crypto tax cheats
crypto tax cheats
not reporting capital gains
from the time before the IRS began to monitor and track transactions
if there was a way to actually find out how many
I'd be willing to bet - I'd price it this way:
thousands but not 10,000.......................25/1
ten thousand or more but not 100,000..................9/1
100,000 or more but less than 1 million..........................2/1
more than one million...............even money
in America tons of people looking to get over
they knew it was illegal - but if called out would feign ignorance
it's the American way
*
Quote: lilredroosterit's the American way
A former boss of mine once said to me, Whats the point of owning a business if you cant steal money from the government?
Quote: lilredrooster..............
crypto tax cheats
not reporting capital gains
from the time before the IRS began to monitor and track transactions
if there was a way to actually find out how many
I'd be willing to bet - I'd price it this way:
thousands but not 10,000.......................25/1
ten thousand or more but not 100,000..................9/1
100,000 or more but less than 1 million..........................2/1
more than one million...............even money
in America tons of people looking to get over
they knew it was illegal - but if called out would feign ignorance
it's the American way
True...otherwise, why would anyone bother with VP machines that "just happen to" pay 1199 for a Royal?
I wonder what the number is if you limit it to people who make more than a certain amount...say, $100,000 or more.
Quote: lilredrooster..............
crypto tax cheats
not reporting capital gains
from the time before the IRS began to monitor and track transactions
if there was a way to actually find out how many
I'd be willing to bet - I'd price it this way:
thousands but not 10,000.......................25/1
ten thousand or more but not 100,000..................9/1
100,000 or more but less than 1 million..........................2/1
more than one million...............even money
in America tons of people looking to get over
they knew it was illegal - but if called out would feign ignorance
it's the American way
*
Its a topic for another thread, but would the IRS really come out ahead if accurate gamblings winnings were done for everyone? You have to know if the number of evaders exceeds the number of people who couldve taken a deduction. I think it favors one side more, but Ive been surprised before when the real stats come out. Though we will probably never know.
Coinbase have confirmed that they have given lots of transaction data to the IRS. This is the weakest link in BTC anonymity and evasion.Quote: billryanI'm not sure at what level not reporting income turns into a felony, but with the rise in the value of bitcoin, even selling one or two of them without reporting it will be felonies, and I would think the IRS will be looking to make a few public examples in order to get others to "volunteer" their information. I also have been told crypto is not nearly as anonymous as most people think it is. Others tell me that isn't true but that is a risk I don't have to worry about.
Quote: OnceDearCoinbase have confirmed that they have given lots of transaction data to the IRS. This is the weakest link in BTC anonymity and evasion.
Very true. Anyone using Coinbase or another exchange and trying to stay anonymous is an idiot. If you want to stay private you must maintain your own wallet.
Quote: DJTeddyBearA former boss of mine once said to me, Whats the point of owning a business if you cant steal money from the government?
The government has money?
Hmmmmf.... I maintain my own wallet. But to convert to and from fiat is not so easy without using either an exchange, or a fiat transfer service like paypal.Quote: DRichVery true. Anyone using Coinbase or another exchange and trying to stay anonymous is an idiot. If you want to stay private you must maintain your own wallet.
Quote: DRichVery true. Anyone using Coinbase or another exchange and trying to stay anonymous is an idiot. If you want to stay private you must maintain your own wallet.
Correct which totally destroys the argument only criminals are interested in Bitcoin to protect their anonymity
Quote: OnceDearHmmmmf.... I maintain my own wallet. But to convert to and from fiat is not so easy without using either an exchange, or a fiat transfer service like paypal.
The best way is to find an individual that wants to buy for cash.
Quote: OnceDearHmmmmf.... I maintain my own wallet. But to convert to and from fiat is not so easy without using either an exchange, or a fiat transfer service like paypal.
The best way is to find an individual that wants to buy for cash. You also avoid any fees.
Quote: DRichThe best way is to find an individual that wants to buy for cash. You also avoid any fees.
