[ADVICE] Laundering BTC via Cryptocurrency trading?

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


Comments


[2 Points] aboutthednm:

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.


[2 Points] anon1901:

Bro on the real. Talk to a tax professional.


[1 Points] None:

Seems a little bit too obvious but if you're already trading legally and have been for some time I don't think it's a terrible idea as long as you make sure to jump through ALL the hoops


[1 Points] junkitactics:

just buy gold and a nice safe,

edit: the ira does love it when you pay taxes, maybe best to just stack and stack your btc , and trade on BTC-e , thats the best . and just occasionally cash out when ever you need cash , or buy gold with btc, and sell it at local coin stores or craigslist ,