Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[BobLawblaw]

...did not have any cash to pay the tax man.
If your tax bill is 400k at least send in 200k don’t  fuck around.

 I'm not concerned about my lack of discipline, with respect to touching the funds allocated for tax, but now that you mention it, don't you start to accrue penalties or something (interest owed ?) depending on when/how much you sell in the quarter ?

 Don't feel like emailing my tax dude right now... Rick just asked why not wait until end of Q4 to pay tax ?

Current max tax rate in US for long-term gains is 20%.

Oh, fucking bonus ! Thought is was 23.8% or something (was at some point ?). That extra 3.8% will probably buy Rick a new gold codpiece he's been eyeing...

[bitserve]

Unless, of course, your weak hands sodled somewhere along the way. I suppose some thought should be given to fallen comrades who simply couldn't endure the beatings. Not all were born to hodl.

[philipma1957]

...did not have any cash to pay the tax man.
If your tax bill is 400k at least send in 200k don’t  fuck around.

 I'm not concerned about my lack of discipline, with respect to touching the funds allocated for tax, but now that you mention it, don't you start to accrue penalties or something (interest owed ?) depending on when/how much you sell in the quarter ?

 Don't feel like emailing my tax dude right now... Rick just asked why not wait until end of Q4 to pay tax ?

Current max tax rate in US for long-term gains is 20%.

Oh, fucking bonus ! Thought is was 23.8% or something (was at some point ?). That extra 3.8% will probably buy Rick a new gold codpiece he's been eyeing...

well you cashed in this quarter so technically you should pay a lot of your tax for 2020 by jan 15th

this is usa fed law. you can wait for that last payment date which is jan 15th.

lets pretend you normally make 200k  a year and pay 45k in fed tax.  

this year lets pretend you made  that same 200k and were paying 11k a quarter. so you paid 33k and will need to pay 12k to get to 45k to square away the normal money and normal taxes.

so pretend the cash out was 2.5 mill. the basis was .5 mil and it is all long term so 2 mill x 20% is 400k

4qt payment is due by jan 15 2021.

say 12k + 400k = 412k will be due.

if you pay half now 206k
and pay 2nd half by jan 15th.

It works.
If you wait till Last minute to pay all money due jan 15th

life has a way of making problems.

btw have fun with the coin enjoy.

I am assuming you held more coin for the 25-30k cash out opportunity.😄

[Wexlike]

Someone erased the word 'dip' from the English dictionary. Tried to look it up but couldn't find it anymore.

[siggy_77]

Send the tax man a check now. I had a friend cash out 200k in december 2017 he sold 11 coins at about 19k.

 he let the cash burn a hole in his pocket.  decided to buy back in when coins dropped to 10k and then did not have any cash to pay the tax man.

If your tax bill is 400k at least send in 200k don’t  fuck around.

Current max tax rate in US for long-term gains is 20%.

one would wish this were true... don't forget to add in the Net Investment Income Tax (an additional 3.8%) that kicks in somewhere between 200 and 400k

also don't forget most states want their cut also (in some states topping out over 12%)

between these two that 20% max just turned into 35%  

[Biodom]

...did not have any cash to pay the tax man.
If your tax bill is 400k at least send in 200k don’t  fuck around.

 I'm not concerned about my lack of discipline, with respect to touching the funds allocated for tax, but now that you mention it, don't you start to accrue penalties or something (interest owed ?) depending on when/how much you sell in the quarter ?

 Don't feel like emailing my tax dude right now... Rick just asked why not wait until end of Q4 to pay tax ?

Current max tax rate in US for long-term gains is 20%.

Oh, fucking bonus ! Thought is was 23.8% or something (was at some point ?). That extra 3.8% will probably buy Rick a new gold codpiece he's been eyeing...

Sorry, you are right about 23.8%, unless it is below the numbers in the article below, but from what you said, it bound to be higher..#noschadenfreude
https://www.irs.gov/individuals/net-investment-income-tax

[BobLawblaw]

I am assuming you held more coin for the 25-30k cash out opportunity.😄

Yeah, OK. Your advice squares away with my understanding of tax obligations; pay what you owe at the end of the quarter, when it is expected by the IRS.

Holding onto plenty more corn Gut is telling me to wait until $50k USD/BTC before considering selling again.

I'm good for a long while, unless Rick and I go full-retard building Ranchero Lawblaw.

We *ARE* likely going full-retard building the ranch house, tho. Pretty sure we have enough already stashed away for that, either way...

#blessed

[smartcomet]

Since #Bitcoin was at $11.4k a month ago, miners have been selling an average 11 BTC per hr at exchanges.

In comparison 214 BTC per hr has been scooped off exchanges. This is net flows of buyers over sellers.

This week's average is 328 BTC per hr.

(
@glassnode
 data)

https://twitter.com/typerbole/status/1328735288579952642

[philipma1957]

Send the tax man a check now. I had a friend cash out 200k in december 2017 he sold 11 coins at about 19k.

 he let the cash burn a hole in his pocket.  decided to buy back in when coins dropped to 10k and then did not have any cash to pay the tax man.

If your tax bill is 400k at least send in 200k don’t  fuck around.

Current max tax rate in US for long-term gains is 20%.

one would wish this were true... don't forget to add in the Net Investment Income Tax (an additional 3.8%) that kicks in somewhere between 200 and 400k

also don't forget most states want their cut also (in some states topping out over 12%)

between these two that 20% max just turned into 35%  

It is why I am ball parking number  and telling him try to pay some like right now.  I know what happens when people's ship's come in.

I have seen two bankers fuck up really big money scores. pre tax 40 mill  and pre tax 20 mill

back when Clinton was letting the dot com market whale.  these two guys invested 500k and 1 million to a hot shot I am god day trader .

He ran the 500k to 20 mill in 5 years.
He ran the 1 mill to 40 mill in the same time.

I told both guys just cash ½ and drop it into 30 year t-bills which were about 8-9% yield .

after tax 10 mill would be 6 mill in t bills and earn 480-540k a year for 30 year 2029 to be exact
after tax 20 mill would be 12 mill in t bill and earn 960-1080k a year for 30 years 2029 to be exact.

and they still would have had

10 mill in stocks up for 500k
20 mill in stocks up from 1mlll

Their third friend turned 150k into 3 million.   he did sell 2 million of his stock and buy the bonds.

One of the hardest things to do is take profit properly.

boblawlaw is in the perfect spot to do it. I love to see someone do it right.

[nullius]

Because messing with American politics has caused me ennui:

P.S., if you are German, then don’t vote—democracy is a SCAM, and all of the parties are bad.  But if you do vote, then vote for AfD!  :-)

I suppose that everyone has forgotten the annoying election show, for some reason. 🚀

Thanks.  I’ll save that for everybody who ever mentions, among other things, the American reality-TV “election” show—about which I was working on a P&S meta-complaint, when I delved into a minor tangent on Antifa.

A Question for the Wall

No hat.  No haikus.  Nonconformist though I may be, I am feeling left out.  :'-(''''''

Does this count, in lieu of a haiku?

Der verkappte Heilige.

    Daß dein Glück uns nicht bedrücke,
    Legst du um dich Teufelstücke,
        Teufelswitz und Teufelskleid.
    Doch umsonst!  Aus deinem Blicke
        Blickt hervor die Heiligkeit!

[Toxic2040]

#dyor


4h


im sorry it came early..covid struck the match   your in the bull market box now...deal with it
D


squint your eyes a little and look at it sideways..you'll see it too

#stronghands

[DaRude]

It's 18th in UTC time so why are we still in $17k  

[lightfoot]

Meantime here is the youtube video I remember about the guy who had it all and was in debt to his eyeballs....

https://youtu.be/r0HX4a5P8eE

Obv a nocoiner.

[DaRude]

It's 18th in UTC time so why are we still in $17k  

There $18k guess BTC was just running late today

[Cryptotourist]

Yesterday:



Today:



Love the color, love you all!

Observing $18k!

[Toxic2040]

boom

[matt4054]

Wow that 18k wall fell down fast...

[Wexlike]

Never-ending green dildos.

[Toxic2040]

Never-ending green dildos.

not this day   $18,090.24 for a new yearly high gentlemen    carry on

[jojo69]