Cash out $200,00 of Monero

I have around $200,000 of Monero (from various questionable deals) that I need to cash out without the IRS being on my ass. I will happily pay taxes on the money, I just need a way to get it into USD.

At the moment, the money is in a secure wallet. If I were to send this money from this Monero wallet into an exchange (with my personal information linked to it), would this transaction be traceable to where the coin came from originally? My plan is to get all of the money into an exchange, sell it for USD, and transfer to my bank. As for where this money came from, my explanation (to my accountant, and the IRS) was going to be that I found my old bitcoin wallet from years back with a good b it of bitcoin in it, and cashed it out. Would this be sufficient to keep myself safe? I haven't done anything like this yet, so I figured it would be best to ask the community for advice.

Thanks!


Comments


[73 Points] Creative_Rain:

PM me for my wallet address, send me all your coin then I'll have the money appear on your doorstep in a week or 2. Promise


[25 Points] HODLLLLLLLLLL:

Use localbitcoin and localmonero. Make minimum buys so you're not meeting people for $20.

Give them the bullshit story of buying in early (if they ask).

Use burner phones, vpn for site access etc etc.

Will take a bit more work but one of the safer options if you can keep it mello (marshmello shout out) and not make it suspicious to the buyers which it shouldn't be anyway.

But fuck taxes. They don't deserve that shit on these profits.


[14 Points] throwahooawayyfoe:

As for where this money came from, my explanation (to my accountant, and the IRS) was going to be that I found my old bitcoin wallet from years back with a good b it of bitcoin in it, and cashed it out. Would this be sufficient to keep myself safe?

Not in and of itself, no. For that to work, you would also need to be able to show them a high-balance wallet address that had been sitting dormant for a long-ass time and with a single output tx moving all the coins to a different wallet.


[8 Points] Pipanthus:

Spread it in 10 or more wallets through various transactions, then simply sell the monero for alts, cash in hand and bitcoin . Viable to transfer as btc earnings and no one will suspect a thing just gotta make the transaction flow the right way ;) . But btc declare as earnings / Investment and get taxed good side is you have "clean money" legally speaking .

Shit ton of methods just do some research and ask around.

pm if u got questions bout monero, will gladly answer


[8 Points] motsanciens:

Isn't localbitcoin basically a person-to-person cash for bitcoin exchange? With cash, you do all the grocery buying, shopping and money-order bill paying with cash for many years and pay your sales tax. Your paychecks will get taxed by you investing the money and getting taxed on the gains.


[6 Points] penguinmixer:

Do not use an exchange tied to your identity to cash out $200,000 in questionable funds. Your story about "finding" a wallet is going to hold up to scrutiny. Instead, create a Tor electrum wallet and use xmr.to to exchange the monero and send it to that Tor electrum wallet. Create a few anonymous LBC accounts and send to money to those. Meet up with people to do cash deals. (LocalMonero is also a good site, but there are no in-person traders in lots of areas, so it's usefulness is limited for large amounts.) Spread out your cashing out and spending over time.


[5 Points] _PrinterPam_:

Speak to your accountant first. Also, bear in mind that any single transaction that is $10k+ requires all institutions (legal exchanges conducting business here in the US as well) to file a Suspicious Activity Report (SAR) to the gov't for the purposes of combating money laundering, terrorism, etc. Like it or not, you're going on someone's radar--which is why you should be working this out with a professional first. And thank you for paying your taxes; it buys civilization.


[4 Points] CognitiveDissident7:

Why not just say you found your old monero wallet, why involve bitcoin?


[3 Points] Mr1010109:

There is a vendor on dream and other markets. I think his name is "gold"? Anyway he's been around for quite a few markets now, superb ratings. Seems legit and he sends you cash for btc. Maybe he accepts monero idk. I would try that. That cuts out any crypto exchanges and clearnet stuff


[3 Points] coffeencreme:

Well I have this bridge....it's in Brooklyn it's a nice bridge.....


[3 Points] sadman81:

HODL


[2 Points] Da1syBuchanan:

Hey I’ll take a good chunk of that off you. Hit me up.


[1 Points] Ronssnippletassle:

Invest some of that. Moneri is gonna keep going up baby ;)


[1 Points] enceladu:

I would gladly buy your XMR with clean, non-tainted BTC. No questions asked, no KYC, no limits, no fees.

We can use escrow or go in batches.


[1 Points] sadman81:

Maybe im a bit jealous that you have an extra 200k laying around but.... Honestly, chances are its all small shit. $200k is not nearly as much money as you think, no one is going to get up in your ass to investigate where that came from, especially if you pay taxes on it, i would say your chances are of being investigated are probably 1% if you dont pay taxes on it and <0.01% if you do pay taxes on it. you think the govt is going to go digging around into bitcoin and monero wallets for small fry shit like that.?

Source....You can read about the chances of being IRS audited at varying income levels....https://www.wsj.com/articles/chances-of-an-irs-audit-are-lowand-getting-lower-1490582326


[1 Points] Twaxd:

Do it in increments 3-10k at a time yea you want your money now but it's the safest option. Or find a vendor that cashes out for you forget his name (ab taxed 10%) but it worked.


[1 Points] mymuse100:

create a business in SL converting btc to linden. then any profits can be coming from the SL business XD


[1 Points] 556bars:

I would consult an IRL financial advisor or tax lawyer and not take money laundering advice from random people on reddit. This would be relatively easy for a professional.


[0 Points] Dnmburner77:

Dm me.


[-1 Points] levelup96:

I will deposit cash in your account for it no lie lol. Neither of us likes the IRS


[-4 Points] pls_grab_a_sprite:

what is monero? do you farm it? i know the question is...etc etc etc but if someone could give me a quick simple explanation that would be nice. i already know almost all there is to know about bitcoins if that helps