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true, but the 10k withdrawal would have been a non-issue.
by ccvannorman 11y ago
true, but the 10k withdrawal would have been a non-issue.
- mirimir 11y agoI don't think so. Consider that I want to discreetly give someone $80K. If I withdraw $80K, the bank must report that. But if I withdraw 10x $8K, I'm arguably structuring to avoid reporting. So let's say that I want to buy $80K of Bitcoins. If I do that in one $80K transfer, the bank must report that. And with 10x $8K, I'm still structuring. And either way, in that year's tax return, I'll need to report capital gains and losses on the $80K of Bitcoins.
- shakethemonkey 11y agoYou wouldn't have to report capital gains unless you had sold the asset. But transferring the asset to your blackmailer, perhaps you might have to pay gift tax, unless you filed a 1099. [1] [1] http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Frequently-Asked-Questions-on-Gift-Taxes http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employ...
- mirimir 11y agoI'm not very familiar with US tax law. But the key point, I think, is that once I have that $80K Bitcoin asset, the reporting requirements for it will be comparable to those for $80K in my bank. Bitcoin only helps if I can buy those Bitcoins without reporting. So I'm in the same situation as accumulating cash to send via DHL or whatever.