does 5dimes or heritage use bitpay debit card?
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Saw that but I'm thinking why the fvvck do that? What does one do with MO's anyway?
It's free and fast to get it from btc to cash in a checking account. It's also free and fast to load up a Bitpay card. I mean I'll get out of my chair if I have to or saves money but in this case it's much faster, much easier and free vs fvvck around at Walmart, fees, lines and not easy.Comment -
If you can avoid it... you never want income showing directly in your bank acct. If you are a self-employed individual... and/or own a company... and somehow are showing extra income.... once you get audited... good luck explaining how it got there.Comment -
To each their own.... but I do everything with my Bitpay crd.
And the next question I'll get... but the IRS will find out about your crd???
My answer to that is... Good luck.
You are caught red handed with a bnk acct linked to your SSN. Can't cover it up.
I'll roll the dice using my crd 24/7Comment -
That's only if the issuing bnk for the Bitpay crd gets subpoenaed for whatever reason. Technically it's an official prepaid crd. The issuing bnk shouldn't keep track of your gains in an effort to report you yearly. It's not an exchange. Never heard of any prepaid deb crd turning records in on someone??!?!? I'll take my chances.Comment -
Furthermore, if you want to play it safer. I believe the new IRS code is a 6050w? Might want to google it. Some companies do comply with this. Paypal, Ebay, and Square.com do. Basically, they are looking for people who are gaining revenue 20k+ or 200 transactions in one year. They are automatically reported to the IRS.
Again, I don't believe it has anything to do with the Bitpay prepay crd??? But, just make sure you don't do more than 200 swipes a year... and don't have over 20k in yearly revenue under 1 SSN.
There are ways around this... just have to think it through.
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so what site can you cashout with a bitpay debit card?Comment -
Oh OK. That's a lot of work to maybe shield a small gain from the IRS. My guess is they are looking real hard at btc. And if you get nailed it will be an obvious cheat attempt and felony vs opps I made a mistake, where do I pay my fine.Comment -
what wallet would you recommend? / when cashing out in bitcoins do a lot of you guys keep the coins as investments rather than cashing them out to dollars.Comment -
I bought in for 30,000$ when bitcoins were trading for 30 a coin like 4 years ago and my brother bought in for 6k and got hacked. I immediately cashed out bc of that. Freaking wild wild west. If only that didn't happen my god id be worth 51,000,000 million IF i didnt sell which im sure i would have sold a bunchComment -
Regardless if its....
1. BTC to exchange to USD to your bnk acct
Or
2. BTC to bitpay to USD to pay bills with
What's more obvious on an audit?
If you are audited... what would you bring to the audit at the IRS's request? Bnk statements. CC statements.... compared to your 1099 and your tax return.. correct? Every deposit coming in will be automatically questioned. Would it really be a slap on the wrist? The extra effort to nonchalantly not let extra income hit... would be extremely beneficial for you in the long run.
Where as... if I'm audited... I bring my bnk statements... my cc statements.... and my 1099's. Your bitpay crd isn't even on record with the credit bureaus. Why would you rat on yourself? Don't bring it. Sure, to open the bitpay acct you presented a SSN... but like I said in my earlier post... the issuing bnk of Bitpay would need to know 1. You're being audited by the IRS... which they wouldn't know. 2. The likelihood that bitpay would turn in all of your transactions randomly to the IRS is 100% far-fetched. Everyone would have to be in-sync together... and again... highly unlikely.
You also specified the effort involved? Who doesn't cover their tracks in all business deals in life? Everyday in life it's business.
Let me give you another scenario. Remember back in the day we all use to get paid with chks from books? Ok. Would you really take that chk and throw it in your bnk? Wouldn't be wise. You should take every chk and mix it at a chk cashing place. Or know a friend who owns a chk cashing place. Work a deal with him on %. You're saying... well why would you do that for?
When you go to a convenience store or party store or chk cashing store... any Arab owned store... that's not a National Brand... do you really think they list your name with that chk? Do you think they keep detailed print of everything? They group all the chks together they received that day and throw it in the bnk 1 big deposit... once you sign a chk over to the store... it's considered 3rd party cashing. What does that mean??? By the time they cash it in their bnk... it's a WASH. Really untraceable.
How do I get my information??? You talk to your CPA... if he truly wants to help you... he'll give you good info. I know a lot of Arab business owners. You factor in what you can... and can't do.
Again... not knocking you Roy... just giving you some info. The govt fuks u regardless... even when you are full blown honest. But are they honest to you? What cracks me up about this Bitcoin epidemic... and all the threats. They are absolutely 100% clueless at the moment on what everyone has in regards to BTC.... they are begging you with threats to get you to talk and rat on yourself. Once you put your gains on BTC or any crypto for that matter on your tax form... IT'S OPEN SEASON ON YOU AND YOUR SSN. You might as well leave your front door unlocked while you sleep at night.Comment -
I'm good with your post MS.
