Bitcoin Forum

If there is one Tax that really pisses me off it is inheritance tax.  you work all your life and save alittle and then the fucking government comes along when your dead and takes a cut off what you leave your kids.   >:(  seriously fucking pissed even writing about it...   


ps: sorry for the curse words but that is how angry that tax makes me.

Not sure where you live, but in US it only matters (somewhat) if your estate is above 5.45 mil (if you are married, then 2X5.45 mil).
In US, only 2 people out of 1000 qualified for an estate tax.
on the other hand, those with >10mil already know what to do: trust funds, etc.
https://en.wikipedia.org/wiki/Estate_tax_in_the_United_States

The quickest way for countries to ban Bitcoin would be for people to find ways to avoid paying taxes with Bitcoin. You should just pay the damn

government what is due to them, no matter how they waste your money and stay within the tax rules of your country. We all hate paying taxes,

but the old saying " Nobody avoids Death & Taxes " rings true for Bitcoin users too.  >:(

I feel you when it comes to inheritance tax. Especially in countries where you pretty much not get a lot from the government, it's infuriating to think they'd still want a piece of your hard-earned money when you die. I especially loath the property tax, the government gave you no money buying the land and having the house built and they took a lot of money from you during the entire process and they still have the gall to ask money for as long as you own the property.

Its possible to escape that (and taxes in general) with bitcoins. From what I've understood transfers are sort of confidential despite ledger. One thing that might give you away though is when cashing in/out to fiat, which my be inescapable unless you do all your spending using bitcoins.

i don't like the real estate/property tax, especially since i am paying school tax and currently nobody in my family goes to K12, but you are not 100% correct, they GAVE you the money in form of a loan, at least for majority of folks they did (even if you originated a loan at the bank). this money did not exist before you asked for the loan. They conjured it up as per your request and good credit and give it to you via adjusting some ones and zeroes in their ledgers.

Why do your kids deserve to start life privileged without having to work for it?
Do you think it makes them better people by being born rich? Do kids that are born with poor parents deserve to be disadvantaged?

Anyway: did your post have anything to do with Bitcoin? Are you sharing your private keys with your kids or are they in your will?  I rekon most Bitoins will be lost when the owners die (making Bitcoin deflationary)

What does this have to do with being priviledged? People (parents) work hard for their money and pay taxes on it within their lifetime.
I don't see anything wrong with them wanting to give their kids a head start in life and imo inheritence tax is just not fair, especially on low amounts of money.

i'll definitely be leaving people bitcoin if it's still around when i'm dead, and i'll fully expect them not to tell anyone. i think in a few years it might be a little harder to buy untraceable but right now it's a hot mess and the people in my will are gonna benefit from it.

Taxes are an immoral form of modern day slavery. Forcing someone to work for someone else's benefit is slavery, and that's exactly what happens with taxes. They tax you when you earn the money, they devalue the money while you hold the money, they tax you again when you spend the money and if you die they make sure your next of kin only gets a percentage. And they tell you its all justified so we can have schools and roads, as if forcing people to pay for other people's children is a moral attitude and as if the auto industry deserves to have its infrastructure subsidized under threat of incarceration, what a con. I have been to countries where people don't pay income tax but I've never been to a country without schools and roads, maybe the taxes aren't quite necessary.

Thank God, we have a crypto economy developing. When the Fed tax slavers don't even know what currency you earn they will be hard pressed to steal your earnings before you can even secure your money.

in EU non-taxable limits are way too low (like $20K, if i read this correctly).
I think that US limits of $5.45 mil/parent are more fair and i have no problem with these numbers.

A potential problem with this is that your beneficiaries may not know how to get to the Bitcoins. I don't mean you specifically, but I'm sure there are people that will die and their spouse or kids won't know anything about the Bitcoins or how to get them.

If you have the money to leave to your kids; or your parents left, or will leave you, money; then I understand why you see inheritance tax as a bad thing. I don't see that the kids have done anything to earn that money, and I don't think that rich family dynasties are fair or good for society.

The only way to level that out is to have a tax on inheritance, unless they ban inheritance altogether, but that won't happen.

I also don't believe that reparations for historical events are fair either by the way, but maybe you do and if your family had slaves you will offer to pay reparations, I mean accepting the positives from your family history, but rejecting the negatives would make you a hypocrite wouldn't it?

So if the minority is small enough, then it is justified????  😀

Avoiding inheritance tax in the countries where there's one is a major reason to get BTC. Besides avoiding tax, it also gives you more control of who gets what. Inheritance is most father parents to children, but there are plenty of cases where there are no children, or family disputes where parents want to give part of their wealth to some third party. Your wallet in the trusted hands of a well-known Swiss lawyer would fix all that.

This is what makes governments want to regulate, trace, and monitor bitcoin transactions.
They know a lot would try and evade tax with it.

Might work for BTC(FIAT/CASH) inheritances, but for properties (land, real estate, etc) it ain't gonna help. And it's usually those that are inherited and thus, taxed.

