best way to cashout crypto ?

**MUHerd37** · 03-11-22, 04:49 PM

Always used coinbase myself. Straight to the bank.

**BeatTheJerk** · 03-11-22, 04:51 PM

Send to middle wallet or exchange & then to BitPay card.

**BeatTheJerk** · 03-11-22, 04:51 PM

Originally posted by MUHerd37

Always used coinbase myself. Straight to the bank.

The taxes are far worse than the fees.

**jjgold** · 03-11-22, 05:08 PM

bitpay card a workaround

**funnyb25** · 03-11-22, 06:36 PM

You made money investing in crypto?

**Pete0** · 03-11-22, 09:04 PM

Originally posted by funnyb25

You made money investing in crypto?

does it matter? lol

was specifically asking for sportsbook cashout via crypto btw

**Brock Landers** · 03-11-22, 10:01 PM

Withdrawal to Blockchain wallet

Then withdraw directly to your bank account.

Easy and fast

**funnyb25** · 03-11-22, 10:33 PM

Originally posted by Pete0

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?

**stake1** · 03-11-22, 10:41 PM

Originally posted by funnyb25

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

**funnyb25** · 03-11-22, 10:47 PM

Originally posted by stake1

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?

**BuckyOne** · 03-12-22, 11:03 AM

Originally posted by BeatTheJerk

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?

**BeatTheJerk** · 03-12-22, 04:02 PM

Originally posted by BuckyOne

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.

**JIBBBY** · 03-12-22, 04:05 PM

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.

**Tanko** · 03-12-22, 04:12 PM

Originally posted by stake1

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.

**funnyb25** · 03-12-22, 04:16 PM

Originally posted by Tanko

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.

**jjgold** · 03-12-22, 04:28 PM

Its why savy gamblers bet with local bookmakers they are respected

**Tanko** · 03-12-22, 04:55 PM

Originally posted by jjgold

Its why savy gamblers bet with local bookmakers they are respected

Wait. What...
JJ, does your flaming bookie respect you afterwards?

**actiondan** · 03-13-22, 02:51 AM

Fukk taxes uncle sam can suck my rooster

**jjgold** · 03-13-22, 06:08 AM

Originally posted by Tanko

Wait. What...
JJ, does your flaming bookie respect you afterwards?

I do not use those guys anymore, I think not many around this area

**lonegambler23** · 03-13-22, 03:58 PM

locals> offshore

**greenpad** · 08-02-23, 08:36 PM

Originally posted by jjgold

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?