Enjoy getting raided by the IRS for not reporting income and capital gains.

[hawkeye]

What about if you cash them out in a country that has little or no capital gains tax and then transfer the money to your bank account in the country you live in?

Is that viable?  Would you have to be a citizen of the other country or something like that?

Or would you just end up getting flagged as a money launderer?

[RodeoX]

What about if you cash them out in a country that has little or no capital gains tax and then transfer the money to your bank account in the country you live in?

Is that viable?  Would you have to be a citizen of the other country or something like that?

Or would you just end up getting flagged as a money launderer?

If you transferred over 10k you may be taxed and perhaps have to pay import fees. I think it would be more expensive.

[Jobe7]

My point is...either plan to pay the taxes on your BTC, become an outlaw, or go to prison...those are the only options!

Some outlaws pay taxes and stay out of jail. 

Some 'outlaws' don't pay taxes AND stay out of jail. Oh, look, its the British Virgin Islands....

[mobile4ever]

So, are we allowed to copy what these people did?:

http://www.irishtimes.com/business/economy/world/anonymous-wealth-revealed-after-data-leak-1.1348735

That's about 32 trillion they have socked away. Equals out to over $4000 dollars for all of us if it was divided up.

[Savior]

If you have made alot it might be worth moving to a country without capital tax for a few years 

[DeathAndTaxes]

If you have made alot it might be worth moving to a country without capital tax for a few years 

Sadly in the US unless you renounce your citizenship (and to do that requires you gain citizenship in another country first) and pay an "exit tax" simply moving to another country doesn't erase any tax liability.

Still people shouldn't get tax advice from the internet.

If it is a small sum honestly the IRS has bigger fish to fry.  The IRS audits less than 0.5% of tax returns for people making less than $250,000 per year.  They aren't going to spend the manpower to track down some guy who had a $300 capital gain on some Bitcoins a couple years ago.

If you have a significant amount of wealth you are already use to dealing with the IRS (they concentrate on the "top") and likely already have professional tax support.  If you suddenly find yourself in this latter category and don't have professional support ... get it. 

[BTC Books]

If you have made alot it might be worth moving to a country without capital tax for a few years 

Sadly in the US unless you renounce your citizenship (and to do that requires you gain citizenship in another country first) and pay an "exit tax" simply moving to another country doesn't erase any tax liability.

Still people shouldn't get tax advice from the internet.

If it is a small sum honestly the IRS has bigger fish to fry.  The IRS audits less than 0.5% of tax returns for people making less than $250,000 per year.  They aren't going to spend the manpower to track down some guy who had a $300 capital gain on some Bitcoins a couple years ago.

If you have a significant amount of wealth you are already use to dealing with the IRS (they concentrate on the "top") and likely already have professional tax support.  If you suddenly find yourself in this latter category and don't have professional support ... get it. 

For US citizens, keep in mind that if you live in a foreign country for a full calendar year, earned income up to $80K is exempt from US taxes.  Assumptively because you're being taxed by that country.  Just sayin'.

[justusranvier]

For US citizens, keep in mind that if you live in a foreign country for a full calendar year, earned income up to $80K is exempt from US taxes.  Assumptively because you're being taxed by that country.  Just sayin'.

For US citizens, keep in mind that if you leave the country with all your assets and never come back for any reason the ability of the IRS to impose penalties on you can be reduced to negligible levels. Just sayin'.

[papa_snurf]

This is something my 'friend' said to me when discussing bitcoins, how do i(you) respond?

Some of us are not americans/US residents so the IRS is the last of our worries

[prof7bit]

Bah, just hold your coins until you have millions of dollars worth in FIAT.. Cash out and don't pay a dime.
Leave as fast as fast can be for a nice tax haven country on a private plane with a few suitcases of whatever currency you fancy....

This makes no sense. Why carry suitcases of paper money across the border when you can carry it as bitcoins in your brain wallet?

[mai77]

throwing away you U.S. passport might help.

1788 people did it last year, a record high.