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> I send stablecoins to family member (worth noting this would be difficult to do in FIAT due to the amount) and when he pays me back I can then withdraw my $TO
by omni 4y ago
> I send stablecoins to family member (worth noting this would be difficult to do in FIAT due to the amount) and when he pays me back I can then withdraw my $TOKEN.
While you're on your high horse about the taxes comment, you should know that in the US what you're describing here is illegal. You can't give someone an interest-free loan and have neither party pay taxes on it. Your options are roughly either to classify it as a gift or structure it like an actual loan, with a minimum acceptable rate published by the IRS each month. https://www.lindsayandbrownell.com/beware-of-the-interest-free-loan/ https://www.lindsayandbrownell.com/beware-of-the-interest-fr...
- almostkorean 4y agoSorry, taxes comment was out of place. Just frustrated. The loans aren't interest free, they have a variable rate determined by supply and demand. For USDC its been pretty steady around 3%. There was a day or two last year where it spiked to 40% when Justin Sun removed billions of his capital. In response to wire transfer, I was more complaining about having to be at a physical bank branch to do it. Not sure if that is unusual either. edit: Just remembered that normally I wouldn't have to physically go to the bank. I had to do so to make sure it arrived in time for the signing. I think they told me it would take a day or two if I did it online/over phone? But being there in person they said it would "probably" arrive in a couple hours
- omni 4y agoI was referring to your loan to your family member, not the interest-bearing crypto loan.