Suppose I have an income of $10k/month in BTC from illegitimate sources. Also, suppose I enjoy trading and converting cryptocurrencies against each other to make profit on my capital.
Would I be able to declare my legitimate capital gains as income for taxes, and also sneak in some of my illegal BTC? Unless I'm depositing $100k/year into my bank account, will I get an audit? I would be converting the gains into BTC then selling for cash deposits to my bank account.
I heard that as long as you pay your taxes appropriately, the CRA or whatever tax agency you have doesn't care where your $$$ comes from. In fact if anything comes from this, I can simply say I had bitcoin on a hard drive that I forgot about since 2011.
Let me know on what you think, thanks
You should apply for a business license, or register as a currency exchange service.
Business license will be a lot easier to obtain, and if you pay taxes on your income you have the best way to keep the money that you make.