Made over a quarter million this year. Wut do? srs

[AceRok]

LLC + Solo 401K

http://www.financialsamurai.com/how-...-or-solo-401k/

[Adam16121]

You only made 250k this year? I'm sorry brah. Maybe you can ask your parents for some money until you get back on your feet. There's no shame in eating at soup kitchens sometimes too, it saves money. I recommend selling off some old belongings and whatnot on Craigslist for supplemental income. Try not to worry too much about it for now, take things day by day. I'm sure life will get better soon, and you'll be a CEO 10k/day like the rest of us in Misc.

[jamalfudge]

I'd call a few local accountants and tell them your situation. See if you get consistent responses.

[BioDiver]

Pay off my student loans and call it a charitable donation.

[shotgun85]

if u got BTC too go to localbitcoins and sell it cash

afaik if you dont touch BTC or ETH for 1 year its taxfree coz its not speculative anymore

[Billy_Biceps]

Hold your investments for at least a year. Sell off anything that is down and write it off as a loss.

[GabrielNovar]

no one goes to jail for not paying taxes unless they are doing something illegal. they just made an example of wesley snipes. all you do once they come down on you is say "oh i didnt know im sorry can you put me on a payment plan?" and pay $500 a month for 10,000 years

this.....you get a bill and set up a payment plan etc. You either can pay or you can't. They are actually quite lenient as long as you make good faith.


@ the end of they day they are there to create order not screw anyone over. No judgement just make it reasonable for all parties.

[goodcupcakes]

How did you hear about Ethereum when it was so low?

[eXistenceLies]

hold for a year and then report your gains. At most you'll be taxed $37,500 (15%) of the $250k. Still walking away with over $200k.

[eXistenceLies]

How did you hear about Ethereum when it was so low?

There was a thread here when it was $7 a coin.

[ZantaKlaus]

barely min wage in the bay area

get a CS degree and you'll make that in an hour

[muscle beast]

Believe whatever you want. I came here looking for advice not a bunch of flak from some jelly low iq *******.

Not jelly. I'll be making that $250k yearly at minimum in a couple years while you're still rolling around walmart on your segway. Proof you bought and held ETH at $7?

And if true, it's the equivalent of a peasant winning a small lottery. Chances are you're going to be worse off 10 years out than you are now, you low IQ pleb

[SavageBrah84]

That's why you spend the money before it can be accessed OP, or ever think about putting it into multiple accounts?

[kshokar]

Get an accountant ******* srs. With an amount like that you'll lose more trying to do it yourself. Offshore banking won't be worth it for 250K so the best you can do are other loopholes like transfer the money into a corp and withdraw it slowly over the years.

[quadfecta]

Lol at the dik measuring contest going on in this terrible brag thread

*******s, *******s everywhere

[exy]

buy a mercedes e55 amg and make it stupid fast, like 600hp

they're not that expensive nowadays. Do it OP or else you're a fukkin pussy with no balls

[Parkerscott]

Not jelly. I'll be making that $250k yearly at minimum in a couple years while you're still rolling around walmart on your segway. Proof you bought and held ETH at $7?

And if true, it's the equivalent of a peasant winning a small lottery. Chances are you're going to be worse off 10 years out than you are now, you low IQ pleb

lol stay mad

[Scrizzle]

Why did you sell so early brah? Thought you were in for the long haul. Had so much in ETH news to look forward too. Unless you had an unexpected expense and needed the cash.

Also didn't I read somewhere that if you hold for over a year you don't pay taxes or something?

[SuccessInMind]

launder the ETH

[dyee4613]

Im a low wage security guard cuck, and I made over a quarter million this year in short term capital gains. Tax season is going to be really, really brutal.

Wut can I do to reduce my taxes, and what should I be doing with my money?

I heard that i can put about 5k in a traditional IRA and then when i buy a house I can pull 10k out under a hardship provision.

Are there any more things similar to this? Where should I diversify my investments? Index funds look good but market is lookin spook.

