I bought it in the early days and moved several times due to security reasons. As a result, I’m unable to prove its origin. What would be a viable strategy to cash out?
Depends on your country. Consult a tax attorney, likely the situation would be that it counts as pure profit since you can’t prove how much you initially spent to acquire it.
He may be able to prove he bought some, but then he traded back and forth and now has 1.27453x more. It’s a tax problem cause he may have skipped declaring gains in 2016, or worse , went into stable coin in 2018 after taking a big hit without any profits to be able to cover the undeclared 2017 capital gains… and so on
Send it to me. I’ll do it for 20%
Depending on how serious you are about “getting government approved”, you can do a cross chain analysis on yourself and provide necessary view keys. To prove you bought 10K of Monero, just show that your bank account went down 10K and your Monero account went up 10K (at the past exchange rate). To show you exchanged 5K Monero for 5K Bitcoin, show that 5K Monero was transferred from your wallet at the same time 5K was added to your Bitcoin wallet. It’s extremely cumbersome and requires that you have access to all wallets/accounts and is extremely invasive on your privacy, but it can be done if you really want to. Personally, I’d agree about the tax attorney. Often there’s a way of “legitimising” grandfathered funds, but expected to be taxed to the max. Alternately, there may be a way of doing crypto loans so that you get the money without actually cashing out.
Dont cash it out. Use monerica and keep it in the circular economy.
Good advice, but unfortunately, I can’t buy a house in circular economy yet.
You could use a site like FixedFloat to slowly convert it to another coin, like Bitcoin. (You just have to use a VPN if you’re in the US)
Then you can use something like Bisq to trade it for cash or card or whatever.
You can also convert it to ETH, and send it to an exchange that doesn’t ask too many questions, like PayPal.
I’ve done this last year with 90k with Bisq and 100k with PayPal and I had zero issues.
Legally speaking, yes. Thankfully, it’s treated as selling property in this case. It’s not too bad to deal with.
Though, if you use something like bisq or another p2p exchange, the only persons who will know about the transaction is the seller and the buyer.
It is true, but if this amount of cash were to suddenly appear on my account, it could raise red flags.
@popemichael @moneroworld >You just have to use a VPN if you’re in the US
https://trocador.app/
https://flyp.me/
Sideshift.ai
Morphtoken
SimpleSwap
ChangeNow https://changenow.io/ has fiat
Godex
blob
I can also endorse godex.io and Changenow.io as reputable exchanges
That is an awesome list, ZM. I for sure plan on checking out all of them.
Thanks, for the information! 🤩
Good to see that someone with a considerable amount succeeded in cashing out without issues. Despite that, the PayPal method sounds scary to me. What can I do if they claim a SoF document while blocking my crypto and I fail to pass the check?
It doesn’t work that way with PayPal. You receive it and it’s in your account. Then it just works like any other transaction. You can buy stuff with the balance, too. So there isn’t a need to cash it out all at once. I kept like 40k in it for a long time till I sold it all and banked it in less than a day.
Just be sure to use the ACH as the fees are the worst part.