In an audit the IRS normally does not audit ************ or debit cards. Key word being "normally".
If I had a big score I was trying to hide I would consider your solution. But I disclose all my stuff.
The IRS is not stupid. If you get audited there is a chance they audited Bitpay or the BTC sender. You don't and won't know. Once they see you failed to disclose those Bitpay loads they are not going to the fine letter, they are pulling out handcuffs. Not a gamble I would take but I do agree you will probably be OK.Comment -
TMS is it “or” or “and” regarding the 200 swipes & 20k balance ? This has always bugged me ..... & haven’t concluded a clear truth.Furthermore, if you want to play it safer. I believe the new IRS code is a 6050w? Might want to google it. Some companies do comply with this. Paypal, Ebay, and Square.com do. Basically, they are looking for people who are gaining revenue 20k+ or 200 transactions in one year. They are automatically reported to the IRS.
Again, I don't believe it has anything to do with the Bitpay prepay crd??? But, just make sure you don't do more than 200 swipes a year... and don't have over 20k in yearly revenue under 1 SSN.
There are ways around this... just have to think it through.Comment -
I agree. IRS isn't stupid. Theoretically... if someone send's BTC to bitpay... how does the IRS technically know if it was an outstanding gain or not? Again, not being dumb or acting stupid with you. Just playing the defense attorney at a trial... lol Not saying I'm in a trial. lol Just saying... how many outs does one person have? Maybe I purchased Bitcoin at Gemini (with already taxed dollars) and sent it to my Bitpay crd. Just saying.
It's whatever comes first.
Example... you could have 200+ transactions and the amount could only be 12k
Or
Example 2.... you could have only 40 transactions... and the amount could be 24k
It's whatever happens first. And technically... both could happen.
This would be considered per taxable year. And this would reset on January 1, 2018.Comment -
Just wanted to add one more thing. How do we really know if someone blatantly is trying to avoid something? Of course... you make your judgement based on my opinions and views from this thread. But, if I never expressed any logic or reason.... you wouldn't really know the difference... and furthermore project and/or assume... what I was thinking to begin with. Is that a fair assessment?
This isn't a chest pounding match to say.... see world... look what I can do??? lol Far from it. I'm just saying.... prove that I'm intentionally deceiving to avoid something. It's hard to show concrete proof... on small dollars.
Just like anything in life... I don't believe people really understand how to TAX a BTC in large proportions. If you purchased Bitcoin at 5k and it's now worth 17k. Technically you made a 12k gain... correct? If you hang onto the coin and don't sell it... you don't tax yourself on the 12k gain now. You only tax yourself based upon what you sell at a later date. If someone holds onto a coin for 5 years... and never sells it... that person still isn't subject to Taxing yet. I think most people don't understand it... but that's just my opinion.Comment -
Nah, you're wrong.
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This is kind of interesting to me... let's say for career work... you coordinated weddings.... and you charged a flat $500.00 fee for your services ok? And... you used the Square.com CC to process all of your deposits etc. And let's say you coordinated 120 weddings the entire year.
120 Weddings
Charge: $500.00
= $60,000 extra revenue into your bank
Because you never hit the 200 transaction threshold... Square.com isn't liable to send a K-1099 to you or the IRS?
This is fascinating to me.
That's why I always thought it was whatever number you hit first.Comment -
Hey guys, I just downloaded the bitpay app as I have just been using the web site for loads.....If I transfer from the App does it still charge that extra fee on top of miners fees like the desktop site does? Crazy!!! These fees!!Comment -
I have been going form blockchain.info wallet to pay invoice of card load amount and there is always a extra fee of about 11$ on top of the miners fees I am sending. doesn't mater on how much I send fee is always about the same it seems...for small amounts its not practical anymore like it used to be unless im doing something wrong..Comment -
OMG...and sure enough I just googled and found they are charging 2 fees! WTF! No ways around it looks.
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Yeah I'm lost. I transferred to what I thought was my Bitpay Card but it went to my Personal Wallet at Bitpay. Then to transfer from the Wallet to the Card cost me a ton. What am I doing wrong so I can go right from my outside wallet (Airbitz) direct to the CARD, not Bitpay's wallet???Comment -
I dont think there is anyway around it without getting hit with that extra fee....Its always about the same for me like $11 or so added to invoice then you have to pay the miners fees too...Funny thing is I get a almost instant conformation even if I send a lower miners feeComment