Im going to pay my taxes instead of leaving the country btw. Feel sick just thinking about how im going to pay more in taxes than i earn in two years.

inb4 "pay your fair share of taxes"

I'd consult a financial professional. I'm not sure how much it will be but the put could limit downside/lock in your returns and still give you upside. Then liquidate after a year when it's long term capital gains.

Note: I'm not familiar with cryptocurrency so I'm not sure if options for that exist.

also lol@ people saying just don't pay, "they'll never know"

[mcdojo]

Have you actually managed to get the cash from selling etheruem into your bank account?

Some people are saying sites like coinbase only allow you to withdraw 10k a week

[Parkerscott]

Why did you sell so early brah? Thought you were in for the long haul. Had so much in ETH news to look forward too. Unless you had an unexpected expense and needed the cash.

Also didn't I read somewhere that if you hold for over a year you don't pay taxes or something?

The taxes are much smaller but i had to get out because the market doesnt seem right

I'd consult a financial professional. I'm not sure how much it will be but the put could limit downside/lock in your returns and still give you upside. Then liquidate after a year when it's long term capital gains.

Note: I'm not familiar with cryptocurrency so I'm not sure if options for that exist.

also lol@ people saying just don't pay, "they'll never know"

not 100% sure how it works but i think i will have to consult with a few professionals

Have you actually managed to get the cash from selling etheruem into your bank account?

Some people are saying sites like coinbase only allow you to withdraw 10k a week

Yeah. I can do 10k/day

[Briangumble]

1. How did you make all this money? I find it hard to believe you can make money like this but are asking these questions.

2. Why haven't you talked to a tax attorney, accountant, financial planner, etc.?

3. Why would you choose a traditional IRA over a roth IRA?

[Dota2Brah]

OP did you really sell your fuking Ethereum DURING THE BIGGEST GROWTH PERIOD IN THE HISTORY OF CRYPTOCURRENCY?

wtf boyo? eth will easily be 1000 by end of year.

[lowstrife]

Speak to a bitcoin tax professional. They will tell you the steps you need to do. The misc may give the right advice, but it's best to seek professional help.

Spending $500 on their advice to make sure it's all done properly the first time is worth it in the long run.

Since you cashed out to your bank account, the IRS WILL ****ING KNOW and ask questions\proof how you acquired the money if you don't file it as income.

Good job though brah, you held through the entire bubble... incredible return. I'm still holding some bitcoin from the $200 range, so while I don't quite have your return, it's been a good run.

[KillahJon]

OP did you really sell your fuking Ethereum DURING THE BIGGEST GROWTH PERIOD IN THE HISTORY OF CRYPTOCURRENCY?

wtf boyo? eth will easily be 1000 by end of year.

OP doesn't have a crystal ball......But I would have sold half, and let the other half do whatever it wants.

[Ted Nugent]

OP did you really sell your fuking Ethereum DURING THE BIGGEST GROWTH PERIOD IN THE HISTORY OF CRYPTOCURRENCY?

wtf boyo? eth will easily be 1000 by end of year.

im waiting for the next dip then going all in

yolo

[wildchild11]

You only made 250k this year? I'm sorry brah. Maybe you can ask your parents for some money until you get back on your feet. There's no shame in eating at soup kitchens sometimes too, it saves money. I recommend selling off some old belongings and whatnot on Craigslist for supplemental income. Try not to worry too much about it for now, take things day by day. I'm sure life will get better soon, and you'll be a CEO 10k/day like the rest of us in Misc.

Laughed out loud, repped

[Parkerscott]

OP did you really sell your fuking Ethereum DURING THE BIGGEST GROWTH PERIOD IN THE HISTORY OF CRYPTOCURRENCY?

wtf boyo? eth will easily be 1000 by end of year.

I dont think you understand what you just said lol

[BootneckBrah]

That feel when you have no idea about cryptocurrency and think it's some kind of scam.




Then you read threads like this...



Am I too late to jump on? Where do you buy it?

Any Nigerian princes help me out for reps?