I just cashed out all my bitcoins. I live in the United States and I'm going to pay taxes on them. This is way easier than trying to hide the income. I've been doing this for 2 years and paid taxes both years. Because I run this as a business I get to deduct all my expenses. So the tax hit is not as high as my personal tax rate.
I have relatives in jail and have seen how defending your self against prosecution can be very expensive. Paying your taxes will probably give you the highest return.
Dude,
Just a side question.
Why did you cash all of them?
Are you in panic or?
You do not have to answer me of course. I am just trying to figure out why so many folks get obsessed and are cashing out no matter of the price?
I cashed out gradually. One third at $71. One third at $142. And the rest at $236. I cashed out because I thought the dollars were more valuable than the bitcoins. The second sale finally made my business profitable (after two years). The third sale is essentially a gift. I'm using it to pay off my daughter's student loans.
I'm old and have several times in the past held assets past there bubble burst and ended up with a 90% loss. I'm happy to have not done that again.
I would have sold much sooner than $236 but the price was going up too fast. I have a real life and could not be watching my coins all the time.