Post
Topic
Board Bitcoin Discussion
Re: Converting bitcoin to fiat without problems
by
Don Pedro Dinero
on 26/05/2024, 05:01:38 UTC
Just move your bitcoins to a CEX that is regulated & legal in your country and convert them into fiat from there. CEXs that are affiliated with the government will never have problems with taxation, because every transaction you make is counted in tax, that's what happens in my country.

The right solution. Instead of having to use strategies a and b, we just have to be busy and spend money over and over again, where the final goal is how BTC can be converted into fiat and entered into our personal accounts without many questions from any party.

In another thread the OP talks about having more than $20,000 in bitcoin. If it's around that amount, he shouldn't have much of a problem, although it depends on where he is tax resident. Normally, if he can't prove the price at which he bought it, he would be charged 0 cost, and taxed on the total. But if it was more money or considerably more, he would have to be careful because he could be accused of tax evasion. It is best to consult a lawyer.