Hello,
I have someone that is willing to pay me a % of BTC for converting it to USD and sending it to India. Basically they are wanting to send me 2 BTC and I am supposed to convert those to USD (in US) and send to an Indian bank account.
I know usually these things are questionable but since BTC is irreversible... any thoughts on below:
1) Tax implications since these will go towards MISC earnings on W2 and even if I write majority as expenses since most will be sent back in USD.
2) Is this frowned upon since I am not a registered coin exchange in my state of residence?
3) Is this seen as $ launder1ng?
Probably yes to all questions, but wanted to confirm. Thanks guys.
I will request you not to get into such questionable transactions. Definitely for your own safety! once you have used your bank account for such transactions, you can be questioned by the authorities any time in future. I am not sure about the rules in US, but in my country, government authorities can question you anytime in the next 7 years for any transactions you have done within this time frame.
2 Bitcoins is not a small amount so think 10 times before agreeing to such requests.