Public Request for Guidance :) (USA)

Community
1

Looking for crypto advice, and will post in this great community as well :slight_smile:

Have gotten to the point where my early MAID investments and early SASC etc have grown and I want to cash part out securely, here in the USA, without setting off any red flags.

Does anyone in this community have any experience with that? Hopefully like $200k to secure the next few years of SAFE-FS development without any worry about Tether crashing all crypto markets or anything like that :stuck_out_tongue:

Coinbase gives us a $100,000 limit PER WEEK

Can I really just sell that much without causing any issues?

I know I have to pay (15%?) capital gains since I’m American, which I have no problem with.

So Coinbase just reports it to the IRS and then I fill out my capital gains 15% with TurboTax in April, and everything is OK?

I would hate for some random FBI thing to come in and freeze lots of my money or anything annoying like that, which I have heard about happening.

I will be contacting my bank and making sure everything is OK, as well as tax attorneys in my state and CPA’s and try to make sure I’m doing everything right.

Are there any advisors or Crypto people with legal experience I can work with to make sure the govt doesn’t get mad? Maybe I’ve just been reading too many crypto-bank horror stories online, as usual :open_mouth:

Just early MAID and early SASC etc, no terrorist funding or money laundering here :stuck_out_tongue:

Please help with any advise guys, for USA

Just want to make sure SAFE-FS and the AppStore have uninterrupted development for the next many years, no matter what happens with Tether and these crypto markets. And I like to stay open with my projects’ events

ANY TRULY HELPFUL ADVISE WOULD BE GRANTED SOME CRYPTO AS WELL :slight_smile: THANKS!

4 Likes
2

I can’t wait for the day when we don’t have to worry about transferring to fiat.

5 Likes
3

even if Tether wasn’t just such a dangerous cancer on all the exchanges and pushing things to unsustainable levels, I’d feel safe staying vast majority crypto.

But crypto is currently not a true supply/demand equation with the tether printing so things get scary.

Looking for advice on making the transfers go smoothly as possible :slight_smile:

and yeah, safecoin asap :smiley:

4

The best advice i feel to give you is to contact professional profiles. Before cashing out:

First, your bank. Ask to consult an expert. You should find him easily, there are many of them at disposition for these issues.
Second: consult your lawyer. This is relevant cause he’ll make your benefit. Thus, his advice is crucial for you
And third: use your common sense. If everything at this point is right for you, just cash out your money and have fun! :sunglasses:

(Or you could make your life easier and as @19eddyjohn75 wrote, you can pay your devs in cryptos)
Hope this helps you!

2 Likes
5

@whiteoutmashups it might work more to your advantage to keep your crypto and pay your devs in crypto. This way they do the exchanging and stuff, also your tokens might appreciate (your lost if you have it in fiat).

If you really need to go to fiat, there is also a crypto fiat solution:

It’s basically Tether, but then backed by crypto (Ether) through a smartcontract.

Last thing you want is to cash out with the falling dollar. Good luck and keep up the good work :stuck_out_tongue:

In the cryptospace there is no limit, no frozen bank accounts, sorry if I sound pessimistic about the old systems…

1 Like
6

No its not that simple the IRS considers Crypto property.
As of this year trades are a taxable event too.
As per this recent article the purchase of crypto is taxable too.

Its impossible to get all this together in my opinion, it gives me a headache only thinking about the days of grief involved.

1 Like
7

Yeah I know I’m getting over my own issues like that :stuck_out_tongue: but longevity of my project comes first. I’m just really worried about tether can do to the entire crypto market as a whole. I’ve looked into the smaller ones like DAI and haven’t seen any that are really proven yet. I bought like $5k $dai but am a bit worried about it

8

  1. OK, how would that make it more complex, and how would that be handled

  2. OK I haven’t been trading. Not a trader

9

I agree. Hope I’m not unessacarily putting myself under any microscope by merely stating this but realistically, what’s the point for an individual to even claim all this tax stuff pertaining to crypto? There are so many people buying, selling, trading, purchasing goods, donating to charities, straight up losing their wallets. How in the hell are they going to keep track of it all right now? Given crypto is pseudo-anonymous. Not to mention the prices swinging all the time. I think they’re understaffed and dreaming to think so. Honestly how many people bother with reporting it at all? Is it just me thinking this?

