If this is anywhere near true then Trevor has massively overpaid for the site and it's not up to everyone else to bail him out. Personally I think if this is representative of the figure that Trevor is hinting at, then I call BS.Toorbough ULL-Zeveigh wrote:Has it occurred to you that you owe $850,000 of federal income tax on this "deal"?
Ever thought the IRS might be "a friend" in a "time of need?"There may be tax liabilities encountered when transacting with or trading in bitcoins. Some of those that are possible might be described below.
This page was created by those in the Bitcoin community to help in understanding tax compliance concerns. This is not legal advice nor accounting advice. For either for those consult your attorney or accountant.
Are bitcoins taxable if I earned them by doing a service for someone else, or received them in exchange for something?
Anything that you receive as payment for goods or services is generally taxable income unless it is specifically exempted.
That means, if you mow your neighbor’s lawn, it doesn’t matter if he pays you $20 in cash, or $20 worth of bitcoins. (Or $20 worth of tomatoes for that matter)
You are still legally required to report it to the IRS as income. Now, if you don’t, the IRS will probably never know, but try to mow 10,000 neighbor’s lawns and not report the income and you will be much more likely to get caught.
One bitcoin.org forum member was able to acquire over 300,000 bitcoins from one of his former employers who thought bitcoins had no value. Those bitcoins were sold for $5,000 when they were actually worth over $2 million dollars!
knightmb is either scared for his life right now, hired a top-notch security crew/bodyguard(s), or fled the country with backup encrypted flash drives. Who knows, maybe he bought an island and named it Bitcoin Island Grin
if he's smart he's destroyed all evidence linking him to his online persona.
knightmb, you should use a portion of your fortune to make a big time transaction. Maybe buy a Tesla Roadster. Maybe you could talk to Elon Musk directly about it. I mean hey you've got 5 million right now and the sky is the limit. Some big purchase would get lots of attention. You'll probably be a billionaire within the year.
Note to self: .. " Keep on the right side of bigmoose" !bigmoose wrote: ...Ever thought the IRS might be "a friend" in a "time of need?"
If he was truly a genius he wouldn't have been caught and left traces of his activity everywhere. Neither would he have sold this forum - to further draw attention to himself.flathill wrote:He mined coins using Amazon EC2. The guy is a genius whether he is evil or not.