Selling my BTC to friend in USA.. Legal or not ??

shield132

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Quote from: niehues313 on May 01, 2018, 04:17:22 PM

Quote from: The Sceptical Chymist on May 01, 2018, 04:10:39 PM

Yep, it's totally legal at least in the US, as long as you pay taxes on it. If you don't, that's a problem in the eyes of the IRS but the buying of it from a person in S. America (or anywhere else) is legal. Bitcoin isn't illegal in the US as you probably know, and in fact there are US-based exchanges like Coinbase that are major dealers.

Thanks for reply man. But let me see if I understand what you mean.

Once I sell my bitcoin(bought in S. America) to a Localbitcoins User in USA.. I should pay taxes for it? Or you just pay taxes in the act of PURCHASE, not the act of SELLING?

How would one go about paying these taxes? Talk to an accountant?

Thanks again.

Doesn't it depends on state too?
I highly doubt you have to pay any kind of fee in this situation. I have paid btc and received same $ on paypal from one of my american friend and he didn't payed any taxes. But if it's very important for you, I suggest you to PM this man, he is very busy and try to write shortly and one PM is better.
Here's his profile: minerjones -https://bitcointalk.org/index.php?action=profile;u=346731

niehues313

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Quote from: Coinky on May 02, 2018, 09:56:22 AM

US laws do not applicable to you.If you follow your country law you are safe
The rules, if any apply to buyer in that country

Thanks Coinky, thats what I thought originally.

Coinky

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US laws do not applicable to you.If you follow your country law you are safe
The rules, if any apply to buyer in that country

niehues313

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Activity: 54

Merit: 0

Quote from: The Sceptical Chymist on May 01, 2018, 04:21:15 PM

Quote from: niehues313 on May 01, 2018, 04:17:22 PM

Quote from: The Sceptical Chymist on May 01, 2018, 04:10:39 PM

Yep, it's totally legal at least in the US, as long as you pay taxes on it. If you don't, that's a problem in the eyes of the IRS but the buying of it from a person in S. America (or anywhere else) is legal. Bitcoin isn't illegal in the US as you probably know, and in fact there are US-based exchanges like Coinbase that are major dealers.

Thanks for reply man. But let me see if I understand what you mean.

Once I sell my bitcoin(bought in S. America) to a Localbitcoins User in USA.. I should pay taxes for it? Or you just pay taxes in the act of PURCHASE, not the act of SELLING?

How would one go about paying these taxes? Talk to an accountant?

Thanks again.

On your end, I think you'd have to pay the tax whenever it is you normally file your taxes. If I were to buy or sell bitcoin in the US, I'd declare it in April as either capital gains or miscellaneous income. I don't know how it works in Latin America. I don't think you have to immediately pay the tax. But the bitcoin you have from mining is income for you, so your government (I assume) expects you to pay taxes on that. Most people don't, but when you don't you're risking getting fined for not doing so or possibly going to jail.

Yes, I'd advise you to talk to an accountant. Don't rely on me or anyone else here for rock solid advice. I'm not an accountant and certainly don't know the rules for where you're at. Good luck.

Got it, I`ll check more into that with an accountant. thanks.

The Sceptical Chymist

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Quote from: niehues313 on May 01, 2018, 04:17:22 PM

Quote from: The Sceptical Chymist on May 01, 2018, 04:10:39 PM

Yep, it's totally legal at least in the US, as long as you pay taxes on it. If you don't, that's a problem in the eyes of the IRS but the buying of it from a person in S. America (or anywhere else) is legal. Bitcoin isn't illegal in the US as you probably know, and in fact there are US-based exchanges like Coinbase that are major dealers.

Thanks for reply man. But let me see if I understand what you mean.

Once I sell my bitcoin(bought in S. America) to a Localbitcoins User in USA.. I should pay taxes for it? Or you just pay taxes in the act of PURCHASE, not the act of SELLING?

How would one go about paying these taxes? Talk to an accountant?

Thanks again.

On your end, I think you'd have to pay the tax whenever it is you normally file your taxes. If I were to buy or sell bitcoin in the US, I'd declare it in April as either capital gains or miscellaneous income. I don't know how it works in Latin America. I don't think you have to immediately pay the tax. But the bitcoin you have from mining is income for you, so your government (I assume) expects you to pay taxes on that. Most people don't, but when you don't you're risking getting fined for not doing so or possibly going to jail.

Yes, I'd advise you to talk to an accountant. Don't rely on me or anyone else here for rock solid advice. I'm not an accountant and certainly don't know the rules for where you're at. Good luck.

niehues313

newbie

Activity: 54

Merit: 0

Quote from: The Sceptical Chymist on May 01, 2018, 04:10:39 PM

Yep, it's totally legal at least in the US, as long as you pay taxes on it. If you don't, that's a problem in the eyes of the IRS but the buying of it from a person in S. America (or anywhere else) is legal. Bitcoin isn't illegal in the US as you probably know, and in fact there are US-based exchanges like Coinbase that are major dealers.

Thanks for reply man. But let me see if I understand what you mean.

Once I sell my bitcoin(bought in S. America) to a Localbitcoins User in USA.. I should pay taxes for it? Or you just pay taxes in the act of PURCHASE, not the act of SELLING?

How would one go about paying these taxes? Talk to an accountant?

Thanks again.

The Sceptical Chymist

legendary

Activity: 3500

Merit: 6981

Top Crypto Casino

Yep, it's totally legal at least in the US, as long as you pay taxes on it. If you don't, that's a problem in the eyes of the IRS but the buying of it from a person in S. America (or anywhere else) is legal. Bitcoin isn't illegal in the US as you probably know, and in fact there are US-based exchanges like Coinbase that are major dealers.

niehues313

newbie

Activity: 54

Merit: 0

Hi.. in the eyes of the US LAW.. Is it legal to sell the bitcoin I earned in My country(Its in Latin America) to a friend or localbitcoins member in USA? He deposits it, or wires to my american bank account, in Wells Fargo? I want to start doing this monthly in small quantities.. +-500 usd.. would that be a problem under current US legislation?

The proceds are from mining BTW.

Thanks.

Topic: Selling my BTC to friend in USA.. Legal or not ?? (Read 152 times)