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Title: Advice in convert Bitcoin to USD (from a crypto-exchange to US Bank account) Post by: daniel.roman on May 29, 2018, 12:19:40 AM Hi guys, I was wondering how to convert amounts over 1.000.000 USD in bitcoins to a bank account in US dollars in the US, basically I have this question.
1.- Which exchanges are legal in the US to do this transaction, so when the transfer is done, I will not have problems with the local bank. 2.- With which banks these exchanges are friendlier to work. 3.- How do I declare this income to tax authorities. 4.- Is there any further paper work to declare for this transaction in the US. Please I hope you can answer my specific questions, and do not have comments like why you are selling the bitcoins, nor things like, if you have that number of bitcoins you should alredy know, in fact I do not know, that is the reason why I am asking this. In few days I am going to sign an exclusivity contract to represent a client in the sale of 5 solar power plants located in South America that are already operating and generating incomes, and we want to explore the possibility to sell them in bitcoins, but my client want some part of the deal has to be deposit in US dollars in the United States, this is the reason why I come to you with this questions. Hope someone can help me and give some guidance Regards Daniel Roman Title: Re: Advice in convert Bitcoin to USD (from a crypto-exchange to US Bank account) Post by: jpnl0002 on May 29, 2018, 12:45:57 AM The value of united states dollar always stays constant and never appreciates, i mean if it is one dollar today it still will be one dollar in ten years time but if it is in bitcoin, it appreciates over time and that is like more profit or benefit for you as an investor.
Title: Re: Advice in convert Bitcoin to USD (from a crypto-exchange to US Bank account) Post by: ebliever on May 29, 2018, 12:59:08 AM Hi guys, I was wondering how to convert amounts over 1.000.000 USD in bitcoins to a bank account in US dollars in the US, basically I have this question. 1.- Which exchanges are legal in the US to do this transaction, so when the transfer is done, I will not have problems with the local bank. 2.- With which banks these exchanges are friendlier to work. 3.- How do I declare this income to tax authorities. 4.- Is there any further paper work to declare for this transaction in the US. Please I hope you can answer my specific questions, and do not have comments like why you are selling the bitcoins, nor things like, if you have that number of bitcoins you should alredy know, in fact I do not know, that is the reason why I am asking this. In few days I am going to sign an exclusivity contract to represent a client in the sale of 5 solar power plants located in South America that are already operating and generating incomes, and we want to explore the possibility to sell them in bitcoins, but my client want some part of the deal has to be deposit in US dollars in the United States, this is the reason why I come to you with this questions. Hope someone can help me and give some guidance Regards Daniel Roman 1. There are many exchanges you can use, though you will want to pick one that can handle this sort of volume without slippage. Coinbase/GDAX, Gemini (and their OTC desk in particular), Bitfinex (for institutional clients, also has an OTC desk) and Itbit spring to mind as among the better possibilities. But if you don't have existing accounts I would caution you it may take some time to get approved for this kind of volume. 2. Avoid BoA and Wells Fargo. I've not heard of any trouble with Ally Bank. Probably most banks are OK, but you might google around for horror stories with your lead choice or talk to someone in their compliance office before settling on one. 3. Bitcoin is currently treated as property, so it would be capital gains. Long term if held more than 1 year. 4. I don't believe so. I haven't read of further requirements at any rate. See https://www.irs.gov/newsroom/irs-virtual-currency-guidance for additional details though. Best wishes with it! |