Large Withdrawals

[ATC727]

Hi guys,

This questions is more for the experienced... the higher end players that have 5 figure balances .. when you withdraw thousands via BitCoin... did the IRS ever slap u with anything ?

[ATC727]

Specifcally if you withdraw thousands per bitcoin transaction?

[Shifty]

If you are concerned that you'll get a 1099 then use several exchanges to sell you BTC. Coinbase sent me a 1099 last year for only $12,000. Go figure. I thought 1099 was only issued for more than $20,000.

[ATC727]

Well I use mycelium and then into bitpay. You mean into Coinbase then ? I mean I want to cash out ..

[ATC727]

Maybe I should get international checks then and wait that agonizing 30 days to clear

[Shifty]

Well I use mycelium and then into bitpay. You mean into Coinbase then ? I mean I want to cash out ..

Sportsbook to Blockchain to Coinbase then sold for USD.

[ATC727]

And that will ensure me I won’t get any 1099 forms ?

[ATC727]

I got Coinbase I’ve never converted it to USD. How do I do that?

[grantingyou]

Any income of $600, should generate a 1099.

[advantageU]

Any income of $600, should generate a 1099.

Why not $60

Wow

[Shifty]

And that will ensure me I won’t get any 1099 forms ?

No. If you sell a large amount of Bitcoin you could get a 1099. If you don't sell then no 1099. Not 100% sure but if you sell your Bitcoin for USDC tokens you won't get a 1099 either.

[ATC727]

Yeah I don’t touch coinbase. Ok cool. Best of luck out there

[joey sangria]

I've heard anything over $10K will generate a 1099........I withdrew $6K this year, no 1099 for me.

[BetJesus]

I've heard anything over $10K will generate a 1099........I withdrew $6K this year, no 1099 for me.

Anything greater than $20k will generate a 1099. I have received one from Coinbase the last couple of years and will get another this year. You can spread it out to different wallets, but make sure the wallets are large and reputable. Many wallets will be going under if the price of btc plunges much more.