Don't buy crypto
this post was submitted on 05 Nov 2024
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Asklemmy
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Just pay your taxes jackass.
Open a laser tag center or a car wash.
average monero user
Income is income. Crypto is traceable, cash is not. Not sure how people think crypto is anonymous, there is a literal ledger of transactions
If the money eventually hits your domestic bank account, you got an income you -should- be reporting. In the US "Depositing a big amount of cash that is $10,000 or more means your bank or credit union will report it to the federal government." (source)
Some people might open a Swiss bank account online, sell the crypto on some offshore exchange that does not report to the IRS, such as, oh, I don't know... and then withdraw to the Swiss account. The Exchange will, however ask you to verify your identity in order to withdraw money, which will leave a paper trail, but since we're talking offshore exchanges in Asia, it's unlikely that your transactions there will end up in the hands of the IRS.
Then you send yourself the money from the Swiss account to your US account in sums of less than $10.000
However, if you later buy anything expensive like a pricey car, real estate or a business and your reported income has no way of justifying an expense of this magnitude... you might run into an audit (or worse).
If you plan on moving large amounts of money, it gets a lot more complicated and you'll probably have to pay some kind of tax at some point, but say you start an LLC in Florida and another company in Switzerland, each with their own bank account in each respective country. You could transfer from your personal Swiss account to your business Swiss account, the Florida LLC could issue a large invoice to the Swiss company for "trustmebro consultancy services" and then the Swiss company could legitimately wire the cash to your Florida account with 0 state sales tax...
But then your LLC would show a profit and you'd have to pay federal income tax as a person over that profit... Unless the Swiss company in issued an invoice to your US company for "Fiat dry cleaning Services" which could be accounted for as a accounts payable vs expense and simply never get paid, thus cancelling the federal tax effect of the profit.
HOWEVER..... To do all this suddenly you need an accountant for both companies, you're committing tax fraud, accounting fraud and could possibly be charged with money laundering. And for what? To save 20% on an already astronomical amount?
Plus the IRS will DEFINITELY audit any company which only has transactions with only 1 company in any tax haven cause that's like the reddest of red flags in corporate tax "planning" (fraud).
And guess what? If your bank has some kind of anti money laundering algorithm and all those small less-than-$10k-transactions happened to get reported to -not the IRS- the FBI, because possibly funding/getting funded by terrorism.. guess who'd be in deep shit?
So i guess what I'm saying is PAY YOUR FUCKING TAXES, ASSHOLE.
Much love. <3
Crypto to cash exchanges exist