Is it illegal for me to sell my Bitcoins? - page 7.

Gahs

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Quote from: Blinken on March 10, 2015, 07:53:45 AM

I heard that some people have been arrested and charged with "transmitting money without a license" for selling Bitcoins.

Does this mean it is illegal for me to sell my Bitcoins?

It all depends on the country those people are, and the laws operating there. I think they have a bitcoin-ban there, because ordinarily bitcoin is a commodity and you shouldn't need a license to sell goods unless you are dealing with illegal goods. E.g do I need a license to sell books? It depend on the laws of the land.

Superbitzz

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Quote from: QuestionAuthority on July 18, 2016, 11:38:27 AM

The fact that this question even exists is a very bad statement about the public perception of Bitcoin.

i dont think so. i think that is such a simple question. if bitcoin is banned in your country then it is illegal for you to buy or sell bitcoin. and if it is not bane then you are free and you can do buy or sell your bitcoin very easily. so what is wrong in this statement. i dont see any thing wrong in this statement.

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The fact that this question even exists is a very bad statement about the public perception of Bitcoin.

Cresciuanto

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Quote from: Maesters1- on July 17, 2016, 10:00:58 AM

if some state declare it clearly that buy and selling of bitcoin is illegal then certainly it must be illegal for the poople of those countries. and those countries who have no statement about bitcoin or those who has consider the buying and selling of bitcoin legal then it is not illegal. then it is legal there.

if selling of bitcoin is illegal then buying of bitcoin will also be illegal. then you buy it. i think selling of bitcoin in some countries will be illegal but just like the drugs but in some countries where they have legalize it there it will be legal to sell or buy it.

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if some state declare it clearly that buy and selling of bitcoin is illegal then certainly it must be illegal for the poople of those countries. and those countries who have no statement about bitcoin or those who has consider the buying and selling of bitcoin legal then it is not illegal. then it is legal there.

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Quote from: Cresciuanto on July 16, 2016, 10:29:42 AM

Quote from: Syke on July 15, 2016, 04:59:27 PM

Quote from: Cresciuanto on July 15, 2016, 10:34:47 AM

but i think if the bitcoin is stil not regularize and yet not legalize. then how can one pay tax for bitcoin. is there in USA there is a framwork of Taxes for bitcoin. i dont think so. therefore i will like to say that it is not illegal for any one to use sell their bitcoin.

Yes, there is a "framework". It is very clear.

https://www.irs.gov/uac/newsroom/irs-virtual-currency-guidance

Quote

virtual currency is treated as property for U.S. federal tax purposes.

It is taxed.

is there any virtual currency in USA which is tax payed. i have no idea about this. its mean that you want to say that bitcoin is tax payed currency. i think USA has yet not legalize it.

I think bitcoin is legal because there is no news about bitcoin is illegal to use .. so its legal for me to use bitcoin anywhere..
If they announce that bitcoin is illegal to use why we all here using bitcoin?

Cresciuanto

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Quote from: Syke on July 15, 2016, 04:59:27 PM

Quote from: Cresciuanto on July 15, 2016, 10:34:47 AM

but i think if the bitcoin is stil not regularize and yet not legalize. then how can one pay tax for bitcoin. is there in USA there is a framwork of Taxes for bitcoin. i dont think so. therefore i will like to say that it is not illegal for any one to use sell their bitcoin.

Yes, there is a "framework". It is very clear.

https://www.irs.gov/uac/newsroom/irs-virtual-currency-guidance

Quote

virtual currency is treated as property for U.S. federal tax purposes.

It is taxed.

is there any virtual currency in USA which is tax payed. i have no idea about this. its mean that you want to say that bitcoin is tax payed currency. i think USA has yet not legalize it.

Syke

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Quote from: Cresciuanto on July 15, 2016, 10:34:47 AM

but i think if the bitcoin is stil not regularize and yet not legalize. then how can one pay tax for bitcoin. is there in USA there is a framwork of Taxes for bitcoin. i dont think so. therefore i will like to say that it is not illegal for any one to use sell their bitcoin.

Yes, there is a "framework". It is very clear.

https://www.irs.gov/uac/newsroom/irs-virtual-currency-guidance

Quote

virtual currency is treated as property for U.S. federal tax purposes.

It is taxed.

Cresciuanto

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Quote from: GreenBits on July 14, 2016, 06:50:44 PM

Quote from: hermanhs09 on July 14, 2016, 05:09:34 PM

It is not illegal to sell bitcoins,unless the goverment in your country will say that using btc at general is banned.
However buying/selling btc is some kind of a grey area,the goverment does not get taxes for it,and nobody controlls it actually.But it is not illegal in most of countries.

The taxes are actually the fine point of the matter. You can sell as much as you want, as long as you declare the sales as capital gains so it can be appropriately taxed. Failure to do this is tax evasion, which I absolutely assure you is illegal.

