So, you're ready to buy a home, and you've narrowed your search to urban living – an apartment, perhaps? Great choice! But as you delve into the market, you'll inevitably encounter two distinct paths: buying a condo or buying a co-op. While both offer a taste of apartment life, their legal structures, financial implications, and ownership experiences are vastly different. Let's embark on a journey to understand which might be the perfect fit for you. Your Journey Begins: The Search Imagine you've fallen in love with a spacious apartment in a vibrant neighborhood. Now, before you get too attached, the first question to ask is: Is it a condo or a co-op? Path 1: The Condominium – Owning Your Space (and a Piece of the Land) When you buy a condo, your journey is quite direct. What You Own: You receive a deed to your specific unit. This means you own the "airspace" within your apartment's walls, as well as an undivided fractional interest in the ...
Bitcoin, Billionaires, and the Exit Tax: What Roger Ver’s $50 Million Payment Means for Digital Assets
The story of Roger Ver, the early crypto evangelist known as "Bitcoin Jesus," paying nearly $50 million to the IRS has sent a clear message across the digital asset world: the tax man is watching, even if you renounce your citizenship. This massive payment—covering back taxes, steep penalties, and interest—is the result of a Deferred Prosecution Agreement (DPA) with the Department of Justice. But to understand the severity of the consequences, we have to look at the specific, powerful law he violated: the U.S. Exit Tax. The Law: Expatriation and the "Constructive Sale" This case revolves around a critical piece of U.S. tax code that targets wealthy individuals who give up their citizenship: the Exit Tax. 1. The Trigger: Expatriation In 2014, Roger Ver renounced his U.S. citizenship. For high-net-worth individuals (specifically, those whose net worth exceeds a certain threshold, or who fail to certify compliance with all past tax obligations), this act tr...