How crazy would it be to cash an entire 401k to distribution, chuck it all into BTC, and pretend “income” taxes don’t exist, since none of it is “income”?
Now, I’m really not so sure that this idea applies to 401k’s, as that’s voluntary contracting, and could easily put us in scope of their statutes.
On the other hand, how are they gonna get it? What if I lost my wallet password in a tragic boating accident?
In the case of a 401k, the person volunteered to play the game.
"Voluntary compliance."
You don't have to volunteer to play the game.
But if you do volunteer, then you have to comply with the rules of the game.
Also, 1040 income tax forms require a yes/no answer to "have you sold any cryptocurrency?" If you say no, but the real answer is yes ... well, that's a problem.
Kinda what I figured, though it would be difficult for them to collect, just not necessarily to “encourage” collection.
The fun side of the plan though would be..
If the distribution was taken and put into Bitcoin in early Jan 2025, then the FRN goes full Weimar before EOY, it’s fairly trivial to cash a few lifeboat assets to pay the FRN tax and remnant debts come time in 2026.
It’d definitely be a big chips-to-table bet on the death of FRN.
Why not both? We have no idea what’s coming. GME could potentially fizzle while BTC moons.
I suspect both will moon, and both need to be held. BTC may not have the returns of GME, but may end up more valuable long term. In a full spectrum war, don’t limit yourself to playing in one color.
How crazy would it be to cash an entire 401k to distribution, chuck it all into BTC, and pretend “income” taxes don’t exist, since none of it is “income”?
Now, I’m really not so sure that this idea applies to 401k’s, as that’s voluntary contracting, and could easily put us in scope of their statutes.
On the other hand, how are they gonna get it? What if I lost my wallet password in a tragic boating accident?
In the case of a 401k, the person volunteered to play the game.
"Voluntary compliance."
You don't have to volunteer to play the game.
But if you do volunteer, then you have to comply with the rules of the game.
Also, 1040 income tax forms require a yes/no answer to "have you sold any cryptocurrency?" If you say no, but the real answer is yes ... well, that's a problem.
Kinda what I figured, though it would be difficult for them to collect, just not necessarily to “encourage” collection.
The fun side of the plan though would be..
If the distribution was taken and put into Bitcoin in early Jan 2025, then the FRN goes full Weimar before EOY, it’s fairly trivial to cash a few lifeboat assets to pay the FRN tax and remnant debts come time in 2026.
It’d definitely be a big chips-to-table bet on the death of FRN.
Why BTC? You might see 100% profits, but GME is THE PLAY of the past 17 centuries.
Why not both? We have no idea what’s coming. GME could potentially fizzle while BTC moons.
I suspect both will moon, and both need to be held. BTC may not have the returns of GME, but may end up more valuable long term. In a full spectrum war, don’t limit yourself to playing in one color.
Better than tulip bulbs?
C'mon, man.
Dude, no. Bad ape.