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lokkom
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September 11, 2017, 04:44:00 AM |
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What can you say about tax laws in Canada for bitcoins?
If I was to cash out bitcoins do I have to pay tax or is there no law for it yet?
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"Bitcoin: the cutting edge of begging technology." -- Giraffe.BTC
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AttorneyBitcoin (OP)
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September 13, 2017, 04:36:09 AM |
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What can you say about tax laws in Canada for bitcoins?
If I was to cash out bitcoins do I have to pay tax or is there no law for it yet?
When I find some time to study law in Canada I'll let you know. I'm an attorney licensed in the State of Nevada, United States. I'm sure that there are attorneys in Canada that can answer your questions. Perhaps google the same. Vancouver always sounded like a nice place to me. I hope to visit there one day. Good luck. |
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sayshawnda
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September 19, 2017, 11:39:50 AM
Last edit: September 21, 2017, 11:26:51 AM by sayshawnda |
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What are the legalities for running a website like https://satoshibox.com and https://xmrlotto.com? Their terms are fairly poorly-worded. What troubles are they likely to face? I have a million ideas like this and I'm just too ignorant of the law and figure I'll end up getting sued or something. I'm in the UK, but I'll take the US answer over none at all. |
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FARSNYC
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October 13, 2017, 09:08:53 AM |
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Hello dear, Considering the law and new bitcoin regulations created by Dept of finance, it's very unlear for most of new yorkers whether trading crypto is legal or not. Many would hide their identeties. As a proud resident of new york city - am I eligible for trading crypto in NYC ? Bittrex is claiming that they carry bitcoinlicense which supposely makes their services legal in new york. Can I use their services without being punished for law violation? Or do i need to move to another state such as New Jersey?  |
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AttorneyBitcoin (OP)
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October 25, 2017, 07:00:08 AM |
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Like many, I have opted not to advise New York State residents regarding their BTC laws. It is a sub specialty that is unique to your beautiful state. New York tends to lead the nation in many things.
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p2pm
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October 26, 2017, 02:52:13 PM |
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I have Green Card for about 2 years. For the last 1.5 years I lived mostly outside of US (except 35 days).
I have crypto that I bought N days ago, if I sell it now then since I am GC holder I will need to pay capital gain taxes. My question
what if surrender my GC? Do I need to pay any US capital gain taxes if I sell it next day after GC surrender (after visit US Embassy)?
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Ccexicocartel
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October 31, 2017, 12:51:55 AM |
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In the US, if businesses were to pay each other with crypto, would contracts be enforceable? How would accounting of those funds work if you never cash out?
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SureLockLoans
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November 01, 2017, 06:43:47 PM |
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In the US, if businesses were to pay each other with crypto, would contracts be enforceable? How would accounting of those funds work if you never cash out?
Any legal agreement/contract is enforceable I could write down on a piece of paper a contract of you paying me $20 for 5 sweets and I would be legally required to follow that contract too the letter the same as you. |
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jenia1
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HashWare - Mining solutions for everyone!
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November 01, 2017, 10:11:19 PM |
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Do you or do you know anyone who can help file a lawsuit regarding a scammer person and a website- Purse.io that facilitated his scams? i have the evidence.
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twizle2134
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November 02, 2017, 04:18:04 PM |
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Thank for taking the time to do this as many of the laws regarding this can be rather confusing and complex.
As for my question:
If i start a mining farm operation in the Midwest (Indiana or Michigan) do I need to get an MSB license. From my understanding of FINCEN I would not need one as long as I am NOT providing a service or selling to an individual. If the company exchanges the crypocurrency for Fiat on Coinbase, which has a MSB license, would we be covered by proxy since we are not actually selling to an individual or providing some service to others.
A following up question would be in regards to using NiceHash. Since Nicehash sells hashing power to an individual, you as a miner are technically providing a service for someone, thus needing an MSB license. So at that point would we not be able to use Nicehash. or am i misunderstanding this?
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Gotottack
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November 03, 2017, 04:41:51 PM |
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While I appreciate the attempt to reconcile all legal matters concerning cryptocurrencies, I do not think the laws of the US applies to all sovereign jurisdictions. Nonetheless, I know for a fact that there are laws that are general in nature, like for instance, common laws; yet again, we have varying laws per State vis-a-vis the policies of ones government and one cannot be made to apply to the other. So, as for me, I think it is still best to consult your local counsels for legal matters.
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cvan
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November 05, 2017, 02:32:04 AM |
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How do taxes work with cashing out? What if you're a business that pays another business with crypto? How do you account for that? What would contracts need to cover?
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aegimenez
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November 05, 2017, 06:10:26 PM |
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Hello Kind sir. First of all I would like to thank you for taking your time to answer our questions on this forum.
