So up until today I have used bankwires for payouts, usually in the 3000 range at a time with a fee of 65 total (45 from book and 20 from bank for incoming wire) ... now I am told they are no longer offering and are REALLY pushing crypto as possibly the only option, I have about 10k+ in there that I need to get out.
I am familiar with BTC, and have done many trades with my coinbase acct, so thats not the question, my question is this, I am told to open an Atomic BTC wallet to receive the payout, then to transfer from there to coinbase to cash out into my bank.
My concerns are two-fold, the fees involved in BTC are quite high for transactions, what am I looking at per $5000 payout in fees especially since theres so many layers, Atomic, Coinbase, sale fee, etc...
And more importantly the taxes involved? When I sell the BTC on coinbase that will trigger a 1099 from them but there will be no cost basis involved? So the cost basis will basically be 0 and I will be taxed on the full amount?
of course, this doesnt even take into account the volatility of BTC itself, if they pay me when its 32k, then plummets to 25k that night Its like another loss (I understand it can go the other way too, but the fact is its very volatile)
Someone who does BTC payouts in the thousands please fill me in on anything I should know!