Topic: Are bitcoin transfers from Circle/Coinbase reported to the IRS? (Read 792 times)
I always convert my bitcoin to a fiat currency it just makes it that much harder to track by converting it.
December 27, 2015, 07:04:51 AM
If you are worried, would it not be better to spend your Bitcoin directly, rather than converting it to fiat currency, This will help the expansion of Bitcoin as well as protecting your privacy.
It ain't necessary everyone does have merchants available at their places for their coins to be spent...
You need to make them fiat in order to spend them, also the price here plays an important role...
@OP,
Yes they do report them, but for bigger transactions...
So, not to worry if you don't earn more than $600 a month with it...
December 27, 2015, 06:16:12 AM
If you are worried, would it not be better to spend your Bitcoin directly, rather than converting it to fiat currency, This will help the expansion of Bitcoin as well as protecting your privacy.
December 27, 2015, 03:46:43 AM
https://www.reddit.com/r/Bitcoin/comments/3q6833/does_coinbase_automatically_report_any/
i'm sure for very small ransactions there is no problem, there must be a limit above which you need to report, but i can not find any info related
i'm sure for very small ransactions there is no problem, there must be a limit above which you need to report, but i can not find any info related
December 27, 2015, 01:32:34 AM
I have done only 1 transfer from circle to my bank of america account though the amount was for a few hundred dollars only. But are these reported to the irs? I have my acct do my taxes but he has never done bitcoin before. But for those of you who transfer funds a lot from circle or coinbase to your bank acct, i assume most of you report it? Has there been people who done lot of transfers throughout the years but never had any issue at all?
I will speak to my accountant on this but curious if there are ppl that do many of these transactions and never had an issue at all. Does circle or coinbase send a w2, w9, 1099 or anything like that to the user or notify the irs about these transactions?
I assume they don't bother with anyone if they did small transactions?
I will speak to my accountant on this but curious if there are ppl that do many of these transactions and never had an issue at all. Does circle or coinbase send a w2, w9, 1099 or anything like that to the user or notify the irs about these transactions?
I assume they don't bother with anyone if they did small transactions?
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