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Cashing Out Large Sum: Best Backstory to Use with a Tax Lawyer? : Laundromat | Torhoo darknet markets

Alright, so I've made a bunch of crypto ($1m+) from various sketchy ventures and now I want to figure out how to cash out without raising any red flags. I'm thinking of talking to a tax professional or someone with experience in offshore banking/incorp to help me set up a cashout plan. Obviously, I can't just come out and say I need help laundering money, so I need a good backstory. Here are a couple of plots I'm considering:

1) I run a consulting business that gets paid in crypto and need a way to convert it to fiat. The downside is that I'd have to create fake invoices, transactions and paper trail which sounds like a lot of hassle. But if it's the best way to stay under the radar, I'll do it.

2) I've been trading crypto for years, via instant coinswapping services, DEXs like Uniswap/Bisq/etc, basically only exchanges without record-keeping/KYC, and I've lost track of all the transactions. I could say I'm stuck with all these coins and need help cashing out. This way, I might be able to cash out in larger amounts compared to the consulting business route.

What do you think is the better option? Or is there a better way I haven't thought of?
Let me know your thoughts please!

/u/PelicanVendor Moderator

1 points

2 months ago

Why offshore where are you based out of?

1) yes but if you get audited it wont be pretty

2) This could honestly work but your cost basis would be $0 so its taxed on the full amount.... But who cares you are able to get it out just pay your taxes like a good boy. That's my thoughts.

Other just get it converted to cold hard cash and live off that and work normal job and bank that.

/u/VERT1G0 📢

2 points

1 month ago

Thanks! Your point is well taken; the "best" approach I guess, depends on personal circumstances. For instance, as an American, revealing a significant amount of crypto gains (let's say a couple of million) could attract unwanted scrutiny and suspicion. To avoid this, I'm considering realizing my profits gradually through a service-based business. This way, I can justify anonymous client transactions, such as selling digital products related to the crypto industry and accepting crypto as payment.
Thoughts?

/u/Nomad2

1 points

2 months ago

certain offshore jurisdictions offer really good privacy that would keep his name out of everything, also bro you have all that just buy gold with it stick to coins but its so easy to sell that shit with no ID or anything. again depends on where you are from tho. also there are certain EMIs out there that allow you to hold and exchange crypto and wire fiat all over the world.

/u/PelicanVendor Moderator

1 points

2 months ago

Depends if your a US citizen they won't do shit unless your talking 10's of millions.

if a bank holds us currency you have to give us citizen info

/u/Nomad2

1 points

2 months ago

correct, and most of the "mainland offshore" banks you want to deal with either hate or straight wont deal with Americans because of how the tax laws and treaties are. I just opened an EMI and it is currently holding USD and i didnt give any US info.

/u/Narco

1 points

2 months ago

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1 points

2 months ago

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/u/ChatoSantanaX

1 points

1 month ago

Hello. I have more than 8 years experience in financial transactions. Everything from AML to Banking / Tax / Corporate Law, holing a degree in LL.B. If you are interested in a serious solution I can help you. Just PM me.