ll have to pay capital gains taxes. short term is under a year and long term cap gains are over a year. crypto tax laws are wildly stupid so they say you have to pay taxes on every crypto to crypto trade as well. idk if people actually do that though

10 min later 26003203 Anonymous
>>26003013 Hire an accountant student. She will do everything for 500$ and you may fuck for change

10 min later 26003221 Anonymous
>>26003117 okay thanks. So I just have to google and find mr goldberg online and have him do it for me? That saves a lot of trouble. And I think i'm gonna hold and see if the 100 dollar meme becomes true. but thanks fren

11 min later 26003236 Anonymous
I like threads like this. Just a young man that has made his life better looking for advice to keep on keeping on. Warms my heart.

11 min later 26003238 Anonymous
Why you need that money for? If you are in your 20s most likely you will spend it on some stupid shit and blow up account in few years.

12 min later 26003256 Anonymous
>>26003203 lol im a kissless virgin, where would i even find an accounting student qt to do it. even if I did i think id probs sperg out. and what if she messes up- wouldnt i want a professional?

12 min later 26003257 Anonymous
If you sell you're supposed to pay tax. Federal and State in the USA. Different states have different tax rates. If you're in high tax state like California and planning to move soon to a low cost state like Nevada just wait until you're settled in Nevada before selling. The bank will happily hold as much as you want to let them. $300K is a lot for 20, but is otherwise not that significant.

14 min later 26003298 Anonymous
>>26003257 wait so I pay both federal and state tax. I live in wa which doesnt do income tax, do I still have to pay?

18 min later 26003392 Anonymous
>>26003238 I don't need it now. no one even knows I have this money, my parents just thinks i watch anime and read all day (which is kinda true). I was just wondering for when I do decide to pull it out how it'd go.

19 min later 26003410 Anonymous
I'm not sure about the US but over here crypto holdings that you have not traded in over a year are tax exempt. So if you've actually just hodld linkies for four years you might be in the clear

20 min later 26003424 Anonymous
>>26003257 >$300K is a lot for 20, but is otherwise not that significant. You kidding me? There's a plethora of people living check to check. No need to downplay his success. >>26003298 Honestly, all I know is there's something called capital gains tax. You pay that to the feds. I actually have no clue how it works on the state level. I seriously recommend talking to actual tax professionals, not /biz/ness men. We could easily give you shit advice without realizing, and the IRS are some shady bastards.

24 min later 26003487 Anonymous
>>26003410 Not here in the good ol' US of A. You just pay substantially less tax on capital that was held a year or more.

24 min later 26003493 Anonymous
>>26003013 What a comfy meme. Reminds me of when I was younger and camping out with my frens.

25 min later 26003511 Anonymous
>>26003221 why cash it out? Just convert to USDC and stake 50% on blockfy and 50% on celsius. Pretty sure there's no tax for that since there's nothing to declare.

25 min later 26003516 Anonymous
>>26003424 okay thank you fren. The only reason I havent talked to a professional is because Im just seriously fucking autistic. Like not a high functioning sperg, but someone who freaks the fuck out even when he's on the phone. All of you have given me good advice so far and this is the reason I havent committed sudoku. I will try to find a good mr goldberg to help me out.

27 min later 26003552 Anonymous
>>26003487 Well that's also nice desu. >>26003516 OP a good friend of mine is exactly like you, spergy cunt but smart and he bought TSLA at like, sixty bucks. Doesn't really care about the money. My advice is to a) see an accountant to be on the safe side because you don't wanna get dicked by the IRS and b) tell as few people as possible about the money.

29 min later 26003586 Anonymous
Are you really about to cash out your golden ticket to financial freedom before it’s even got real world adoption? Dude in 5 years it’ll be $500. By 2030 it’ll be more than $1000. Don’t sell all your stack just now man. Don’t.

30 min later 26003608 Anonymous
>>26003511 Sadly, transactions from crypto to crypto are considered taxable events... >>26003552 It's also worth mentioning there are some good crypto reporting softwares out there that can help track trades and report taxes. Though I'm guessing the crypto accountants will mention that too him anyway.

33 min later 26003677 Anonymous
>>26003586 yeah I think i'll hold half, but I need to take out some of it. I want to finally get some kind of therapy or treatment for my autism kek

42 min later 26003865 Anonymous (1609820707747.png 780x796 782kB)
>>26003608 >Sadly, transactions from crypto to crypto are considered taxable events... well fuck. My anus is officially clenched now bois

45 min later 26003951 Anonymous
>>26003865 If you were about not knowing how to deal with that shit, you can just use crypto-tracking software like koinly and just plug in wallet apis from exchanges and some other shit with other wallets. If you were pissed cause the IRS does that shit, yeah, it's gay. They're one of the reasons I'm actually considering reading more into Libertarianism.

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