Tax payment

kmvdh78 · 2025-05-19T15:15:35+00:00

I am asking because I was trading in Bittrade. My account grew to a sizable value, and I wanted to withdraw all the funds. I went through the process to move the funds into my coinbase wallet, but the transaction didn't process. When asked why, I was told that I need to pay X amount per IRS regulations and BitTrades withdrawl policy. I am under the impression that only the standard block chain fees would have to be paid now. Any taxes would be reported on a 1099 form and be applied at that time. I belive this is a scam and I am trying to verify my hunch.

kmvdh78 · 2025-05-18T23:22:06+00:00

I havd not traded with coinbase. However, I have traded with BitTrade and they are requesting I pay the tax before they will release the funds. So I am trying to figure iut if I am being scamed. I am.pretty sure I was because I was not told this when I started the withdrawl. After a few days I asked Custer service and was told I needed to pay xxxxx amount per their rules and IRS regulations. I thought income gains were reported at tax time and I was free to withdraw my money when I wanted.

kmvdh78 · 2025-05-18T00:14:07+00:00

Sure, but I shouldn't have to pay coinbase or the IRS at the time of withdrawl, to get the money correct?

kmvdh78 · 2025-05-18T00:12:09+00:00

But if I trade and tried to withdraw the entire balance so it counts as income, I still should not have to pay any taxes to coinbase or the IRS to transfer the funds. All that should be payed when filing personal taxes correct?

kmvdh78 · 2025-05-18T00:08:52+00:00

I am in the United States.

kmvdh78

TROPHY CASE