1. 03-11-22 03:26 PM #1
    Pete0
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    best way to cashout crypto ?

    coinbase ( or any exchange ) to any bank, is that the usual way?
    if so whats with the 1099 thingy?


    what about paperless?
    Bitcoin ATMs ?
    localbitcoin, localmonero?
    whats the best way to go about this without stupid high fees ?
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  2. 03-11-22 03:49 PM #2
    MUHerd37
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    Always used coinbase myself. Straight to the bank.
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  3. 03-11-22 03:51 PM #3
    BeatTheJerk
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    Send to middle wallet or exchange & then to BitPay card.
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  4. 03-11-22 03:51 PM #4
    BeatTheJerk
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    Quote Originally Posted by MUHerd37 View Post
    Always used coinbase myself. Straight to the bank.
    The taxes are far worse than the fees.
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  5. 03-11-22 04:08 PM #5
    jjgold
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    bitpay card a workaround
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  6. 03-11-22 05:36 PM #6
    funnyb25
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    You made money investing in crypto?
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  7. 03-11-22 08:04 PM #7
    Pete0
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    Quote Originally Posted by funnyb25 View Post
    You made money investing in crypto?

    does it matter? lol

    was specifically asking for sportsbook cashout via crypto btw
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  8. 03-11-22 09:01 PM #8
    Brock Landers
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    Withdrawal to Blockchain wallet

    Then withdraw directly to your bank account.

    Easy and fast
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  9. 03-11-22 09:33 PM #9
    funnyb25
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    Quote Originally Posted by Pete0 View Post
    does it matter? lol

    was specifically asking for sportsbook cashout via crypto btw
    Well, I was asking because if you are not making money off of the crypto, then what would the taxes be?
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  10. 03-11-22 09:41 PM #10
    stake1
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    Quote Originally Posted by funnyb25 View Post
    Well, I was asking because if you are not making money off of the crypto, then what would the taxes be?
    that is the risky part. when you link crypto's to any bank account, you are being tracked/reported/audited. the irs can claim, the crypto deposits were gains to your benefit.
    And to make matters worse? Xiden wants to install a "grandfathered-in-reverse-audit" where he can have all his new irs hires go back 10+ years to look at your "gains".
    Xiden is doubling the staff at the Irs. you do not hire 88,000 new irs workers to just sit around and tweet all day
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  11. 03-11-22 09:47 PM #11
    funnyb25
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    Quote Originally Posted by stake1 View Post
    that is the risky part. when you link crypto's to any bank account, you are being tracked/reported/audited. the irs can claim, the crypto deposits were gains to your benefit.
    And to make matters worse? Xiden wants to install a "grandfathered-in-reverse-audit" where he can have all his new irs hires go back 10+ years to look at your "gains".
    Xiden is doubling the staff at the Irs. you do not hire 88,000 new irs workers to just sit around and tweet all day
    But what I am asking is if there was no money made on the crypto, then what would the taxes be? The sites have spreadsheets, that show the amount at deposit and the amount at sale. OF course, they only report total proceeds, but there is a cost basis to those proceeds. What am I missing?
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  12. 03-12-22 10:03 AM #12
    BuckyOne
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    Quote Originally Posted by BeatTheJerk View Post
    Send to middle wallet or exchange & then to BitPay card.
    Last time I did that the fees were so high

    Like $15 for a $100. That was about a year ago. Is it any better, now?
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  13. 03-12-22 03:02 PM #13
    BeatTheJerk
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    Quote Originally Posted by BuckyOne View Post
    Last time I did that the fees were so high

    Like $15 for a $100. That was about a year ago. Is it any better, now?
    I use Gemini Exchange they pay the 1st 20 some odd transfers every calendar year. I’m paying about 2-3% from BitPay to transfer to card.
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  14. 03-12-22 03:05 PM #14
    JIBBBY
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    Best way to cash out Crypto is into your personal bank account from Coinbase. Been doing it for years now. They charge a little fee to transfer Crypto into Cash but I can live with it.

    Free to exchange to your bank if you can wait 3 days. Immediate transfer Coinbase charges another fee which I never use.

    My transfer every time is Coinbase Cash to my Chase bank checking account direct. Never have a problem.

    Now dealing with your taxes after that is up to you.. Gray area there.
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  15. 03-12-22 03:12 PM #15
    Tanko
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    Quote Originally Posted by stake1 View Post
    that is the risky part. when you link crypto's to any bank account, you are being tracked/reported/audited. the irs can claim, the crypto deposits were gains to your benefit.
    And to make matters worse? Xiden wants to install a "grandfathered-in-reverse-audit" where he can have all his new irs hires go back 10+ years to look at your "gains".
    Xiden is doubling the staff at the Irs. you do not hire 88,000 new irs workers to just sit around and tweet all day
    A lot of the Crypto I've received has been in the form of repayment (e.g. I pick up the tab at a restaurant for friends, they send BTC - like Venmo only with BTC). I've also received gifts in BTC. The only thing I report on taxes is any earnings/losses on the BTC after it hits my wallet and I sell it, just like a stock.

    It kind of sucks because usually I'm reporting a loss on the BTC value.
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  16. 03-12-22 03:16 PM #16
    funnyb25
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    Quote Originally Posted by Tanko View Post
    A lot of the Crypto I've received has been in the form of repayment (e.g. I pick up the tab at a restaurant for friends, they send BTC - like Venmo only with BTC). I've also received gifts in BTC. The only thing I report on taxes is any earnings/losses on the BTC after it hits my wallet and I sell it, just like a stock.

    It kind of sucks because usually I'm reporting a loss on the BTC value.
    The fees don't seem like a big deal at the time per transaction, then at the end of the year when you realize what the fees added up to it sucks big time.
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  17. 03-12-22 03:28 PM #17
    jjgold
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    Its why savy gamblers bet with local bookmakers they are respected
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  18. 03-12-22 03:55 PM #18
    Tanko
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    Quote Originally Posted by jjgold View Post
    Its why savy gamblers bet with local bookmakers they are respected
    Wait. What...
    JJ, does your flaming bookie respect you afterwards?
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  19. 03-13-22 01:51 AM #19
    actiondan
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    Fukk taxes uncle sam can suck my rooster
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  20. 03-13-22 06:08 AM #20
    jjgold
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    Quote Originally Posted by Tanko View Post
    Wait. What...
    JJ, does your flaming bookie respect you afterwards?
    I do not use those guys anymore, I think not many around this area
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  21. 03-13-22 03:58 PM #21
    lonegambler23
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    locals> offshore
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  22. 08-02-23 08:36 PM #22
    greenpad
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    Quote Originally Posted by jjgold View Post
    bitpay card a workaround
    Now that bitpay no longer offer the pre paid debit card do you think the crypto.com card is a workaround just for cashing out?
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