Post
Topic
Board Bitcoin Discussion
Re: Give Away Bitcoin To Avoid Estate Tax
by
Poker Player
on 31/03/2024, 04:48:27 UTC
Thoughts?

I think you are a typical person who is broke but has a lot of misconceptions about what rich people think.

First of all, you don't know that there is a thing called gift tax. But apart from that, this will depend on the legal system of the country but there are countries where they will charge you capital gains on top of that.

So, let's say you bought Bitcoins 100 at $1 and now with your great idea to avoid paying taxes you donate them when they are worth $70,000. The tax authorities in your country will charge you capital gains tax for 6.999.900 (assuming a moderate rate of 20%, you would have to pay 1.399.980). That is in addition to the gift tax. And besides, you would have run out of Bitcoins, so I don't know what you were going to be able to pay with.

In other words, a supposedly great idea from someone who is broke and doesn't know anything.