LOYCE is likely to be correct.
THE point I started here is it is very likely USA people will face a tax on this windfall.
Worst case is 20% due Sept 16 2024 assuming you get it before Sept 16 2024.
So anyone with tax savvy experience is cashing and paying the 15 or 20 percent tax ASAP.
THINK ABOUT IT let's take someone that had 50 coins or 32500. They likely took a lost on that in 2014.
THEY NOW recover 10 coins worth 65000k each. Since they were declared a loss in 2014 it would be a 650,000 gain. It is possible it may not be capital gain which is even worse.
I based it as capital gain. I am certain that you are not getting an IRS ruling on what to do. So paying the cap tax ASAP is the sefeest most conservative thing to do.
Thus I am thinking as much as 30% of coins are getting sold ASAP when it comes to USA holders.
There is no way I would let a 650000 score that drops to 520000. With 1 simple payment in Sept. Turn into a big fuckup because I did not pay. IF COINS TANK to 20k and I waited til April 2025 I still pay 20% of the 650000. Which is 130000 tax.
IF I pay quick Ì have 8 coins left
IF I pay slow I have maybe 3.5 coins left.
The idea that my way gives me 8 coins of ten coins
THE DELAY could give more if coins go up or far less if coins drop and paying a penalty to boot.
I am not sure why you think about it as INCOME, though.
What happened is that you had property, then you lost all of it and now 25% of it was returned. Where is the
income here?
Say, you were walking on the street and five twenties fell out of your pocket and disappear to the wind. A nice soul saw this, found one $20 bill and give it to you back.
Would you think about that $20 as income? I don't think so.
So, i would ask again...where is the income here?
Returning PART of the loss is not income, but a
partial restitution...from my point of view, but contact CPA, of course.
