afternoon!
I am new to this site, and it seems there are lots of people here that have knowledge in this area.* I would like to provide some background and I am seeking advice from those of you who are experienced, and/or could point me in the right direction.*
I currently use sportsbook.ag .I have like 30k in there and I would like to consider withdrawing some of this money.* I am in no rush to withdraw - meaning, I don't need the money to become liquid, quickly.* What my overarching concern is are the record keeping issues.* Let me elaborate.
I understand that Bitcoin is by far the most quick, easy, and convenient to get my money withdrawn.* However, this poses some transactional risks.* I currently have a wallet with Blockchain, which I would use as the first step in receiving a Bitcoin distribution from the Book.* Then, I can move from the Blockchain Wallet, to my CoinBase wallet - when I desire to sell the bitcoin to convert to dollars.* This method, however, poses risks such as:
1.* CoinBase will report any amount over $20,000 of Bitcoin sold during a calendar year to the IRS through Form 1099.* It appears, then, I could utilize Coinbase to sell less than $20,000 each year, but then I am capped and cannot use Bitcoin anymore.* That's my first issue I'm seeking advice on.* Namely - are there other cryptocurrency sites that are not as highly visible or regulated that will report significant transaction amounts to the IRS?* If so, what are they or where do you recommend I go?**
Would it be a viable option to have exchange accounts on multiple exchanges like CoinBase, Kraken, BitStamp and withdraw 10-15K on each once per year?
2.* It appears the Book will allow me to withdraw a check, $5,000 Max at a time.*I sports bet 10 years ago and the one check I had withdrawled ($1100 I think). The minute I went to a teller I was questioned . Cuz I was sent some funky Canadian check from some weird company. I guess thats what sportsbook does for checks. I had to wait and it cashed but I honestly dont want that feeling or instance to happen ever again. It was embarrassing.
3.* wire:* I am assuming that if I get a wire directly to my bank account - I will have an issue?* Perhaps my Bank will flag it?* Hold it up?* I do not know, I have never had experience with this route?* Then, does this pose any tax issues?
These are my three options - and I'm seeking guidance from experienced individual's on how to navigate the situation to best achieve the goals of :* Gaining access to the money in my account / doing so safely with minimal records or documentation.**
One Last Item:* How much money would you feel comfortable "keeping" on the Book's site?* I mentioned I have excess of 50,000 there now, and I didn't know if this is just an average figure for an offshore - and where that type of amount would be in comparison to the a Book's average player balance?* Is 50,000 USD high?* Is 150,000 USD high?* *Thoughts on this would be greatly appreciated.
Also I live in Virginia and they legalized sports betting this July, and are aiming to be licensed with sports betting sites by end or year. Therefore, maybe the option to send the 30k back to my bitcoin wallet and then deposit on the sports betting sites virginia allows and then wait a little bit and withdrawal cleanly is the play? Or maybe I'm overthinking this whole thing and I should just literally wire and dont worry about it ?
Thank you for your time, and I look forward to hearing your responses and thoughts.* Again, I'm a novice when it comes to withdrawing - so any valuable information is much appreciated.**
I am new to this site, and it seems there are lots of people here that have knowledge in this area.* I would like to provide some background and I am seeking advice from those of you who are experienced, and/or could point me in the right direction.*
I currently use sportsbook.ag .I have like 30k in there and I would like to consider withdrawing some of this money.* I am in no rush to withdraw - meaning, I don't need the money to become liquid, quickly.* What my overarching concern is are the record keeping issues.* Let me elaborate.
I understand that Bitcoin is by far the most quick, easy, and convenient to get my money withdrawn.* However, this poses some transactional risks.* I currently have a wallet with Blockchain, which I would use as the first step in receiving a Bitcoin distribution from the Book.* Then, I can move from the Blockchain Wallet, to my CoinBase wallet - when I desire to sell the bitcoin to convert to dollars.* This method, however, poses risks such as:
1.* CoinBase will report any amount over $20,000 of Bitcoin sold during a calendar year to the IRS through Form 1099.* It appears, then, I could utilize Coinbase to sell less than $20,000 each year, but then I am capped and cannot use Bitcoin anymore.* That's my first issue I'm seeking advice on.* Namely - are there other cryptocurrency sites that are not as highly visible or regulated that will report significant transaction amounts to the IRS?* If so, what are they or where do you recommend I go?**
Would it be a viable option to have exchange accounts on multiple exchanges like CoinBase, Kraken, BitStamp and withdraw 10-15K on each once per year?
2.* It appears the Book will allow me to withdraw a check, $5,000 Max at a time.*I sports bet 10 years ago and the one check I had withdrawled ($1100 I think). The minute I went to a teller I was questioned . Cuz I was sent some funky Canadian check from some weird company. I guess thats what sportsbook does for checks. I had to wait and it cashed but I honestly dont want that feeling or instance to happen ever again. It was embarrassing.
3.* wire:* I am assuming that if I get a wire directly to my bank account - I will have an issue?* Perhaps my Bank will flag it?* Hold it up?* I do not know, I have never had experience with this route?* Then, does this pose any tax issues?
These are my three options - and I'm seeking guidance from experienced individual's on how to navigate the situation to best achieve the goals of :* Gaining access to the money in my account / doing so safely with minimal records or documentation.**
One Last Item:* How much money would you feel comfortable "keeping" on the Book's site?* I mentioned I have excess of 50,000 there now, and I didn't know if this is just an average figure for an offshore - and where that type of amount would be in comparison to the a Book's average player balance?* Is 50,000 USD high?* Is 150,000 USD high?* *Thoughts on this would be greatly appreciated.
Also I live in Virginia and they legalized sports betting this July, and are aiming to be licensed with sports betting sites by end or year. Therefore, maybe the option to send the 30k back to my bitcoin wallet and then deposit on the sports betting sites virginia allows and then wait a little bit and withdrawal cleanly is the play? Or maybe I'm overthinking this whole thing and I should just literally wire and dont worry about it ?
Thank you for your time, and I look forward to hearing your responses and thoughts.* Again, I'm a novice when it comes to withdrawing - so any valuable information is much appreciated.**
