The IRS is forcing coinbase to report users with transactions over 20,000 in any one year for last few years as explained in the following article:
For bettors that play high stakes and use coinbase, they can easily have $50,000 or more in any one year. Here are some questions about this:
- Will coinbase tell which users have been reported? Can we ask if we're in the list of 14,000 users reported?
- Which transactions count toward the $20,000. I'm hoping it's only buying and selling bitcoin with cash and not transferring bitcoin to other accounts.
- When I transfer a large amount of a few thousand dollars, coinbase asks me if I'm transferring to another exchange. I always say no. Are they asking that to see if the transaction counts toward the limit?
Thanks to anyone that knows the answers to some of these questions.
For bettors that play high stakes and use coinbase, they can easily have $50,000 or more in any one year. Here are some questions about this:
- Will coinbase tell which users have been reported? Can we ask if we're in the list of 14,000 users reported?
- Which transactions count toward the $20,000. I'm hoping it's only buying and selling bitcoin with cash and not transferring bitcoin to other accounts.
- When I transfer a large amount of a few thousand dollars, coinbase asks me if I'm transferring to another exchange. I always say no. Are they asking that to see if the transaction counts toward the limit?
Thanks to anyone that knows the answers to some of these questions.
