Quote from: mccoyspace on December 06, 2013, 03:48:21 AM

Quote from: msc on December 06, 2013, 12:54:33 AM

Quote from: Dafar on December 06, 2013, 12:23:51 AM

4. Will I have to pay taxes on capital gains? I don't wanna pay shit to the US gov, how would they know how much I made off BTCs?

Yes, you have to pay capital gains on the profit. If you cash out through an exchange, they could report you to IRS, or your bank could report you if they think your transactions are suspicious.

I'm not an accountant, but there are a few things to consider, specifically if you are an American.
There is a gift tax in the US. You are allowed something like $10K per person per year tax free to be given to you, after that it is income. If your dad gives you 1M, you have to pay income tax on 990,000 at 39%.
So you may need to set up a company (an LLC or an S-Corp) to accept the money. This way it is an equity investment in the company, not gift income.

Also, you have to pay capital gains tax on any profits. If you don't hold your investment for more than 1 year, there are short term capital gains that are taxed as normal income (you would easily be in either the 35% or 39% income tax bracket when dealing with those amounts). If you sell your coins after 1 year then it is long term capital gains and the tax rate is 20%.

Talk to an accountant!

He already said, barrow with 10% interest its not a gift... You don't need to go through a bank for a loan