When I was a minor back in 2015, my old friendโs big brother convinced me to invest in Bitcoin. He said the price will go to ten thousand. As a naive kid I believed him. Since I was too young to buy any myself, I paid him around $3000 cash to make the purchases for me. That was money from years of red pocket. In hindsight, it was a very stupid but lucky investment. He kept custody till 2021 where he transferred the money in my hardware wallet. I kept the BTC ever since then.
I now need to cash out close to a million dollars, but I lost contact with the person who initially purchased the BTC for me because I believe they moved overseas (he should be filthy rich now).
I have no way to document proof of the source other than the BTC landing into my wallet in 2021.
How should I declare my ACB? Is it best I work with a CPA or tax lawyer?
At this point Iโm ready for an audit, but will I be in trouble or criminally investigated for because I suddenly deposit so much money into my bank?
Does anyone have a similar story? Or has anyone withdrawn large sums without proof of purchase?
I am in Canada btw.
Thanks.
EDIT: Thanks everyone for your response. I've answered many DM's for fun to fuck around with the scammers lol. Like many suggested, I'll reach out to a tax lawyer first, then a crypto CPA. I'm not moving to another country bruh - I'll handle all of this LEGALLY! I like being able to sleep at night.
[link] [comments]
You can get bonuses upto $100 FREE BONUS when you:
๐ฐ Install these recommended apps:
๐ฒ SocialGood - 100% Crypto Back on Everyday Shopping
๐ฒ xPortal - The DeFi For The Next Billion
๐ฒ CryptoTab Browser - Lightweight, fast, and ready to mine!
๐ฐ Register on these recommended exchanges:
๐ก Binance๐ก Bitfinex๐ก Bitmart๐ก Bittrex๐ก Bitget
๐ก CoinEx๐ก Crypto.com๐ก Gate.io๐ก Huobi๐ก Kucoin.
Comments