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

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this post was submitted on 29 Oct 2023

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