10

I am definitely not qualified to answer these questions, but I do try to keep an eye on whats happening.
My first question I guess would be this.
If you need to pay tax on the purchase… did you?
So if you did not… my assumption, how do you explain why and should you first amend old returns?
So there is problem number 1 :joy:

Idk man, I think a professional is required if you really want to be sure they dont come knocking.

3 Likes
11

Ethereum’s 24hours volume is Tether’s whole entire marketcap, Tether is doing nothing. Sure some scary kids might flee the cryptoscene, but who cares? They will return.

Nothing in this space has been proven yet, this is all experimental (but enough smart people to fix something). The maker team (makers of Dai) are really capable, I trust them more than banks or fiat for that matter. Please never forget, with crypto you have the privatekey (control over your money) on a bank account, you pretty much have nothing.

Little headache: pay your devs in crypto (people progressing your SAFE Network project) :kissing_heart:
Lots of headache: Pay a lawyer, pay tax, pay a visit to the bank (3x to pay people not even progressing your SAFE Network project, boy they’ll make you pay for it). :crazy_face: (remember your money being on an exchange? remember it vanishing?) :crazy_face: :crazy_face:

:crazy_face::crazy_face::crazy_face: Btw I don’t want to sound cruel about your exchange nightmare, but nobody in the world out there cares about our work for financial freedom, the old world hates us. Please keep your money in your own control, we’ve lost enough projects around here already.

2 Likes
12

I think they will hangout at the gates (coinbase)
As always the onus to keep track of where and when taxable events occurred are on us… not them.
There must be an amnesty at some point to start with a clean slate.

1 Like
13

I’ve listened to this man on the Ernest Hancock Show.
I believe (if memory serves me) he is building his practice
around Cryptocurrency advice, tax planning, etc.

Tim Picciott, CFP®, CRPC®

http://focalpointwealth.com/tim-picciott/

Congratulations by the way. Well deserved.

4 Likes
14

That is 100% the wrong way to understand it.

“Market cap” in crypto is such an irrelevant joke of a figure that doesnt really represent anything, especially with tether since it’s limited to $1 price each.

Tether is #3 in the world for volume across all exchanges, and if that dries up it can destroy many exchanges like our beloved Polo and at least half of crypto, if you look at the monthly crypto volumes on coinmarketcap. Those are fundamentals, and then add on fear on top of that to see like an 80%+ crash that I’m scared of :stuck_out_tongue: and worry it could take years for public faith and markets to recover from such a thing, like 2014. Wouldn’t be anything near $9k right now without all the Tether pumps :stuck_out_tongue:

But that’s not the topic here :stuck_out_tongue:

15

Why you so afraid to cash out? There are so many people cashing out without problems. You don’t need to afraid if you pay taxes. There are no problems to cash out in Europe, personally I use spectrocoin card, they exchange btc, eth etc. But for now they don’t work in USA, good luck :wink:

2 Likes
16

Hmmm I forgot about this: https://www.thebitcoincpa.com/

:stuck_out_tongue:

17

That’s the best advice.

And you’re on the right track any purchase using Bitcoin would be taxable. Late 2017 the tax code was amended making Bitcoin to other cryto purchases a tax event.

3 Likes
18

It is my understanding that the purchase of crypto is taxable too, dollars to crypto.
Thats how I understood the linked article above but I hope I got it wrong.

the IRS considers the purchase, sale, trade, and mining of cryptocurrency as taxable events

1 Like
19

Not entirely clear what you mean. Are you saying the simple act of buying $200 worth of Bitcoin triggers a tax event? As in the taxpayer now owes tax on that transaction? I don’t believe this is the case. There is no “event”. This assumes the original purchase was done with tax-paid cash.

20

No different to paying tax on any other purchase, say a car then paying tax on any gains from a future sale if it happened to appreciate in value while you held it.

Thats how I understand it.
Because its classed as property you pay tax on the purchase thereof.
But if thats the case surely Coinbase or whoever sells it to you are responsible for collecting the tax.

Again thats my understanding of the words qouted above and used in the article!
Honestly it seems wrong and I hope it is but thats how it reads to me.

1 Like