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.
This doesn't depend upon your place of storing bitcoins, this depends upon your residential status, if you are a resident of the United States no matter where you earn from your bitcoins you'll have to pay your taxes upfront. Yes if you yourself decide to move out of the US and then you fail to comply with the rule that makes you a resident, then such income which you have earned on an asset kept in another country won't be taxable in your hands, the intent is to tax the residents because no matter from where they earn, they live in the US therefore have to pay for the well being of the US.