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Selling a domain over 50k- Sedo or Dan?

Labeled as advice in Domain Buying and Selling Discussion, started by colenot, Jul 30, 2021

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  1. colenot

    colenot Upgraded Member Gold Account ★★★★★★★★★★

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    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?
     
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  2. vincew

    vincew Established Member

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    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.
     
    Last edited: Aug 2, 2021
  3. colenot

    colenot Upgraded Member Gold Account ★★★★★★★★★★

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

    vincew Established Member

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    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.
     
  5. colenot

    colenot Upgraded Member Gold Account ★★★★★★★★★★

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    Ok, thanks for the clarification. Good to know!
     
  6. enterscope

    enterscope Domain Investments VIP

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    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.
     
    Last edited: Aug 2, 2021
  7. colenot

    colenot Upgraded Member Gold Account ★★★★★★★★★★

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    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?
     
  8. enterscope

    enterscope Domain Investments VIP

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    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.
     
  9. karmaco

    karmaco Top Contributor VIP

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    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
     
    Last edited: Aug 3, 2021
  10. Montecar

    Montecar Established Member

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    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.
     
  11. colenot

    colenot Upgraded Member Gold Account ★★★★★★★★★★

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    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.
     

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