To people who have bought houses etc. How did you do it? How did you liquidate more than $100,000 of bitcoins and what did your bank say when the money showed up?

To people who have bought houses etc. How did you do it? How did you liquidate more than $100,000 of bitcoins and what did your bank say when the money showed up?

To people who have bought houses etc. How did you do it? How did you liquidate more than $100,000 of bitcoins and what did your bank say when the money showed up?

Also which exchange did you liquidate from? If it was from an exchange. What did they make you do before they transferred your money to your bank or whereever?

Edit: make a temporary username to tell your story.

Banks won't ask questions. They're happy to see money coming in. Government will ask questions if you don't give them answers before hand.

They record it for the gov, you need to pay tax on the gains.

Of course.

Every transfer over abut $5000 gets recorded or anything the bank thinks is suspicious but tuat isnt really what i am asking abuout. Thats normal.

Try to withdraw $7000 to buy a used car one weekend and you will quickly realize just how little control you actually have overthe money in "your" bank account.

Government will ask questions if you don't give them answers before hand.

What do you meank

Do you mean the bank wo t accept the deposit until you have had a conversation with the government?

Yes.

Pay your taxes.

Its ridiculous to have bitcoin change your life then go to prison. Dont do it.

If you don't pay your taxes then the government will get curious.

Probably all the $10k+ deposits into people's accounts are getting reported to the government, and probably that includes where it comes from. So if I ran the IRS, in May or whatever I would run a query to find the total Coinbase deposits for each person, order them, and check out the highest 10,000 of them to see if they claimed capital gains. Or bump up their "audit me" score a little maybe.

I've had very large transactions go into and out of my bank account unrelated to bitcoin (real estate and stock transactions).

The bank never asked me shit. The money comes in, the money comes out, no questions asked.

The main thing that looks suspicious to banks are large cash transactions or cash-like transactions (money orders).

From your standpoint, withdrawing $1000 is the same as $100k. On Kraken, for example, with top tier verification, you can withdraw $100k per day ($500k per month, I think, but you can request more).

Initiate a $100k withdrawal, it pops in your bank in a day or two. Do that daily if you need to withdraw several hundred thousand. Your bank should not have any issues, but if you’re in this situation, you damn sure better have it accounted for on your taxes.

When I worked in the oilfield in Williston, ND I pretty commonly worked with numbers over $5,000 in cash transactions. I'm guessing they just new that the wages were hyper inflated and just didn't bother at the time. Before I got a bank account I would go cash $7,000 paychecks at Walmart and they didn't batt an eye.

Just tell them you got lucky at the casino

Yeah this I wanna know too

Curious about this.