Topic: bitpay debit cards and taxes (Read 3354 times)
i am interesting. how i able join
Last year the IRS has won a John Doe summons for debit card information of SML customers with offshore accounts suspected of being used for tax evasion:
https://www.forbes.com/sites/robertwood/2017/01/25/irs-hunts-debit-cards-for-tax-evasion-as-court-approves-john-doe-summons/#556d42b738bf
It is not beyond the realm of possibility for the IRS to demand BitPay or Metropolitan Commercial Bank (the card issuer) for debit card transactions of BitPay card users.
https://www.forbes.com/sites/robertwood/2017/01/25/irs-hunts-debit-cards-for-tax-evasion-as-court-approves-john-doe-summons/#556d42b738bf
It is not beyond the realm of possibility for the IRS to demand BitPay or Metropolitan Commercial Bank (the card issuer) for debit card transactions of BitPay card users.
I wonder if i transfer my bitcoins to one of this cards this debit cards companies will report this transfer to IRS or i need to report this?
I don't think they will report or care much if your transaction volume stay low. They ask for verification to keep KYC policy intact and i don't think those details are used to report tax authorities everytime you do transaction, better ask them if you like to do high volume transactions. legendary
Activity: 3010
Merit: 1028
Leading Crypto Sports Betting & Casino Platform
why bitpay not support all country
this my country can't register in bitpay
i think its bitpay good service, iam interest join in there but i can't register
so what's your country,as i see bitpay accepting dozens of countries that's total about 240 countries -> https://help.bitpay.com/account/countries-and-marketsthis my country can't register in bitpay
i think its bitpay good service, iam interest join in there but i can't register
if your country wasn't supported yet maybe your government just strictly forbid the use of cryptocurrencies or there's just conflic occur?
why bitpay not support all country
this my country can't register in bitpay
i think its bitpay good service, iam interest join in there but i can't register
There are other many bitcoin debit cards providers try them check full list here this my country can't register in bitpay
i think its bitpay good service, iam interest join in there but i can't register
https://bitcointalksearch.org/topic/list-of-bitcoin-debit-cards-1242788
Select one that support your country.
why bitpay not support all country
this my country can't register in bitpay
i think its bitpay good service, iam interest join in there but i can't register
this my country can't register in bitpay
i think its bitpay good service, iam interest join in there but i can't register
Report why would they report you, if they would start its their end of business
Also how could they do that, they even don`t the info of all the local IRS around the world, nor IRS would care for someone
Worst thing that can happen is if you use bitcoin on some place which get tracked by IRS/FBI etc and they track it to service provider and your credit card company, they for sure will give all data to FBI if asked
Also how could they do that, they even don`t the info of all the local IRS around the world, nor IRS would care for someone
Worst thing that can happen is if you use bitcoin on some place which get tracked by IRS/FBI etc and they track it to service provider and your credit card company, they for sure will give all data to FBI if asked
It depends on your country. Lots of countries do not tax bitcoin transactions, but if you live in a country like Italy, you will definitely be taxed for all the sales you make.
Why not ask them directly? I doubt they're going to bother as it's an awful lot of work for them. They will however keep a log of it and hand it over if the tax man comes asking. When I log in to Circle it tells me that selling Bitcoin is a taxable event. I'm sure they've got better things to do than keep spying.
I wonder if i transfer my bitcoins to one of this cards this debit cards companies will report this transfer to IRS or i need to report this?
Jump to: