Reply to post: Re: 24E6 eggs in a flimsy basket

It’s happened again: AT&T sued for allegedly transferring victim's number to thieves in $1.9m cryptocoin heist

Zarno Silver badge

Re: 24E6 eggs in a flimsy basket

"The only reason for hiding that level of money is that its either dodgy or you don't want the IRS to know about it (essentially the same thing)."

Or, you got into the whole mining shebang early and it's "new" pre-tax income/currency from nothing, so if you pull it all out at once, you get hit at the entire income tax liability all at once.

I know a couple people who are stuck in that situation, and don't feel like taking the massive tax hit to convert it all in one fiscal year. Instead, they draw off of it as needed, and stay out of the painful tax brackets.

Similar idea with someone not paying themselves the full 100% of their sole proprietorship's profits as wages, to avoid the corporate+income double-wham on all of it. Tax avoidance vs tax evasion.

if it's post-tax earnings that were stuffed into crypto to be held, they're a bit daft...

I sort of wish I had hopped on the wagon and mined some when it was easy, but back then I was trading microlot forex, which put me partly through college...

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