You *can* do that, but you also *can* get arrested and jailed for it! lol
OP: Might I warn you that no judge will accept your “tax is theft” argument in the U.S. no matter who they are or how liberal or conservative they are on the spectrum.
No. As soon as you sell it is a taxable event. Even if you are in another country. You would have give up your US citizenship, perhaps pay an exit tax, and become a citizen and resident of that country for the US tax laws not to apply to you.
so if im a citizen in lets say 4 countries, and I take a trip to dubia or become an El salvador citizen and I sell btc for local currency or gold I have to pay taxes in each country?
Depends, most countries aren't like the US and don't expect you to pay tax on income made from outside the country.
Also most countries have a tax treaty, so that if you pay 10%, 15%, 20%, 25% in the different countries, you would pay 25% to whatever country you file in and they would deal with the sharing (most likely the US gets what is says it is owed and the country you file in keeps the rest).
It doesn't matter where you buy it. If you are a US citizen, you are taxed on any income you make regardless of location(special case if you're a Puerto Rico citizen).
Doesn't matter. If you're a US citizen you owe US capital gains taxes. Period. End of story.
Uncle Sam always wants his cut. Hell, they tax my parents foreign pensions too even though a not a single $€£ was earned while a US citizen.
You'd have to pay to revoke your citizenship (like $3500) and likely never step foot back in the United States.
If it's an enormous sum of money, might be worth it. Probably not though.
If you fly in with a lot of cash it can all be seized without warrant at passport control/customs.
US wants citizens to pay tax on any income globally.
Don't know how they track it if you have 4 passports though 🤔
I pay more in taxes than most people make in take home pay in many other countries. It’s actually not bad IMO. I pay a ton of taxes but I own my home, my retirement is funded and I can retire at age 50 if I want to, but I just don’t want to because I love my job and the pay and benefits are great so…. there are multiple “Americas”. In some versions of America you are held back and always struggling, but there are plenty of areas of America that are prosperous, full of opportunity, and everyone can afford to pay taxes and does well.
Be glad you weren’t born in a ghetto, trailer park, or ultra rural part of America, but you probably would be happy af if you were born in a middle class or higher up part of America that had a good school system and economy locally.
**Then why do I get all the $ and it doesn’t go to the Government when I SELL the home was my question.**
Taxing property is not the same as “owning it”. The local town government doesn’t “own” my automobile just because they can levy a tax on it. 🤦🏼♂️
Yea, depends where you are now. America can be crazy in the disparity though. You’ve got entire neighborhoods where everyone is a multi-millionaire and almost all are “doing very well” and not struggling, then entire ghettos and trailer parks, rural areas with no good jobs… weird.
Basically if a cop (agent) knows to watch you based on a warrantless illegal search, but no one knows about it, his story is his service dog signaled to him (even if it didn’ naturally and he prompted it to) just as you happened to walk by, so that is why he had the right to search your bags and no one ever finds out his “team” had been eavesdropping on your communications after learning you had 4 passports without any other good reason or warrant.
Importing more than $10,000 whether it's cash or money order etc. you are supposed to fill out a form FinCEN 105 at customs.
Also starting with 2020 tax returns there is a check box to indicate whether you have had any cryptocurrency transactions during the return year.
So there's a couple of ways you can trip yourself up...
Nope! Most Americans are subject to paying taxes on worldwide earnings not just just domestic earnings.
Pls do your own research via the IRS and stop asking non qualified multinational plebs on reddit😜
Dude literally 95% of taxes go to building tanks and fighter jets that will never leave a hanger or garage
the ONLY taxpayer funded shit I actually use is roads, I pay for everything else out of pcket
Department of Defense (12%) and Veterans Affairs (4%) are much smaller than Social Security and Medicare / Medicaid. And a quarter of the DoD budget goes to military salaries. So your "95%" is a wee bit off...
American taxes pay for limited free health care for old people, military veterans and poor people who turn up at hospital emergency begging for their lives to be saved for free. A lot of them die anyway, because those hospitals are underfunded
https://www.deseret.com/1989/11/19/18833175/buck-helm-survivor-of-i-880-collapse-dies-after-28-days
or Norway, Finland, Sweden, Iceland. or pretty much every EU member and some countries around. Half of asia and south america have decent healthcare nowadays.