Great. Now, what do you do with a few hundred grand in cash? Money laundering rules are getting ridiculous. I recently switched some accounts from tdAmeritrade to a personal advisor who uses Pershing for their holding company. Sent over five accounts. Pershing refused to accept one because it had been funded with $67,000 in cash. I have to go back six years and reconstruct where the money to open the account in 2015 came from and show it wasn't drug or terrorist-related They won't even touch the profits in the account..
Quote: DRichThe best way is to find an individual that wants to buy for cash. You also avoid any fees.
Great. Now, what do you do with a few hundred grand in cash? Money laundering rules are getting ridiculous. I recently switched some accounts from tdAmeritrade to a personal advisor who uses Pershing for their holding company. Sent over five accounts. Pershing refused to accept one because it had been funded with $67,000 in cash. I have to go back six years and reconstruct where the money to open the account in 2015 came from and show it wasn't drug or terrorist-related They won't even touch the profits in the account..
Quote: billryanGreat. Now, what do you do with a few hundred grand in cash? Money laundering rules are getting ridiculous. I recently switched some accounts from tdAmeritrade to a personal advisor who uses Pershing for their holding company. Sent over five accounts. Pershing refused to accept one because it had been funded with $67,000 in cash. I have to go back six years and reconstruct where the money to open the account in 2015 came from and show it wasn't drug or terrorist-related They won't even touch the profits in the account..
Just hold the cash or deposit it very slowly. Obviously if it is millions it will be more difficult but if it is $100,000 it would be easy to deposit $1000 a day in various bank accounts over 100 days.
Quote: DRichJust hold the cash or deposit it very slowly. Obviously, if it is millions it will be more difficult but if it is $100,000 it would be easy to deposit $1000 a day in various bank accounts over 100 days.
My money works for me. Placing multiple deposits into multiple accounts simply to evade or avoid taxes is me working for the money.
There are ten thousand legitimate ways to reduce one's tax liability. Using bitcoin isn't one of them.
Hmmmmf.... I maintain my own wallet. But to convert to and from fiat is not so easy without using either an exchange, or a fiat transfer service like paypal.Quote: DRichVery true. Anyone using Coinbase or another exchange and trying to stay anonymous is an idiot. If you want to stay private you must maintain your own wallet.
Quote: billryanGreat. Now, what do you do with a few hundred grand in cash? Money laundering rules are getting ridiculous. I recently switched some accounts from tdAmeritrade to a personal advisor who uses Pershing for their holding company. Sent over five accounts. Pershing refused to accept one because it had been funded with $67,000 in cash. I have to go back six years and reconstruct where the money to open the account in 2015 came from and show it wasn't drug or terrorist-related They won't even touch the profits in the account..
So let me get this straight.
You already are being scrutinized as a possible money launderer with Pershing but you don't like Bitcoin because it might make you look like a criminal?
Quote: billryanGreat. Now, what do you do with a few hundred grand in cash? Money laundering rules are getting ridiculous. I recently switched some accounts from tdAmeritrade to a personal advisor who uses Pershing for their holding company. Sent over five accounts. Pershing refused to accept one because it had been funded with $67,000 in cash. I have to go back six years and reconstruct where the money to open the account in 2015 came from and show it wasn't drug or terrorist-related They won't even touch the profits in the account..
AML and KYC rules a PITA. If asked to explain where £Xx,xxx came from before you can spend it is no different really to having it confiscated or flushed down the toilet. If told by Coinbase or some government, to explain where my BTC or £££ came from, I'd be hard pressed to present an audit trail. So far, one can just say 'I accumulated $xxxxx over 45 years of continuous employment' and that mostly gets accepted. Less easy with BTC.
Quote: darkozSo let me get this straight.
You already are being scrutinized as a possible money launderer with Pershing but you don't like Bitcoin because it might make you look like a criminal?
I'm not ignoring you. It's just that most of your posts are just non-credible. When,(IF) you post something worth a response, you'll get one.
For what must be the thirtieth time, I don't like bitcoin as an investment. It has zero to do with any of the nonsensical leaps of logic you continue to make.
