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You wouldn't have to report capital gains unless you had sold the asset. But transferring the asset to your blackmailer, perhaps you might have to pay gift tax,
by shakethemonkey 11y ago
You wouldn't have to report capital gains unless you had sold the asset. But transferring the asset to your blackmailer, perhaps you might have to pay gift tax, unless you filed a 1099. [1]
[1] http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Frequently-Asked-Questions-on-Gift-Taxes http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employ...
- mirimir 11y agoI'm not very familiar with US tax law. But the key point, I think, is that once I have that $80K Bitcoin asset, the reporting requirements for it will be comparable to those for $80K in my bank. Bitcoin only helps if I can buy those Bitcoins without reporting. So I'm in the same situation as accumulating cash to send via DHL or whatever.