Open up a business account, rather than using your personal account.
It be best if you are honest with the bank on what this going to be used for, the details matter and listen to their advice.
That way that sort of volume, can be considered normal by the bank and also you can keep it separate for your needs of self employment taxes (assumed)
Topic: How to avoid getting my bank account locked/closed for trading bitcoins (Read 6766 times)
July 08, 2013, 08:16:42 AM
July 08, 2013, 08:09:47 AM
For personal trading it'll be fine.
You might still get flagged for the volumes you're putting through but if you can show how the money was legally earned (i.e. your take home pay goes into the same bank accoun) you'll be fine.
The discussions on this forum about accounts being closed down are for when people open business accounts and use it for transfer in/out of thousands of people's deposits/withdrawals.
You might still get flagged for the volumes you're putting through but if you can show how the money was legally earned (i.e. your take home pay goes into the same bank accoun) you'll be fine.
The discussions on this forum about accounts being closed down are for when people open business accounts and use it for transfer in/out of thousands of people's deposits/withdrawals.
http://www.reddit.com/r/Bitcoin/comments/1huw2a/sold_3_bitcoins_on_friday_got_this_lovely_letter/
https://i.imgur.com/9mLApNK.jpg
This might not be connected to the BTC sale, but at least serves as yet another reminder that banks can shut your personal account down whenever they feel like it, and keep all "your" money unless you can prove where it came from to their satisfaction, or are willing to tie yourself up in litigation to get it back.
July 08, 2013, 08:04:11 AM
I'm trading with legal money i earned through working, and i want to report all my gains to the taxes at the end of the year.
Thank you for feeding and perpetuating the corrupt, wasteful, and inefficient system.
Ohai i launder monyz and wat is this?
People with no intention of paying taxes tend to phrase their questions intelligently.
July 08, 2013, 07:57:10 AM
I understand. The money is on the record.
July 08, 2013, 07:53:19 AM
I'm trading with legal money i earned through working, and i want to report all my gains to the taxes at the end of the year.
Thank you for feeding and perpetuating the corrupt, wasteful, and inefficient system.
i don't see any other way, it's either that or go to jail for tax evasion :x
July 08, 2013, 07:37:47 AM
I'm trading with legal money i earned through working, and i want to report all my gains to the taxes at the end of the year.
Thank you for feeding and perpetuating the corrupt, wasteful, and inefficient system.
July 08, 2013, 07:01:20 AM
For personal trading it'll be fine.
You might still get flagged for the volumes you're putting through but if you can show how the money was legally earned (i.e. your take home pay goes into the same bank accoun) you'll be fine.
The discussions on this forum about accounts being closed down are for when people open business accounts and use it for transfer in/out of thousands of people's deposits/withdrawals.
You might still get flagged for the volumes you're putting through but if you can show how the money was legally earned (i.e. your take home pay goes into the same bank accoun) you'll be fine.
The discussions on this forum about accounts being closed down are for when people open business accounts and use it for transfer in/out of thousands of people's deposits/withdrawals.
July 08, 2013, 06:54:45 AM
Since i want to do a lot of bank deposits to mtgox/bitstamp and receive withdrawals from them too, ranging in 10000s of dollars, how can i avoid getting my bank account audited/shut down for this... I'm trading with legal money i earned through working, and i want to report all my gains to the taxes at the end of the year. Still, is there something i can do so they dont have any suspicions about illegal activity?
Jump to: