If he is selling to you at a clearly below market price to avoid taxes that would likely be construed as a sham transaction and tax evasion
(If it was so easy every investor USA could do the same with a « friend » in Switzerland to avoid capital gains tax)
I did have some bitcoin many years ago, because I was buying MP3s in a russian store. BTC was around 100 USD at the time. I sold it, when it was 500 USD, because “wow, I just made 400% gain”. There is no way I’d have hodled until now because I believed and still believe BTC’s real value is somewhere around 0.
That’s definitely not true, many countries have it well documented how crypto is considered/taxed.
That’s very different from your initial post, sounds like you want to help your friend evade taxes. I don’t know what the risk is in that country, but that’s likely another whole level beyond avoiding capital countrols.
FYI I still wonder what the plan was be for your friend to get control of the money without triggering any suspicion, you’d transfer it to some undeclared offshore account? (note that there aren’t many places left which don’t do data sharing with tax authorities).
Anyway sounds like a good idea to stop the discussion there, I doubt the forum owners/mods want the forum to be used for getting advice on tax evasion.
That’s very different from your initial post, sounds like you want to help your friend evade taxes.
That is not true. idea is to encash the money in legal way.
According to your statement he can just sell it, pay the taxes for it and it’s his. So, what’s the problem then?
hi similar but different question. How does it work with NFTs in Switzerland.
I minted an NFT for a couple of SOL (~400 chf) and now the NFT is worth 10x (~4000 chf). EDIT: to be clear this is the current floor price, I have not yet sold the NFT
I know by Swiss standards this is not material BUT how does one declare this in the tax return and are there any taxes due on the 3600 chf?
anybody have experience with this?
You simply write the approximate value of it on the 31.12.2021.
that’s strange … NFTs are all unique (that’s the non fungible part) so the price is what someone is willing to pay not the list price. I guess you’re implying I should record at the floor price on 31-Dec?
You said “it’s now worth”, so yes whatever you think the market values it at.
You are mentioning floor price (is that your “bidding start price”, like on an auction?), you could put that on that date, yes.
thanks I realize I used “now worth” and was referring to the floor price - it does make sense to use it as it is what the “market” decides it is worth (even if it is for the common NFT and not the rare ones). The 2nd reason it makes sense is that the floor price is trackable. thanks for helping me think through this
Maybe just ask the tax office? For unique items the value of the last transaction might also be something that makes sense.