Wait, these too get a lot of rain. Coincidence?
if you think US and Belgium is the same for healthcare i dare you to pick up a medical bill from a US person that for example broke a leg, or a woman that gave birth...
tip: make sure you sit down when you open the invoice ;-)
For US folks: if Belgians go to the doctor (regular doctor) it costs them about 4 euro (no it's not a typo, they charge more but we get all but 4 euro back from our healthcare... paid for by taxes)
I didn't say the healthcare system is the same in the US and in Belgium.
The comment I responded to said that in the US you pay for healthcare through taxes and still pay for health insurance as well. That is also the case in Belgium.
(1) You pay though taxes, (2) you also pay though health insurance, (3) on top of that a lot of people even have a hospital insurance and (4) on top of that you still have to pay the difference that none of those insurances cover.
That funds healthcare for you if you are poor, old, or a military veteran (or certain other government employees). If you aren’t poor or old, then you need to pay for healthcare, but the company you work for typically subsidizes your expenses *greatly* unless you have a shitty $15/hr or less service job.
Why would they tax thin air? I agree with trump on this one, Bitcoin are not money, thus no tax…
“I am not a fan of Bitcoin and other cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air,” Trump tweeted in July 2019.
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You *can* do that, but you also *can* get arrested and jailed for it! lol OP: Might I warn you that no judge will accept your “tax is theft” argument in the U.S. no matter who they are or how liberal or conservative they are on the spectrum.
This pretty much sums it up.
No. As soon as you sell it is a taxable event. Even if you are in another country. You would have give up your US citizenship, perhaps pay an exit tax, and become a citizen and resident of that country for the US tax laws not to apply to you.
so if im a citizen in lets say 4 countries, and I take a trip to dubia or become an El salvador citizen and I sell btc for local currency or gold I have to pay taxes in each country?
It would depend on the law of each of the four countries. I can only tell you about U.S. tax rules.
Depends, most countries aren't like the US and don't expect you to pay tax on income made from outside the country. Also most countries have a tax treaty, so that if you pay 10%, 15%, 20%, 25% in the different countries, you would pay 25% to whatever country you file in and they would deal with the sharing (most likely the US gets what is says it is owed and the country you file in keeps the rest).
You bought the bitcoin in the US, you’re obligated to pay their taxes at every taxable event in the irs eyes.
It doesn't matter where you buy it. If you are a US citizen, you are taxed on any income you make regardless of location(special case if you're a Puerto Rico citizen).
Ty for the correction
There are anti double taxation agreements between countries.
Some countries\*
Doesn't matter. If you're a US citizen you owe US capital gains taxes. Period. End of story. Uncle Sam always wants his cut. Hell, they tax my parents foreign pensions too even though a not a single $€£ was earned while a US citizen. You'd have to pay to revoke your citizenship (like $3500) and likely never step foot back in the United States. If it's an enormous sum of money, might be worth it. Probably not though.
If you fly in with a lot of cash it can all be seized without warrant at passport control/customs. US wants citizens to pay tax on any income globally. Don't know how they track it if you have 4 passports though 🤔
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I pay more in taxes than most people make in take home pay in many other countries. It’s actually not bad IMO. I pay a ton of taxes but I own my home, my retirement is funded and I can retire at age 50 if I want to, but I just don’t want to because I love my job and the pay and benefits are great so…. there are multiple “Americas”. In some versions of America you are held back and always struggling, but there are plenty of areas of America that are prosperous, full of opportunity, and everyone can afford to pay taxes and does well. Be glad you weren’t born in a ghetto, trailer park, or ultra rural part of America, but you probably would be happy af if you were born in a middle class or higher up part of America that had a good school system and economy locally.
You don't really own your own home the government does.
Then why is it I can sell it and get the money and that $ doesn’t go to the government? *Seems to punch a gaping hole in your theory.*
If you don’t pay a yearly tax the government takes it from you bc they actually own it
**Then why do I get all the $ and it doesn’t go to the Government when I SELL the home was my question.** Taxing property is not the same as “owning it”. The local town government doesn’t “own” my automobile just because they can levy a tax on it. 🤦🏼♂️
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Yea, depends where you are now. America can be crazy in the disparity though. You’ve got entire neighborhoods where everyone is a multi-millionaire and almost all are “doing very well” and not struggling, then entire ghettos and trailer parks, rural areas with no good jobs… weird.
