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2021-01-18 05:39 26158566 Anonymous (LIST_FlagfactsFeb15_Gallery.jpg 639x360 14kB)
How fucked am I going to be if I cash out with absolutely no transaction records available?

1 min later 26158603 EthereumCooler
>>26158566 With Bitcoin cash duh

4 min later 26158713 Anonymous
>>26158566 You transfert to Monero then you say you found the wallet of someone who had a boating accident.

4 min later 26158729 Anonymous
>>26158566 i can buy your coins from you with cash. make a kijiji ad and we can meet up :)

5 min later 26158751 Anonymous
>>26158713 >found it >initial cost is zero You’re retarded, huh?

5 min later 26158768 Anonymous
>>26158566 0 cost basis taxation.

8 min later 26158841 Anonymous
OP here sorry idgaf about getting taxed from $0 cause I only started with a few hundred anyway. I'm talking about legally, am I fucked if I suddenly try to cash out say, a million dollars and can't prove where I suddenly got all this money?

10 min later 26158902 Anonymous
>>26158841 did u scam someone OP?

12 min later 26158984 Anonymous
>>26158902 No I bought off localbitcoins like 6 years ago and apparently they don't keep their records that far back... not that I have the records for all the trades in between anyway. But see this is my point, what if the government accuses me of scamming someone?

14 min later 26159071 Anonymous
>>26158984 Just transfer as BTC and fly to some 3rd world country u'll be fine

17 min later 26159171 Anonymous
>>26159071 Bro I don't want to flee the country I have a family.

18 min later 26159213 Anonymous
>>26159171 sorry bud, say that to the gov

19 min later 26159239 Anonymous
>>26158566 you would have no cost basis so you pay more in taxes. Bigger problem is what if you get audited because you can't explain where you got the money to invest to begin with. I'm considering cashing out in Canada because capital gains tax is much less harsh than other countries I have residence in.

19 min later 26159263 Anonymous
>>26158566 Convert to Judaism, move to Israel, get passport, cash out (not taxed for new immigrants), move back to your home country.

22 min later 26159347 Anonymous
>>26159263 Can he also convert back to atheism at the end, or is he fucked?

24 min later 26159462 Anonymous
>>26159347 Once you are a jew, you are always a jew. Even if he converts back, he will never let a penny go un-picked.

24 min later 26159464 Anonymous
>>26159239 So if they decide to audit me I'm completely fucked? Even though I let them tax me for the entirety of my gains?

28 min later 26159619 Anonymous
>>26159464 Do you absolutely have to cash it all at once?

30 min later 26159692 Anonymous
>>26159464 you need to talk to an accountant. that is their job.

31 min later 26159719 Anonymous
If you only cash out small amounts the tax janny will probably not give a shit, if you get caught just say oops and pay the fine. All leafs cheat massively on their taxes, most people I know don't even do them.

31 min later 26159742 Anonymous
you're fucked man, the CRA is auditing people for crypto left, right, and centre now. How do you think canada is going to pay for all the imported nigger gibs

32 min later 26159768 Anonymous
Do Canadians even know what crypto? “Hey this feller made loonies awf tha crypto internet whats that aboat, eh?”

34 min later 26159863 Anonymous
>>26159619 No not at all, I could do it gradually it just sounds more stressful because I would probably be worrying every year if this is time when they decide to check up on me. How much should I do at a time to be safe you think? >>26159692 fuck yeah I know :( >>26159719 What kind of fines are we talking about? I'm just worried about jail time like this shit isn't worth getting locked up for.

35 min later 26159873 Anonymous
>>26158566 If you have a substantial amount is there any way you could move to Portugal for 6 months? They have 0% taxes on crypto so you can cash out and then move back to Canada and pay the income tax on the amount you bring. Its tax avoidance but the way we're taxing crypto-crypto transactions is mad silly. They assume every transaction we made uses CAD which isn't possible because not many exchanges offer CAD pairings. So the CRA is saying our transactions look like BTC-CAD, CAD-ETH, when in reality the trade looks like BTC-ETH.

36 min later 26159927 Anonymous
>>26159873 This is something I was considering but isn't there an exit tax for unrealized gains?

37 min later 26159963 Anonymous
>>26159742 CRA is going to be absolutely assblasted this year with triple the amount of CERB applicants that were actually supposed to apply. not to mention the crypto gains from people leaving our garbage currency behind. that siad, always pay your taxes. its not worth it to try to evade them

38 min later 26159995 Anonymous
I saved a thread about taxation and offshore jurisdictions. Hint: Magic Circle firms If you care that much about what your family thinks ask them what they think about you avoiding your tax obligations. You basically fucked up when you first bought crypto in your name and not a LLC or corp.

39 min later 26160045 Anonymous
>>26158566 Just do it and see what happens

41 min later 26160114 Anonymous
>>26159863 It would be nice if you had family/kids who work as a bartender or something similar. You could claim 10k of tips easily without any backup documents.

