advice Selling a domain over 50k- Sedo or Dan?

colenot · Jul 30, 2021

Hey all,

Where would you sell a domain over 50k? I saw a poll where majority voted Dan. Buyer wants to use Sedo.

Also, my fiancee lives in Europe and they pay less taxes. I'd rather us pay 21% taxes instead of 35%. If I use Sedo or Dan, can I use her info to collect the money even though the domain is currently in my name?

Thanks!

colenot · Aug 2, 2021

Just found out that Sedo will not split the payout (10k to my paypal accout, the rest by ACH to bank account in Europe). Anyone know who will do this?

vincew · Aug 2, 2021

SafeFunds.com might be able to help. You can't withdraw funds to your Paypal account when using their regular escrow service but you might be able to do it using their Paymaster service which costs a little more and will need extra documentation. I think Paymaster will allow a split of funds.

Email them and explain your situation, it's worth a shot.

colenot · Aug 2, 2021

Thank you. By extra documentation, do you mean that most services like Sedo, Dan, Nad Epik don't need documentation, but paymaster does?

vincew · Aug 2, 2021

No I don't mean that, I mean their Paymaster service requires more than their regular escrow service.

From their website (the bolding is mine):

"Safefunds provides global, confidential, commercial service for all types of special financial transactions including automatic payment distribution to multiple parties, trigger point transactions, and complex funds management.

Safefunds paymaster service is a separate offering and additional documentation is required for members using this product."

I have no idea what extra documentation they want.

colenot · Aug 2, 2021

Ok, thanks for the clarification. Good to know!

enterscope · Aug 2, 2021

I second getting paid in BTC. Might turn into $200k one day. You can always sell when you need cash. Dan and Epik pay out in BTC.

colenot · Aug 3, 2021

enterscope said:
I second getting paid in BTC. Might turn into $200k one day. You can always sell when you need cash. Dan and Epik pay out in BTC.

I just read that Dan needs id verification for btc payout. That kind of defeats purpose. Do you know if Epik requires id verification for btc payout? Also, do these companies send you a 1099 at the end of the year for USA residents?

enterscope · Aug 3, 2021

colenot said:
I just read that Dan needs id verification for btc payout. That kind of defeats purpose. Do you know if Epik requires id verification for btc payout? Also, do these companies send you a 1099 at the end of the year for USA residents?

Have never received 1099 from Dan or Epik. Not sure about ID verification, don't remember having to submit ssn or ID other than name and address.

karmaco · Aug 3, 2021

colenot said:
I just read that Dan needs id verification for btc payout. That kind of defeats purpose. Do you know if Epik requires id verification for btc payout? Also, do these companies send you a 1099 at the end of the year for USA residents?

They follow the current crypto laws whatever that may be. Every single company that is following rules asks for id verification for high dollar transactions. Its KYC to avoid money laundering etc.

Whether they send a form or not US citizens are required to claim btc/crypto transactions/gains on tax return.

https://www.coinbase.com/learn/tips-and-tutorials/crypto-and-bitcoin-taxes-US

Montecar · Aug 4, 2021

colenot said:
Thanks for your response. Lived in Europe for 10 yrs, but moved back to the U.S. 3 yrs ago. Currently, I'm back in Europe on vacation and head back home in 3 weeks. All this negotiating has taken place while I've been on vacation and now we're at the point of doing transaction on Sedo. Was going to talk to an accountant when I got back to LA, but things are moving fast. Like, deal can be done this weekend. My fiancee and I have been together for 9 years and totally not worried about her running off. That extra 10% is a little over 5k, so yeah, would like to have that much more to invest.

I just read a poll about Dan vs Sedo where the majority say Dan, so it's making me question the platform. Apparently with Dan, buyer can't see seller's info where as they can in Sedo.

I don't understand what the problem is at all, not paying taxes legally is not a violation of the law. Another question is that it would be really legal. By the way, US citizenship is not the best option for low taxes. I just think you've definitely come to the wrong place.It is better to address such questions to lawyers on tax legislation because there are many nuances being studied there and definitely not on the forum in a nutshell.

colenot · Aug 4, 2021

Montecar said:
I don't understand what the problem is at all, not paying taxes legally is not a violation of the law. Another question is that it would be really legal. By the way, US citizenship is not the best option for low taxes. I just think you've definitely come to the wrong place.It is better to address such questions to lawyers on tax legislation because there are many nuances being studied there and definitely not on the forum in a nutshell.

Yes, I know. As I said, I am on vacation in Europe and was going to speak to an accountant when I get back to California later this month.

I know that US citizenship is not the best option for low taxes, that's why I've mentioned using my fiancee's account in Europe. I come here all the time because my kid lives here. I will be back out this way in 4 month for Christmas.

advice Selling a domain over 50k- Sedo or Dan?

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