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Author Topic: Wondering about Taxes and legal stuff in USA  (Read 1221 times)
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October 23, 2017, 09:31:19 AM

I do wonder how exactly can they implement taxes, I mean which %? How?

Let's take an example:

1/ I own a bank card issued in a country which is not USA, I used this bank card to buy 1 BTC for the price of $5500
2/ Tomorrow, the price of Bitcoin falls to $3500, I panick and sell my whole BTC
3/ the government has no idea that I lost money, and could imagine that I bought this bitcoin two years ago and made a nice profit
4/ so why should I pay a tax when I lost money? Will the government ask me for a proof of my BTC purchase?
This raises questions. In such as scenario, I can't see how this is different to investing in stocks.

In that case you would not pay. Capitol gains applies only to GAINS you made. Since you actually lost money you can file a LOSS. You have an offset to LOWER your taxes in that case.

Hi. Yes, in a perfect world, it all makes sense, but in the example I took, what proof do I provide to show that I lost money... I used a bank card issued outside of the US and the US banking system has no idea about the existence of this card (I take this example because I traveled a lot in my life, lived in 4 countries, and right now have bank cards issued in 3 different countries).
I do not know how exactly how the US government will be able to track my Bitcoin purchase that I made with this bank card issued outside of the US.
These things sound complicated.

Americans can track any transaction made in dollars. But it will be income received in another country and so the Americans have nothing to do with the money. Only your card may not work in America. When the card validity ends you, too, can cause problems with opening accounts for non-residents. Each case is individual but if it is possible not to pay tax, I support it.

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