Advice on selling 80k worth of cryptocurrency and dealing with taxes _ nzbitcoin u s anti money laundering laws

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Bitcoin is the currency of the internet: a distributed, worldwide, decentralized digital money. Unlike traditional currencies such as dollars, bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of bitcoin. As such, it is more resistant to wild inflation and corrupt banks. With bitcoin, you can be your own bank.

Helpful resources

• bitcoin.Org

• basic security

• FAQ

• common myths

• live exchange rate

• lets talk bitcoin

• cryptokiwi

Where can I spend bitcoin in NZ?

• coinmap directory search

Decentralised exchanges

• bisq.Network

• local bitcoins

Custodial exchanges

• kiwi-coin

• NZBCX

• cryptopia

• tokenroom

• dasset

• mybitcoinsaver

Bitcoin meetups

• auckland

• wellington

• christchurch

Mining bitcoin

• will I earn money by mining?

• is it still worth mining though?

Community guidelines

u s anti money laundering laws

*do not use URL shortening services: always submit the real link.

*begging/asking for bitcoins is absolutely not allowed, no matter how badly you need the bitcoins. Only requests for donations to large, recognised charities are allowed, and only if there is good reason to believe that the person accepting bitcoins on behalf of the charity is trustworthy.

*news articles that do not contain the word bitcoin are usually off-topic. This subreddit is not about general financial news.

*submissions that are mostly about some other cryptocurrency belong elsewhere. For example, /r/cryptocurrency is a good place to discuss all cryptocurrencies.

*promotion of client software which attempts to alter the bitcoin protocol without overwhelming consensus is not permitted.

*no referral links in submissions.

*do not post your bitcoin address unless someone explicitly asks you to.U s anti money laundering laws

From november this year banks report every transaction from overseas over $1000 to police. They also report any cash deposit/withdrawal over $10,000. There is special police unit for handling those reports:

The financial intelligence unit (FIU) is based in wellington, and collects information on suspicious financial transaction reports that come from banks and other financial institutions. The FIU also monitors large amounts of cash crossing new zealand’s borders, and supports investigations into money laundering. It is part of the organised and financial crime agency of new zealand. Intelligence products are supplied to a range of FIU clients, including inland revenue department

IRD are going to explain how would they tax cryptocurrencies, early next year. Until then it all guesses.

There are many topics on this forum about handling taxes. Look through last several pages.U s anti money laundering laws in particular, have a look at my post tax. Six lines of defense 🙂

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Home hot new top

Bitcoin is the currency of the internet: a distributed, worldwide, decentralized digital money. Unlike traditional currencies such as dollars, bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of bitcoin. As such, it is more resistant to wild inflation and corrupt banks. With bitcoin, you can be your own bank.

Helpful resources

• bitcoin.Org

• basic security

• FAQ

• common myths

• live exchange rate

• lets talk bitcoin

• cryptokiwi

Where can I spend bitcoin in NZ?

• coinmap directory search

Decentralised exchanges

• bisq.Network

• local bitcoins

Custodial exchanges

• kiwi-coin

• NZBCX

• cryptopia

• tokenroom

• dasset

• mybitcoinsaver

Bitcoin meetups

• auckland

• wellington

u s anti money laundering laws

• christchurch

Mining bitcoin

• will I earn money by mining?

• is it still worth mining though?

Community guidelines

*do not use URL shortening services: always submit the real link.

*begging/asking for bitcoins is absolutely not allowed, no matter how badly you need the bitcoins. Only requests for donations to large, recognised charities are allowed, and only if there is good reason to believe that the person accepting bitcoins on behalf of the charity is trustworthy.

*news articles that do not contain the word bitcoin are usually off-topic. This subreddit is not about general financial news.

*submissions that are mostly about some other cryptocurrency belong elsewhere. For example, /r/cryptocurrency is a good place to discuss all cryptocurrencies.

*promotion of client software which attempts to alter the bitcoin protocol without overwhelming consensus is not permitted.U s anti money laundering laws

*no referral links in submissions.

*do not post your bitcoin address unless someone explicitly asks you to.

From november this year banks report every transaction from overseas over $1000 to police. They also report any cash deposit/withdrawal over $10,000. There is special police unit for handling those reports:

The financial intelligence unit (FIU) is based in wellington, and collects information on suspicious financial transaction reports that come from banks and other financial institutions. The FIU also monitors large amounts of cash crossing new zealand’s borders, and supports investigations into money laundering. It is part of the organised and financial crime agency of new zealand. Intelligence products are supplied to a range of FIU clients, including inland revenue department

IRD are going to explain how would they tax cryptocurrencies, early next year.U s anti money laundering laws until then it all guesses.

There are many topics on this forum about handling taxes. Look through last several pages. In particular, have a look at my post tax. Six lines of defense 🙂

• permalink

• embed

• save

• report

• give gold

• reply