Jump to content

Exit planning


Recommended Posts

9 hours ago, minicuzzo said:

So I'm a hodler to $ 70-100 and I always thought that (if ever)we would need a few years to see those numbers.But more and more i started to read, that even the smartest guys in this chat, think that its possible to see crazy numbers at the end of the year and have very good arguments for that.So i started to realise that if that would happen, i'm not prepared.To all of you who have about the same exit points, are you prepared? I mean, what do you do? Do you talk to the bank and warn them that a lot of money is comming in and and that they dont need to call the police? ?Do i send my zerps on my exchange in advance? am i talking to a tax person? ect. ect.

Grateful for any information

just get some counsel from an advisor first ?

Link to post
Share on other sites
  • Replies 46
  • Created
  • Last Reply

Top Posters In This Topic

Top Posters In This Topic

Popular Posts

I wouldn’t. XRP is a bankers coin designed to benefit banks trading with other banks and their banks and the banks that they bank with. If you tell them your fortune came from the trade of XRP they ma

I haven't yet had the conversation with my accountant or my wife for that matter but based on my initial research I'll likely be moving to Puerto Rico for 6 months and 1 day when we reach the beginnin

So I'm a hodler to $ 70-100 and I always thought that (if ever)we would need a few years to see those numbers.But more and more i started to read, that even the smartest guys in this chat, think that

My strategy is fairly simple. Assuming I somehow survive to the average life expectancy for a dude in the US, I would burn up to 0.23% of XRP holdings per month once a stable floor at my target price is achieved. Low drama, easy to handle, free to do whatever I want with my time. Lambos and yachts aren’t really my style.

Link to post
Share on other sites
8 hours ago, Fezmo said:

I believe Puerto Rico is the destination to be for a big exit strategy 

I read up on this today. A lot of people were saying you can move to PR for zero or close to zero capital gains. However...your gains are still taxed from before your move there. You have to time it just right. 

For instance, if you made money on crypto and then moved there, you still need to pay taxes on that money. 

Anything made after moving there is treated differently. 

Link to post
Share on other sites
4 minutes ago, Loki said:

I read up on this today. A lot of people were saying you can move to PR for zero or close to zero capital gains. However...your gains are still taxed from before your move there. You have to time it just right. 

For instance, if you made money on crypto and then moved there, you still need to pay taxes on that money. 

Anything made after moving there is treated differently. 

This is where such a scumbag *cough* Brock Pierce *cough* hires a creative accounting team with some of those funds to massage the details.

Link to post
Share on other sites
Just now, mm34505 said:

I just gotta find an exchange that will let me cash out large amounts at a time

 

most are like a max of 100,000 per month thats not gonna cut it for me

I will be cashing out for 2-3 years

That's aggressive, but whatever works for you. As long as it's above my floor, and for the fact the market isn't static, the chances are better that whatever isn't liquidated will be gaining in value over time for various factors. Sticking to my 0.23% it could end up being a case of essentially giving myself a quality monthly or yearly raise. Then there is also the potential other businesses will begin accepting XRP directly. Just a couple days ago there was a story posted here about being able to purchase real estate in SF using XRP directly.

Link to post
Share on other sites
9 minutes ago, Loki said:

I read up on this today. A lot of people were saying you can move to PR for zero or close to zero capital gains. However...your gains are still taxed from before your move there. You have to time it just right. 

For instance, if you made money on crypto and then moved there, you still need to pay taxes on that money. 

Anything made after moving there is treated differently. 

I believe gains realized before moving to PR is taxed at 10%.  If you live in the US that saves you almost 14% on long-term capital gains.  If you decide to stay you'll pay nothing on gains after the move.  Please correct me if I'm wrong.  

Link to post
Share on other sites
1 minute ago, aavkk said:

I believe gains realized before moving to PR is taxed at 10%.  If you live in the US that saves you almost 14% on long-term capital gains.  If you decide to stay you'll pay nothing on gains after the move.  Please correct me if I'm wrong.  

thought long term was only 15%

Link to post
Share on other sites

https://www.fool.com/taxes/2017/12/22/your-guide-to-capital-gains-taxes-in-2018.aspx

9 minutes ago, aavkk said:

I thought at the highest tax bracket its 23.8%

Capital Gain Tax Rates for California Residents

If your primary residence is in California, add 9.3% for the state tax rate (this could be less for some taxpayers). For high-income taxpayers in California, that rate can be 4% higher due to the Mental Health Services Tax and recently enacted Proposition 30.

Edited by skywalker
Link to post
Share on other sites
7 minutes ago, aavkk said:

I believe gains realized before moving to PR is taxed at 10%.  If you live in the US that saves you almost 14% on long-term capital gains.  If you decide to stay you'll pay nothing on gains after the move.  Please correct me if I'm wrong.  

I read the guys post as you pay 10% on any Unrealized or Realized (but not yet paid) gains at 10%. After that any gains are not taxed. 

Link to post
Share on other sites
10 hours ago, JoeXrp said:

I wouldn’t. XRP is a bankers coin designed to benefit banks trading with other banks and their banks and the banks that they bank with. If you tell them your fortune came from the trade of XRP they may demand to see your banking licence.

One time I got hit in a head with a bat while playing baseball. However, I still responded to questions with a bit of intelligence.

Link to post
Share on other sites
×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.