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RE: 3 Mining rigs earnings update - Day 26 - 8.01% ROI

in #mining7 years ago

I would seriously consider not receiving your coins on coinbase. They WILL report you to the irs and send a 1099. Coinbase is under heavy scrutiny and is now legally obligated to send anyone who does 200 transactions AND 20,000 usd worth. Coinbase transfers in are considered buys even if you didn’t buy and transfer out are considered sales even if you didn’t sell. That will seriously fuck up your 1099. A lot of people have complained about this but coinbase doesn’t give a fuck.

Why not receive your coins on a private wallet anyway? To get bitcoins basically in the privacy of your own home and then drop it in coinbase seems self destructive.

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I am not from the US and i use it because transfers from nicehash to coinbase are free.
But thanks for suggestion, i will not be transferring any bitcoins to my nicehash from now on.