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DAP Forums > Other Topics > Other Topics

Crypto question, is this legal

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#1
01-07-2018, 02:37 PM
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Is it legal to send my Bitcoin to my country of origin and have someone cash it out for me there and deposit it in a bank account there? Would I have to pay taxes here or there? This would be done via Bitcoin Private so no chance of linking it back to me.
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#2
01-07-2018, 07:08 PM
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No No and No so yes it legal.
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#3
01-07-2018, 07:52 PM
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Quote:
Originally Posted by Michcio07 View Post
No No and No so yes it legal.
Explain
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#4
01-08-2018, 12:08 AM
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Quote:
Originally Posted by carnivore View Post
Is it legal to send my Bitcoin to my country of origin and have someone cash it out for me there and deposit it in a bank account there? Would I have to pay taxes here or there? This would be done via Bitcoin Private so no chance of linking it back to me.
You have to pay taxes here in the U.S. You did an exchange.
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#5
01-08-2018, 05:48 PM
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Quote:
Originally Posted by carnivore View Post
Is it legal to send my Bitcoin to my country of origin and have someone cash it out for me there and deposit it in a bank account there? Would I have to pay taxes here or there? This would be done via Bitcoin Private so no chance of linking it back to me.
It is legal.
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#6
01-08-2018, 07:03 PM
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Quote:
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You have to pay taxes here in the U.S. You did an exchange.
No he did not. He bought, but did not sell or exchange which is required for the government to tax. If he only bought, that is just fine.

However, unless there is BTCP to "input currency" here, it will be hard to cash out unless done with BTC or ETH.
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#7
01-08-2018, 08:01 PM
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No he did not. He bought, but did not sell or exchange which is required for the government to tax. If he only bought, that is just fine.

However, unless there is BTCP to "input currency" here, it will be hard to cash out unless done with BTC or ETH.
I didn't say i planned on converting btcp to cash. Converting it to btc then to cash in my home country.
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#8
01-09-2018, 11:14 AM
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I didn't say i planned on converting btcp to cash. Converting it to btc then to cash in my home country.
Converting it to BTC where? At the very same exchange? From my understanding, that is taxable.
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#9
01-09-2018, 02:01 PM
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Converting it to BTC where? At the very same exchange? From my understanding, that is taxable.
How is that taxable? I'm converting an amount of btcp to btc at the current market price, not implying any gains.
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#10
01-10-2018, 01:47 PM
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I believe due to the new tax reform bill, exchanging cloin (digital currency) for a coin (digital currency) becomes a taxable event...as technically you saw profit from the first coin (If there was profit)...and then used the basis and profit from the 1st coin to buy into the 2nd coin...

I think I said that right? Correct me if I am wrong?

I just do not know what BTCP is, or what all they consider as digital currency.

And I am not even sure how they are going to track the jurisdiction for the taxable event thing...like if you exchanged on Binance which is based in China I think, and then you send it to some other country to cash out...then is it taxable??!?!

Complicated stuff, so I would suggest speaking with your accountant...
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