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Well, since the ledger is public, if you manage your coins yourself, all they need to know are the address(es) that are yours. They can look up what's in them w
by cbhl 13y ago
Well, since the ledger is public, if you manage your coins yourself, all they need to know are the address(es) that are yours. They can look up what's in them with a copy of the ledger.
If your bitcoins are in an aggregated account like Coinbase (or the now-dead Mt. Gox), they'd probably put in bank-like reporting requirements that make the bank tell the IRS how much money you have if you have enough of it.
- ufmace 13y agoThe trick is that knowing what addresses are yours is not necessarily easy.
- PeterisP 13y agoUmm, just as with any other expensive property - they ask you to declare them; and if you conveniently forget to declare it, but at some time later (say, after 5 years) they somehow find that out, then you go to jail. Are you sure that you can hide that stash (and all purchases/deals made from it) permanently?
- scotty79 13y agoJust until you ditch citizenship of that prison country and live happily ever after spending your bitcoins in Germany or some warm paradise.
- PeterisP 13y agoGermany treats BTC income the exact same way.
- scotty79 13y agoThank you. I haven't researched the subject. I still think you will be better of dealing with German tax authorities than with IRS. I suspect there are and will be some European countries that treat bitcoins with more leniency.