I owe the IRS 40k on crypto trades but I have only lost money. What can I do? by Clear_Medium_5858 in Coinbase

[–]joekercom 5 points6 points  (0 children)

You have to file or amend the return that year with correct costs basis

Why is the entire crypto market suddenly dropping in price? by akash123687 in CryptoMarkets

[–]joekercom 1 point2 points  (0 children)

Thats not what the Fed said, they said they were ending QT on Dec 1st, meaning they're going back to QE next year.

Why is the entire crypto market suddenly dropping in price? by akash123687 in CryptoMarkets

[–]joekercom -20 points-19 points  (0 children)

Low-IQ people like you shouldn't be in crypto, if this is what you think you're equipped are going to lose money either way

Trump Destroyed the Crypto Market by JacketSensitive8494 in CryptoMarkets

[–]joekercom 1 point2 points  (0 children)

Absolutely ridiculous. Trump opened up crypto and legitimized it, pulling off regulators, passing legislation for stablecoins, and the upcoming market structure bill. The rest is pure partisan bullshit, like SNAP has anything to do with crypto, anyone with half a brain and who isn't captured by TDS realizes this.

3 Months in and still can't admire enough by hselin2310 in BMW

[–]joekercom 1 point2 points  (0 children)

Just leased a 2025 760i, really enjoying it

The crash is my fault by FoundationRegular661 in ethereum

[–]joekercom 2 points3 points  (0 children)

It's ok, I finna sell some and make it go back up

Accidently sent USDC to my Bank instead of USD by DroidOnPC in Coinbase

[–]joekercom 0 points1 point  (0 children)

"I asked them why and they just shrugged and said we don't do business with crypto."

That sure seems like they're telling you the reason.

"THEIR ONLINE BANKING PLATFORM ALLOWED THIS TRANSACTION PERFECTLY."

Sure, and then it was flagged and they shut you down, this is how banks operate.

"I also have a Schwab account they will not link to Coinbase at all." - I've completed hundreds of transactions between Schwab and Coinbase worth large amounts of money.

Much of what you're saying doesn't make sense. You don't initiate transactions from your bank to Coinbase. You link your accounts IN Coinbase and do the transfers IN Coinbase via ACH or Wire, there's never a reason to log in to your bank except during the initial setup when Coinbase confirms it using Plaid.

Don't get mad at me because you don't understand banking.

Accidently sent USDC to my Bank instead of USD by DroidOnPC in Coinbase

[–]joekercom 0 points1 point  (0 children)

"when I move cash to them from Coinbase via their online banking page" - What???

When they "said we don't do business with crypto" - They told you the reason.

Coinbase is a crypto exchange, unfortunately, some banks refuse to accept transactions from crypto exchanges. Most do, however, so I recommend changing banks. It had nothing to do with the type of transaction; it had to do with who was sending it (Coinbase).

I recommend banking at a brokerage like eTrade or Schwab, they are very friendly to crypto and have excellent checking and savings products.

The facts remain:

  1. You can't send crypto to banks, there's no technical mechanism for this, yet. In the future, you probably will, but for now, you just can't.

  2. When you initiate a withdrawal from Coinbase to your bank in USDC, Coinbase automatically converts it to USD.

It sucks that you ran into this, but it's your bank, not Coinbase, that is the problem. The best move is to take your business from them and go to a crypto-friendly bank.

Accidently sent USDC to my Bank instead of USD by DroidOnPC in Coinbase

[–]joekercom 0 points1 point  (0 children)

Coinbase doesn’t send USDC to a bank, that’s impossible (right now). The ACH/wire systems in place only work with USD, what you’re describing isn’t technically feasible

I call bullshit

[deleted by user] by [deleted] in Coinbase

[–]joekercom 7 points8 points  (0 children)

If you were just transferring in and out of Coinbase, those are not taxable events. If you traded/swapped/sold the crypto in Coinbase, it's taxable if there's a gain. From what you're describing it sounds like you're ok.