41 min later 26160122 Anonymous
>>26159995 >I saved a thread about taxation and offshore jurisdictions. Hint: Magic Circle firms can you provide a link, anon?

43 min later 26160175 Anonymous
>>26159927 Only for registered assets such as RRSP, TFSA, property business shares etc It's on you to report your crypto gains for tax purposes. It's also on you to report crypto holdings for exit tax purposes. However once you are not a citizen, i don't see a way for them to come after you

46 min later 26160296 Anonymous
>>26159873 I heard that in Portugal, if crypto is your only source income, you actually get taxed on it.

47 min later 26160330 Anonymous
>>26160175 So you're saying I would have to renounce my citizenship?

54 min later 26160563 Anonymous
>>26159863 Personally I don't plan on cashing out more than 3k max at a time and in leaf land we don't have prisons for based tax evaders. The fine is whatever they think you owe plus extra for their trouble.

55 min later 26160611 Anonymous
Im in a similar boat OP. I have 1 million worth of chainlink. How the fuck do I even cash out? What exchange can we even use?

56 min later 26160630 Anonymous
>>26160611 shakepay, netcoins, etc

57 min later 26160678 Anonymous
>>26160630 What about gemini? None of those have enough liquidity for link

59 min later 26160748 Anonymous
>>26160678 sell the link for usdt transfer usdt to netcoins and sell that for CAD, they have high liquidity

1 hours later 26160797 Anonymous (panama-papers.png 975x733 300kB)
>>26160122 https://i.warosu.org/biz/thread/S25 252580#p25252580 >>26160330 basically. Read the thread i posted above, Having just $1million may not qualify you to work with the Magic Circle firms. Or it may be so financially punitive that would not be worth your while. You would have to do some research about them or call them.

1 hours later 26160815 Anonymous
>>26160563 you can literally serve up to 5 years what are you on about?

1 hours later 26160844 Anonymous
>>26158566 There are bullion dealers that accept bitcoin as payment. If you were to say get a massive shipment of bullion shipped to you, then slowly convert them bit by bit to fiat at coin shops and antique stores, it would be hard for anyone to notice. Not advocating this of course, just an idea for a book that i'm thinking about writing.

1 hours later 26160850 Anonymous
>>26160563 small business owners that evaded taxes have gotten prison sentences lol look it up.

1 hours later 26160862 Anonymous
Binance p2p etransfer retard

1 hours later 26160863 Anonymous
>>26160748 Thanks anon.

1 hours later 26161182 Anonymous (1488647591830.jpg 600x600 61kB)
>>26158566 >How fucked am I going to be if I cash out with absolutely no transaction records available? Canadabro here. You can use software to get the transaction records and use those for taxes. I use Koinly. Fill out the forms yourself or hire an accountant who understands crypto. Blockchain has a permanent transaction history so you're never going to have no receipts.

1 hours later 26161222 Anonymous
>>26158566 In Canada if you bought $100k worth of BTC and it mooned to $1000,000 worth, you owe $285,915. Now you need to decide if the potential legal issues are worth $285,915 (at least in my province) You could always open an offshore bank account, but then there's the issue of actually spending the money. If I were you, I'd just find ways to purchase the items you want directly with crypto, via private buyers and such, keep it all under the table and off the record

1 hours later 26161458 Anonymous
>>26158566 make shitty NFT'S and sell them to yourself. >look mr government. I am an artist. here are my receipts, now get fucked

1 hours later 26161549 Anonymous
>>26161458 actually based

1 hours later 26161566 Anonymous
>>26161222 >'d just find ways to purchase the items you want directly with crypto not sure if this would work if you get caught. You are deemed to have disposed of the crypto, thus are liable for taxes.

1 hours later 26161897 Anonymous
>>26161182 I know nothing about Koinly besides what you just said but wouldn't that subject you to the stupid rule where every single transaction is taxed?

1 hours later 26161940 Anonymous
>>26161897 >I know nothing about Koinly besides what you just said but wouldn't that subject you to the stupid rule where every single transaction is taxed? You're getting mixed up. Every transaction creates a "taxable event." That doesn't mean it is taxed. The tax hits when you cash out. Your capital gains are just calculated based on the transaction history.

1 hours later 26161948 Anonymous
I think you're taxed at no cost, so total cashed amount - 0 x 50% is added to your yearly income and then you're taxed from there, I imagine at the highest bracket. Honestly, be me. Put my portfolio in USD. I condition myself that that will be my net after cad taxes.

