So gift taxes only apply to the givers of the gifts...not the

Is this a simple solution to avoiding taxes?

As it stands I have done this a few times through a family member with no problems. It looks no different at all to the many gifts we already send back and forth to each other.

Why would this not work?

Can anyone help here?

If I understand correctly, you can cash out this way without paying taxes. If you do it through, say, Coinbase, the IRS will fuck you up.

you're gonna git fucked by structuring charges, if you've made millions move to a tax haven and renounce citizenship

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lmao there are limits to how much you can give to family members. I think it's around $8k a year.

you think you're the first person in history who had this idea?

>>2349948
There's a nice hefty fee to renounce citizenship.
>>2349969
No in the US there literally isn't. There's a lifetime exclusion, so what? The tax liability falls 100% on the person giving the gift. If this person is in a foreign country and not a US citizen, which they are not, the IRS can do fuck all.

If it were 8k there'd be no way to give cars as gifts...

What about legal residents in the US?

I don't have a US citizenship and only have a greencard. Would I be fucked if I withdrew some of my cash in my yuropoor country?

>>2349988
that's why you do the math on if it's worth it, if it's not then don't sell your crypto until it is worth it

>>2349948
Literally charges for "intent".

This is fucking ridiculous.
>>2350036
I'm pretty sure a simple gift won't fuck me though. I'm also not cashing out millions, just thousands.

I got $4000 as a nice wedding gift from my grandparents last year. This is literally no different.

>>2349988
I hope you get fucked by the IRS, you tax evading pricks are annoying as fuck to read.

>>2350067
It's a gift. Really that simple....

And here I was planning to sell on localbitcoins, which is a huge risk, then spend only cash for awhile and keep it out of the banks.