How Much Does He Owe From His Bitcoin Gains?

‘Bitcoin Jesus’ Roger Ver Accused of Tax Fraud: How Much Does He Owe From Bitcoin Earnings?

Investors often forget about the capital gains taxes they owe on business profits throughout the year.

But even if they forget, almost all of them still pay taxes on what they earn. Many will pay them without any problems, but some will refuse to pay capital gains taxes. Roger Ver, also known as “Bitcoin Jesus,” is one of the traders who refused to pay taxes on his Bitcoin (BTC) earnings, which led to legal problems.

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Ver started buying Bitcoin in 2011. In early 2014, Ver and his companies allegedly purchased 131,000 BTC. At the time, the price of Bitcoin was around $800, so the value of the position was around $100 million. Also in 2014, Ver traveled to St. Petersburg, a small island nation in the Caribbean. Kitts and Nevis and renounced his US citizenship.

“Ver was allegedly required under U.S. law to file tax returns reporting capital gains from constructive sales of his assets worldwide, including Bitcoins, and to report the fair market value of his assets. He was also allegedly required to pay a tax — U.S. Public According to the Office of Relations, this will be referred to as an ‘exit tax’ on capital gains.

Ver hired a law firm and a business valuation firm to assist in the preparation of tax documents, but lied to the firms, resulting in “false tax returns that significantly understated the value of the two companies and their 73,000 Bitcoins” and denied Ver any involvement. It resulted in him not reporting that he personally owned Bitcoin,” according to the U.S. Office of Public Affairs.

By 2017, “Ver’s two companies continued to own approximately 70,000 Bitcoins. At that time, Ver allegedly seized these Bitcoins and sold tens of thousands of them on cryptocurrency exchanges for approximately $240 million in cash in November 2017.” to the agency.

Even though Ver was not a U.S. citizen, he was legally required to report and pay taxes on certain distributions. He allegedly concealed his buying and selling of Bitcoin from his accountant and did not report gains or pay taxes on distributions worth $240 million.

The U.S. Office of Public Affairs concluded that “In total, Ver allegedly caused losses to the IRS of at least $48 million.”

One Uncertain post on x Ver wrote last week: “Don’t expect bad people to do good things.”

The story continues

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