vader18 (OP)
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January 05, 2017, 01:34:54 PM |
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Hello, I bought about one hundred dollars worth a few months ago. I know I can buy things. Is it legal for me to sell back to coinbase. Im an American citizen. I'm not a merchant of any kind. Thanks.
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BigBoom3599
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January 05, 2017, 02:25:28 PM |
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Yes, coinbase allows buying and selling of BTC into FIAT, you should be able to just withdraw into your bank account.
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LeGaulois
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January 05, 2017, 11:57:23 PM |
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You need a verification ID i think, other than that yes sure you can
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maku
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January 07, 2017, 03:06:12 AM
Last edit: January 07, 2017, 11:38:40 AM by maku |
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If you already own bitcoins then you can do whatever you want with them. Share it with people, store it for later or sell to whoever is willing to buy them.
Coinbase is one of the biggest trading platform - but it is not the only place where you can sell your BTC.
There are multiple bitcoin exchanges available in the US: Gemini, Kraken, BitStamp to name a few and p2p trading platforms (localbitcoins, paxful) where you can sell it as well.
This process is fully legal and you probably won't pay any taxes (IRS doesn't care about small fries) as long as you have only couple hundreds worth BTC.
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erpbridge
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January 07, 2017, 04:49:10 AM |
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Hello, I bought about one hundred dollars worth a few months ago. I know I can buy things. Is it legal for me to sell back to coinbase. Im an American citizen. I'm not a merchant of any kind. Thanks.
Yes it is completely legal. If however you were from another country, then you wouldn't have been able to buy it in the first place. Coinbase just requires a verification for your payment information. I have it linked to my bank account to which it verified by sending a small amount of usd. For people commenting about the taxes, thats another issue. Coinbase won't ban you if you don't pay taxes. The government will be the one taking action if you don't report your taxes. |
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vader18 (OP)
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January 07, 2017, 04:23:40 PM |
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Thanks to everyone who responded to my question. Now I know I can sell straight back to Coinbase without having to be considered a money transmitter or any of those confusing terms.
As far as taxes are concerned, I'll pay my fair share to the best of my ability. But what I've read, btc taxes can be confusing because the IRS is making rules up as they go. They should have just let the bitcoin ecosystem evolve naturally before rushing in greedily for their piece of the pie.
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Bitcoinsummoner
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January 07, 2017, 04:28:07 PM |
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Honestly it is not a good place to sell bitcoin in my experience i am experience many problem about coinbase like delays pending transaction and the last one this few days ago i experience of receiving bitcoin but not credited in my balance.. also i reported the problem and they are still not reply.. i just warn you it is not a good place to sell..
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strasboug
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January 07, 2017, 07:50:34 PM |
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Hello, I bought about one hundred dollars worth a few months ago. I know I can buy things. Is it legal for me to sell back to coinbase. Im an American citizen. I'm not a merchant of any kind. Thanks.
Yes it is completely legal. If however you were from another country, then you wouldn't have been able to buy it in the first place. Coinbase just requires a verification for your payment information. I have it linked to my bank account to which it verified by sending a small amount of usd. For people commenting about the taxes, thats another issue. Coinbase won't ban you if you don't pay taxes. The government will be the one taking action if you don't report your taxes. coinbase is a good place to sell your bitcoins and the proceeds will go directly to the bank account you linked, however I think coinbase will report it to IRS, so you will have to report it in the tax return (like a stock sell). I don't know though what's the threshold amount they will report to IRS, anyone knows? |
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canhchuacaro1
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January 08, 2017, 11:19:21 AM |
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yes, in your land, the purchase Bitcoins on Coinbase is a very normal thing, it did not bring a business model at all
But in many other places, it is impossible
and they must sell Bitcoin in many forms, and the most popular is the trading activities through the web site
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Nathan047
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January 10, 2017, 06:33:23 PM |
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Yes, it is legal, however you are supposed to claim them on your taxes. Coinbase will (as required by law) report your gains to the IRS if you get more that 600$ in one year.
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I'm starting a technology blog T4CH.top, check it out! |
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vader18 (OP)
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January 12, 2017, 02:06:54 PM |
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Thanks. I have one more question. Is there a limit on how much a person can sell? I could be mistaken, but I thought I read somewhere, a person could only sell under $1000 per day. Am I wrong?
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dfox101
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January 14, 2017, 04:31:25 AM |
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You can sell as much as you want on coinbase, the proceeds go to your bank account. Coinbase will report the sales to IRS, and you will need to add it into the tax return to IRS.
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bL4nkcode
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January 14, 2017, 10:09:30 AM |
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Yes you can sell in coinbase, but before you atempt to sell there I suggest that you read this first about coinbase issue https://bitcointalk.org/index.php?topic=1751654. And read first all the reported issues about that platform. |
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Superzpay
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January 14, 2017, 03:25:09 PM |
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It is legal to sell back to coinbase but I will not prefer coinbase for any further exchange as it has a lot of issues with its members it often lock the account. If it is possible for you adopt another exchange rather than coinbase.
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olushakes
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January 14, 2017, 04:53:01 PM |
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Hello, I bought about one hundred dollars worth a few months ago. I know I can buy things. Is it legal for me to sell back to coinbase. Im an American citizen. I'm not a merchant of any kind. Thanks.
If it few months ago, then you could make profit because this exchange sites are always sure to ensure the spread between buying and selling is high so one will not make profit from them easily. Like if I buy for $700 then I will be able to sell for like $650 by that I will make loss by selling back to them. So if you have confirm that, then you can go to the next phase if you are allowed to sell to them and another way around it, is to use localbitcoins.com I am sure you can make more going that route. |
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Dmitry.Vastov
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January 15, 2017, 01:04:31 AM |
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Yes. You can sell you bitcoin there. But selling your bitcoin there is not a good choice at all. They are know for stealing funds. Also they require ID and give it to IRS to chase you for your tax. Theres a lot of exchange out there. You better choose decentralize flatform. For that. You are not expose from government. Dont trust coinbase.
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jseverson
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January 22, 2017, 03:13:24 AM
Last edit: January 23, 2017, 01:57:43 AM by jseverson |
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Yes you can sell in coinbase but I think there are some countries are not allowed when selling or buying in coinbase. I'm currently using vpn for me to sell my bitcoins. You have also a option to choose another web wallet instead of coinbase
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HarringtonStark
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February 10, 2017, 08:09:59 AM |
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Yes indeed and you can even sell bitcoins for equivalent PayPal balance. I found this feature very convenient as I mainly use my PayPal account for online purchases. But currently, not all countries are supported by Coinbase but they are expanding support fast.
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chickenado
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February 10, 2017, 02:26:36 PM |
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Hello, I bought about one hundred dollars worth a few months ago. I know I can buy things. Is it legal for me to sell back to coinbase. Im an American citizen. I'm not a merchant of any kind. Thanks.
of course It is legal to sell back to coinbase. Coinbase is a digital asset company. It operates exchanges of bitcoin. But in some countries i don't know if they are supported to exchanges it to fiat. |
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