1 hours later 26162059 Anonymous (YAIIpXU7AMwhPwmrtJMrE8VEHTLUpisUqH-13AZFAZQ.png 668x812 377kB)
Here's the secret of how you do it: Assuming you have 1000 ETH for example: 1) Convert all to XMR. 2) Create two new ETH wallets. 3) Convert a small amount to ETH (1 ETH) and send to Wallet #1 4) Convert another small amount (1 ETH) to and send to Wallet #2 4) Create a smart contract and deploy it with Wallet #1, have address with trades available, but no sells, and a mint function if you're really paranoid and give access to Wallet #2. Make sure not to verify contract. 5) Release "project" 6) Convert remaining XMR to the 998 ETH, and place into Wallet #3 7) Use Wallet #3 to buy in and leave a shit ton of liquidity in there 8) Use Wallet #2 to sell, leave Wallet #1 to "maintain the project" 9) Cash out You can just claim you got in early on a project and sold, and your txs will match up. Enjoy.

1 hours later 26162113 Anonymous
>>26161940 This is definitely wrong. Every crypto to crypto trade is equivalent to cashing out then rebuying >>26161182 Also not really because most people trade on centralized exchanges especially before Uniswap etc

1 hours later 26162120 Anonymous
>>26161940 Hmm okay that makes sense. But so if I traced my transactions back all the way to my original localBTC purchase wouldn't I still need to provide proof of me purchasing it at that point?

1 hours later 26162222 Anonymous (file.png 1148x506 86kB)
>>26162113 >This is definitely wrong. Every crypto to crypto trade is equivalent to cashing out then rebuying You're not Canadian I take it? This is from the CRA website. Crypto sales are taxed as capital gains.

1 hours later 26162309 Anonymous
How does it work if we mined our crypto and exchanged it?

1 hours later 26162310 Anonymous
>>26162059 >Assuming you have 1000 ETH for example: >1) Convert all to XMR you are fucked right here. This is a taxable event. if you get caught

1 hours later 26162384 Anonymous
>>26162310 You have to be retarded to get caught and if you get caught somehow, you probably deserve it. If you are paranoid, run through washers and Tornado beforehand into XMR.

1 hours later 26162537 Anonymous
>>26160175 >exit tax Wouldn't you only need the exit tax if you plan to renounce citizenship? My situation is a little different because I have EU,Barbadian and Canadian citizenship. If you have Irish or Italian ancestors I would advise you to get an EU passport through that avenue.

1 hours later 26162623 Anonymous
>>26162384 Retarded is going through all that nonsense instead of just ignoring the reporting requirements, if your goal is to avoid tax. Crypto to crypto is taxable. Its that simple. Its all about if you get caught or not. Are you saying you would disclose your process to your Tax Authority?

1 hours later 26162679 Anonymous
>>26162222 >>26161940 what the fuck does that mean. Are we taxed for every crypto transactions or not. You said ''that doesn't mean it is taxed" then a post later you say they are taxed

2 hours later 26163369 Anonymous
>>26162679 Yes, every crpyto to crypto transaction is taxable.

2 hours later 26163881 Anonymous
>>26158566 If your stack is 5 figures, just pay on zero adjusted cost basis and offer to turn over your exchange accounts if questioned. If you are in 6 figures, you should use a lawyer. >>26158768 They can claim it an adventure or a business. If you make over 500K, over 70% of the excess can end up seized. Below 500K there is a risk that it gets taxed as income instead of capital gains. How fucked you are depends on how much you are cashing out and how you do it. If it's a few hundred grand with no records, a lawyer should be hired. If it's one or two hundred, an accountant can probably do it. If it's under 10 there will be no problems. If it's between 10 and 100, capital gains on zero cost basis is fine.

2 hours later 26163961 Anonymous
>>26160330 This will feel like a brilliant move in 30 years when the rest of the world is ruined by a lack of potable water.

2 hours later 26164062 Anonymous
>>26159462 Underrated post

2 hours later 26164117 Anonymous
>>26162679 It means that if it was purchased to speculate for profits, and you make more than 500K, you will get raped. If you bought it as a means to an end (like buying a boat for fishing that somehow appreciated in value while you didn't get around to actually fishing), then it's capital gains. This clause is in there to "gotcha" people and possibly double or triple their tax burden depending on the amount of crypto being cashed out.

2 hours later 26164330 Anonymous
Start a Business. Create a cheap WordPress website and offer some bullshit for sale (e.g. virtual products like wow gold). Accept Crypto as payment....

2 hours later 26164361 Anonymous
>>26164117 Im confused now Anon, what if I store my money in crypto with the intention of maintaining purchasing power? Or is the point you're making that it depends on how much you cash out at once?

2 hours later 26164376 Anonymous (CRA.png 1920x1080 105kB)
>>26163881 yeah this. i'm gonna repeat what you said here for lurkers because a lot of Canadians don't seem to know this, but: if you have no trade history at all, the CRA won't know if you were daytrading to get those gains, which is actually taxed at the full income rate. because daytrading is declared as a business. if you simply bought, held for some months or years then sold, its capital gains. pic related is from here: https://www.canada.ca/en/revenue-ag ency/programs/about-canada-revenue- agency-cra/compliance/digital-curre ncy/cryptocurrency-guide.html

2 hours later 26164423 Anonymous
>>26158566 Claim QuadrigaCX lost your records and you had them on file in the account there lol

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