BitCoinUser123
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May 12, 2013, 11:34:32 AM |
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If you must move wealth out of Bitcoin, move it to Gold, Silver, Platinum... and avoid all the headaches moving to fiat would cause you.
Bearing in mind that these must be non-legal tender items. If they are coins, minted with a face value, then they are currency as well. Blocks of gold / silver / platinum don't count as currency, but gold / silver / platinum "currency" is the same thing for legal purposes.
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If I've been able to help out, donations are always welcome.
BTC: 1QGwEHYTdwwRU1BitLCTB5y2rdf3Sexjw7
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stslimited
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May 12, 2013, 04:19:49 PM |
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If you sold your bitcoins, use capital gains, short or long term. If you are holding bitcoins, no tax event has occurred
IANAL
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Zedster
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May 15, 2013, 09:19:29 AM |
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my big worry is if i do not report now, they may come at me 5-10 years from now with interested owed. If Bitcoin is still worth anything 5-10 years from now and you own some now you'll likely be able to manage that risk by just moving outside their jurisdiction. Unless the OP renounces citizenship (not a bad idea right now), moving does nothing except offer a potential 95K tax credit if you live 330 days (or something like that) outside the USA. The only country on the planet that taxes its citizens regardless of where they live. ...the land of the free ![Roll Eyes](https://bitcointalk.org/Smileys/default/rolleyes.gif) Horseshit! I have lived outside the US for many years and I pay no taxes to the US. What kind of crap are you trying to spread. You people that think you have it so bad in the US make me vomit. You have no idea how the rest of the world lives.
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odolvlobo
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May 15, 2013, 02:51:25 PM |
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my big worry is if i do not report now, they may come at me 5-10 years from now with interested owed. If Bitcoin is still worth anything 5-10 years from now and you own some now you'll likely be able to manage that risk by just moving outside their jurisdiction. Unless the OP renounces citizenship (not a bad idea right now), moving does nothing except offer a potential 95K tax credit if you live 330 days (or something like that) outside the USA. The only country on the planet that taxes its citizens regardless of where they live. ...the land of the free ![Roll Eyes](https://bitcointalk.org/Smileys/default/rolleyes.gif) Horseshit! I have lived outside the US for many years and I pay no taxes to the US. What kind of crap are you trying to spread. You people that think you have it so bad in the US make me vomit. You have no idea how the rest of the world lives. You might want to read this Zedster: http://www.irs.gov/publications/p54/ch01.html#en_US_2012_publink100047323Here is an excerpt: Filing Requirements If you are a U.S. citizen or resident alien, the rules for filing income, estate, and gift tax returns and for paying estimated tax are generally the same whether you are in the United States or abroad.
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Join an anti-signature campaign: Click ignore on the members of signature campaigns. PGP Fingerprint: 6B6BC26599EC24EF7E29A405EAF050539D0B2925 Signing address: 13GAVJo8YaAuenj6keiEykwxWUZ7jMoSLt
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cryptoanarchist
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May 15, 2013, 02:57:08 PM |
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Protip : Dont incriminate yourself.
my big worry is if i do not report now, they may come at me 5-10 years from now with interested owed. LMAO...seriously??
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I'm grumpy!!
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DeathAndTaxes
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Gerald Davis
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May 15, 2013, 03:02:09 PM Last edit: May 15, 2013, 03:26:25 PM by DeathAndTaxes |
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my big worry is if i do not report now, they may come at me 5-10 years from now with interested owed. If Bitcoin is still worth anything 5-10 years from now and you own some now you'll likely be able to manage that risk by just moving outside their jurisdiction. Unless the OP renounces citizenship (not a bad idea right now), moving does nothing except offer a potential 95K tax credit if you live 330 days (or something like that) outside the USA. The only country on the planet that taxes its citizens regardless of where they live. ...the land of the free ![Roll Eyes](https://bitcointalk.org/Smileys/default/rolleyes.gif) Sadly (AFAIK) the US the only country which bases tax obligation on citizenship not residency so your only option to avoid US taxes is to renounce your citizenship which is no easy task. Also to renounce citizenship one must: a) be current on all taxes (yes they will check with IRS and this will likely prompt an audit of your last 7 years of tax returns). b) already have citizenship with another country (difficult in most countries to gain dual citizenship after birth but there are some nice caribbean nations willing to do so for a price). c) pay an "exit" tax on value of assets at the time (I only wish I was kidding). d) pay a processing fee of $540 In 2011 only ~1,100 people successfully renounced their US citizenship (on edit: looks like ~1,800 in 2012). Expect to spend thousands of dollars on legal & CPA fees and the process will take a couple months. Renouncing US citizenship may eliminate future liability but it does nothing to eliminate existing liability.