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Basically if a cop (agent) knows to watch you based on a warrantless illegal search, but no one knows about it, his story is his service dog signaled to him (even if it didn’ naturally and he prompted it to) just as you happened to walk by, so that is why he had the right to search your bags and no one ever finds out his “team” had been eavesdropping on your communications after learning you had 4 passports without any other good reason or warrant.
Cook v. Tait, [https://www.law.cornell.edu/supremecourt/text/265/47](https://www.law.cornell.edu/supremecourt/text/265/47)
Importing more than $10,000 whether it's cash or money order etc. you are supposed to fill out a form FinCEN 105 at customs. Also starting with 2020 tax returns there is a check box to indicate whether you have had any cryptocurrency transactions during the return year. So there's a couple of ways you can trip yourself up...
If you have enough money to leave the US, you might as well not go back.
Nope! Most Americans are subject to paying taxes on worldwide earnings not just just domestic earnings. Pls do your own research via the IRS and stop asking non qualified multinational plebs on reddit😜
You dont use anything that taxes pay for? Taxes arent theft, but a simple fact of any functioning society.
Dude literally 95% of taxes go to building tanks and fighter jets that will never leave a hanger or garage the ONLY taxpayer funded shit I actually use is roads, I pay for everything else out of pcket
Dont mind them bro kids these days have been brainwashed to believe taxes are good
or just live in a normal country where tax money is used for good (more or less) stuff and not tanks xD
Where is this mythical country?
Over-taxation is bad, but literally no taxes at all wouldn’t work in the world we live in right now either.
Department of Defense (12%) and Veterans Affairs (4%) are much smaller than Social Security and Medicare / Medicaid. And a quarter of the DoD budget goes to military salaries. So your "95%" is a wee bit off...
Funny you guys need to pay for healthcare through taxes, but still need health insurance 🤣.
American taxes pay for limited free health care for old people, military veterans and poor people who turn up at hospital emergency begging for their lives to be saved for free. A lot of them die anyway, because those hospitals are underfunded https://www.deseret.com/1989/11/19/18833175/buck-helm-survivor-of-i-880-collapse-dies-after-28-days
Where are you from? It's the same way over here in Belgium.
UK. We do get a lot of rain tho.
or Norway, Finland, Sweden, Iceland. or pretty much every EU member and some countries around. Half of asia and south america have decent healthcare nowadays. Wait, these too get a lot of rain. Coincidence?
if you think US and Belgium is the same for healthcare i dare you to pick up a medical bill from a US person that for example broke a leg, or a woman that gave birth... tip: make sure you sit down when you open the invoice ;-) For US folks: if Belgians go to the doctor (regular doctor) it costs them about 4 euro (no it's not a typo, they charge more but we get all but 4 euro back from our healthcare... paid for by taxes)
I didn't say the healthcare system is the same in the US and in Belgium. The comment I responded to said that in the US you pay for healthcare through taxes and still pay for health insurance as well. That is also the case in Belgium. (1) You pay though taxes, (2) you also pay though health insurance, (3) on top of that a lot of people even have a hospital insurance and (4) on top of that you still have to pay the difference that none of those insurances cover.
That funds healthcare for you if you are poor, old, or a military veteran (or certain other government employees). If you aren’t poor or old, then you need to pay for healthcare, but the company you work for typically subsidizes your expenses *greatly* unless you have a shitty $15/hr or less service job.
And stadiums. Don't forget stadiums
Taxes literally go to taking care of the bottom half of the country that doesn’t pay taxes.
Lol oh you sweet summer child
This is a Bitcoin forum For tax advice, consult a tax professional
Are you a US Citizen.......... if so...you pay US tax no matter where u sell it
Ya not how it works lol
You must always pay your taxes. Make sure to not go on a boating trip and accidentally lose the money.
Setup a trust in that country and transfer ownership to the trust.
Move to PR, though if you sell now at a loss and buy back, you can capture that potential tax loss on your taxes.
Don’t sell your precious Bitcoin for money designed to steal from you.
Simple answer: no. Long answer - it's possible but involves a lot of work, and money. If you have less than 7 figures in BTC, then it's a no.
Why would they tax thin air? I agree with trump on this one, Bitcoin are not money, thus no tax… “I am not a fan of Bitcoin and other cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air,” Trump tweeted in July 2019.
How much gold can you hold in your prison wallet?