So confused | Bitcointalksearch.org

bgibso01

legendary

Activity: 1218

Merit: 1001

Quote from: ashour on April 11, 2015, 02:53:54 AM

If you really want to take it safe just ask the IRS that you are going to buy some bitcoin and they will probably tell what you need to do before buying them. But there isn't any risk if you buy a small amount like 1-2 bitcoins. Good luck !

The IRS is the LEAST of the agencies to worry about. The Treasury department is the BIG one with your local state being next. AML/KYC are big issues for them and they can use it like a club. There are contradicting statements in their responses and rulings. It is a very gray area right now and unless you have the funds to go to trial, whatever FINCEN wants to say is what the rules are.

ashour

sr. member

Activity: 490

Merit: 250

If you really want to take it safe just ask the IRS that you are going to buy some bitcoin and they will probably tell what you need to do before buying them. But there isn't any risk if you buy a small amount like 1-2 bitcoins. Good luck !

bgibso01

legendary

Activity: 1218

Merit: 1001

Look at the FINCEN statement regarding miners: http://www.fincen.gov/news_room/rp/rulings/html/FIN-2014-R001.html

I've got a clarification request in to them right now regarding "purchasing" = "mining" and "one person" vs. "person".

I'd let a lawyer or FINCEN have the final say, but it reads as though it doesn't matter if you mine the coins or purchase them, you can sell them for cash as long as you keep the cash and use it yourself. But who knows for sure what they mean regarding receiving cash from one person and providing value to person.

Also, the $1,000 amount is an exception amount for not having to file as a MSB.

Finally, NY has their own regs to deal with on top of FINCEN. I have no clue about them.

Epilogue: It sounds like folks have still got in trouble for swapping bitcoins for cash, so I don't think anyone really knows what's going on.

Jimmy Wales

member

Activity: 144

Merit: 17

Quote from: Orhan1337 on April 02, 2015, 04:26:29 PM

I reside in the USA (NY state) and I would like to buy and sell Bitcoins. After reading the news I came to the conclusion that Bitcoins can lead one to jail... USA requests individuals to have a money transmitter license to perform trades.

Am I able to buy and sell Bitcoins for profit without a money transmitter license? If so what is the daily limits to how much I can buy and sell?

I think the best option is to use regulated exchanges like CoinBase, Circle or Gemini. If you use direct trading exchanges like LocalBitcoins or 100bit.co.in, only go for online transaction. Cash deals are always dangerous for bitcoin.

sherbyspark

hero member

Activity: 910

Merit: 1000

Quote from: Orhan1337 on April 03, 2015, 06:36:16 PM

Quote from: sherbyspark on April 02, 2015, 05:03:57 PM

Quote from: Orhan1337 on April 02, 2015, 04:26:29 PM

I reside in the USA (NY state) and I would like to buy and sell Bitcoins. After reading the news I came to the conclusion that Bitcoins can lead one to jail... USA requests individuals to have a money transmitter license to perform trades.

Am I able to buy and sell Bitcoins for profit without a money transmitter license? If so what is the daily limits to how much I can buy and sell?

I am not a 100% sure what the daily limits are , but if you try and stay below 1000 USD on a daily basis, then you should not be requiring the license. Otherwise, they can make a case on money laundering. And do pay your taxes .

Do the daily limits change per state? I live in NYS, so I am not sure what my daily limits are.

I wouldn't be the correct person to ask that. You can look up the laws in your city, or maybe ask someone who would. You can also post it in the bitcoin stackexchange, as I usually get answer to these kind of things in a better way there.

Ron~Popeil

sr. member

Activity: 406

Merit: 250

Quote from: Orhan1337 on April 03, 2015, 06:36:16 PM

Quote from: sherbyspark on April 02, 2015, 05:03:57 PM

Quote from: Orhan1337 on April 02, 2015, 04:26:29 PM

I reside in the USA (NY state) and I would like to buy and sell Bitcoins. After reading the news I came to the conclusion that Bitcoins can lead one to jail... USA requests individuals to have a money transmitter license to perform trades.

Am I able to buy and sell Bitcoins for profit without a money transmitter license? If so what is the daily limits to how much I can buy and sell?

I am not a 100% sure what the daily limits are , but if you try and stay below 1000 USD on a daily basis, then you should not be requiring the license. Otherwise, they can make a case on money laundering. And do pay your taxes .

Do the daily limits change per state? I live in NYS, so I am not sure what my daily limits are.

I am not sure there is a specific "daily limit" in any state, mainly you want to stay under the radar so to speak. You could also check with your state authority on this if you want to be absolutely sure. A lot of stuff is up in the air in NY with the potential coming regulations.

Orhan1337

member

Activity: 117

Merit: 10

Quote from: sherbyspark on April 02, 2015, 05:03:57 PM

Quote from: Orhan1337 on April 02, 2015, 04:26:29 PM

I reside in the USA (NY state) and I would like to buy and sell Bitcoins. After reading the news I came to the conclusion that Bitcoins can lead one to jail... USA requests individuals to have a money transmitter license to perform trades.

Am I able to buy and sell Bitcoins for profit without a money transmitter license? If so what is the daily limits to how much I can buy and sell?

I am not a 100% sure what the daily limits are , but if you try and stay below 1000 USD on a daily basis, then you should not be requiring the license. Otherwise, they can make a case on money laundering. And do pay your taxes .

Do the daily limits change per state? I live in NYS, so I am not sure what my daily limits are.

Amph

legendary

Activity: 3248

Merit: 1070

read this if you worry too much about that

not so recent, but it should still apply

http://www.irs.gov/pub/irs-drop/n-14-21.pdf

sherbyspark

hero member

Activity: 910

Merit: 1000

Quote from: Orhan1337 on April 02, 2015, 04:26:29 PM

I reside in the USA (NY state) and I would like to buy and sell Bitcoins. After reading the news I came to the conclusion that Bitcoins can lead one to jail... USA requests individuals to have a money transmitter license to perform trades.

Am I able to buy and sell Bitcoins for profit without a money transmitter license? If so what is the daily limits to how much I can buy and sell?

I am not a 100% sure what the daily limits are , but if you try and stay below 1000 USD on a daily basis, then you should not be requiring the license. Otherwise, they can make a case on money laundering. And do pay your taxes .

Orhan1337

member

Activity: 117

Merit: 10

I reside in the USA (NY state) and I would like to buy and sell Bitcoins. After reading the news I came to the conclusion that Bitcoins can lead one to jail... USA requests individuals to have a money transmitter license to perform trades.

Am I able to buy and sell Bitcoins for profit without a money transmitter license? If so what is the daily limits to how much I can buy and sell?

Topic: So confused (Read 1797 times)