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DeathAndTaxes
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Gerald Davis
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May 15, 2013, 03:02:37 PM |
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Horseshit! I have lived outside the US for many years and I pay no taxes to the US. What kind of crap are you trying to spread. You people that think you have it so bad in the US make me vomit. You have no idea how the rest of the world lives.
Um lots of people don't pay their taxes. Not paying your taxes =/= no tax liability. Just ask Mr. Snipes ( I hear he was recently released). Now the US does allow a credit of foreign taxes against US taxes owed so if you live in a high tax country you may end up owing no US taxes but you are still obligated to file a return and pay any US taxes owed. BTW: stating the facts doesn't mean support of the policy.
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Severian
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May 15, 2013, 03:03:27 PM |
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Also to renounce citizenship one must: a) be current on all taxes (yes they will check with IRS and this will likely prompt an audit of your last 7 years of tax returns). b) already have citizenship with another country (difficult in most countries to gain dual citizenship after birth but there are some nice caribbean nations willing to do so for a price). c) pay an "exit" tax on value of assets at the time (I only wish I was kidding). d) pay a processing fee of $540
Jeez. It's easier just to lie the IRS as much as possible like everyone else does.
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DeathAndTaxes
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Gerald Davis
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May 15, 2013, 03:05:21 PM |
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Also to renounce citizenship one must: a) be current on all taxes (yes they will check with IRS and this will likely prompt an audit of your last 7 years of tax returns). b) already have citizenship with another country (difficult in most countries to gain dual citizenship after birth but there are some nice caribbean nations willing to do so for a price). c) pay an "exit" tax on value of assets at the time (I only wish I was kidding). d) pay a processing fee of $540
Jeez. It's easier just to lie the IRS as much as possible like everyone else does. That probably is the intention. The US policies regarding taxation are completely out of line with the entire rest of the first world. Kinda ironic given that unfair taxation was one of the sparks which lead to the revolution.
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cryptoanarchist
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May 15, 2013, 03:05:42 PM |
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Um lots of people don't pay their taxes. Not paying your taxes =/= no tax liability. Just ask Mr. Snipes ( I hear he was recently released).
Not accepting that you're a slave == no tax liability The IRS lacking jurisdiction over you == no tax liability You all need to ask yourself, "What evidence are they using to prove you're a taxpayer?"
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I'm grumpy!!
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justusranvier
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May 15, 2013, 03:06:13 PM |
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b) already have citizenship with another country Most countries require this but the US does not.
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DeathAndTaxes
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Gerald Davis
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May 15, 2013, 03:14:14 PM |
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b) already have citizenship with another country Most countries require this but the US does not. True (was kinda simplifying). Although not a requirement, most legal counsel would recommend it. The only renunciations which have any legal weight are those done on foreign soil. Even if you are not a citizen of the US, your host country, which likely gave you an entry VISA (explicit or defacto) may not take kindly to the fact that the circumstances that allowed your entry no longer exists. You can be deported back to the US as a "non-citizen" which is likely a scenario one wants to avoid. Most countries which allow "easy citizenship" for non residents limit the countries they will accept as applicants (namely US and other "first world" countries). Not securing citizenship first could put yourself in somewhat of a bind if you end up deported back to the US as a "non-citizen". You can never regain US citizenship and most foreign countries will not allow entry to "stateless" persons and the few countries which issue citizenship to non-residents don't issue them to stateless persons. Granted each persons circumstances are different, if you are a multi-billionaire looking to live permanently at sea as part of some seasteading city you are building well it might make sense to go "stateless".
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justusranvier
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May 15, 2013, 03:24:47 PM |
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You can never regain US citizenship Only if it is determined that you renounced citizenship for tax reasons. This video contains an interview with a person who has done this, and with a lawyer familiar with the subject: https://www.youtube.com/watch?v=fWkoEJ_tYuE
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Zedster
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May 15, 2013, 06:32:45 PM |
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Horseshit! I have lived outside the US for many years and I pay no taxes to the US. What kind of crap are you trying to spread. You people that think you have it so bad in the US make me vomit. You have no idea how the rest of the world lives. [/quote] You might want to read this Zedster: http://www.irs.gov/publications/p54/ch01.html#en_US_2012_publink100047323Here is an excerpt: Filing Requirements If you are a U.S. citizen or resident alien, the rules for filing income, estate, and gift tax returns and for paying estimated tax are generally the same whether you are in the United States or abroad.
[/quote] Taken out of context. You are missing the part that says when you have to pay taxes. This is only the who. I will not fight with you since I have been living it for 18 years.
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Stampbit
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May 15, 2013, 07:23:15 PM |
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Couldnt you write off your entire electric bill as your cost as a miner?
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