Quote from: ivcosphi on May 25, 2024, 09:28:50 PM

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.

Hello
If that receiver bank account is in USD than this is for tax saving.
In india direct BTC to INR will cost 30% crypto tax and 1% tds with lots of other tax.
Most people trying to find way for such condition one of them is USD transfer from out side india which will exempt them with LUT for 18% gst and no crypto tax as this income in USD not in crypto.
But now days positive pay is in action by government, any unknown 3rd transfer will still flag there money. way is no longer safe way to save tax.

stanner.austin

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