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Title: Selling my BTC to friend in USA.. Legal or not ?? Post by: niehues313 on May 01, 2018, 09:05:49 PM 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. Title: Re: Selling my BTC to friend in USA.. Legal or not ?? Post by: The Sceptical Chymist on May 01, 2018, 09:10:39 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.
Title: Re: Selling my BTC to friend in USA.. Legal or not ?? Post by: niehues313 on May 01, 2018, 09:17:22 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. Title: Re: Selling my BTC to friend in USA.. Legal or not ?? Post by: The Sceptical Chymist on May 01, 2018, 09:21:15 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. 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. Title: Re: Selling my BTC to friend in USA.. Legal or not ?? Post by: niehues313 on May 01, 2018, 09:26:18 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. 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. Title: Re: Selling my BTC to friend in USA.. Legal or not ?? Post by: Coinky on May 02, 2018, 02:56:22 PM 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 Title: Re: Selling my BTC to friend in USA.. Legal or not ?? Post by: niehues313 on May 02, 2018, 08:54:01 PM 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. Title: Re: Selling my BTC to friend in USA.. Legal or not ?? Post by: shield132 on May 03, 2018, 12:11:02 AM 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. 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 |