Hi All, I have searched through the forum and see two posts which is quite relevant but still does not cover my case so i would start a new thread.
A friend of mine who has crypto currencies is not able to sell/liquidate in his country due to government restriction and is willing to transfer it to me and then I will liquidate it. such a good friend of course I will pay him back his money but I am wondering how would I show that in Steuererklärung? and I understand from other posts that there is no need to pay the capital gain tax on it? in addition to this how about legality?
This is a question better asked to an international lawyer specialized in the relevant field (fiscality?), I highly doubt you’ll find a suitable answer on a board of strangers on the internet. If the amount of the transaction doesn’t warrant their fees, chances are the risks involved outweigh the potential benefits greatly.
Besides the fact that your bank might be asking some questions about the funds, and that the amount might trigger data sharing or compliance checks (for instance verifying that they belong to you), you don’t think your friends bank would have similar questions when wiring the money back?
(and if it’s a country with financial flow restrictions, as it sounds like, that could cause even more trouble)
i get your point. problem with crypto currency is that it is in grey area. i believe no country has any documented law for it. he is looking to encash it in legal possible way.
there is no law against it in his country too but it is not welcoming as like it in Switzerland or may be in any other country. you just pay the tax and it is yours.
There was time when people thought crypto is just an stupid idea but some bought it for fun. even once while drinking beer with one of my colleague, he suggested my to buy bitcoin and that time price was just 22 USD and i was so stupid that i said just drink the beer. today he is enjoying the life somewhere where sun shines all year along but now time has changed.
Your idea seems good to me but if i have to buy these on current price then it is not worth but if we can make a deal on any price it could be good solution.
It’s important not to confuse the decision process and the outcome. Good decisions can lead to bad outcomes and poor decisions can lead to good outcomes, out of pure luck. He could have suggested Suid Game tokens (youtube video of a streamer experiencing the rug pull live) and you could have gone all-in in it. One coin leads to the moon, another one can take all your assets with it.
FOMO has good allure but greed can lead to just as many mistakes than fear. Bitcoin was $22 at that time specifically because its future was uncertain.
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