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:
https://www.theverge.com/2017/11/29/...se-irs-records
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.