Topic: What happens if Satoshi has to pay taxes? - page 3. (Read 2611 times)
Only if he sells them, in which case we'll have a lot more to worry about than whether or not he's paying taxes.
Lol.
They hack his email and still we don't know who he is. Taxes, what taxes?
They hack his email and still we don't know who he is. Taxes, what taxes?
In a lot of jurisdictions profit from bitcoin holding will be considered something like capital gains. And those are taxable.
In 2013 BTC started out with a value of $13 and the year ended with a value of $720.
Since it is assumed Satoshi holds around 1M BTC that would be a taxable capital gain of ~$707M.
Even assuming a fairly low tax of like 10% that would amount to like $70M, and, assuming Satoshi couldnt pay that amount anyway else, would have to sell a lot of BTC just to cover those taxes.
This may result in some fairly amusing affairs if his bitcoins ever move.
In 2013 BTC started out with a value of $13 and the year ended with a value of $720.
Since it is assumed Satoshi holds around 1M BTC that would be a taxable capital gain of ~$707M.
Even assuming a fairly low tax of like 10% that would amount to like $70M, and, assuming Satoshi couldnt pay that amount anyway else, would have to sell a lot of BTC just to cover those taxes.
This may result in some fairly amusing affairs if his bitcoins ever move.
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