What happens if Satoshi has to pay taxes?

[An amorous cow-herder]

In a lot of jurisdictions profit from bitcoin holding will be considered something like capital gains. And those are taxable.
In 2013 BTC started out with a value of $13 and the year ended with a value of $720.
Since it is assumed Satoshi holds around 1M BTC that would be a taxable capital gain of ~$707M.
Even assuming a fairly low tax of like 10% that would amount to like $70M, and, assuming Satoshi couldnt pay that amount anyway else, would have to sell a lot of BTC just to cover those taxes.

This may result in some fairly amusing affairs if his bitcoins ever move.

[cypherdoc]

Lol.

They hack his email and still we don't know who he is. Taxes, what taxes? 

[Bitcoins101]

Only if he sells them, in which case we'll have a lot more to worry about than whether or not he's paying taxes.

[An amorous cow-herder]

Only if he sells them, in which case we'll have a lot more to worry about than whether or not he's paying taxes.

Well, thats the implication.
Drawing 70 or even 140M dollars out of the exchanges is gonna bring the price down to low double or even single digits.

[Kupsi]

Only if he sells them, in which case we'll have a lot more to worry about than whether or not he's paying taxes.

Well, thats the implication.
Drawing 70 or even 140M dollars out of the exchanges is gonna bring the price down to low double or even single digits.

So he won't sell before the market is much, much larger.

[JimboToronto]

Drawing 70 or even 140M dollars out of the exchanges is gonna bring the price down

Exchanges?

I doubt Satoshi would have to stoop to using exchanges.

[An amorous cow-herder]

Well, thats the implication.
Drawing 70 or even 140M dollars out of the exchanges is gonna bring the price down to low double or even single digits.

So he won't sell before the market is much, much larger.

And, from experience, you think that telling the tax office "Oh, how about you wait for another year or two..." works?

[piramida]

From experience, you don't pay taxes on virtual unrealized gains.

/thread

[An amorous cow-herder]

From experience, you don't pay taxes on virtual unrealized gains.

/thread

If instead they are treated as a currency or debt, the full gain could be taxed based on market value at the end of each tax year.

bitcoin.it
You might want to double check that. Bitcoin is treated as a currency in quite a couple of countries.
But well, if you know where Satashi lives ...

[Hunyadi]

If Satoshi wanted to sell, he should move to Germany. Iirc they don't tax bitcoins held over one year

[Ibian]

Why do we entertain this sort of nonsense?

[JimboToronto]

Why do we entertain this sort of nonsense?

Who are "we" and what sort of nonsense?

Taxation of capital gains?

[linxproz]

Satoshi isn't a real person but an imaginary one, so he can't pay taxes.

[JimboToronto]

Satoshi isn't a real person but an imaginary one, so he can't pay taxes.

Hey, don't confuse the issue with facts. 

[Omikifuse]

He just withdraw enough to buy a nationality from denmark then sell all he wants there. Or ir other place where Bitcoin is tax free. Or maybe open some business there and them donate the coins for that business, and make them withdraw in his name.

Problem solved, beatch

[Gyrsur]

Chuck Norris is Satoshi. any questions?

[CMMPro]

Why do we entertain this sort of nonsense?

The end game of this forum began when they removed the newbie restrictions and stopped moderating out garbage posts and banning shills/FUD's/manipulators etc.

Basically all the intelligent conversation and posters have moved over to the other forum now.
I still come here daily to check up in case there was a rare interesting post....usually by the time I leave I need a beer just to wash away the painful stupidity.

[Gimmelfarb]

Why do we entertain this sort of nonsense?

The end game of this forum began when they removed the newbie restrictions and stopped moderating out garbage posts and banning shills/FUD's/manipulators etc.

Basically all the intelligent conversation and posters have moved over to the other forum now.
I still come here daily to check up in case there was a rare interesting post....usually by the time I leave I need a beer just to wash away the painful stupidity.

"the other forum?" am i just being a dolt, or did i miss the part about what the other forum is?

[podyx]

From experience, you don't pay taxes on virtual unrealized gains.

/thread

What happens if/when it officially becomes a currency though? Still no need to tax?

[Gyrsur]

Why do we entertain this sort of nonsense?

The end game of this forum began when they removed the newbie restrictions and stopped moderating out garbage posts and banning shills/FUD's/manipulators etc.

Basically all the intelligent conversation and posters have moved over to the other forum now.
I still come here daily to check up in case there was a rare interesting post....usually by the time I leave I need a beer just to wash away the painful stupidity.

"the other forum?" am i just being a dolt, or did i miss the part about what the other forum is?

there is only one forum mentioned on bitcoin.org beside reddit:

https://bitcoin.org/en/community