I won't have to pay taxes on my biggest exposure to bitcoin. That's because I bought Grayscale Bitcoin Trust inside my Roth IRA. I've now divested all of that position. The shares I bought about this time last year, I sold at about a 4X gain. Overall I doubled the money I had in GBTC, which at one point in January had become around 35% of my Roth. I sold a bunch in Feb., and am now completely out of it.
I still own some actual BTC, and probably the main reason I haven't sold it is I don't want to recognize the short-term gain and tax liability. I hope it keeps going up, but I think the plethora of alt-coins has stolen Bitcoin's thunder. THere may be only 21,000,000 BTC, but before long there will be 21,000,000 alt-coins. I've begun to question the "digital gold" narrative when literal joke coins like Doge are worth more than General Motors Corp.
When I do sell my BTC, I'll send Uncle Sam his cut.
As Doyle Brunson says (paraphrased), "You're not going to be able to become wealthy in America without paying income taxes."
I hate taxes and need to figure something out. I paid $30K in to federal income tax last year and ended up owing another $700. That's so much money in taxes. Makes my stomach churn.
"Milk is for babies. When you grow up, you have to drink beer" -Arnold
The only people hostile to crypto are those not in it, those who don't understand any of it. I'm not smashing anyone here, please don't misunderstand.
And frankly I don't give a **** what's behind it, as long as my end result is the same: Money. Turning that shit into US dollars.
"I may not be a mathematician, but I can count to a million." - Shannon Sharpe
The Plan at the moment:
Draft: Trade a 3rd and 6th this year to a team to move up and get a 2nd next year (this will happen).
Players I want:
Jake Ferguson (Jake Butt) or Jelani Woods or Jeremy Ruckert or Cade Otten (owen daniels) at TE- All 4th rd or later.
Troy Anderson LB 3rd/4th rd (yay Timmy!)
Neil Farrell, JR DL- run stuffer- bye purcell
"Milk is for babies. When you grow up, you have to drink beer" -Arnold
"Milk is for babies. When you grow up, you have to drink beer" -Arnold
"Milk is for babies. When you grow up, you have to drink beer" -Arnold
The Plan at the moment:
Draft: Trade a 3rd and 6th this year to a team to move up and get a 2nd next year (this will happen).
Players I want:
Jake Ferguson (Jake Butt) or Jelani Woods or Jeremy Ruckert or Cade Otten (owen daniels) at TE- All 4th rd or later.
Troy Anderson LB 3rd/4th rd (yay Timmy!)
Neil Farrell, JR DL- run stuffer- bye purcell
The Plan at the moment:
Draft: Trade a 3rd and 6th this year to a team to move up and get a 2nd next year (this will happen).
Players I want:
Jake Ferguson (Jake Butt) or Jelani Woods or Jeremy Ruckert or Cade Otten (owen daniels) at TE- All 4th rd or later.
Troy Anderson LB 3rd/4th rd (yay Timmy!)
Neil Farrell, JR DL- run stuffer- bye purcell
Dear SR,
You desperately need help from a tax guy.
Love,.
Shazam
"I may not be a mathematician, but I can count to a million." - Shannon Sharpe
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