But people have found ways through that anyway. Instead of inheritance, they usually 'sell' the property beforehand to the family/friend/whoever would inherent. Taxes are usually lower that way since they just declare whatever amount/value.(It's your own lawyer anyway)
Why wait till you're dead before giving it to your loved ones.  ;D ;D
The snag is when later on there are problems with the inheritor's marriage and the property's conjugal instead of inherited.  ;D

Don't put words in my mouth plus I did not write our/your laws.

Aside from this, I am content with a notion that a chunk of money will be taken from spoiled brats with more than $10.9 mil inheritance if they are stupid enough not to consult with the lawyers beforehand, which is unlikely, thereby making the whole discussion in US (at least) academic.

inheritance only serve to make an unfair world where people will get things without any merit

the tax should be 100%, so no unfair advantage for anyone

Apparently, this is not a world wide problem.
A lot of countries - Australia, New Zealand, Israel, China, India, Russia have no inheritance taxes. If you are in the EU or US, you are not so fortunate.
http://www.uhy.com/uk-imposes-highest-taxes-on-inheritance-of-all-major-economies/

tax also fair , with the tax you help your state and taxes also add facilities in your country, I think it is better take the positive side of tax although the tax has many negative side

How is saving and working your ass off your whole life in order to be able to leave behind some things for your children and loved ones unfair?? Wanting your children to have a better life is now unfair?

That's exactly the kind of mind frame you'd see from lazy ass people who do nothing but whine about their own sorry life.

Resenting the good fortune of others. Wishing everyone else would be as miserable as you.
It's like, I don't get any so why should you get any. Pure fucking Envy.

Merit? Just because you weren't fortunate enough, you wish the same for everyone else. If you didn't get any, then make your own. Why whine about 'unfair', 'advantage', and all that crap.

You don't like that other people get inheritances from their parents? Then work and make sure your children would have that privilege as well!  >:(

And FYI, inheritances are not just about the $ value. Sentiment is likely a foreign concept huh.

There are country that has no inheritance taxes but only processing fee for the transfer of rights and the only tax that you will pay is the RPT or real property tax for property but no tax for money. But in your case bitcoin can be the answer to cut off the inheritance tax. With bitcoin you can transfer the bitcoins to your son or to your dependents/beneficiary without being noticed by the state. Hence, inheritance tax will be deemed invalid.

Only few countries have such inheritance tax methods. As quoted using rather than saving the property if bitcoin is saved saved could get tax cuts. In the coming generation people give preference to bitcoin knowing its potential. No only few trust bitcoin high than property. If one has saved bitcoins and doesn't get a chance to inform, then it goes worse than paying taxes.

It depends from country to country, maybe the OP lives in a country where everyone needs to pay that tax and not only the rich, but lets be honest why such a tax exist on the first place, an average citizen already pay taxes all his life and now he need to pay taxes even on his death? That does not make sense at all.

it is not only in US, in many other countries (where i live included) that they have some kind of minimum value for the inheritance before it needs to be taxed. i forgot what the amount was but here it is a lot less than 5 mil though

I don't know why are you mad about this. It is just normal to pay taxes since we are all getting benefited by the government in so many ways, also, the taxes that we are paying to them is the money that they are using to build roads and others structures to improve or develop our countries, so please don't be mad about this "Tax" thingy.

If you don't want to pay taxes, then you should live on another planet and live on your own and make your own laws, if you don't like the ways how the Government governs us.

When I'm dead what? Oh you mean when you're dead. Got it.

This will never happen with bitcoins. Who's to say I even own bitcoins? I just donated them all to an address that no one knows who owns it :) good luck proving otherwise dear government!

Totally agree with op here, the number of taxes that a government charges us is incredible, it's like to earn a living you need to first earn for the taxes, then you can live. It's not just inheritance tax that is saved but all kind of monster taxes that they impose on us are saved. This is one of the best reasons to use Bitcoins as it can't be traced and secondly you don't need to pay any kind of tax which the government can charge, though fact is rich always escapes from tax it is us the poor who get mixed in the tax cycle.

Yeah, buy bitcoin with the inheritance, and give him the wallet, or exchange account, it can avoid tax properly.

Disagree, paying taxes is something we must do, but you cannot ask us to have a smile while doing it, who likes to pay their taxes anyway? Very few people I suppose, I cannot picture anyone that will be happy receiving less money for the same amount of work.

My sentiments exactly. And 100% inheritance tax is laughable. You just incentivize everybody not to save money, because the government is anyway going to take it away when you die.
After paying income tax all your life, it is depressing to know that your estate will be taxed as well. The government should be rewarding the hard workers, not robbing them to pay the free loaders.

I agree that 100% inheritance tax would be just absurd. That's like some socialism BS. Any kind of inheritance tax is unfair in my opinion, especially if you've already been paying your fair share of taxes while alive. Bitcoin seems like a good remedy for this. I don't have any kids of my own, but I've made sure that when I die, my family will be able to access my bitcoins.

The super rich don't pay the estate tax.

They have their money concealed in offshore tax shelters.

Only the middle class and wealthy individuals who don't use tax shelters pay the estate tax.

