Set up a Coinbase account and withdrawal to bitcoin.. You will still have to be careful and find out taxes at the end of the year. If you keep it in Bitcoin it can only go up and take out cash what you need. I find that I can cash out within an hour if I need it. I use bookmaker, not sure about Betonline.
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Set up a Coinbase account and withdrawal to bitcoin.. You will still have to be careful and find out taxes at the end of the year. If you keep it in Bitcoin it can only go up and take out cash what you need. I find that I can cash out within an hour if I need it. I use bookmaker, not sure about Betonline.
Set up a Coinbase account and withdrawal to bitcoin.. You will still have to be careful and find out taxes at the end of the year. If you keep it in Bitcoin it can only go up and take out cash what you need. I find that I can cash out within an hour if I need it. I use bookmaker, not sure about Betonline.
Thanks for the response. Ive read its prudent to transfer to some type of wallet before sending to coinbase is this true? Ive read transferring directly from a sportsbook can get you flagged
Again, im pretty illiterate when it comes to crypto and maneuvering money within that system
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Quote Originally Posted by tweets50:
Set up a Coinbase account and withdrawal to bitcoin.. You will still have to be careful and find out taxes at the end of the year. If you keep it in Bitcoin it can only go up and take out cash what you need. I find that I can cash out within an hour if I need it. I use bookmaker, not sure about Betonline.
Thanks for the response. Ive read its prudent to transfer to some type of wallet before sending to coinbase is this true? Ive read transferring directly from a sportsbook can get you flagged
Again, im pretty illiterate when it comes to crypto and maneuvering money within that system
Yes, absolutely wash the money. I send money from Bovada to my Exodus account, then to my kraken and then if I need to withdraw real money, I send it to coinbase.
Coinbase does report to IRS anything over 10k I believe, total. Once you hit that threshold it gets reported at the end of the year. That 10k may be wrong, but its around that mark without looking it up right now.
I have looked into cashing out bitcoin through bitcoin atms, etc but its difficult. It depends on how bad you want to keep your money untaxed. It can be done, im slowly doing it now but for the most part im letting it sit there in hopes one day youll be able to use it commonplace. We have a vacation planned now paid in bitcoin through https://bitcoin.travel/
You have more and more places allowing you to make everyday purchases in bitcoin.
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Yes, absolutely wash the money. I send money from Bovada to my Exodus account, then to my kraken and then if I need to withdraw real money, I send it to coinbase.
Coinbase does report to IRS anything over 10k I believe, total. Once you hit that threshold it gets reported at the end of the year. That 10k may be wrong, but its around that mark without looking it up right now.
I have looked into cashing out bitcoin through bitcoin atms, etc but its difficult. It depends on how bad you want to keep your money untaxed. It can be done, im slowly doing it now but for the most part im letting it sit there in hopes one day youll be able to use it commonplace. We have a vacation planned now paid in bitcoin through https://bitcoin.travel/
You have more and more places allowing you to make everyday purchases in bitcoin.
This is what I do, haven't had any issues so far and to keep the fees and volatility low, I'm also on Betonline:
Cash out with Bitcoin to my Binance account.
Once withdrawal is complete, exchange Bitcoin for USDC coin, it's a stable coin like Tether.
Transfer USDC coin to my Coinbase account, there is a very small transfer fee, but it is negligible.
Sell USDC coin on Coinbase for cash, there is no fee.
Transfer cash for Coinbase to my linked checking account, i'd say do about $300-$1000 at a time in random increments.
If we go by Vegas gambling standards, anything $1200 or more might set off flags. Anything more than $10k-$20k in a year depending on who you talk to might also set off flags.
Also if you spend a lot of money on Amazon you can buy Amazon credit/gift cards with Bitcoin on various websites. If I had to guess these type of transactions would not be monitored as closely as bank transactions.
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This is what I do, haven't had any issues so far and to keep the fees and volatility low, I'm also on Betonline:
Cash out with Bitcoin to my Binance account.
Once withdrawal is complete, exchange Bitcoin for USDC coin, it's a stable coin like Tether.
Transfer USDC coin to my Coinbase account, there is a very small transfer fee, but it is negligible.
Sell USDC coin on Coinbase for cash, there is no fee.
Transfer cash for Coinbase to my linked checking account, i'd say do about $300-$1000 at a time in random increments.
If we go by Vegas gambling standards, anything $1200 or more might set off flags. Anything more than $10k-$20k in a year depending on who you talk to might also set off flags.
Also if you spend a lot of money on Amazon you can buy Amazon credit/gift cards with Bitcoin on various websites. If I had to guess these type of transactions would not be monitored as closely as bank transactions.
Last year the IRS made Coinbase send over ALL information for US users that bought/traded/sold over $20,000, that was the threshold. Now, I never got anything from Coinbase or the IRS and I was well over that mark, likewise this year I am as well and thats why I started looking for ways to move the money around.
I can only imagine this will get more intrusive as it goes, that limit could get much lower or at some point, Coinbase could automatically start sending out 1099-misc for all customers, who knows.
You can easily move bitcoin into amazon cards, or sell bitcoin for cash on sites like localbitcoin. I have been selling on there for about 6 months, at a price just above the market value of bitcoin to cover any fees for myself. Many people sell well above the market price for profit as not everyone can buy bitcoin with a credit/debit card...im sure other nefarious reasons as well.
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Last year the IRS made Coinbase send over ALL information for US users that bought/traded/sold over $20,000, that was the threshold. Now, I never got anything from Coinbase or the IRS and I was well over that mark, likewise this year I am as well and thats why I started looking for ways to move the money around.
I can only imagine this will get more intrusive as it goes, that limit could get much lower or at some point, Coinbase could automatically start sending out 1099-misc for all customers, who knows.
You can easily move bitcoin into amazon cards, or sell bitcoin for cash on sites like localbitcoin. I have been selling on there for about 6 months, at a price just above the market value of bitcoin to cover any fees for myself. Many people sell well above the market price for profit as not everyone can buy bitcoin with a credit/debit card...im sure other nefarious reasons as well.
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