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> shoulda seen my broker’s face... That rigamarole could have been easily avoid by converting the crypto to cash, which is trivial to prove is yours. Did they
by tantalor 4y ago
> shoulda seen my broker’s face...
That rigamarole could have been easily avoid by converting the crypto to cash, which is trivial to prove is yours.
Did they end up accepting the crypto directly, or as cash?
Edit: thanks for the clarification, I didn't realize the issue wasn't with possession so much as provenance.
- dharmab 4y ago> That rigamarole could have been easily avoid by converting the crypto to cash, which is trivial to prove is yours. In US law this is a taxable event.
- astrange 4y agoPaying for something with crypto is the same taxable event as converting it to cash. You can’t get out of that.
- deleted 4y ago[deleted]
- mhluongo 4y agoIf it's within 30 days in the US, there will still be an issue with provenance of funds.
- helf 4y agoExacty.
- helf 4y agoI did convert it to cash. The problem is in the US you can’t suddenly have thousands of unexplained dollars when getting a mortgage or similar. I guess I should have clarified: I didn’t directly give them crypto. I was using it to cash out and pay cash with. But I had to prove ownership.