Theoretically, if I were to make 100 million bucks in crypto if Brapper takes off, how would that get taxed? I don't want to "hide" my money. I would like to just transfer it all into eth and send to my bank account via Coinbase. How much would get taxed? Would I get sent to prison?
Crypto taxes
Adam Lopez
Other urls found in this thread:
craigwright.net
twitter.com
Justin Moore
>would I get sent to prison for making money
If you make that much money, just hire a CPA. But if you want to try doing it yourself, just use any number of crypto trade services to know your numbers, then input the resulting account into TurboTax Premium or the equivalent service, then pay your taxes. If you make $100 million you'll end up giving away $35 million to Uncle Sam
Grayson Wright
>Brapper
>100 Million
>Liquidity
Ethan Miller
like it or not
craigwright.net
Xavier James
This. Due to volitity make sure to reserve the gains for taxes otherwise you will get fucked if it tanks
Eli Long
Brapper:
>Homeless drug addict main "dev" who holds 40% of tokens
>Team can't keep dumping because there are no buy orders
>Sell wall formed at minimum price.
MCx = guy you are giving money to when you buy brapper
Bentley Jones
>transfer it all into eth
That right there is a taxable transaction. You SOLD your BRAP in order to BUY ETH. Now when you go to SELL your ETH to BUY USD you are taxed on the gains from that. If you do this around the same time there will likely be no price movement in ETH to create any gains or losses but you have to record all those transaction. You would be paying short or long term capital gains on the transaction from BRAP to ETH. Depending on how much money you make at your job that could be anywhere from 0% long/15% short to 20%long/ 37% short. Got it?
Anthony Powell
>drug addict
Is this a negative? You realize this is Jow Forums, right?
Isaiah Powell
>This. Due to volitity make sure to reserve the gains for taxes otherwise you will get fucked if it tanks
Indeed very important. And since the value date is the end of the year, you have to make sure to sell enough of it to cover your taxes.
If you do it on the 31st of December you'll pay more taxes, if you do it the 1st of January you risk selling at a loss since a lot of people will sell their crypto for taxe purposes at this date.
Personally if Bitcoin climb enough so that I gain multiple millions in one year I'll stay in my room for news year's eve, ready to sell.
Nicholas Nguyen
I'm in the same predicament as OP, but I'm a beaner. Any thoughts on this?
Aiden Perez
no, if you make that much money, hire a tax attorney
Daniel Wright
Lol
Hudson Sanchez
He is drug addict who has money problems and leader of a shitcoin with no volume.
What do you think?
Luis Brooks
Taxes are gay
Cameron Brooks
Apply for an accelerated visa to the USA so the cartel doesn't rob and rape you
Henry Brooks
>If you make $100 million you'll end up giving away $35 million to Uncle Sam
This user gave you false information, or potentially untrue information.
As long as you wait one year before cashing out any capital asset, you will qualify for long term capital gains tax. At 100 million, long term would put you in the 20% tax bracket. You'd also pay 3.8% obamacare tax.
Your total tax burden would be 23.8% assuming you live in a zero income tax state such as Texas, Florida, etc. If you don't you have to add your states income tax to your total tax burden as well. If you actually think you are getting 100 million, I suggest moving to one of the ~6 or so states with no income tax so you can pay 23.8% tax rate.
Also if you trade your coin for ethereum, the 1 year waiting period starts over again. If you don't wait a year, you will get fucked in the ass by 37% tax bracket, + 3.8% obamacare + (state tax if you have it), for a minimum or 40.8% tax rate. Do not sell anything you haven't held for a year.
John Hill
Move to PR, 0% capital gains
Carter Fisher
I honestly would consider doing that. But the way you guys got fucked up by that hurricane and how long it took to fix makes me think otherwise. For all I know, it's still not completely back to normal everywhere.
Cameron Moore
How long do you have to live there for that to kick in? Could I move to PR until PR tax status kicks in, cash out, then move back to the states?
Kayden Richardson
My guess is you'd have to be a resident for 7 out of 12 months to be a resident for tax purposes.
Kevin White
Of course, nobody ever thought of that before!
Pretty sure you have to live there 5 or 10 years to get the tax exemption if you weren't born there.