Ive 200k untaxed on BTC.. any ideas?

I made BTC back in the day hustling: faucets, btctalk sig campaing posting, mining altcoins, trading on shitcoin exchangers... you name it. Right now its around 200k worth including bcash and bsv forks and random shitcoins that are probably useless now due dead blockchains, not worth much anyway.

Attempting to tax that money to clear it up and put it on a bank account seems impossible..

I dont know how its in your country, but here you must provide documentation proving where the money comes from. Needless to say I don't have all the info I would need. How im supposed to explain some government old folk that I made that money posting somewhere, then trading in dead exchanges for which i don't have the trading history and websites don't even exist, then the forks... it's a mess. Attempting to cash out will just get me in trouble.

In 5 or 10 years when it's worth millions, im going to need a gameplan. At that point it will be enough money to play the off-shore game.. any ideas? Never done this before. Which countries they let you show up with BTC, register an account in an exchange and cash out a couple million and start buying property, index funds and live off passive income? I would never sell 100% BTC because I love this asset.. it's genius, however I need to be able to sell and diversify at the right moments, right now I can't do shit but hold it on a wallet.dat file.

Let me know your ideas.

I have read few interesting method.
1. Lottry
Play against you in two player game, and lose it all yourself, and now you won a lottery, pay tax and declare as winning.

2. This is a bit long, open a company, and start doing business. Add some funds slowely, and show them as a profit /sale,

If you are not thinking of making a big purchase any soon, time will take care of it. Slowly in ten years, you can show millions, and can actually use them.
Make sure to keep all the documents. Without any mistakes.

If you worry about your tax consultant privacy issue.
You can ask them to sigh a NDA, and discuss everything openly as you like.


Typed using mobile, apologies for mistakes

ecommerce would be the way to go. build a wordpress site selling dummy digital product /courses /terrible graphic design with ridiculous price. the site must accept crypto with the lowest processing fee. buy it from your site.

PSA : crowdfunding works too. shitty kickstarters often associated with money laundering but idk.

Where do you live? That's probably the main concern here.

You can move to Portugal, i have heard they don't tax crypto, just open a bank account there if you are a EU resident and get your money.

blazzz said:

Which countries they let you show up with BTC, register an account in an exchange and cash out a couple million and start buying property, index funds and live off passive income?

Click to expand...

You can do that in the US. The IRS doesn't care how you made the money; they just want their taxes. Obviously don't do anything illegal.

The US is also the easiest place for a foreigner to purchase assets.

I'd be careful taking advice from here, see a legal specialist in your home country instead of taking potentially misleading advice from a stranger, especially on Crypto gains which can be a serious grey area.
At least if you see an expert you know they are legally bound to give you the correct advice and you won't get the taxman coming down hard on you personally if you were deemed to be evading taxes (intentionally or not).

MD32 said:

I'd be careful taking advice from here, see a legal specialist in your home country instead of taking potentially misleading advice from a stranger, especially on Crypto gains which can be a serious grey area.
At least if you see an expert you know they are legally bound to give you the correct advice and you won't get the taxman coming down hard on you personally if you were deemed to be evading taxes (intentionally or not).

Click to expand...

THIS
You have to take this cautiously and be carefully with your actions because if you make the wrong choices lead by other people opinion you will be in trouble in the near future.

BMMOF said:

You can move to Portugal, i have heard they don't tax crypto, just open a bank account there if you are a EU resident and get your money.

Click to expand...

Deluded. They will ask where the money came from.

Spats said:

You can do that in the US. The IRS doesn't care how you made the money; they just want their taxes. Obviously don't do anything illegal.

The US is also the easiest place for a foreigner to purchase assets.

Click to expand...

I hate the US.

xjackcx said:

ecommerce would be the way to go. build a wordpress site selling dummy digital product /courses /terrible graphic design with ridiculous price. the site must accept crypto with the lowest processing fee. buy it from your site.

PSA : crowdfunding works too. shitty kickstarters often associated with money laundering but idk.

Click to expand...

They will ask for documents in inspections.. sales will not match profits.

Personally one person that I know that makes money online, he opened a company (in documents) in Bulgaria and he pays like 10%. Maybe would u like search about Bulgaria.

Kostas007 said:

Personally one person that I know that makes money online, he opened a company (in documents) in Bulgaria and he pays like 10%. Maybe would u like search about Bulgaria.

Click to expand...

Once again, why do you imply they arent going to ask where the money is coming from, that is the main problem here, not even avoiding taxes, but being able to explain where the money came from.

ecommerce + digital products (where you decide the value) might be an option to go. It depends on the country how much they are going to investigate. Some doesnt give a fuck, others are investigating and digging deep

Ayebakuro said:

Dude I think I can help you with this you can send me a PM

Click to expand...

Why not post your suggestions in the open, makes it look less suspicious?

I suggest to contact EY, KPMG, Deloitte or any other big tax consultancy company in your region.
Tell the story and ask for a tax strategy and of course documentation.
It will cost you 10,000 USD (and of course the tax) but at least the process will be transparent and TAX authorities won't have future questions.

Unless you are living in a country where even holding crypto is illegal.

What would be mindblowing is if you just say you got it from the nigerian prince in one of those random emails. They would be like "but thats a scam everyone knows" and you would be like "have you ever tried it? i got the money, here you can see" and what you would do next is sending these guys lots of email pretending you are the same nigerian prince = profit

blazzz said:

Deluded. They will ask where the money came from.



I hate the US.



They will ask for documents in inspections.. sales will not match profits.

Click to expand...

Well it's no secret you say it's from Crypto trading.

I would take advice from a legal expert . I think it is doable in some countries !

You're definetely not a unique case. As others have suggested seek out legal council in your area, there's accountants that can fix this situation for you for less than 1k usd. Unless your country seriously criminalised crypto you should be fine.

DON'T and I mean DON'T take the "start a business..." types of advice! That's called money laundering and will land you in prison, a place you could just as well avoid. Especially as you stated you were planning on paying taxes.

You were running around with your metal detector and found a usb. Whats this? Turns out had all these cryptos on it. Wow youre one lucky guy.

Go to a major city and trade btc for cash.