Washington state, usa crypto

[Shittersfull]

Crypts different here. I don't know the details, but I know you can only buy and sell crypto from certain apps in this state. They are tracking profits for state income taxation reasons. I did not know this at first. Bought crypto from PayPal. Sent it to exodus and could not sell it. Took me a week of screwing around to sell the crypto, to get usdc. Coinbase works for Washingtonians. Crypto confusing. If your in Washington use a app that will work, so you don't add to the confusion. Good luck.

 

[maokai]

Not directly related to your question but you can buy USDC directly, you don't need to buy crypto and then use the crypto to buy the USDC, you're adding a "taxable event" by doing that.

 

[HouseCat]

Crypts different here. I don't know the details, but I know you can only buy and sell crypto from certain apps in this state. They are tracking profits for state income taxation reasons. I did not know this at first. Bought crypto from PayPal. Sent it to exodus and could not sell it. Took me a week of screwing around to sell the crypto, to get usdc. Coinbase works for Washingtonians. Crypto confusing. If your in Washington use an app that will work, so you don't add to the confusion. Good luck.

I live in NY which has similar crypto rules - it’s a bitch and a half, especially for newbies who are hearing all these tips: avoid high fees by buying through Robinhood! PayPal! Venmo! CashApp!—NOPE! Doesn’t work for for WA and NY. I’ve got BTC sitting in Venmo that’s just gonna…sit there for a while. It’s my dumbest “investment.”

NY can use Coinbase too, so I’ll often do Coinbase exchange>Exodus>vendor unless I have trouble buying the exact coin on the network I need from Coinbase, in which case I’ll do Coinbase exchange>Coinbase wallet to swap>Exodus>vendor. I pay $5/mo to Coinbase for an upgraded version to save on fees and it’s definitely paid off.

 

[Shittersfull]

Not directly related to your question but you can buy USDC directly, you don't need to buy crypto and then use the crypto to buy the USDC, you're adding a "taxable event" by doing that.

Yep. Your right. I did not know that at the time. I bought and transfered to learn. It was much harder than it should have been. Wasted a bunch of gas money and time.

 

[BigDog8084]

Can you not use a VPN?

 

[nitetrak]

It's not just WA, in the US we have to report capital gains/losses just like stocks.
There is no state income tax in WA.
There needs to be an exeption for stablecoin.

FYI, I lost my (almost) day one Paypal account by using PYUSD once, directly to a vendor.
They seized the $100 I had in it and am wating the 90 days to see if they give it back to me.

I now use coinbase and send to exodus before sending to vendor.

 

[indolent]

Can you not use a VPN?

No. They don't care where you physically are. They care about your state resident ID when you do KYC and they care about the addresses listed on your financial accounts.