Negotiator
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Your friend would have to be non-resident for 3 full tax years to cease being ordinarily resident and therefore no longer subject to Irish CGT on his crypto gains. So from now, it would be 1 January 2022 before he would be able to sell and escape Irish CGT - if there are any gains left by then - which, as you say, is a big risk. If he had a very substantial gain, he could sell half now and then make the move and hope/pray that the crypto gains don't disappear in the next 3 years and 8 months.
Why are you so sure that we are all so sure that bitcoin investors don't want to pay CGT? BB has asked about one friend who is a bitcoin investor.I am not sure why we are all so sure that bitcoin investors don't want to pay CGT.
Why are you so sure that we are all so sure that bitcoin investors don't want to pay CGT?
BB has asked about one friend who is a bitcoin investor.
And there are no easy decisions to not pay CGT. Revenue have rules and as long as you stick to the rules and report what you need to report, there is no 'not paying CGT' - it just doesn't arise. But it's not free - it comes at the cost of leaving your home for 3-4 years. That's too high a price (both socially and financially) for most people.
I personally think BB's friend is mad to not cash in now, pay the CGT and move on with his profits.
The title of the thread is not '(all) bitcoin investors want to move to IoM to avoid CGT'. It's about one person.It's the title of this thread
It's not relevant that it's one friend or one acquaintance or one really weird randomer. The relevant word is 'one'. Not all bitcoins investors - or most bitcoin investors - just one bitcoin investor doing a perfectly legal thing. No-one was even saying anything judgy about a move to the IoM - just offering advice. I'm not sure how you have perceived anti-bitcoin-investor bias with respect to the tax issue in the replies to this thread.He says he met him at a crypto event, maybe they became friends straight away, i am not sure and I don't know how relevant it is.
Hi Gus1970,
There is likely to be a greater level of tax evasion amongst Bitcoin investors relative to the general population.
Is there any evidence to support such a slur?
Well, yes there is: Coinbase, the Bitcoin trading platform was the most downloaded app in the US last year. Yet only a tiny number of Bitcoin gains have been reported to the IRS, circa 800 from memory. The IRS has a taskforce looking at the issue.
Well, yes there is: Coinbase, the Bitcoin trading platform was the most downloaded app in the US last year. Yet only a tiny number of Bitcoin gains have been reported to the IRS, circa 800 from memory. The IRS has a taskforce looking at the issue.
How anyone can contend that cryptocurremcies aren’t subject to widespread tax evasion is beyond me.
First, I didn't realise i was living in America, second, I do pay all my taxes and all the people I know owning crypto pay taxes, hence in my context of knowledge, I contend
Back at you o the "nonsense propagated"
Coinbase was not the most downloaded app in the US last year - it wasn't even in the top 20. For a brief window (days/hours?) at the height of the bitcoin mania, it was the most downloaded. Across the whole year, the more likely apps (Snapchat, Youtube, Facebook, Whatsapp etc.) were downloaded way more often.Is there any evidence to support such a slur?
Well, yes there is: Coinbase, the Bitcoin trading platform was the most downloaded app in the US last year.
Coinbase was not the most downloaded app in the US last year - it wasn't even in the top 20. For a brief window (days/hours?) at the height of the bitcoin mania, it was the most downloaded. Across the whole year, the more likely apps (Snapchat, Youtube, Facebook, Whatsapp etc.) were downloaded way more often.
You have a strange definition of nitpicking. If you said the app was #4 and I pulled you up to snark that it was actually only #5, THAT would be nitpicking. Saying it was THE #1 app (ahead of facebook, whatsapp, snapchat - quite an achievement) last year when it wasn't even in the top 20 was just incorrect - even if it had the briefest of brief stints on the top of the charts for a couple of hours/days as people downloaded it to have a look.Nitpick much?
In December, it reached No 1 on the App Store charts.
The contention is that Coinbase was not the #1 app last year.Is the contention that Coinbase is not that popular, or that 800 tax returns is about right?
downloads > activations > funded > bought BTC > Sold them at a profit
Having runa a couple of startup myself I know very well that app download is a vanity metric we publish to inflate the impression of our success.
i used ">" as "greater than", I hope it is clear.
For example I have not sold a penny since I started buying in early 2013, I have coinbase, bitstamo, kraken, bitfinex, bitrex, kukoin and just about another 20 exchanges I use.
Not having sold makes me a tax compliant citizen, but looking at me with your parameters, I am 26 people that did not pay tax
When you say you haven't sold, are you saying you've never bought/exchanged one crypto for another?
Because if you, for example, acquired a holding of a new crypto and paid for it using BTC, that is a disposal of BTC and subject to CGT (if the disposal realises a gain, which it would if you were holding BTC since 2013...).
Where was it suggested that you live in America?
Your anecdotal evidence in respect of your own position or that of your friends is completely irrelevant.
We have hard data regarding the biggest Western economy in the world; it’s reasonable to contend that it’s representative of other Western economies.
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