Is it legal to sell bitcoin in person for cash? - page 2.

Mobius

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Quote from: EternalWingsofGod on August 10, 2014, 03:24:30 AM

Quote from: psudoBTC on August 09, 2014, 05:52:47 PM

Quote from: bigasic on August 06, 2014, 06:43:03 PM

I was wondering if its legal to sell bitcoins for cash in person using localbitcoins? I think it would be if I declared all income on my taxes. I wouldn't be a money transmitter as I would be receiving or giving the cash directly/in person. What are your thoughts on this?

What laws do you think you might be breaking by doing this? I certainly can't think of any that you might be breaking.

If its a very large amount money laundering, transacting without a license, not declaring personal income and taxable income and similar sorts of things.
Probally the stuff they charge drug dealers with lol.

Selling BTC for cash does not break any of these laws. If you comply with AML laws when trading face to face then you have nothing to worry about. The OP did not say anything about failing to report large transactions nor did it say anything about not getting ID for trades.

Nawaytes

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it's still gray, it's legal if you consider it legal,
responsibility present in each individual

forsakenpnut

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Over 10,000 you need to declare it to your gouvernment.

EternalWingsofGod

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Quote from: psudoBTC on August 09, 2014, 05:52:47 PM

Quote from: bigasic on August 06, 2014, 06:43:03 PM

I was wondering if its legal to sell bitcoins for cash in person using localbitcoins? I think it would be if I declared all income on my taxes. I wouldn't be a money transmitter as I would be receiving or giving the cash directly/in person. What are your thoughts on this?

What laws do you think you might be breaking by doing this? I certainly can't think of any that you might be breaking.

If its a very large amount money laundering, transacting without a license, not declaring personal income and taxable income and similar sorts of things.
Probally the stuff they charge drug dealers with lol.

psudoBTC

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Quote from: bigasic on August 06, 2014, 06:43:03 PM

I was wondering if its legal to sell bitcoins for cash in person using localbitcoins? I think it would be if I declared all income on my taxes. I wouldn't be a money transmitter as I would be receiving or giving the cash directly/in person. What are your thoughts on this?

What laws do you think you might be breaking by doing this? I certainly can't think of any that you might be breaking.

Inotanewbie

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It is not illegal but you may qualify as a MSB and would need to follow AML requirements (which are very complex).

umairsaleem010

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Quote from: depakote on August 06, 2014, 08:43:44 PM

no i dont think its illegal unless your doing transfers well over 10,000 then i guess it has to be reported like anything else

Why not just sell for 1m and say you did shots of 9k

haploid23

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Quote from: EternalWingsofGod on August 07, 2014, 02:43:47 AM

Quote from: bigasic on August 06, 2014, 06:43:03 PM

I was wondering if its legal to sell bitcoins for cash in person using localbitcoins? I think it would be if I declared all income on my taxes. I wouldn't be a money transmitter as I would be receiving or giving the cash directly/in person. What are your thoughts on this?

Sure your not a money transmitter, unless you make a big business of doing it.
Otherwise its just exchanges and barters.

What amount in fiat is considered money transmitter? I know there is not an exact threshold number, but a range would be fine.

wasserman99

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Quote from: bigasic on August 06, 2014, 06:43:03 PM

I was wondering if its legal to sell bitcoins for cash in person using localbitcoins? I think it would be if I declared all income on my taxes. I wouldn't be a money transmitter as I would be receiving or giving the cash directly/in person. What are your thoughts on this?

It's "property" which can be sold like any other -- house, car, personal belongings. You're supposed to pay taxes (it sounds like you are in the USA, so likely capital gains would be the most sensible way to report), but obviously this is difficult to enforce with cash. If it were illegal, I suspect LBC would be hearing from the US government, considering the number of US residents that use it.

Shen yingying

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I think BTC like property, It should be legal with tax income,

Omniescient

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Quote from: bigasic on August 06, 2014, 06:43:03 PM

I was wondering if its legal to sell bitcoins for cash in person using localbitcoins? I think it would be if I declared all income on my taxes. I wouldn't be a money transmitter as I would be receiving or giving the cash directly/in person. What are your thoughts on this?

i think if you want sell big bticoin you should use exchange better than other . thats good .
good luck on selling your coins .

EternalWingsofGod

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Quote from: bigasic on August 06, 2014, 06:43:03 PM

I was wondering if its legal to sell bitcoins for cash in person using localbitcoins? I think it would be if I declared all income on my taxes. I wouldn't be a money transmitter as I would be receiving or giving the cash directly/in person. What are your thoughts on this?

Sure your not a money transmitter, unless you make a big business of doing it.
Otherwise its just exchanges and barters.

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Quote from: depakote on August 06, 2014, 08:43:44 PM

no i dont think its illegal unless your doing transfers well over 10,000 then i guess it has to be reported like anything else

what if you use those money for food? food is not trackable

balanghai

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It would be legal if you pay Caesar what's due to him. Grin

bitkanu

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Quote from: bigasic on August 06, 2014, 10:58:59 PM

In the usa, I know if I did everything electronically, I would have to have specific licenses, but I dont think i need them if I do the transaction manually and im the buyer/seller. So I think im good as long as I keep the amount to a minimum.

your idea is good you can do transaction manually .but this is a fine when you are doing this in the local area! you are not spending more money for traveling . if you are doing this outside the state you have to pay high money of traveling as transaction fee . who will pay this money to you. you can not deposit directly to any one account high amount of money .

bigasic

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In the usa, I know if I did everything electronically, I would have to have specific licenses, but I dont think i need them if I do the transaction manually and im the buyer/seller. So I think im good as long as I keep the amount to a minimum.

Fioraver

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Basically all the world's countries have no laws in this regard, you can try it.

depakote

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no i dont think its illegal unless your doing transfers well over 10,000 then i guess it has to be reported like anything else

cooldgamer

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Well according to the IRS it would be selling property, so pretty sure it would be legal if you paid gains on it like anything else

bigasic

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I was wondering if its legal to sell bitcoins for cash in person using localbitcoins? I think it would be if I declared all income on my taxes. I wouldn't be a money transmitter as I would be receiving or giving the cash directly/in person. What are your thoughts on this?

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