3 ms·
This is the kind of magical thinking I'm talking about. If you owed the IRS tax money, you have a legal obligation to pay it, the IRS isn't responsible for com
by LiquidSky 6y ago
This is the kind of magical thinking I'm talking about.
If you owed the IRS tax money, you have a legal obligation to pay it, the IRS isn't responsible for coming and finding it. Garnishment or seizure are tools they can use to get the money, but the obligation is always there. If you don't pay you incur fines and penalties, potentially criminal penalties.
You also have an obligation to report your assets. If you tried to keep your Bitcoin stash secret from the IRS to hide your money, you'd be looking at very serious criminal penalties, not to mention you could never touch your stash again if the IRS is coming after you without them immediately seeing you actually do have extra funds.
Stop treating this as some abstract technical problem that ignores real-world consequences.
- alasdair_ 6y ago>You also have an obligation to report your assets. Do you? I own things that are worth money that I've never had to report to anyone. I see needing to report a gain when the asset is sold, but the asset itself is less certain. Do I need to tell them about the $100 bill in my wallet?
- jacques_chester 6y agoIf it's at an overseas brokerage, you'll need to report make FinCEN report each year.