cash deposits at wells fargo

[omio]

I have a couple hundred BTC that I would like to get rid of one day by cash deposit at my WF account. I was wondering if there are any legal or tax issues I should worry about. I think the market needs some more cash deposit exchanges because of Bitfloor going away  and I could do better than Bitinstant's 4%.

[1714750983]

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[1714750983]

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[1714750983]

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[edd]

A one time trade shouldn't raise any red flags. It's when you cross the line from "isolated or very infrequent event" to "regular source of income" that you draw attention to yourself.

In any case, the IRS will consider it income that you should pay taxes on.

[saddambitcoin]

I have a couple hundred BTC that I would like to get rid of one day by cash deposit at my WF account. I was wondering if there are any legal or tax issues I should worry about. I think the market needs some more cash deposit exchanges because of Bitfloor going away  and I could do better than Bitinstant's 4%.

perhaps you could go on #bitcoin-otc and find someone that wants to send you cash in the mail, or meet in person.  eliminate the bank and your worries.  i found a local seller of btc on there the first day i started using it. 

[Stephen Gornick]

I have a couple hundred BTC that I would like to get rid of one day by cash deposit at my WF account. I was wondering if there are any legal or tax issues I should worry about. I think the market needs some more cash deposit exchanges because of Bitfloor going away  and I could do better than Bitinstant's 4%.

Tarrant_01 will deposit cash to your Wells Fargo account, 2.25% fee:
 - http://bitcointalk.org/index.php?topic=82983.0

There might be someone locally willing to do a trade with you:

 - http://www.LocalBitcoins.com

[Bitcopia]

Bitcopia.com will be up and running by October 1st with a cash deposit option as well as an insured cash in mail option. Keep an eye out for us!

[Babaji]

If you really want to avoid the tax issues, you might think along the lines of getting an anonymous debit card made with your BTC, then using that to purchase an Amex prepaid card at your local grocery store.  Open the package when you get home and call the customer service number to request a refund, saying you just read the T&C and "do not accept."  As long as you didn't purchase the gift card online, they will send you a check in the mail payable and addressed to whatever you request.  You can then deposit this or cash it anonymously then go to WF for the final deposit.  Just saying, there are many options...