Couple was forcibly ask by IRS to sell their crypto to pay their liabilities

[buwaytress]

What kind of lawyer do they have haha.

One who told them what they wanted to hear for the amount of money he wanted to hear.

Maybe he's retiring in a few weeks. That's the only possible explanation for the sheer outlandishness.

Aye, that usually be the case, especially with people who got money by being really lucky, rather than by being really hardworking --  a sweeping statement I know but when you hear stories like this, you really got to wonder how lucky these guys must have been to be able to be in a position to make such decisions.

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[peterurb]

It is an extremely interesting story. I still thought till now, that government organisations don't even know something about crypto and they are not looking if someone has some investment in it. That's why I like more P2P exchanges, cause there is much harder to track how much I bought money.

[yazher]

It depends on how much debt do I have. sometimes when I can no longer find some money to pay my debt, I go to my cousins they have some fortunes though which is the very best option I have. they always pay for me my debt and will pay them later when I find some money to pay them. the good thing about them is they don't give me an ultimatum to pay my debt, they give me free time to pay. Anyway, the question here is talking about huge amount of debt which is no doubt a big problem for the debtors. I won't regret paying it with my cryptocurrencies since things like this can happen nowadays we should ready for something like this to happen to us.

[Ozero]

I don't see any problems here. A married couple has a million dollars in debt to the IRS, which they do not deny. At the same time, they have about seven million dollars in cryptocurrency. However, they do not want to withdraw some of their cryptocurrency assets, possibly due to the fact that they expect profit.
These difficulties are not the tax authorities. They rightly suggested to the couple to voluntarily pay off the debt at the expense of savings in cryptocurrency. They cannot withdraw the cryptocurrency and forcibly repay the debt at the expense of it, since they do not have access to the private keys of their wallets. If the tax debt is not paid, the tax service may well enforce the property of the married couple through the court. This couple, therefore, has a choice.

[DoubleEdgeEX]

While the couples move is understandable, the reaction from the IRS is too. Only death and taxes are certain so if you are a smart person you calculate that in your investment plan. As for attempt to confiscate or seize the money, it´s just as it is everywhere. If you own money to the state, they are eager to "motivate" you to pay asap. If the state owns you money, it could last 2-3 months until something happens

[Coining26]

The IRS can go jump in a lake because taxation is theft. Shouldn't have to pay these thugs a dime no matter what the circumstances.

[Killrbit]

 So after having read that summary i cant really understand how that couple thought the IRS would let them of the hook for their liabilities just because most of their money ( 7 million) was tied up in crypto currency. I mean fair enough if they were to make an argument that they needed a month or so to liquidate the money to discharge the liability but asking for 6 years seems to be a bit much u cant really claim bankruptcy or being unable to discharge your debts (whether taxes or banks loans or whatsoever) while having that much in assets whether that be in Cryptocurrencies, real estate, stocks etc. ( unless of course you hadn't declared your crypto holdings and purchases in the first place but that's another scenario all together, Incidentally another reason why NO-KYC exchanges are so highly valued)

As far as any tax authority is concerned ( assuming they know about your crypto holdings) what they demanded in this case seems pretty fair. Also wouldn't the IRS letting them off the Hook here only encourage ( setting a legal precedent) people to buy crypto currencies come tax season as a method of avoiding your tax liabilities.

[DeathAngel]

If it was me I’d just file for bankruptcy & deny all knowledge of bitcoin. I’d say that I got hacked or something & don’t have access to those coins any more. There’s no way I’d be selling all of my bitcoin to pay debts.