Crypto Investor Charged with Huge US Tax Fraud
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- čas přidán 27. 08. 2024
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DISCLAIMER: This video is not tax and/or financial and/or investment advice. Any information or advice I give is purely based on my own experience and research. I am not a tax professional and/or lawyer and/or accountant so I am not liable for any steps you take to lower your taxes. I'm not a financial advisor nor do I pretend to be. Always do your own research.
He had $100m in BTC, and owed $50m at time of renunciation? Is the 50% of net worth exit tax?
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Never underestimate how envious the IRS are of your success
Bunch of losers there so not surprised
50 million they will go after that even if it was 20 years later lol
@@waldorsockbat5737 Longer they wait = more penalties and interest they receive.
why the hell Spanish authorities enforce IRS warrant? Shows how little sovereignty Spain has.
I recall Marc Rich fleeing to Switzerland a few decades ago owing millions in taxes, instead of being charged he was pardoned by Clinton.
Yeah Spain did the same to John McAfee. Both of them made the same mistakes. Didn't pay their taxes & criticised the IRS. $WHACKD
Spain bend down to the US govt.
USA is worlds daddy
Perhaps he wasn't a Spanish citizen? I couldn't find anything about that but I heard Spain is a bit more stingy when it comes to extradition of their citizens
Free Roger. Fuck the IRS.
Just another reason why folks need to get out of the Matrix asap...
Ten years later? It's just because he speaks out against the US gov.
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How can they charge him for something back then when the IRS wasn't even considering BTC a taxable asset at that time?
Who is going to pay for all the 97 billions packaged to Ukrain Israel Taiwan ??😂 what a democracy
300+ billion sent to Israel over the last decade to build Israel instead of the U.S
Those foreign supports will make US much greater in the future, how do some people don't understand it) US investing for his own future and qualities
@@dropshipincanadait’s not really free money it’s credit, they have to use that money and spend it on US weapon companies so it goes back to the US economy anyways
democracy my a s s s
@@kam8916aha so u know how " MARITIME ADMIRALTY LAW " works 😁
You ask your tax lawyer, and he himself may report secretly to IRS. Who to trust?
No one but yourself.
HERE IS 10 PERCENT WINNER GIFT FOR RATTING OUT EVEN PAPA
exactly. Seems client-attorney confidentiality is 100% myth.
trust the techniques on decentrilzed exchanges, there millions of ways to get unnoticed, and avoid coinbase-like echanges where you provide your ID
BTC jesus wasn't a US citizen and at the time he didn't pay because the US didn't tax it. This is ominous for any crypto user.
Smear campaign ahead of his book.
Yes but pretty sure he took gains since then. It’s hard to denounce us citizenship
US IRS can target anyone who has USD or US assets, for any reason whatsoever 😮
Exactly, back then they didn't tax bitcoin.
And they say we live in a democracy
The kind of tech IRS has, would blow your mind..
if you have backdoor everywhere it is not a big deal
THE SEC doesnt have all that high of tech... but they lure suckers to buy their tokens.. BTC is theirs .. how do i know this? well look how easy it is to spy on bitcoin... ZERO PRIVACY. And we dont know who satoshi is ... but its so obvious. CIA CIA CIA CIA!!
congratulations for being taken for a long ride... lets hope you and the rest can wake up from this bitcoin coma lol
That's why they target the exchanges
Yet it takes an hour to finally speak to them over the phone, it’s usually someone who might know less than you do about taxes. So go figure ..
It seems he was targeted because he was vocal about the abuses of the government, not because he had Bitcoin.
both
@@zeroh3049 Definitely vocal, if you are flexing your money on the internet they will find it obviously.
This part ☝🏾☝🏾☝🏾
@@zeroh3049 Probably
Anyone can anonymously report someone to the IRS 😂 keep it DL 🤫
I think there may be more to the story; I think that, subsequent to renouncing, Roger had companies in the US... and those companies held bitcoin. I don't know the details of it, but clearly, if Roger owned companies in the US after renouncing, he was taking a HUGE risk. If, OTOH, Roger had simply kept his BTC in cold storage, and had just sold it off slowly, and if he had made it a point to "fly below the radar" of the IRS, they would not have known how much BTC he had when he renounced. He took on a lot of unnecessary risk..... just as he had years earlier when he sold firecrackers on eBay (that landed him in prison).
