Quote from: Hewlet on Today at 03:58:56 PM

Quote from: NatureMoves on May 20, 2024, 06:16:27 PM

If bitcoin goes to $120k and I sell 2 whole bitcoins ($240k), how much tax will the government charge me if I live in Florida and only earn $50k a year? Angry

forget about the IF question and face the reality. How many Bitcoin do you have in your wallet as we speak? Sometimes I guess it's necessary we try to talk about realities here rather than creating unreal stories that isn't what's our current state so we don't analyse situation that's not useful to you as it's possible you're not living in Florida or ever planning to do so.

2 Bitcoin is worth $140k and for an average person, it's deficult to assume that you have access to such amount of Bitcoin in your wallet. If you had, you would probably not be asking this kind of question in the first place as it's most likely that you've probably stayed in the bitcoin ecosystem long enough to have known some basics and areas where the government justification gets to as long as it concerns Bitcoin. Maybe this thread can be of help if you can walk through the thread and the comments section. https://bitcointalk.org/index.php?topic=5480307.msg63436721#msg63436721

According to the articles, only if someone sends you $10k or more worth of bitcoin should you report to IRS within 15 days. Nobody is sending me any bitcoin nor am I sending anyone bitcoin. I'm just simply cashing out.