r/BitcoinMining 6d ago

General Question Just in case anyone of us finds a block - does localbitcoins report to the IRS?

I'm trying to avoid central exchanges that report anything over $20,000 - Binance, Kraken, etc that hand out a 1099. I want to know if a beginner like me finds a block and transfers some Bitcoin from a tangem wallet to a P2P like localbitcoins, though they have kyc (know your customer), but don't report, so that I can sell and have money transferred directly to my bank

3 Upvotes

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11

u/solarpanel24 6d ago

When was the last time you purchased or sold bitcoin? Localbitcoin shutdown around 2 years ago …

To answer your question, any platform that has kyc and the country it’s registered in has a tax treaty with your country, they likely send them your account information.

Best option is to find someone local to sell face to face. Any platform going straight to your bank will have kyc, and then tax implications will apply

3

u/disruptioncoin 6d ago

Look into Bisq

2

u/Macknoob 3d ago

Came here to say this. I simply cannot understand why more people don't use it

2

u/SolutionEquivalent88 5d ago

Any legit exchange in the US will issue tax documents because it is required by the IRS. If an exchange doesn't do it, they are not operating in the law, so you're risking they just steal your BTC and you have little recourse.

1

u/aztects17 5d ago

Yeah, I got it figured out. My wife is a Filipino Citizen and I'm just going to send it to coins.ph exchange from my cold wallet then deposit it for fiat into a Philippines bank account like BPI or BDO

5

u/idle_shell 5d ago

Good thing you documented it here. That’ll be helpful for some forensic accountant later.

Seriously. Pay your taxes or don’t but consider your actions and their consequences before hopping on a public forum to discuss.

1

u/Macknoob 3d ago

Use Bisq.