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?

you are viewing a single comment's thread
view the rest of the comments

[–] OsrsNeedsF2P@lemmy.ml 8 points 10 months ago (3 children)

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.

[–] macaco@monero.town 3 points 10 months ago

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

[–] jet@hackertalks.com 3 points 10 months ago

Don't move the funds without consulting that tax attorney. You may be able to get long term capital gains consideration if you can show its been sitting for long enough.

[–] moneroworld@monero.town 2 points 10 months ago

Tax is not a problem at all, even if I have to declare the whole amount as pure profit. My main concern is a failed SoF check, which could potentially lead to a block on my crypto.