my big worry is if i do not report now, they may come at me 5-10 years from now with interested owed.
If Bitcoin is still worth anything 5-10 years from now and you own some now you'll likely be able to manage that risk by just moving outside their jurisdiction.Unless the OP renounces citizenship (not a bad idea right now), moving does nothing except offer a potential 95K tax credit if you live 330 days (or something like that) outside the USA.
The only country on the planet that taxes its citizens regardless of where they live.
...the land of the free
Horseshit! I have lived outside the US for many years and I pay no taxes to the US. What kind of crap are you trying to spread. You people that think you have it so bad in the US make me vomit. You have no idea how the rest of the world lives.
You might want to read this Zedster: http://www.irs.gov/publications/p54/ch01.html#en_US_2012_publink100047323
Here is an excerpt:
Quote
Filing Requirements
If you are a U.S. citizen or resident alien, the rules for filing income, estate, and gift tax returns and for paying estimated tax are generally the same whether you are in the United States or abroad.
If you are a U.S. citizen or resident alien, the rules for filing income, estate, and gift tax returns and for paying estimated tax are generally the same whether you are in the United States or abroad.