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This would make "Satoshi Nakamoto" a criminal for not declaring the genesis block on his taxes.
by notaboutdave 9y ago
This would make "Satoshi Nakamoto" a criminal for not declaring the genesis block on his taxes.
- 6nf 9y agoOnly if Satoshi is American. And if he's still alive.
- tehlike 9y agoOr if he hasnt renounced his citizenship
- garmaine 9y agoRenouncing citizenship wouldn’t prevent you from owing uncollected or misfiled back taxes.
- tehlike 9y agoGood point. Educate me (since i am not sure about that part of taxes), would exercising your gains and converting them to fiat in a country which doesn't have capital gains taxes (singapore, i think is one?) generate backtaxes? I am thinking: BTC=0 value when satoshi generated them. Now they are worth billions. There is capital gains, but assume he renounced his us citizenship before converting them to fiat. What would happen?
- freeloop3 9y agoHe'd pay taxes as if he sold at fair market value. This scenario has occurred time and time again when someone acquires a lot of wealth through investment. His best option would probably be to create an irrevocable trust which pays him a percentage every quarter. Then he won't owe any taxes on what has already accrued. Then he can consider expatriation or moving to Puerto Rico.
- pmorici 9y agoBitcoin wasn’t worth anything back then so there was nothing to declare