- Nov 22, 2019
- 6,962
- 1,682
You should consult a local CA for this.
Soufiane86
Newbie
- Oct 13, 2019
- 21
- 3
I enjoyed reading through this thread !
However no one knows what’s gona happen in 5 years or even 10 years. In china we don’t use paper money anymore, doesn’t it ring a bill for you? Perhaps we will be using all btc
You don’t seem the needy kinda guy so liquidify some through cash and keep it on your place or into some safeplace of yours
when you will have a billion worth try different tax agencies consultant and make up your mind
Until then happy for you 200k
However no one knows what’s gona happen in 5 years or even 10 years. In china we don’t use paper money anymore, doesn’t it ring a bill for you? Perhaps we will be using all btc
You don’t seem the needy kinda guy so liquidify some through cash and keep it on your place or into some safeplace of yours
when you will have a billion worth try different tax agencies consultant and make up your mind
Until then happy for you 200k
OP didnt even ask how to avoid taxes lol he asked how to make it legit with paperwork lol.
Open a US LLC.
Cash out the BTC to it.
Send the money back home.
There you go.
Now you have paperwork on where it came from, it came for a BTC company in the US, and from binance or whatever exchange you cashed it out from.
Tax wise you will really only pay your country taxes. LLCs dont get taxed, they are pass through.
You can even pay yourself through the LLC in monthly/yearly/quarterly installments as well so as to have less funds transferred at once, less likely to trigger inquiries from your own govt asking for more paperwork
Open a US LLC.
Cash out the BTC to it.
Send the money back home.
There you go.
Now you have paperwork on where it came from, it came for a BTC company in the US, and from binance or whatever exchange you cashed it out from.
Tax wise you will really only pay your country taxes. LLCs dont get taxed, they are pass through.
You can even pay yourself through the LLC in monthly/yearly/quarterly installments as well so as to have less funds transferred at once, less likely to trigger inquiries from your own govt asking for more paperwork
No way to scam OP if he posts in the open
Coastline17
Regular Member
- Oct 26, 2019
- 349
- 134
Consult your local IRS agency, I'm sure they've encountered similar scenarios in which people dont have documents due to the passing of time.
dotc0m
Elite Member
- Aug 24, 2010
- 2,734
- 2,043
You think so?
I would be scared of getting an audit after saying something like that
If youre not trying to hide things who cares, though an audit process might be a hassle.
Better to find an accountant honestly, not the IRS directly imo.
dotc0m
Elite Member
- Aug 24, 2010
- 2,734
- 2,043
The IRS is known to make their own accounting mistakes as well. And trying to correct them is no easy task. I have had it happen to family members.
Plus, what they don't know doesn't hurt them