The wheels of justice turn slow, but they ALWAYS keep turning.
so your saying justice has been served? you think the corrupted government of USA is FAIR and JUST? omg how lost you are my friend. you probably believe in JESUS also .. the christian one not this bitcoin jesus. To bad so many fall for fantasies that never existed.
He renounced US citizenship in Feb 2014 and that is MORE THAN 10 YEARS LATER. This is important. Why? Because the statute of limitations on tax crimes in the US is 10 years. The prosecution is beyond the Statute of Limitations.
Or within a few months, weeks, days or hours of expiring.
This is what got him in trouble he had US Companies : Even though Ver was not then a U.S. citizen, he was still legally required to report to the IRS and pay tax on certain distributions such as dividends from MemoryDealers and Agilestar, which were U.S. corporations.
My investment portfolios are Bitcoin, ETH and AMS99T
Smear campaign ahead of his book. Crazy stuff.
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he is a public figure, thats the problem
It wasn't realized income...so, no, he didn't have to pay any taxes...needless to say the American Constitution doesn't include any taxation...but they found out he has 131 000 BTC and went nuts
Nobody goes after the small Man. Just stay low key and steadily off ramp, and limit what you put in regular financial institutions
Just swap it to monero
What is the point of bitcoin if government can get at it wherever you are?
The government created bitcoin. NSA
Wait , are you saying when you renounce that you have to pay an exit tax on all your crypto, or are you saying you just have to pay the tax owed from any gains that you never previously had paid tax on? Please clarify
I was thinking that, what profit? If you don't sell then there is no tax due surely ?
I think the exit tax seeing as it was about the 50M which would be half of what he had at that point
You pay tax on unrealized gains.
@@Joseph20203 that is correct in the USA.........
@@STW1964 THOSE AHOLES IN USA ARE OW LOOKING TO TAX UNREALIZED GAINS.... THAT IS IF YOUR HOUSE IS WHORH MILLION 4444 AND YOU PAID 250 000 THE750 000 IS TAXABLE AS PROFITS EVE IF YOU LVE IN IT AND PLAN NOT TO SELL .... TEN WHEN THE VALUS IS GONE OR DIAPPERD FOR AREA IS SHITAREA ...YOU ARE FUKED OVER AND LOSOO EVERTHING
131000 bitcoin is over $7bn today. So the tax due is just small change now?
Glad am not a US citizen
3:40 well, Department of "Justice"...
Never underestimate the power of your masters who OWNS your life. You all are born with a serial number (social security number).
How much money I can transfer internationally from dubai every week ? Is there any limitations for transferring money internationally from Dubai
I don't understand. Do they tax you on unrealized gains?
Yes, "land of the free"😂
@@hhkk6155 What if you don't have cash to pay for this? You need to liquidate your assets, which will trigger capital gains taxes to pay taxes on money you haven't made? I'm not an American and i've never even been to the US. This sounds very weird.
@@hhkk6155 What if you don't have cash to pay this exist tax? You will end up selling your assets, thus triggering capital gains tax, to pay for a tax on money you haven't made?
@@hhkk6155 i replied twice and my replies get deleted by youtube.
Nope
Roger is a bitcoin billionaire. Why worry about 50 million? It’s petty cash
Back in 2014, they probably didn't know that the IRS would get these chain-analysis tools later and could find out about the Bitcoin. Not sure if he had the option to just pay the $50mil to get the IRS off his back or if he continued to fight the IRS, but I agree that it's better to be safe and just declare everything instead of trying to save a few bucks and get in trouble later.
they didn't even tax it back then
he didn't play smart but was right.
Rafael, can you take a look at the panama travel passport. It is a passport by investment. Italy has one also passport card for the EU only and non citizens can acquire and is completely excepted. Australia has one for refugees.
As I said before. There is nowhere to hide your wealth.
Everything based on blockchains is easily traceable.
@@lvovodessa exactly. nowhere to hide your wealth. better to be honest even though governments are dishonest.
@@lvovodessa Monero, not necessarily.
There are ways, this guy just wasn’t smart lol tons of whales who ran off with crypto and was never traced back this guy clearly slipped up at some point.
Tell that to the gold maxist
Or stay in non extradition countries 😅
pay an exit tax? What don't they tax?
They trying to scare people 😂😂😂
Excellent video with the soundest advice anyone could give!!
You said he had $100m in BTC, and owed $50m at time of renunciation? There is a 50% of net worth exit tax? Or what % is it supposed to be?
