Does Ross Ulbricht owe back taxes on crypto donations?
Silk Road founder Ross Ulbricht has received millions of dollars in donations since his January 21 presidential pardon. However, a showering of digital assets and artwork means the millionaire is also racking up a substantial tax bill. Ulbricht could be facing two types of tax bills. By April 15 next year, he will owe federal taxes for the 2025 calendar year. This includes gift income. The US Internal Revenue Service (IRS) defines gifts, as “ any transfer to an individual where full consideration is not received in return.” In other words, Ulbricht’s gifts of BTC, memecoins, and artwork qualify as gift income. Ulbricht could also owe back taxes. Back taxes are any type of tax that Ulbricht might not have fully paid by the original due date, typically owed from a previous tax year. Back taxes can occur from failing to file, underreporting, or underpaying. Who donated 300 BTC to Ross Ulbricht? Read more: Ross Ulbricht’s wallet is losing millions on Pump Fun memec...