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Message
re: GameCoin(GMEX) Anybody still hodling?
Posted on 1/12/22 at 3:46 pm to Rize
Posted on 1/12/22 at 3:46 pm to Rize
quote:You hire a CPA to give you advice on how to pay the taxes on your $700,000 capital gain due to the hard fork?
Rize
quote:
A “hard fork” of a cryptocurrency owned by a taxpayer does not result in gross income for a taxpayer if the taxpayer receives no units of the new cryptocurrency, but taxpayers receiving an “airdrop” of units of a new cryptocurrency after a hard fork have ordinary gross income from the airdrop, the IRS ruled in Rev. Rul. 2019-24, issued Wednesday. The IRS also updated its Virtual Currency Transactions frequently asked questions on its website to reflect the ruling.
1
Posted on 1/12/22 at 5:46 pm to TigerTatorTots
quote:
You hire a CPA to give you advice on how to pay the taxes on your $700,000 capital gain due to the hard fork? quote: A “hard fork” of a cryptocurrency owned by a taxpayer does not result in gross income for a taxpayer if the taxpayer receives no units of the new cryptocurrency, but taxpayers receiving an “airdrop” of units of a new cryptocurrency after a hard fork have ordinary gross income from the airdrop, the IRS ruled in Rev. Rul. 2019-24, issued Wednesday. The IRS also updated its Virtual Currency Transactions frequently asked questions on its website to reflect the ruling.
I’m gonna reach into my piggy bank and write a check.
Posted on 1/12/22 at 7:06 pm to Rize
quote:
I’m gonna reach into my piggy bank and write a check.
Doesn't that make it a loser since you only cashed out between $130-140k?
That sucks, baw. I hate you guys hit that lick the same year they hire almost 100,000 new irs agents.
Posted on 1/12/22 at 7:27 pm to TSLG
Yall have a strange obsession with others money
Posted on 1/12/22 at 7:29 pm to TSLG
quote:
Doesn't that make it a loser since you only cashed out between $130-140k? That sucks, baw. I hate you guys hit that lick the same year they hire almost 100,000 new irs agents.
If y’all really think a 700k airdrop equals me paying full taxes on 700k vs the actual money I took out y’all is dumb.
Why y’all trying to scare people?
This post was edited on 1/12/22 at 7:30 pm
Posted on 1/12/22 at 8:24 pm to Rize
It’s how I interpreted the IRS law and when I asked my CPA, he confirmed as well. Explain how the language I posted above doesn’t apply
This post was edited on 1/12/22 at 8:25 pm
Posted on 1/12/22 at 8:52 pm to TigerTatorTots
quote:
It’s how I interpreted the IRS law and when I asked my CPA, he confirmed as well. Explain how the language I posted above doesn’t apply
So what your saying is the value of GME going from 700k to nothing then the hard fork of GMEX hitting at 700k then going down to 155k means nothing?
You still think I owe tax’s on the 700k and nothing else matters?
Posted on 1/12/22 at 8:55 pm to TigerTatorTots
My cpa has always told me to do my best not to take an airdrop. I got tagged on one last fall that stung pretty bad.
I try to stay away from projects with devs that aren't experienced enough to know the tax implications of a hard fork.
It blew me away that mods in the gmex tele were effectively telling people to evade.
I try to stay away from projects with devs that aren't experienced enough to know the tax implications of a hard fork.
It blew me away that mods in the gmex tele were effectively telling people to evade.
Posted on 1/12/22 at 9:06 pm to Rize
quote:
So what your saying is the value of GME going from 700k to nothing then the hard fork of GMEX hitting at 700k then going down to 155k means nothing?
You still think I owe tax’s on the 700k and nothing else matters?
Did you miss the day several cpas were talking about it in the original gmex thread?
A person taking the airdrop would get to take losses on the gme, but they woiuld be taxed at the value of the gmex at the time they had dominion over the tokens, which would have been around 3.5 cents per token.
It was a lot of fun though.
Posted on 1/12/22 at 9:13 pm to FnTigers
He also supports Hudco
Posted on 1/12/22 at 10:07 pm to lsutigers23
quote:
He also supports Hudco
What’s wrong with Hudco?
This post was edited on 1/12/22 at 10:10 pm
Posted on 1/12/22 at 10:21 pm to TSLG
quote:
Did you miss the day several cpas were talking about it in the original gmex thread? A person taking the airdrop would get to take losses on the gme, but they woiuld be taxed at the value of the gmex at the time they had dominion over the tokens, which would have been around 3.5 cents per token. It was a lot of fun though.
I’ve been hunting as much as I’ve been working since November so I may have missed a few.
Posted on 1/12/22 at 11:11 pm to Rize
According to how the law is written that is exactly what you owe. Now I’m sure you could explain the situation to the IRS agent but I doubt that person would be able to deviate from the law itself.
The way the developers did it was void of consulting tax attorneys and completely fricked their investors
The way the developers did it was void of consulting tax attorneys and completely fricked their investors
Posted on 1/13/22 at 7:37 am to TigerTatorTots
So.. obviously the law was not meant for situations such as this. But I agree from everything I can tell this is how the law should be applied.
Here’s a question though.. I know the top 50 wallets or so are “locked” for a certain amount of time. I think it was a tiered system where the top wallets had 90% of coins locked for 8 months.
So these people had a “realized gain” of like $15M+ but even if they wanted to sell, they could not sell more than 10% of what they owned.. how does that work?
Here’s a question though.. I know the top 50 wallets or so are “locked” for a certain amount of time. I think it was a tiered system where the top wallets had 90% of coins locked for 8 months.
So these people had a “realized gain” of like $15M+ but even if they wanted to sell, they could not sell more than 10% of what they owned.. how does that work?
Posted on 1/13/22 at 7:55 am to PhiTiger1764
I wish I woulda bought
I was the second post in that thread and I didn’t buy
I was the second post in that thread and I didn’t buy
Posted on 1/13/22 at 8:21 am to PhiTiger1764
No ones GameCoin is locked, they just say that to give you confidence in the scam, the developers can do whatever they want at any time. Remember that time they halted all trading? That’s not something that’s supposed to be possible but they did it. If they want to allow the seed investors to dump they can and they will if everyone starts getting massive tax bills.
Posted on 1/13/22 at 9:18 am to 21Dalrymple
did the other thread get deleted? how are these dudes still breathing after the airdrop/tax debacle? are they even liable?
I have so many questions hahaha
I have so many questions hahaha
Posted on 1/13/22 at 9:20 am to PhiTiger1764
Not sure how the locked wallets would work. I would think because they cannot access or sell them, the capital gain would not occur until their lock period vests.
And yes, the written law was not meant for situations like this but I don’t see a little ole IRS agent deviating from how the law is written to give people a pass here
And yes, the written law was not meant for situations like this but I don’t see a little ole IRS agent deviating from how the law is written to give people a pass here
Posted on 1/13/22 at 9:32 am to TSLG
quote:
the same year they hire almost 100,000 new irs agents.
you really think they are hiring 80k agents in a year. Posted on 1/13/22 at 4:38 pm to CarRamrod
quote:
really think they are hiring 80k agents in a year.
Nope, but I 100% know the irs is cold calling people with crypto accounting experience, which might be even scarier.
Eta:
And, 1 of the 2 has never advertised a day in his life, so we are guessing they got their list from info found on filings.
This post was edited on 1/13/22 at 4:41 pm
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