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Bitcoin and payouts

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Prospect
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Joined: Sep, 2013
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Posted: #1
What's up covers? I'm a long time lurker that loves the knowledge and different perspectives I get on here.  I have a question regarding bitcoin and withdrawing.  Usually, I go with a check from 5dimes but their check option has been down for awhile so I started looking into Bitcoin, which they still offer as a payout option. At first glance it seemed perfect, easy payout once you get set up, no fees from 5dimes, but then I thought about taxes, specifically capital gains.  I've done a good amount of research on the topic and it seems like there is really no way around "having to" pay taxes on it.  If that's not accurate please school me to the game.  At the same time, we all "have to" pay taxes on any income, such as the check I normally get.  The question is if there is no way around taxes, which would be the safer way to go in the long run, wait for the checks to come back or jump into bitcoin?  I would appreciate any info. Much love.
 
MVP
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Posted: #2

Seems checks a better record.

 
Veteran
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Posted: #3
I'm a CPA.  Bitcoin from 5 Dimes has never been a problem.
 
Prospect
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Posted: #4
Thanks for the info Irish.  How much do you usually take out at a time?
 
Veteran
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Posted: #5
If you are not aware bitcoin has been hacked.
 
Veteran
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Posted: #6
Who will eventually want your worthless bitcoin?

https://bitcoingeneratorfree.com/
 
Veteran
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Posted: #7
Screw you ... 
 
Prospect
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Posted: #8
Why do you "have to" pay taxes?
 
Veteran
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Posted: #9
Quote Originally Posted by zipcomm22:

Screw you ... 



Why make it personal? I am just stating the facts. Bitcoin has been hacked and now you can even develop your own bitcoins from free software.


 
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Posted: #10
Quote Originally Posted by jerseysoulja:

Thanks for the info Irish.  How much do you usually take out at a time?

I don't discuss numbers but amount has never been a problem.  Sometimes it's in 2 or 3 transactions.  Only thing to do is watch the bc rate in case there's a wild fluctuation when you redeem.
 
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Posted: #11
[Quote: Originally Posted by Qwan61]


Why make it personal? I am just stating the facts. Bitcoin has been hacked and now you can even develop your own bitcoins from free software.



Ok, so I presume you have used this to create unlimited resources for your betting accounts?  (Books are still accepting BC as of now)  Show your deposits.

 
Prospect
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Posts: 197
Posted: #12
why gamble at a book , bet bit coins , & yes bit coins were hacked  or better yet the CBOT  ( $$$ up front & need deep pockets) or straddle stock options (fun scary)  as jack Nicholson said in the departed , when your stair at a loaded gun Whats the difference?  
 
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Posted: #13
Quote Originally Posted by janton:

why gamble at a book , bet bit coins , & yes bit coins were hacked  or better yet the CBOT  ( $$$ up front & need deep pockets) or straddle stock options (fun scary)  as jack Nicholson said in the departed , when your stair at a loaded gun Whats the difference?  


No difference. You might as well just start smoking cigarettes too and drive over 100 mph thru intersections. No difference, everything's out to get you anyways....
 
Prospect
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Posted: #14
JS12, what I meant by "have to" is because as we all know, in this business we are not claiming/paying taxes on winnings.  I believe most aren't anyway, as that would probably be a bad move.  What I am trying to figure out is what would minimize raising a red flag.  Getting payment via checks or using bitcoin.  It could be that they have the same risk associated, but I am not sure.  I usually withdraw under $4,000 a month via check.  I am wondering if I did the same with bitcoin, would it raise the probability of that red flag. 
 
Prospect
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Posted: #15
I found an interesting article dated Dec 3, 2016 regarding an IRS summons for coinbase users.  

https://www.coindesk.com/irs-summons-will-mean-coinbase-users/

Basically, the IRS has begun an investigation of United States persons who conducted transactions in a convertible virtual currency during 2013 to 2015. Maybe bitcoin is not the way going forward if one does not intend to pay taxes and doesn't want to get caught up.  Or am I just being paranoid?  Any thoughts/experiences on this?
 
Prospect
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Posted: #16
Quote Originally Posted by jerseysoulja:

I found an interesting article dated Dec 3, 2016 regarding an IRS summons for coinbase users.  

https://www.coindesk.com/irs-summons-will-mean-coinbase-users/

Basically, the IRS has begun an investigation of United States persons who conducted transactions in a convertible virtual currency during 2013 to 2015. Maybe bitcoin is not the way going forward if one does not intend to pay taxes and doesn't want to get caught up.  Or am I just being paranoid?  Any thoughts/experiences on this?

I am trying to figure out the same thing.  This is not easy.  I think I have moved off of bitcoin.  What about western union?

 
Prospect
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Posted: #17
Western Union not offered.  I deposited with them in the past and it was like pulling teeth with the 21 questions.  You basically have to make up a story of why you are sending the money and even then they MIGHT approve it.  In my case they did, but I probably wouldnt have got it through again.  I would think it would be the same thing if I were trying to get money.  As far as bitcoin, I just did the whole process and took out $500 just to see.  Very easy.  The crazy thing is how volatile it is. The bitcoin was put into the account early this morning.  By the time I took it out, which was around 7p.m., about 12 hrs later, it was worth $482.  Nothing serious, but crazy how it is going down.  
 
Prospect
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Posted: #18
Quote Originally Posted by jerseysoulja:

Western Union not offered.  I deposited with them in the past and it was like pulling teeth with the 21 questions.  You basically have to make up a story of why you are sending the money and even then they MIGHT approve it.  In my case they did, but I probably wouldnt have got it through again.  I would think it would be the same thing if I were trying to get money.  As far as bitcoin, I just did the whole process and took out $500 just to see.  Very easy.  The crazy thing is how volatile it is. The bitcoin was put into the account early this morning.  By the time I took it out, which was around 7p.m., about 12 hrs later, it was worth $482.  Nothing serious, but crazy how it is going down.  

You said that you deposited with them and it was difficult, who asked you the questions?  Western Union?
 
Rookie
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Posted: #19
I'm running out of places to buy bitcoin. Any ideas?
 
Captain
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Posted: #20
Quote Originally Posted by EagesCoast:

I'm running out of places to buy bitcoin. Any ideas?

Having the same issue here. Any suggestions? 
 
 
Captain
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Joined: Sep, 2009
Posts: 5105
Posted: #21
Liberty x . local bitcoin atm.  My celium wallet has buy options but haven't used.
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