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> And he could have put $30 in Dogecoin 6 years ago and had $60,000 by the time of seizure. Or $30 in a random token this year like NFT-art.finance and made the
by wl 5y ago
> And he could have put $30 in Dogecoin 6 years ago and had $60,000 by the time of seizure. Or $30 in a random token this year like NFT-art.finance and made the same.
If that cash were the realized gain from such an investment, it'd be reportable income and the FBI would have seen it. What tripped up the FBI here is that the source of the cash was compensatory damages, which was likely claimed as non-taxable and thus not reported.
- vmception 5y agoThanks for the context Doubling down on my point, its not like Dogecoin was traded on Robinhood way back then. The self-reporting wouldn't necessarily say which specific asset. Are you suggesting if the Feds looked at their tax returns and saw a gain at some point in this person's history they would have left them alone and not said "their income is too low and therefore probable cause." Also, I factored in the tax reporting aspect when I was deciding whether to write $30 or $50 as the initial capital, if there was a sale for cash it would be reportable when they file taxes in 2022.
- cascom 5y agoI think you’re assuming the FBI made a good faith attempt here, when it’s more likely they cherry picked the facts that helped their arguments, ignoring those that didn’t