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It seems the bitcoins went up 10x since he bought them. It would be really tragic if he still has to pay capital gains tax on the 450k of gains.
by dan-robertson 6y ago
It seems the bitcoins went up 10x since he bought them. It would be really tragic if he still has to pay capital gains tax on the 450k of gains.
- alisonkisk 6y agoHe has as much in losses in his latest "investment". Now if the authorities suspect he is running a tax evasion scam...
- dan-robertson 6y agoIt’s not super obvious to me. If I bought some shares in some company and they went up 10x, I don’t think I could get out of the tax by gifting them to someone else (though maybe I could get out of it if I gifted them to a charity). Taxes can be a bit weird with investments in general. eg if you invest in a mutual fund that reinvests dividends, you only pay tax when you realise gains, whereas if you invested in an equivalent mutual fund that didn’t reinvest dividends but reinvested them yourself, you would be liable for tax on the dividends before reinvesting them which means less compounding. Obviously this all massively depends on local laws and weird specifics.
- cyberpunk 6y agoIn Germany profits from crypto speculation are not taxable if you have held the coins for two years. At least, according to my accountant a year or so ago, may have changed since..