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RE: IRS has been tracking Bitcoin usage since 2015 & List of Coins that Can Save You from Spies.
Capital gains in the United States would be 15%.
People active in the world of finance often use bank accounts in different countries. Regions such as Belgium, Belize, and even Hong Kong do not have any capital gains for Bitcoin as of right now. Opening a bank account in that country and using it for Bitcoin exchange purposes is within the confines of the law. However, this activity will still be scrutinized by the government, and may result in an investigation regarding the origins of said funds.
There are also laws regarding owning a foreign bank account which should be taken into account if you decide to go this route.
my question is, does it even make sense to bother with foreign bank accounts anymore? We live in a post crypto world now and it seems to me that cold storage on a tiny device is completely impossible to crack down on even if we do have the technology to track every technology.
Also, when it comes to capital gains, how do we calculate actually calculate these kinds of earnings in a fair way? If the currency might drop in value dramatically during the actual transaction its insanely unfair to the citizen in that case. We really need to be able to pay taxes in a new kind of way to keep things fair.
Thanks! This is good advice
Good info
If you are a US citizen, or resident for tax purposes, then you must report any and all foreign financial accounts, such as bank accounts, brokerages, or anything 'financial' under the dreaded FATCA. It is still legal, at least for now, for US citizens to have foreign financial accounts, but make sure you fill out the appropriate FATCA forms every tax year---the penalties are outrageous for not doing so.
Or just don't and get out of the U.S. :) That works too.
They have to keep scaring people into voluntarily screwing themselves over because they are incredibly outnumbered by the populace they hope to keep under complete control and enslavement.
I've written a post on the late, great Chuck Berry's music. It's pretty musical. :)
Works well for me :) I'll check out your Chuck Berry post.
Haha, thanks for checking that out!
Capital gains can be as high as %20 in the US and citizens are required to pay that no matter where they happen to bank.