BITCOIN - An investor from Austin, Texas, has been sentenced to two years in prison for deliberately underreporting capital gains from the sale of $3.7 million worth of Bitcoin. This case marks the first criminal conviction in the U.S. for tax evasion exclusively related to cryptocurrencies.
Frank Richard Ahlgren III, an early investor in the cryptocurrency market, filed false tax returns between 2017 and 2019. According to court documents, Ahlgren had purchased 1,366 bitcoins on Coinbase in 2015, later selling 640 in October 2017 and using the proceeds to purchase a home in Park City, Utah.
https://atlas21.com/first-tax-evasion-conviction-in-the-u-s-for-bitcoin-two-years-in-prison/
Selling was a bad decision.
He should have taken a loan using his bitcoin as collateral. No capital gain to report.
Today, he would be the owner of his home, while sitting on hundreds of millions. He is instead in jail.
Disclaimer: I work for Firefish.io, a P2P, non-custodial platform for Bitcoin -backed loans
No replies yet.