In the United States at least. It could be outright illegal to possess btc in some jurisdictions, period. Follow the law, it's not worth it.

but i think if the bitcoin is stil not regularize and yet not legalize. then how can one pay tax for bitcoin. is there in USA there is a framwork of Taxes for bitcoin. i dont think so. therefore i will like to say that it is not illegal for any one to use sell their bitcoin.

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Quote from: hermanhs09 on July 14, 2016, 05:09:34 PM

It is not illegal to sell bitcoins,unless the goverment in your country will say that using btc at general is banned.
However buying/selling btc is some kind of a grey area,the goverment does not get taxes for it,and nobody controlls it actually.But it is not illegal in most of countries.

The taxes are actually the fine point of the matter. You can sell as much as you want, as long as you declare the sales as capital gains so it can be appropriately taxed. Failure to do this is tax evasion, which I absolutely assure you is illegal.

In the United States at least. It could be outright illegal to possess btc in some jurisdictions, period. Follow the law, it's not worth it.

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Quote from: hermanhs09 on July 14, 2016, 05:09:34 PM

It is not illegal to sell bitcoins,unless the goverment in your country will say that using btc at general is banned.
However buying/selling btc is some kind of a grey area,the goverment does not get taxes for it,and nobody controlls it actually.But it is not illegal in most of countries.

In the US the taxation of Bitcoins is very black and white - not gray.

You calculate the dollar difference between what you sold the BTC for and what you bought them for. If you have a gain it is taxed as a capital gain. End of story. The IRS ruled on this. If you do not pay the tax you are evading taxes. Also very black and white.

hermanhs09

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It is not illegal to sell bitcoins,unless the goverment in your country will say that using btc at general is banned.
However buying/selling btc is some kind of a grey area,the goverment does not get taxes for it,and nobody controlls it actually.But it is not illegal in most of countries.

BurtW

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Quote from: abugseuf on July 14, 2016, 03:39:21 PM

Quote from: LuckyYOU on November 30, 2015, 05:02:16 AM

It depends on where you're from. It's best to always report it when you're doing your taxes just to be safe and be sure you won't run into those kinda of problems of having to pay back.

can you mention any place where people pay taxes on bitcoin. i think still there is not a single country who have imposed tax on bitcoin. it is still tax free and the reason is that still not a sing le country legalize bitcoin.

What?

In the USA every single Bitcoin sale is taxable as a capital gain.

The IRS has ruled that Bitcoins are just like any other stock or property: you pay the capital gains tax on the difference between what you bought it for (the basis) and what you sold it for.

If you sell it for a loss then you can figure those losses against your gain just like any stock purchase and sale.

The difference between long term and short term capital gains also applies to Bitcoin sales.

abugseuf

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Quote from: LuckyYOU on November 30, 2015, 05:02:16 AM

It depends on where you're from. It's best to always report it when you're doing your taxes just to be safe and be sure you won't run into those kinda of problems of having to pay back.

can you mention any place where people pay taxes on bitcoin. i think still there is not a single country who have imposed tax on bitcoin. it is still tax free and the reason is that still not a sing le country legalize bitcoin.

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Quote from: Cresciuanto on July 14, 2016, 11:37:52 AM

how can you say that ? and how is it be so? i think it is legal to sell or to keep your bitcoin. it is your property and you have the fully rights to use it according to your own wishes.

i think the possibility that it can be illegal or you can't hold it if you are in north korea because there everything is under the control of their minister even internet.

Cresciuanto

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how can you say that ? and how is it be so? i think it is legal to sell or to keep your bitcoin. it is your property and you have the fully rights to use it according to your own wishes.

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Quote from: calkob on December 07, 2015, 12:06:38 PM

I doubt it very much, i would say that you would only get into trouble if you where making a business out of it and you didnt pay your taxes. Here in the UK i really dont think there would be any laws against selling your bitcoin as long as you didnt make a fortune, but then thats a whole other issue. its a tax issue not a bitcoin issue.

I don't think it's illegal until and unless you pay your taxes and Bitcoin is something which you could probably save and keep it secret and spend it when it becomes mainstream without any fear

calkob

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I doubt it very much, i would say that you would only get into trouble if you where making a business out of it and you didnt pay your taxes. Here in the UK i really dont think there would be any laws against selling your bitcoin as long as you didnt make a fortune, but then thats a whole other issue. its a tax issue not a bitcoin issue.

BurtW

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Quote from: Fredomago on December 04, 2015, 03:10:32 AM

Quote from: gerald-80 on December 02, 2015, 10:07:39 AM

You are providing much needed liquidity to your local Bitcoin economy. Keep up the good work!

In some countries/states, if your transactions are over certain limit, you have to apply for a license. Otherwise, it is illegal.

What exactly is the limit in your jurisdiction. Please give source.

Fredomago

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Quote from: gerald-80 on December 02, 2015, 10:07:39 AM

You are providing much needed liquidity to your local Bitcoin economy. Keep up the good work!

In some countries/states, if your transactions are over certain limit, you have to apply for a license. Otherwise, it is illegal.

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