Re: Using Bitcoin as down payment funds to purchase a new home with a mortgage...
Do any of you have experience with this, or would you like to hear how it works out?
I suggest you investigate Bitpay over Coinbase. They're possibly going to be less anal as they don't retail directly to the public, they just process, and they'll have lots of OTC buyers. They seem to moving towards B2B so they might be more receptive to larger sales.
Thanks. our client already has funds in Coinbase...so moving it to Bitpay could muddy the waters just because the more transfers, the worse it looks to underwriting. If it's as clean as showing the original bitcoin purchase in Coinbase, and then matching the deposit into their bank account with the sale of the same bitcoins from the same Coinbase account it paints a cleaner picture.
Coinbase should be able to produce proof/account records for this matter, I could be wrong but we would have at CEX, provided the requestor identified themself enough. The purchases should be tied to fiat account action, or if the coins are old and from off exchange, coin age (balance info) on the account should demonstrate previous ownership.
Have to ask, where did this muddy up? It seems like the best way to buy big assets with Bitcoin is to convert to USD. This should have been straightforward if the source of the coins/income can be explained to the IRS, the coinbase account is verified enough (high account limit), and the bank accepts the wire (they are going to ask about it, since it's over 10k, but it's a legitimate asset sale). Seems like the IRS would be the bastard in this, interested in this.
Keep us posted
