This year, I've sold about $500,000 of my bitcoin hoard that I originally mined with a commodore 64 in 2012. (Sold via gdax, so our reptilian government surely has tabs on me.)
My normiejob salary is $52,000 after 401k reductions.
My understanding is I'll owe 15% long-term-capital-gains taxes on the first ~$366,000 of coinage and 20% on the rest.
Or is there one weird trick invented by a rabbi to further minimize taxation?
There are things you could have done to minimize taxation before you sold, but now that you have your options are very limited.
>commodore64
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100% shit
Sinclair Spectrum FTW
Congrats.
That sounds about right. Well done man. Im jealous but fuck it, you never have to worry about money ever again.
>$500k
>Never have to worry about money again
... Are you 12 or just really fucking poor?
if you're smart you don't have to. you're probably a nigger who would blow 500k on new cars and hookers.
Stupid faggot. Do you know how many people live paycheck to paycheck? OP can now pay any bills he wants and never have to worry about it.
Obviously not enough to escape wagecuckery as he will have to work but few of us here will make it out of it anyway.
Are you a millionaire? No? Then STFU.
buy req
Can you expand on this? The part about what you could to minimize before selling.
bump
>Commodore 64
>Commode Odor 64
>ATARI RULEZ.
You're going to get audited. Which isn't bad a thing, but just talk with a tax accountant or tax lawyer to try and better protect yourself.
Since you already sold you don't have much options to minimize now, but don't get scared that they're going to take everything. The whole "the burden of proof is solely on you" is a huge meme to FUD. While you will have a lot to prove so will they in any court situation.
As for spooky scary IRS they generally only want to bend over fuck people who are actively trying to dodge. If you're reasonable and work with the audit you'll find that they'll be reasonable also. Human beings work for the IRS like any of us just relax be smart and move on.
Hey man, I know this sounds super sketchy but if you need a weird rabbi trick shoot me an email and we can talk about how to minimize your taxes.
Left out email, whoops.
>Human beings work for the IRS
>Human beings
>work for the IRS
Nice try, "human being". I can see your reptilian shapeshifter evil grin, with my mind's eye. Go back to your planet and leave my people alone.
Lol you need to calm down nigger.
Maybe if you saved more money than you spent on fast food and stupid shit your net worth would be a lot higher by now.
You should've split it into two tax years, but the thing is you may lose if you left it in until January. In this situation it's especially important to not let the tax tail wag the insane-profit dog, especially since it's likely you've invested less than $10k into it. Cash out, pay your taxes, and move on to something else.
Congrats.
Here is a quick example.
Let us say you are a neet and make 100k in crypto.
scenario 1
>sell it all at once
scenario 2
>sell half Dec 10
>sell the other half January 2
Result is thousands more in taxes paid in scenario 1 vs 2 just because of basic common deductions that you get every year. Nothing about this is anywhere close to being illegal.
Sounds reasonable, thanks.
>living barely above average person
>being this jewish
Also keep in mind the above applies to basically any country but the US tax bill will make taxes lower next year. Selling now may mean selling at a higher rate. Meaning due to tax rates it may be better to sell 40% now and 60% next year. Gets complex of course.
There's nothing Jewish in wanting to make enough money to escape wage slavery. 500k barely scratches freedom. 1 million might not even be enough actually. You should aim for 1 billion min.
Yes, in retrospect I could have have held on more long term, but I didn't want the risk of so much of my net worth in one basket and so rebalanced by selling here and there as it exceeded a certain% threshold. (It's all in stock funds now)
That, and I have greatly diminished ideological faith in the fee-riddled core corpse that's propped up on flimsy lightning network promises.
I still have some left and I might sell some more this month if it fucktouples in price again before january.