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.
WE're all asking for a friend - joking -
Anyway, it depends on who's going to claim the BTC on the other side, if it's an El Salvador citizen or US citizen. It also depends on how much you already declared to your government already, right? Because moving funds across can just mean that you're selling your BTC and capital gain could be imposed on that amount. It's all a matter of tracking all of these transactions, and I suppose it depends on the amount transferred.
These are the types of considerations you have to think about, unfortunately, it's not straight forward at all but it is what it is!