I’m sure everybody loves paying taxes, but I am no expert but say with this current drop In price if I moved bitcoin outside of the US and to an El Salvador wallet, would that be saving on the future sale of bitcoin or what would that look like for capital gains?
I’m asking for a friend, I already lost all my bitcoin in a boating accident.
It does not really work that way, your bitcoin is on the blockchain which means that it is everywhere so you do not really need to move it, the one that will need to move to another country is yourself, now if you are a US citizen this could be very problematic and you will still need to pay those taxes but if you are not then you could move there and convert your bitcoin to fiat and pay no taxes there, however this is only a viable strategy if you have so much bitcoin that you will save a fortune in the process, something that most people cannot do as they do not have as much bitcoin.