Americans foreign crypto account tax soon

[suzanne5223]

Months ago, a lot of Bitcoiners in the US were happy about the President's stance towards crypto in general, especially when holders of crypto in foreign crypto accounts were to be exempted from paying tax, but this changed, and some crypto holders are feeling bearish after Trump sold his BTC hours after he gave the order that will allow the IRS the power and ability to tax all Americans who have crypto in foreign crypto accounts.

I said it months ago that it is good we have the political leaders with an organisation acknowledging BTC, holding it, and having a plan to use it as a reserve, but these people will always prioritize the state's benefit.

What percentage do you guys think the tax of the IRS will be on a US citizen who's holding Bitcoin in a foreign crypto account?
Based on what has happened. Do you expect Trump to also amend some of the previous crypto rules?

https://finance.yahoo.com/news/white-house-reviews-proposed-irs-163943746.html

[Ambatman]

The essence from what I can tell its to discourage the use of exchanges that isn't under the US jurisdiction
Well hopefully these would open people's eyes to the peace of using a Non custodial wallet.

What percentage do you guys think the tax of the IRS will be on a US citizen who's holding Bitcoin in a foreign crypto account?

outrageous enough to discourage citizens from using foreign exchange.

It won't be long before Government would start forcing exchanges to run AML and KYC on any Bitcoin coming from a Non custodial wallet.

[freedomgo]

Anything that requires us to pay taxes is not good, but it’s the government and they can always create a law that forces us to pay just to boost their collection. These KYC and AML rules always come together and they are the key to checking if people are paying taxes or not, that’s on the tax side.

I’m not a US citizen, but I’m here because I find it interesting. Even if it’s not that strict yet in our country, at least I already have an idea of what will happen if the government decides to implement those rules strictly. It will be hard to hide what we own in the future.

[Donneski]

Months ago, a lot of Bitcoiners in the US were happy about the President's stance towards crypto in general, especially when holders of crypto in foreign crypto accounts were to be exempted from paying tax, but this changed, and some crypto holders are feeling bearish after Trump sold his BTC hours after he gave the order that will allow the IRS the power and ability to tax all Americans who have crypto in foreign crypto accounts.

I said it months ago that it is good we have the political leaders with an organisation acknowledging BTC, holding it, and having a plan to use it as a reserve, but these people will always prioritize the state's benefit.

What percentage do you guys think the tax of the IRS will be on a US citizen who's holding Bitcoin in a foreign crypto account?
Based on what has happened. Do you expect Trump to also amend some of the previous crypto rules?

https://finance.yahoo.com/news/white-house-reviews-proposed-irs-163943746.html

I remember when many of us in the crypto space were cheering a few months ago, thinking we finally had a genuinely crypto-friendly POTUS who would use his influence to push wider adoption and make crypto more mainstream globally. Turns out that optimism was short-lived.

This flip shows how temporary all that was. I don’t think they’re creating a brand-new tax rate instead, they'll most likely stick to standard capital-gains rules but tighten the disclosure requirements for anyone holding BTC offshore.
And for Donald Trump? If this week showed anything, it’s that his crypto stance is flexible whenever the state’s interests come first. I wouldn’t be surprised if he adjusts more of those earlier pro-crypto positions as soon as they stop being useful.

[Apocollapse]

Can you give a link where The US exempt crypto tax from foreign accounts? it's not realistic at all. First they let the citizen to not pay taxes, second they let the citizen to give their money to foreign exchanges, government hates those two thing.

I believe the taxes they will charge from foreign accounts would be higher than taxes in local exchanges, it's to discourage their citizen to use foreign exchanges.

[UchihaSarada]

Months ago, a lot of Bitcoiners in the US were happy about the President's stance towards crypto in general, especially when holders of crypto in foreign crypto accounts were to be exempted from paying tax, but this changed, and some crypto holders are feeling bearish after Trump sold his BTC hours after he gave the order that will allow the IRS the power and ability to tax all Americans who have crypto in foreign crypto accounts.

Generally the US citizens even are living overseas, outside the USA nation must file their tax report to IRS each year. I am not a citizen of the USA but my general thinking is all US citizens are taxed no matter they are living in the homeland or outside the USA. So it does not make sense to give people who live outside the USA no tax policy if they hold cryptocurrencies. That's unfair and it's not acceptable at a nation that aims at fairness and equality for their citizens.

Without news, rumors, speculations about tax policy, my belief and also my thinking is all US citizens must be treated fairly in tax with cryptocurrencies no matter where they are living now.

[348Judah]

What percentage do you guys think the tax of the IRS will be on a US citizen who's holding Bitcoin in a foreign crypto account?
Based on what has happened. Do you expect Trump to also amend some of the previous crypto rules?

Before talking about the percentage they should charge, am not going to use an exchange that may revealy identify to them that I used a foreign crypto account, government cannot be predicted and when it comes to the issues of tax payment, we can take India for instance charging up to 30% on its users, Us may be up to this or lesser, maybe this could even reduce the rate of using an exchange and mostly go decentralized.

[odolvlobo]

The headline is misleading. They are not considering a tax on foreign holdings. They are considering rules on reporting.

The U.S. taxes the sale of assets, and not the assets directly.