You are viewing a single comment's thread from:

RE: It's official, cryptocurrency has at least 3 million users! But tax complications threaten to rub out all legitimate use cases

in #cryptocurrency8 years ago

How will they deal with it if they received $150 million dollars in ETH today, but a few months from now that's $5 million and they owe taxes?

If I were to get $150M today, I would immediately start selling what I expected to owe for taxes. Then I could hold the rest after the crash.

If you don't have such foresight, you WILL be forced to sell it all. Also, while (estimated) taxes are due on a quarterly basis, the reality is that you'll have until April 15th of the following year (i.e. longer than the 3 month power down) to power down and sell. (The 2-year power down could have caused a nightmare scenario though)