What are the best ways to cash out cryptocurrency in the USA without incurring taxes?

3 answers

• Nov 24, 2021 · 3 years ago
  One of the best ways to cash out cryptocurrency in the USA without incurring taxes is to utilize a cryptocurrency exchange that offers a fiat off-ramp. These exchanges allow you to convert your cryptocurrency into traditional currency, such as USD, and withdraw it to your bank account. Some popular exchanges that offer this service include Coinbase, Kraken, and Gemini. Make sure to report your earnings to the IRS to stay compliant with tax regulations.
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• Nov 24, 2021 · 3 years ago
  To cash out cryptocurrency in the USA without incurring taxes, you can also consider using peer-to-peer trading platforms. These platforms connect buyers and sellers directly, allowing you to sell your cryptocurrency for cash without going through a centralized exchange. LocalBitcoins and Paxful are examples of such platforms. However, be aware that you may still be responsible for reporting your earnings and paying taxes on the transactions.
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• Nov 24, 2021 · 3 years ago
  At BYDFi, we offer a unique solution for cashing out cryptocurrency in the USA without incurring taxes. Our platform allows users to convert their cryptocurrency into stablecoins, such as USDT or USDC, which are pegged to the value of the US dollar. By holding stablecoins instead of traditional currency, you can potentially avoid triggering taxable events. However, it's important to consult with a tax professional to ensure compliance with the tax regulations in your jurisdiction.
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