Possibly Audited For BTC

So the otherday I was at the bank and person on the next counter was making a bitcoin transaction. They exchanged money and I overhear the teller saying, "You have so many transactions, you could be audited, as it appears to look like money laundering. The IRS also Audited several of their customers last year."

I tried to Google this but there wasn't much to offer (and reddit).


Comments


[9 Points] DooshNozzzle:

cash only fuck using the exchanges. especially if you're a vendor. I pay rent and all my bills with cash. If you don't have any check deposits/auto deposit from a business, just cash deposits, and no job, and you're spending thousands of dollars a month, that looks realllly bad.

also keep all your activity under 10k or it will trigger an IRS alert.


[3 Points] XaviTheChemist:

Depending on your country. Some may require taxes when you transfer crypto--> fiat


[2 Points] ReneeDeVillefort:

Was this in the US? What US bank was it? I'm not aware of any that are accepting bitcoin, and once they do, it opens a whole new level of government oversight. Re: "audit," the government could examine your bank account of they believe there is suspicious activity, such as structured deposits/withdrawals, large jewelry purchases, etc. And it's not the IRS that will look into money laundering, there are other agencies in the Treasury Department that handle those cases.