How do you cash out your earnings and avoid taxes?

Discussion in 'Bitcoin and Cryptocurrency' started by Evom1, Nov 15, 2017.

  1. SmallWoody

    SmallWoody Member Supporter

    Slowly deposit into your account each month less than 5k I assume. I would do like 4,999 and I'm sure they won't say anything since it's once a month
  2. Senorman

    Senorman Member

    Others have mentioned depositing small amounts into your bank account over time in order to fly under the radar. If your earnings are through a w2, then this route may be worth the risk. If you’re an independent contractor (1099 income) you are far more likely to get audited by the IRS. If this happens, then they’ll request copies of all of your bank statements (among other things). You’ll get busted for sure and pay significant fines and penalties.
    Rockclimber and CdnGuy like this.
  3. jJjburton

    jJjburton Member Supporter

    Where can you get cash or credit card money from bitcoins? any atm with a bitcoin card? you dont need to sell to people anymore>