Hi,
So back in 2015, my mother (MEX) and me (US) purchased some bitcoin with savings money. it wasnt much back then, but it is now. We both purchased and havent touched that coin since then. just sitting in an address. We use my coinbase account in the US to purchase it, so we have proof for that. the question is what is the best way to cash out? She has a much larger holding than me, so we were assuming that it will be ok for her to claim the entirety of the holdings as hers. Is it possible for her to then open an account/trust/company/setup or whatever is required in a nation that doesn't charge capital gains tax (or charges less), seed it with the property (bitcoin) , have the fund/trust/company to sell it for fiat and invest on other stable stuff, buy gold, index, etc, etc. and then have her as a beneficiary (or me and her), and pay taxes in MEX every time she withdraws or receives distribution from that entity? I understand that taxes will be paid eventually, but i rather defer it as much as possible so it can be invested somewhere else. Also, I know that a lot of banks dont even want to deal with US customers, but what is the most tax optimized way possible for a US citizen to optimize this burden as much as possible? Again, im ok paying taxes, i just want to delay it as much as possible while been able to convert that BTC into something more stable while its up.
From what i have heard as well is that its best to get a loan and put the coin as collateral, which is fine by me, but my main goal is minimize the tax burden of the conversion from BTC to USD/EUR as much as possible
So back in 2015, my mother (MEX) and me (US) purchased some bitcoin with savings money. it wasnt much back then, but it is now. We both purchased and havent touched that coin since then. just sitting in an address. We use my coinbase account in the US to purchase it, so we have proof for that. the question is what is the best way to cash out? She has a much larger holding than me, so we were assuming that it will be ok for her to claim the entirety of the holdings as hers. Is it possible for her to then open an account/trust/company/setup or whatever is required in a nation that doesn't charge capital gains tax (or charges less), seed it with the property (bitcoin) , have the fund/trust/company to sell it for fiat and invest on other stable stuff, buy gold, index, etc, etc. and then have her as a beneficiary (or me and her), and pay taxes in MEX every time she withdraws or receives distribution from that entity? I understand that taxes will be paid eventually, but i rather defer it as much as possible so it can be invested somewhere else. Also, I know that a lot of banks dont even want to deal with US customers, but what is the most tax optimized way possible for a US citizen to optimize this burden as much as possible? Again, im ok paying taxes, i just want to delay it as much as possible while been able to convert that BTC into something more stable while its up.
From what i have heard as well is that its best to get a loan and put the coin as collateral, which is fine by me, but my main goal is minimize the tax burden of the conversion from BTC to USD/EUR as much as possible
