How to sell $300k+ Monero without origin of funds? (monero.town)

submitted 1 year ago by moneroworld@monero.town to c/monero@monero.town

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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?

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[-] OsrsNeedsF2P@lemmy.ml 8 points 1 year ago

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 1 year 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 1 year 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 1 year 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.