40% I believe. It's a robbery.
whatever the feds want it to be ... thats the world we now live in..... the feds are ruling with an iron fist.. who is the feds? the feds are just politician puppets for ELITES.. MONEY always rules this world.. who has most of the money supply? GLOBALISTS!! the people with curly side hair ;)
Crazy stuff 😮
36%
I’m not us citizen that could happen if I have LLCs there??
Yes everything inside the llcs are the US govt property, not yours.
Just one question. Is it 4 million tax free when you renounce if you are married or does my wife and I only get 2 million tax free?
What if you get a dual citizenship instead of renouncing, will taxed be differently?
as long as you are US citizen as one of those 2: IRS is waiting for you because _worldwide taxation_ rule. your second citizenship is worthless in such a case.
At the time you expatriate, you will be required to pay US 4 years into the future as well.
Nope
All he had to do was be quiet.. He wanted to be Bitcoin Jesus and his ego got the best of him... If he had simply went to Spain and was quiet he would not have been arrested.. Lesson learned..
I suspect Spain wasn't the best place to live with all that crypto hanging over his head, probably one of the worst.
@@scottfree993 he renounced, so what other citizenship was he on ?
@@rivenoak he could of lived anywhere in EU, but hindsight is a wonderful thing 🙂
131000 btc is 7.5 B $
Now yes, not in 2014
@@WealthyExpat If it's worth that much now, it seems he could just pay the money and be done with it. He would still have plenty left over.
@@LoveClassicMusic0205 They don't want his money at this stage, they want him in prison as an example. Once he's there, then they'll deal with the money part.
@@LoveClassicMusic0205merika wants billions. They r horrible😅😅
Nice video, thank you
What if I’m a green card holder, can’t I just leave? Technically speaking I’m not a U.S citizen.
But you still under tax law…
Seems to be a pattern in Spain?
Thank you for the wake up call
fines and penalties.... ouch
I would but in a hardware wallet but I will still declare it to the IRS.
Great video.
10 years ago was it even considered an item of value ? over-reaching AF
4:50 you mentioned "get out of the country"
Even if you "get out of the country" living abroad for lets say 5 to 10 years and youre earning a salary in that foreign cpubtry and you opened up a foreign bank account to hold your foreign salary you still need to file a tax return and report your foreign bank accounts. You have to pay US taxes on your foreign salary too.
How do i know? Ive been living this very scenario. If your foreign bank balances are less than 200k then it's a non issue but you still need to report your foreign bank accounts
No matter how much you make from $1 up you have to file a tax return.
If you live abroad and own/trade (sell) cryptocurrency then you must report everything that you sell.
If you send cryptocurrency at 17k or more then a 10% tax applies.
So, getting out of the country doesn't help you avoid taxes unless you meant "renouncing" US citizenship then cool🙏
Smart advice
131000 BTC * ~61000$=7991000000$ . 50mil. from this amount is nothing! :))
Dammmmmmm guarantee they’ve been looking for him since bitcoin cash days
lmao im glad im not american
land of the FREE
im glad in not european where you get reported for spending or cashing out more than 1000 euro lmao
you are european, much worse lol EU is your tyrant daddy you can't deposit more than 600 euros from your account without notifying the government lol
America is the last free country on earth, the continent of Europe is done for, Asia done for Africa never even began lol
europe / Australia / canada / Asia are much worse lmao
This is way you own nothing and control everything
yea if anything I would of kept a low profile....if you start mouthing off and have a big following online...you're going to get noticed.
Just for clarity, this is only for US investors? 🤯
Yep
He should have declared and payed the taxes to the IRS. Is unfair but is better to go to jail.
Just stay off grid…leave your life quiet..
Not unless you use a privacy coin without a public ledger such as Epic Cash. Why people still use bitcoin for anything is astonishing.
Buy Monero
Sell Bitcoin
Rather be a digital nomad, and live on defi leverge, than renounce ccitizenship.
Insane
Don't renounce and just accept ur fate 😂
I need some information about 2nd passport and Uae llc
Lesson here.. 1st
Karma will catch up sooner than later
Live honestly ❤❤❤❤❤❤ Thanks for quality content
Cuidao ya pronto te pilla a ti
US deserves those tax money
Nuh. Those fuckers sending taxpayers money to wars…
CZ, Samourai, now Ver, i also read of Dorsey investigation. some official in the US finally called.
He attracted a lot of attention by clamming he was satoshi 🤪
Uncle Sam strikes again