Bitcoin Forum
August 21, 2018, 10:35:08 AM *
News: Latest stable version of Bitcoin Core: 0.16.2  [Torrent].
   Home   Help Search Donate Login Register  
Pages: « 1 [2]  All
Author Topic: Cashing out into traditional banking system  (Read 769 times)
Offline Offline

Activity: 1386
Merit: 1117

★ ChipMixer | Bitcoin mixing service ★

View Profile
August 01, 2017, 05:37:32 AM

He has several options :

~ Trade directly with people for cash
~ Buy Bitcoin goods & services < Pay VAT >
~ Deposit into regulated exchanges and then convert to fiat < Pay Capital Gain tax on the full amount >
~ Fund a Fiat based company and channel his profits through that company. < Pay VAT >

The safest way to do this will always be to pay your taxes that are due on this money that you earned. No amount of money is worth a stint of jail time for tax avoidance.

This is not good timing to do it now, most exchanges are closed and the fork is causing a lot of uncertainty.

Pages: « 1 [2]  All
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!