It wouldn't be a problem if states spent taxes efficiently and fairly. But in many cases taxes are used as a form of wealth distribution where the middle class and poor are taxed at much higher rates than the wealthy, while the wealthy also receive an unfair amount of tax revenues, as a means of making the rich richer and poor poorer.

Just read about it and now I know that inheritance tax could cut off your part even in a huge amount.
Well, if you get inheritance (Land and house) which it worth $22.727 USD, then you should pay 5% if you want the house/Land become yours. As long as we live in a country, taxes are inevitable, everything has tax.

everything will be very difficult for us if the government managed Bitcoin. Taxation is a typical example. we must pay various fees as we possess Bitcoin, and this is not fair. although it can control the crime, but I do not like it. will be a difficult thing for us :-\ :-\

I hate that inheritance tax at all and anything from the word "tax" lol  ;D but i wont still bother on that thing because i dont have any properties to inherit at all.
Bitcoin is really great since it cant be taxed by the government thats why its nice to put up our assets in forms of bitcoin would be the best choice for me.

The poor don’t pay a lot in taxes and sometimes they can even get money out of the government, the rich can hide their money, the ones that suffer are the middle class since they have money to be taxed but not the means to protect their assets.

Taxes not something that we have to make it complicated, it is our responsibility, because we are born, live, work, and live comfortably in a country is not free, with their taxes, we are involved and responsible for building the country. Unless you speak legacy debt involving bitcoin, I firmly would say that it is not justified.

For now Bitcoin can be used to evade tax, but if more people moved into Bitcoin, government will follow the money into Bitcoin and find away to tax income made from Bitcoin, remember the Coinbase issue is still there.

Yeah, I agree with you, this is the worst tax ever. Hopefully with Bitcoin you will be able to transfer funds without much problems and without being spotted !

In the united states, the poor pay around 30% in income and social security taxes. Factoring in sales tax, property tax, road tax, gas tax, telecommunications tax & all the other assorted taxes the average person pays it could go as high as 40%-50% collective taxation. If they drink alcohol or smoke cigarettes regularly and have alcohol/tobacco excise taxes stacked on the cost of their addiction, they could be taxed @ higher than 50% of income.

By contrast multi billionaires like Warren Buffett who don't use tax loopholes are documented paying 17% income taxes. Billionaires who take advantage of tax loopholes pay less than 17%.

Best case scenario: the poor pay twice or three times the percentage rate of taxes the super wealthy pay.

While there are social welfare programs to help the poor, there are also programs which benefit mainly the wealthy. Many subsidy, defense and economic stimulus programs benefit only the rich. An example of this is the F-35 defense contract which costs over $1 trillion. Another example the TARP bank bailout bill.

You're right that the middle class is taxed the highest and suffers the most. The poor are not taxed much lower than them, unfortunately.

I'm sorry to tell you this also but it's impossible to eliminate the tax system in our world. We have the government that we trust to maintain the peace and order by implementing the law strictly, also, their task is to build infrastructures to give convenience to the people and that entails money, where will they get to realize those things, without tax they are useless. The least we can do is to minimize the tax but not to eliminate it.

So you mean now you can just save in BTC and then leave it to your kids? Well, if the government will not find a way to tax Bitcoin savings you are right. But actually I think they will. They are smart bastards, especially in that regard. What your kids can do in that case is to hide from the government what they inherited, with Bitcoin it would be easy to do. But I believe it is a crime, if I'm not mistaken.

That's right, the kids who actually deserve your inheritance and have been cut off its wealth also actually use the services which offered by the government that you have cursed earlier such as road, public transportation, and much more.
Government at its finest actually make their citizens' life easier by giving support and facilitation, not talking about the rest (corrupt government, and so on).

Well I really think your government was brutally corrupt for you to say such things, I think there are a small percentage from your salary that goes to tax and taxes was taken from us so government can provided and funded us with great services and if your government was getting a high price tax that is because you are earning so much or your government was just corrupt.

I have studied this kind of tax. They created the inheritance tax or the donor's tax in some countries to negate the unnecessary evil that arise from sending money to others because it can be abused and will be later be known as some form of money laundering. From having this kind of tax, the taxpayer is prevented from using this kind of procedure if they ever wanted to evade tax.

Don't consider taxes as debt, inheritance tax is also not a serious threat. Without bitcoin, we already know inheritance tax, and never a problem about it. So why be afraid if bitcoin also given the same thing?

Country's financial institutions always do justice to all people. People who have never paid taxes don't need to worry too much. Your child should also be taught before about bitcoin, so they are better prepared to face any situation in future.

Especially when the asset(s) you leave to your family are usually things like a house(s) which you've already paid the mortgage & multiple taxes on. Funnily enough you pay the mortgage with your wages which are also taxed.

What a joke the fiat banking system & governments are.

No one likes to be taxed, we are all controlled by the government and its policy so that is why we all prefer to use bitcoin, if I had to leave inheritance for my children or my grandchildren I would leave it in the form of bitcoin that why neither the government or anyone could apply any taxes on them.