welter
@fun
has anyone withdrawn $20k or more of btc/eth to their bank account? how is it taxed? what's the best way to withdraw crypto to bank/cash with litte to no tax?
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nova🎩
@hypernova84.eth
Assuming you are in US, you owe taxes as soon as you make profit on chain. Withdraw to fiat is irrelevant.
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nova🎩
@hypernova84.eth
Oh, except you would owe taxes again on any additional profit when selling from coin to usd. You can’t escape this (legally). There are some limited tricks you can do with accounting methodology (e.g. HIFO)
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welter
@fun
oh
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