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Beware to those using Coinbase
FYI...
http://www.forbes.com/sites/kellyphillipserb/2016/11/21/irs-wants-court-authority-to-identify-bitcoin-users-transactions-at-coinbase/#176713b540d1
I don't use either Circle or Coinbase anymore but probably a good thing to start reporting that taxable income.
FYI from the article re tax;
the IRS issued guidance to taxpayers on how to treat Bitcoin – and other virtual currency – for federal income tax purposes. That guidance, IRS Notice 2014-21, (downloads as a pdf) indicates that Bitcoin and other “convertible” virtual currencies are to be treated as a capital asset. “Convertible” virtual currencies are generally defined as virtual currencies with an equivalent value in real currency or those that act as a substitute for real currency. For taxpayers, this means that Bitcoin and other similar virtual currency is subject to capital gains rules for any applicable gains or losses – more or less like property.
sorry if this has been covered before but i am new to bitcoin. what other options are there to get bitcoins converted to cash and sent to my bank?Originally Posted by Catch77
You can use a Person to Person exchange like localbitcoins where you can deal in paypal or giftcards or bank deposit or meet face to face with cash.
Non-US regulated exchangers/exchanges. Upside is privacy and they dont care if you use btc for gambling or not in most cases. Downside is you will need to use wires to get regular money in and out. I'd suggest independantreserve.com if you want to go that way.
Guys, keep the money out of the banking system! It is not hard to buy or sell coins with cash! And stay the hell away from circle or coinbase aka narcs for the Feds!
They are fighting the request, so would not call them narcs.
This is just what happens when there is regulation. Hopefully the courts agree they should not be allowed to go fishing for issues with all that data.
Even if they handed over their records etc... there's no way they could prove you made a gain on anything.
Coinbase is fighting it in court.
Judges are all globalist pawns, they most always side with the government over freedoms. That's how obamacare was upheld
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