TIps on using crypto currency for payouts?

Question

I have right at $10,000 I need to withdraw but have always done checks. I am thinking about doing bitcoin or something else this time since it is faster, from what I can see and I may have the opportunity to keep it in there for a few weeks and make some additional money. Anyone have any pointers, best practices or tips with this method?

koko11 · Answer

I have right at $10,000 I need to withdraw but have always done checks. I am thinking about doing bitcoin or something else this time since it is faster, from what I can see and I may have the opportunity to keep it in there for a few weeks and make some additional money. Anyone have any pointers, best practices or tips with this method?

RexR · Answer

I saw your thread in the NBA forum...one thing to keep in mind, some of the online bitcoin wallets will report you to the IRS for large transactions.

I'm not sure exactly which ones or what amounts constitute that reporting, but just keep in mind the tax implications:

eg...https://motherboard.vice.com/en_us/article/vbxqga/bitcoin-cryptocurrency-paying-more-taxes-capital-gains-than-i-thought

BitcoinMaster · Answer

Withdrawal $5k at a time to a blockchain.info wallet.

TIps on using crypto currency for payouts?

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