Aussie trader here

So here's my situation. As an Aussie I can't sell my linkies on coinbase, for some retarded reason. I can only buy. I have a brother in the USA that I'm going to get to sign up to coinbase. The idea is that he'll sell my linkies and then wire the money to me. Are there any potential pitfalls with this strategy?

Attached: 1707D9B4-300E-4468-9CAD-39B392758049.png (300x300, 2K)

Other urls found in this thread:


twitter.com/AnonBabble

Is your brother a citizen of the USA? Coinbase will report this information to the IRS.

Yes, that was my worry. If it's not his money and he just wires it to me what's the issue?

just make sure you guys take taxes into consideration and you should be fine. probably wasting a lot of money doing this though, why not just wait to be able to sell them? or trade them for some other tokens you can sell?

Coinspot has lower fees and is cheaper.

Can you not send link to binance trade for a stable coin send that back to coinbase and cash out?

he would be on the hook for taxs

I can't sell anything as an Australian.

How is the liquidity on coinspot though?

What do you mean you can't sell anything? It's illegal? How can you be legally allowed to buy but not sell?

You will get a reduced rate but less fees from purchases / sells of crypto to aud.

Check it out use my link fren:
>
>coinspot.
>com.
>au/join/KGOH0N

Attached: 1563557380738.jpg (540x680, 61K)

also wasn't there some thing about banks closing peoples accounts randomly for buying/selling crypto? There were a few reports of it happening with Wells Fargo for example.

In Australia its putting money in the banks will give you grief
No big issue on the way out

T. cashed out many thousands from btcmarkets

There's no option to sell on Coinbase for Australian customers.

He has to pay taxes then. Why not just use an exchange to turn it into BTC and then sell local?

Ok. Let's say he pays taxes in the US. How do they calculate his buy in and time held? If be does pay taxes and then wires me the money, do I have to pay taxes too?

With regards to exchanging to bitcoin, I want to minimise the amount of taxable events.

could to send them to an hd/exodus type wallet then exchange them for something else you could send back to coinbase?

Use fixedfloat.com or a similar service to convert to a stable coin and sort out your taxes yourself at your leisure and don't fuck your brother over dick head.

you face us taxes and hire some scrubs over there. I dont get why not sell to btc and then sell it to a normal exchange

If he declares long term capital gains (you held it longer than a year) then he would need to prove it, IF he gets audited. Short-term capital gains is much higher (if you bought and sold within a year). In American tax courts you are guilty until proven innocent, meaning the burden of proof is on you. If you receive the money, then I imagine whatever tax laws in Australia are applicable at that point. You'll probably be looking at paying taxes twice.

I'm just being honest and saying you're making a huge mistake going this way. Find some other way of cashing out. Coinbase sucks.

Never a fan of Coinbase! But can't believe the lengths you have to go to clear your linkies. COINBASE will need to list ALGORAND soon ~ would then consider using the Exchange again

Move to america you fucking faggot. I thought OZ banned Jow Forums? Why would anyone choose to live anywhere else than the land of infinite opportunity if you aren't a complete retard?

nice tweet rashem

I know cb sucks, but what other avenues are there for liquidity for link right now? I guess it may change in the future but at the moment the exchanges here in Australia can't handle more than 50k a day max for most high cap alts. If Link really does moon we're screwed unless we exchange to bitcoin or eth, which just complicates everything convenience and tax wise.

Soon as he receives your link and then sells it for you, it still is counted as income for him and therefore taxable.

Mate you are way overthinking that.

Just sign up with an aussie exchange and send linkies to sell for AUD.

Send to cold storage. If they will be worth 1+mln$ just go to other country or sell and pay tax.

Coinspot is good. Hilarious whe n they go down - once in a blue moon. Everyone freaks out on jewbook

m8 if link moons the market will create avenues for you to cash out, exchange jews are not gonna watch those sweet %s go to someone else.

You know CB announced that they're listing ALGO right? Much safer bet I'd say

Sell them for BTC on binance and sell the BTC on btcmarkets for AUD.

This is not rocket science.

Isn't that taxed twice on both trades?

>Isn't that taxed twice on both trades?
No double tax in oz anymore

Ok so how would that work.

Buy 1 BTC at $10,000 let's say
Buy LINK for 1 BTC
Sell for 10 BTC
Cash out 10 BTC at $10,000 each for $100k

Use coinspot and cash out to aud directly obviously. Crypto to crypto is still taxed so btc on ramps are less useful than they used to be.

just do this OP you fucking retard

You guys have any tips for tax and tax returns in aus?

Coinspot just market buy/sell through other exchanges. You can sell OTC with them too if you give them a head’s up.

You can also sell on Coinbase pro. Hang on, why are you such a fucking retard? Is this the ATO?

This is what Bitcoin was invented for, use Local Bitcoins and avoid wiring fiat

trade LINK for BTC and just cash out on your local BTC atm