Do you think I would need a business paypal account to conduct this or would a personal be ok? Again, the person im dealing with is completely trusted, the problem im facing is taxes and would paypal shut me down.
Paypal should be plenty enough to use tbh. The issue of paypal shutting you down isn't necessarily avoided if you pick a Business account or a personal one. The issue is still retained whether you make a personal or business, hence do take care of that. Best possible solution would most probably be getting your money out of paypal immediately after you receive it. The Tax issue has already been addressed, and basically paypal shutting you down could not be avoided BUT you can avoid getting your money locked inside by transferring it immediately. Just coordinate with the other guy if your paypal account got locked so he knows. 
Topic: Selling bitcoin for paypal. Do I need a license to do this/ need tax advice. - page 2. (Read 693 times)
June 11, 2020, 03:43:10 AM
June 11, 2020, 01:40:57 AM
Do you think I would need a business paypal account to conduct this or would a personal be ok? Again, the person im dealing with is completely trusted, the problem im facing is taxes and would paypal shut me down.
June 10, 2020, 05:28:51 AM
I do not have to say that bitcoin and other cryptocurrencies has nothing to do with the governments again because it has been said above, and so, in this case, bitcoin has nothing to do with any license. So because of this, there are a lot of scammers while using bitcoin to do this kind of trade, be careful not to be scammed.
June 10, 2020, 01:28:21 AM
My question is, I am selling bitcoin to a trusted individual, he sends me PayPal for bitcoin. He will be sending me $5,000 in PayPal per day and I will be sending him $4,750 in bitcoin per day keeping $250. Do I need a license to conduct this or any other tax advice I should know about? Thanks.
Don't you worry about taxes because Government has no power to impose that in online transaction such as Paypal to Bitcoin,what concerns me like what the above poster is the Locking of your account in Paypal though this will valid if you use for transacting in illegal or something related that Paypal will detect.
For me what is the most important thing here?is that you need to consider using "ESCROW" though there might be a fee yet you can be sure of the safety transaction though you have already mentioned that your partner is a trusted person yet assurance is what you need here.
June 10, 2020, 12:25:44 AM
Honestly I'd be more worried about PayPal potentially locking up your account. Based on my experience being on the eCommerce(and internet marketing in general) industry, PayPal is very notorious of randomly locking up people's accounts without giving a specific reason, potentially locking you out of your money for months end. And I'm talking about online stores that sells physical goods, what more digital goods? Significantly more prone to locks in my opinion.
June 09, 2020, 11:44:42 PM
In this transaction there is no fraud completely trusted individual. Since I am sending $4750 in BTC and receiving $5000 in paypal I would only need to pay taxes on the $250 prrofit I receive per day, correct?
The profit is all yours. You do not have to worry about paying taxes since the Internal Revenue Service (IRS) is still not giving an official statement about taxing or regulating bitcoin in general. You only need to worry about is the transaction fees you will be utilizing upon sending your bitcoin from his/her bitcoin wallet. June 09, 2020, 11:28:38 PM
You do not need to worry about tax issues or any government related terms and condition other than transaction fees. However there are some countries that eyes bitcoin for having such taxes but still no government accomplished to regulate bitcoin as of now. It is still in gray zone.
Moreover, if you are selling bitcoin using localbitcoins then you are going to undergo KYC in order to use their services. In your case, the only thing you need to worry about is that the person you are transacting with is not a fraud.
Moreover, if you are selling bitcoin using localbitcoins then you are going to undergo KYC in order to use their services. In your case, the only thing you need to worry about is that the person you are transacting with is not a fraud.
In this transaction there is no fraud completely trusted individual. Since I am sending $4750 in BTC and receiving $5000 in paypal I would only need to pay taxes on the $250 prrofit I receive per day, correct?
June 09, 2020, 11:23:39 PM
You do not need to worry about tax issues or any government related terms and condition other than transaction fees. However there are some countries that eyes bitcoin for having such taxes but still no government accomplished to regulate bitcoin as of now. It is still in gray zone.
Moreover, if you are selling bitcoin using localbitcoins then you are going to undergo KYC in order to use their services. In your case, the only thing you need to worry about is that the person you are transacting with is not a fraud.
Moreover, if you are selling bitcoin using localbitcoins then you are going to undergo KYC in order to use their services. In your case, the only thing you need to worry about is that the person you are transacting with is not a fraud.
June 09, 2020, 11:05:05 PM
My question is, I am selling bitcoin to a trusted individual, he sends me PayPal for bitcoin. He will be sending me $5,000 in PayPal per day and I will be sending him $4,750 in bitcoin per day keeping $250. Do I need a license to conduct this or any other tax advice I should know about? Thanks.
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