Even though US tax laws do not apply to ‘Non US citizens’ living outside of the U.S., Robert Kiyosaki has always emphasized in his real estate activities that what he conversely and legally is able to do in the act of virtually paying little to no taxes in the US he is able to legally avoid virtually anywhere else on this planet. Despite the extreme complexity of our tax system and laws, they still fundamentally follow the same principles of monitoring and charging us on taxable events.
Unfortunately as more clarity, oversight and government regulation gets implimented the act of buying, investing, trading, exchanging cryptos and NFTs is becoming less and less of a ‘Robert Kiyosaki style’, ‘Non Taxable Event’ 😐 . We will inevitably have to report and depart with varying amounts of our humble gains made in this space in any given tax year (give or take a couple of million $$$ 😏)
It at least gives us a rough idea of what to expect and Andrew answers Wendy’s questions in a very simplified, uncomplex manner so that the common layman like myself can comprehend this stuff. It should also stimulate us to double check our own local tax laws and requirements before we end up with any unpleasant surprises from our own tax offices 😱.
A teaser; make sure you hire an accountant that has had a few years of experience in the crypto space, someone who is thoroughly up to date with current tax laws and ‘really knows what he or she is doing’ because unfortunately as Wendy previously experienced there are many accountants that don’t.
All credits to Gordon Law & WendyCryptoO
Disclaimer: This blog should not be taken as financial advise and is purely written and shared for entertainment purposes only. Always consult a tax professional or accountant consultant if and before filing any tax returns anywhere on this planet.