Any way to take the bitcoins out of the U.S. ? Tax Free? - page 2.

Peter R

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Quote from: bizcoin on April 29, 2014, 10:22:48 AM

Any way to take the bitcoins out of the U.S. ? Tax Free?

Where are bitcoins stored in the first place? Are they spread out in the mist of blockchain ledgers across the globe, or are they localized to the positions where the private keys reside? If they are stored in the global blockchain, then are you legally required to disclose these "foreign account balances"? If they are stored in the local private key, then are you required to disclose your brain wallet when you cross an international border? Maybe it's a bit of both.

Bitcoin motivates one to rethink what money actually is. Ensuring 100% compliance with legacy financial and tax rules would require disambiguation of what a bitcoin is to the point of logical contradiction, I believe. I expect if bitcoin adoption continues to grow, laws and regulations will bend to bitcoin rather than vice versa.

S4VV4S

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Quote from: bizcoin on April 29, 2014, 10:22:48 AM

Any way to take the bitcoins out of the U.S. ? Tax Free?

You can take Bitcoins anywhere you want.
In fact you don't even need your wallet.
All you need is the private key.

As to the second part of your question:
Are you looking for a way to take the coins out of the country?
or
Exchange them to fiat "tax free"?

If it's the first then read my first comment,
if it's the latter, depending on how many coins we are talking about here, unless you deposit the fiat currency in a bank, then there is no way for the gov to know you have ANY cash on you (unless you go around telling people).
EDIT: You will need to go through Dark Markets to exchange coins to cash.

That being said, I think it is a bad idea trying to fool the government.
I do not agree with taxation (on my hard earned money) but then again I do not agree with breaking the law.

Bit_Happy

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A Great Time to Start Something!

Quote from: bizcoin on April 29, 2014, 10:22:48 AM

Any way to take the bitcoins out of the U.S. ? Tax Free?

Are you simply trying to send them to another country, or are you selling BTC for a cash profit?
There are 100% legal strategies to pay less taxes.
What are you trying to do?

LAMarcellus

full member

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What form do I use to report my bitcoin holdings to the IRS? /sarc

cryptoanarchist

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Quote from: bizcoin on April 29, 2014, 10:22:48 AM

Any way to take the bitcoins out of the U.S. ? Tax Free?

Jesus, you can't figure that out on your own???

Jcw188

hero member

Activity: 546

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Carpe Diem

Is it just me or is this a weird question? Like, just send it to another address that is accessible from outside the US, right?

bryant.coleman

legendary

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Option 1: Spend some $100,000 and get a Dominican citizenship. Renounce your American citizenship. There is ZERO income tax in Dominica and you don't have to pay any.

Option 1: Spend some $400,000 and get a St Kitts - Nevis citizenship. Renounce your American citizenship. There is ZERO income tax in St Kitts - Nevis and you don't have to pay any.

fiddelingones

full member

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