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/biz/ - Business & Finance

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25626710 No.25626710 [Reply] [Original]

Hey /biz/, a buddy of mine has an issue and we're not sure how to go about resolving it.
He has some Bitcoin that he saved on an old hard drive, but he never declared it for taxes.
Now, Bitcoin is so mega expensive, he's afraid of liquidating the Bitcoin into cash, because he doesn't know how it will be taxed by the IRS, and if he owes any backtaxes, for how long he's owned the coin?

>> No.25627449

>>25626710
just send me the coins and ill convert em to cash for you.

>> No.25627484

You only generate a taxable event the moment you sell them

That being said if it was bought in cash and nobody knows about it... you could move it somewhere more safe

>> No.25627502

How do people this low IQ exist? Your friend never took profit, how could he owe taxes? He'll owe long term capital gains on whatever he sells for minus what he bought for.

>> No.25627629
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25627629

do this