He may get fabulously wealthy very quickly. I Was very early in it. It make me very wealthy to the point that I had to flee THE US and renounce my citizenship (just did) because taxes were so horrible. The IRS is on your ass weather you know it or not. 20% capital gains tax. FINCEN laws for bank account reporting... Etc. Tell your kid to get up to speed on his/her Spanish so PUERTO RICO is an option. I just went whole hog since PR is blown out when you break 2 million. Idiot Trump's FATCA laws put an end to overseas earnings allowing one to keep their citizenship. Now it's move to PR or renounce. Look into act 60 In Puerto Rico. A few jewtube channels are a good start. Crypto tips, Colin talks crypto, Nomad Capitalist, escapist? Escape artist? I forget the last one. Search those channels for PR act 60 and see what you learn. It's worth your time. I know this is a shit account but we have talked here and on voat a lot and I would see you and your family kept safe with this info if I can.
I'm not kidding.
Heed the words I just said.
It is practically impossible to properly comply with the tax laws if you have over 10k in crypto and they are making it worse every day. Paper-route money can turn into a lambo 8n a few months with this shit then evaporate just as quickly leaving a tax bill that is ENORMOUS and nothing to pay it with after the value falls.
Their tax bill will fall on YOU if they are under 18. If they are over 18 they do t understand all the intracacies. I state that with complete confidence because NO ONE understands them. It's impossible to really know since it is not proven up in courts and blah blah. The US is more dangerous than nay other nation on earth right now when it comes to crypto.
Appreciate that (he would not leave the country though).
If you have any good links or info that would be nice.
He's made a lot of money in it but I dunno how he's doing with this dip.
Just edited above. He may think again about leavi g the country. I said the exact Same thing then I had a choice between flushing all my crypto or going to jail. Literally there is no other choice. The only reason he doesn't see it that way is because he doesn't know what the fuck is coming down the road.
Look at those channels. It's important.
https://relocatepuertorico.com/a-3-minute-guide-to-puerto-ricos-act-60/
This is the only way to keep citizenship and be safe. He has to be boots-on-the-ground in PR in the next 30 days to get out this year.
Very much appreciate your info.
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