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Does coinbase flag certain withdrawals over a certain amount?
Do banks flag money that was sent from an exchange site?
What is the safest way to do this?
Withdrawing Bitcoin in the US
Started By
Donnie
, Jun 05 2020 07:14 PM
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#1
Posted 05 June 2020 - 07:14 PM
Donnie
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#1
What are some things I should consider if I want to withdraw medium to large amounts of bitcoin to a legit bank account
Does coinbase flag certain withdrawals over a certain amount?
Do banks flag money that was sent from an exchange site?
What is the safest way to do this?
Posted 05 June 2020 - 07:14 PM
Does coinbase flag certain withdrawals over a certain amount?
Do banks flag money that was sent from an exchange site?
What is the safest way to do this?
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#3
Posted 05 June 2020 - 07:16 PM
Donnie
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#3
Correct me if I’m wrong but banks don’t flag/report if under 10k transferred in. Also if they do I can mark it as gambling profits?
Posted 05 June 2020 - 07:16 PM
The IRS will require you to pay tax on it now when you file a return.
Correct me if I’m wrong but banks don’t flag/report if under 10k transferred in. Also if they do I can mark it as gambling profits?
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#4
Posted 05 June 2020 - 07:20 PM
NowBody
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#4
Posted 05 June 2020 - 07:20 PM
try exchanging with people in the us, they send u money directly to ur bank and u send btc them maybe
If you want to donate here's my btc address 
: bc1qmlyd5ehxm7ztv5v3ggh8sdd24qmnyf5rhqrpwh
#5
Posted 05 June 2020 - 07:21 PM
Donnie
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#5
For private reasons I can’t do it that way the payment can’t look suspicious
Posted 05 June 2020 - 07:21 PM
try exchanging with people in the us, they send u money directly to ur bank and u send btc them maybe
For private reasons I can’t do it that way the payment can’t look suspicious
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#6
Posted 05 June 2020 - 07:38 PM
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#6
Posted 05 June 2020 - 07:38 PM
Correct me if I’m wrong but banks don’t flag/report if under 10k transferred in. Also if they do I can mark it as gambling profits?
You of course can mark as gambling profits if that is what it is. Also unfortunately no because the IRS set out new guidance on crypto currency
#7
Posted 05 June 2020 - 07:41 PM
Donnie
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#7
Well that’s not what it is. What are these guidelines?
Posted 05 June 2020 - 07:41 PM
You of course can mark as gambling profits if that is what it is. Also unfortunately no because the IRS set out new guidance on crypto currency
Well that’s not what it is. What are these guidelines?
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#8
Posted 05 June 2020 - 07:54 PM
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#8
Posted 05 June 2020 - 07:54 PM
What are some things I should consider if I want to withdraw medium to large amounts of bitcoin to a legit bank account
Does coinbase flag certain withdrawals over a certain amount?
Do banks flag money that was sent from an exchange site?
What is the safest way to do this?
Hire a CA and create bills
#10
Posted 06 June 2020 - 11:55 AM
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#10
Not sure how it operates in USA. But at least in Sweden most banks don’t allow buying/selling btc even if it’s legally obtained. If you start getting transactions over 2k into your bank account, the bank will notify you and monitor the upcoming transactions. Once you hit 5k or 15k within a period of time, not sure which one it was. The tax department will be contacted. You’d have to explain all the transactions and it’s a fucking pain in the ass.
I currently only purchase/sell through cash, which can easily be transfered to your bank account if you put enough time and research into it.
Posted 06 June 2020 - 11:55 AM
I currently only purchase/sell through cash, which can easily be transfered to your bank account if you put enough time and research into it.
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