Quote from: Ambatman on Today at 12:40:37 PM

Quote from: philipma1957 on Today at 02:46:54 AM

I think a lot of what a person will do depends of how much btc they get.

I would think most people left are more then five coins.

I would think Selling 10% and keeping 90% in coin will be common.

I am also not sure about tax rules.

If you had coins in feb 2014 they were worth 650 usd they are 100x at 65,000

having 5 coins means 3250 is now 325,000. I am not sure if you could be taxed in full at a cost basis of 3250

usa law at the moment would mean 20% or 60-65k in tax.

I dont have mount gox coins. so not a worry for me.

But if I did get five coins and thought I may owe 65k in tax. I am selling 100k of 325k and paying the 65k asap.

this would give me 35k cash and 225k in btc or 3.46 btc.

So I suspect savvy USA people are going to sell at least 20% and pay capital gains on the whole 5 coins.

But what do I know.

The capital gain tax is different for various countries including asset or income that are considered taxable
In my country it's 10% for capital gain tax but since you mentioned USA, let's use it as a basis as can be seen below.

The deadline which for tax payment is also quite different for different countries but one for USA is April 2025
So there's no rush in paying tax now
Besides I won't be surprised if individuals that are expecting the BTCs have started or already have a method that they would benefit the most from even with tax.
Like taking their holdings as a collateral.
You don't need to pay tax if you not selling.

There are countries whose tax system would cost little or nothing to receivers of The MT GOX Btc
Like Belze, Netherlands(usually no tax on personal equity), Singapore, Switzerland (progressive tax system here), Monaco etc.

Personally I think most especially those holding quite some amount before wouldn't want to sell
They have been surviving without it except those that really needs it or have weak hands
Well as long as the fall is not caused by anything that threatens Bitcoin Fundamentals
Then it would always be a buying opportunity.

There are some country where Tax on long holding assets are
The capital tax law of countries are quite different so it all depends and you don't have to pay your Tax when holding except when you sell.

The last time I got any contact with Bitcoin price it was around $55K
It always a beautiful experience buying Bitcoin when it's showing -5 to 7%

common misconception if you earn the extra money today you need to pay estimated taxes as you earn it.

Quote

https://www.irs.gov/businesses/small-businesses-self-employed/estimated-taxes

Taxes must be paid as you earn or receive income during the year, either through withholding or estimated tax payments. If the amount of income tax withheld from your salary or pension is not enough, or if you receive income such as interest, dividends, alimony, self-employment income, capital gains, prizes and awards, you may have to make estimated tax payments. If you are in business for yourself, you generally need to make estimated tax payments. Estimated tax is used to pay not only income tax, but other taxes such as self-employment tax and alternative minimum tax.

If you don’t pay enough tax through withholding and estimated tax payments, you may have to pay a penalty. You also may have to pay a penalty if your estimated tax payments are late, even if you are due a refund when you file your tax return.

trust me a person that scored bigly on this say 10 coins lost at 6500 now worth 650000 would be an idiot to not pay 20% or 130k the day he gets the coins

well next estimated payment is due 9/16/2024

Now I simply have zero idea how this will be treated by usa.

but they are scum and may not say what they should which would be we will consider that you held them from 2014 to 2024 and as long as you keep them as BTC no tax is due.

My guess is they will say it is income of 650,000 - 6,500 = 635,000 which is 127,000 tax which will be due by 9/16/2024

so a 10 coins coin living in the USA should sell 2 and pay the tax.

BTW if you get the coins at 650,000 don't pay the tax and the coins drop to 30,000 each or 300,000 guess what you tax bill based will be in April 2025 650,000 not 300,000

So any USA guy or girl needs to talk to a tax expert idk they had 5 or 10 or more coins maybe even if they have 1 or 2 coins.

The IRS will not give a snap ruling on this I am explaining the worst the USA can do as of today. So I see smart USA people selling at least enough to pay the tax . which is 20% if it is big or 10% if it is small