Say I have a bitcoin that was worth $20.00 4 or 5 years ago. Say I cash it in (no idea how) and I get $20K so technically I've made a bigger than huge profit. How much of that would I have to pay in California and Federal taxes?
You are the first person i see here , who wants to pay taxes. are you serious with this question?
I'm very serious. I might not like taxes, but I know I'm required to pay them if I earn money somehow. I'd rather be safe than sorry.