Helping a friend turn BTC into Fiat as he is not in good health

[oryonsyzygy]

What is the best way to turn larger amounts of BTC into fiat currency so he can spend his money he has earned without getting the capital gains tax hit or without KYC and all that government bullshit? Or is that avoidable? Is his best best just moving the BTC from his wallet onto an exchange and then turning that into fiat back into his bank account? Are there any other options?

Thank you!

[1714993101]

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[1714993101]

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[ThePayPalGuy]

First off,what country are you from? Is really important.


I have tons of ideas,and experience,so if you want me to help you can email me at : yevzag@yandex.com

[The Sceptical Chymist]

OP, first of all I'm not sure this is the right section for this thread (though it may be).

Second, beware of newbies like ThePayPalGuy, especially when they have negative trust (see here for his trust history).

Third, you're asking for what sounds very much like illegal advice, so you're going to attract the attention of wolves in sheep's clothing, i.e., scammers looking to take advantage of your situation.  You might be able to do a deal in this section depending on how much bitcoin you're talking about, but you've got to be careful about who you're dealing with.  Unfortunately there isn't a master list of people who are absolutely trusted to do deals like what you're looking for.  There's the default trust list, but I wouldn't put my faith in it 100%.

Good luck.

[ThePayPalGuy]

OP, first of all I'm not sure this is the right section for this thread (though it may be).

Second, beware of newbies like ThePayPalGuy, especially when they have negative trust (see here for his trust history).

Third, you're asking for what sounds very much like illegal advice, so you're going to attract the attention of wolves in sheep's clothing, i.e., scammers looking to take advantage of your situation.  You might be able to do a deal in this section depending on how much bitcoin you're talking about, but you've got to be careful about who you're dealing with.  Unfortunately there isn't a master list of people who are absolutely trusted to do deals like what you're looking for.  There's the default trust list, but I wouldn't put my faith in it 100%.

Good luck.

Oh god,I've avoided taxes millions of times just wanted to give him some ideas,I've been on this forum for months,my negative rating is "threatening other users" when I got mad,I never scammed anyone,did you even look? Oh no,you're as toxic as the guy who left the rating,no wonder why your dad is dead already and you have no kids cause your semen is toxic aswell

[The Sceptical Chymist]

Oh god,I've avoided taxes millions of times just wanted to give him some ideas,I've been on this forum for months,my negative rating is "threatening other users" when I got mad,I never scammed anyone,did you even look? Oh no,you're as toxic as the guy who left the rating,no wonder why your dad is dead already and you have no kids cause your semen is toxic aswell

Months is nothing, and yes I did indeed read your feedback.  I even linked to it.  You come off as unstable, and I sure as hell wouldn't take a word of advice from you.  But go ahead and defend your stellar reputation if you feel it necessary.

[posi]

Note : avoiding the payment is tax is not advisable.

It hard to tell what your friend will do in other for him to sell his BTC and avoid the payment of capital gains tax since we don't how his government operate in terms of every bank transaction received by every individual but the only option your friend have is to sell the BTC using p2p exchange or on this forum with use of legitimate escrow service provider.

[LoyceV]

without getting the capital gains tax hit
~
just moving the BTC from his wallet onto an exchange and then turning that into fiat back into his bank account?

The reason you pay taxes is so you can answer the questions from your bank. If you don't, you risk bigger problems than just paying taxes (and can't legally spend the money).

[jackg]

Is the money intended for medical bills? I'd check with the law to see if you're able to write off the gains or not.

I'd also try to check how much this friend has made and how much tax they're likely to pay. Most countries charge less on capital gains tax than income taxes (afaik) so it might be worth looking into.
Otherwise, hire a tax advisor and see if there's anything they might be able to help you with (eg changing the tax from capital gains to corporations tax).

[mr.relax]

Avoiding taxes can be illegal.
Its very hard to ask for advice to do illegal things here.
If you want to know how to cash out, simply read the offers in this forum or exchange at ATM or Peer2Peer.
All exchanges in our days that payout to your bank account are regulated and you cannot stay legally anonymous.

Well, if you dont know how to avoid taxes, let it be.
I would also not recommend to ask for advice how to rob a bank.

You can always avoid taxes totally legal, but that requires moving to a taxfree country and eventually giving up US-Citizenship, if you are US-Citizen.
In some countries gains from crypto spekulation might be taxfree if you hold them already longtime. So it depends on your citizenship and residence.
Usually if you sell them lower than you bought they are tax free anyway.

You didnt even write in what country you are.
If you are a citizen of Dubai, simply sell it, its taxfree there anyway.


There are tons of ways to cash out your coins, but the tax bill is your responsability.
I would not anyone recommend to give advice on illegal things.

Actually the whole starting posting of this thread sounds highly suspicious to my ears. Do so innocent-naive people really exist?

[hugeblack]

It is a similar question in XY problem. The user is asking a general question about something unknown, so no one can answer you correctly.
There are ways to convert Bitcoin to cash with the lowest possible fees and the cheapest possible taxes, but you must know how to ask correctly and take advantage of all the legal methods that enable you to reduce taxes and increase your confidence so that you can make transfers with zero fees.


Therefore, currently ans is: there is no such way, but when you mention your country and increase your trust rate, the answer may be yes.