I'm currently a NON-US Resident with family members being US Residents. A few years back we registered an LLC with the intention of exporting products to other countries but it never came to reality.
Present day Im putting up a project of investment with a few friends and family members and we want to start a very small BTC mining operation (around 6-10 machines). I am in charge of all the tech part of the project. But also have a few concerns regard its legal implications. We want to do things right from day 1.
First we were thinking of starting small mining at home. So questions comes to mind. If I start mining and im not a US resident should i declare taxes? is there a link or any info you can point me to so i can inform me a little better? The hardware would be @ my mothers house and she IS a us resident. So were a little bit confused here. Since im only going to be here for a few months but the hardware will be left ON up and running.
So, what would you advice? we were thinking of registering a company in which my resident family members can be in front and on that order I think we will have to pay our taxes regarding gain and losses for the company's mining. Is this the best option?
Thank you in advance for your kind attention on this matter.
Best regards,
Angel E. Gimenez.
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AttorneyBitcoin (OP)
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November 06, 2017, 07:38:23 AM |
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Thank for taking the time to do this as many of the laws regarding this can be rather confusing and complex.
As for my question:
If i start a mining farm operation in the Midwest (Indiana or Michigan) do I need to get an MSB license. From my understanding of FINCEN I would not need one as long as I am NOT providing a service or selling to an individual. If the company exchanges the crypocurrency for Fiat on Coinbase, which has a MSB license, would we be covered by proxy since we are not actually selling to an individual or providing some service to others.
A following up question would be in regards to using NiceHash. Since Nicehash sells hashing power to an individual, you as a miner are technically providing a service for someone, thus needing an MSB license. So at that point would we not be able to use Nicehash. or am i misunderstanding this?
If you are doing this all by yourself all for yourself then your conclusions are correct. Best: George D. Greenberg, Esq. www.attorneybitcoin.com |
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AttorneyBitcoin (OP)
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November 06, 2017, 07:46:56 AM |
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While I appreciate the attempt to reconcile all legal matters concerning cryptocurrencies, I do not think the laws of the US applies to all sovereign jurisdictions. Nonetheless, I know for a fact that there are laws that are general in nature, like for instance, common laws; yet again, we have varying laws per State vis-a-vis the policies of ones government and one cannot be made to apply to the other. So, as for me, I think it is still best to consult your local counsels for legal matters.
I have never made any claim that I could "reconcile all legal matters concerning cryptocurrencies," nor would I ever make such a ridiculous claim. Of course laws are different in different countries and of course laws vary state by state. I only offer advice for matters in the United States. If I believe that there are state specific laws that may apply I always make note of that where appropriate. There are however many laws that are federal or apply to most states similarly, in those cases I attempt to offer what I can and no more. You have made a point regarding obtaining local counsel, which is always a good idea, but you have made your point by making false statements and assumptions of what I have and have not answered here and that is inappropriate and misleading. George D. Greenberg, Esq. |
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AttorneyBitcoin (OP)
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November 06, 2017, 07:48:42 AM |
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In the US, if businesses were to pay each other with crypto, would contracts be enforceable? How would accounting of those funds work if you never cash out?
Any legal agreement/contract is enforceable I could write down on a piece of paper a contract of you paying me $20 for 5 sweets and I would be legally required to follow that contract too the letter the same as you. The above answer was not made by George D. Greenberg |
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OmegaStarScream
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November 06, 2017, 12:39:30 PM |
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In general, If a country decide to ban possession (in addition to exchange etc.) of bitcoin for example, what's considered as "having bitcoins" in this case? Being part of the community, having an installed or owning a hardware wallet? (I mean could they end up with the conclusion that you own bitcoin in these scenarios without the need of actually finding the money) or funds must be found inside them? are they allowed to try and crack it? are you obligated to give password?
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Collectorcoin
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November 06, 2017, 03:00:44 PM |
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Dear BTC/Crypto Legal Forum: As an experienced BTC attorney I'm happy to answer all questions here. I have noticed some misinformation in some answers here. When it comes to taxes, laws and regulations, guessing or opinions are not helpful and can easily lead to problems. Most solutions to all the questions here can be summed up in a few short answers. I can only give legal advice to laws in the United States but can discuss other countries in general terms. I've been involved as an attorney and a miner in BTC and Crypto's for 3 years. During that time I have represented many client's involved in our crypto world. Happy Mining! George D. Greenberg, Esq. AttorneyBitcoin Las Vegas, Nevada, U.S.A. www.attorneybitcoin.comHey! This is a very useful thread. Thank you for offering your services up like this. It really helps and shows faith in the community. |
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