SsamziegangSerenadeMelody
Sun Jun 23 2024
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6 answers
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When you hold U.S. citizenship, you live under IRS tax law no matter what and have to pay taxes no matter where you live. Giving up your citizenship can be an arduous process and shouldn't be taken lightly.Can you gift bitcoin to avoid tax?
In the realm of cryptocurrency and finance, there are often many gray areas surrounding taxation. With U.S. citizenship, one is inescapably bound to the IRS tax code, regardless of global residency. The intricacies of relinquishing citizenship are widely known to be complex and weighty decisions. Given this backdrop, the question begs: Can the act of gifting bitcoin serve as a means to evade or avoid one's tax obligations? Surely, with the volatile and decentralized nature of cryptocurrencies, such a loophole would be a highly sought-after one if it indeed existed. However, does the current legal and financial framework allow for such a maneuver?
