Bitcoin : Cashing out BTC profits
Hi,
so I have been selling BTC for cash for quite some time now. I’m based in the UK and I have been buying my BTC via cash in the mail and selling it in person.
I’m now at the point where I have gathered a large some of cash that I would like to deposit into my bank.
My question is:
1.) Do I tell the bank I’ve been selling BTC and this is where it’s come from?
2.) If I did tell them that it’s come from selling BTC are they going to allow me to deposit it?
3.) Will I have to show them all of my transaction history to prove where it has come from?
4.) If I do deposit the money successfully at what point do I need to pay tax on my earnings?
I bank with HSBC and another local bank.
Any help would be highly appreciated,
Thank you.
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Author: tomshelbb
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