3 ms·
I always thought the $10,000 reporting rule was for physical cash deposits. Is it also triggered when you, say, transfer $10,000 from your online brokerage acco
by tc313 9y ago
I always thought the $10,000 reporting rule was for physical cash deposits. Is it also triggered when you, say, transfer $10,000 from your online brokerage account to your checking account?
- PeterisP 9y agoI believe that this doesn't trigger a mandatory report, however, it would be reasonable to expect that the IRS will ask every major bank for large incoming transactions from e.g. Coinbase, audit every one of those who hasn't listed any capital gains on their tax report, and charge the appropriate taxes+fines. Of course, they don't have to do this now, they'll start next year after everyone has filed their taxes, but they can review it a few years later if they wish.