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For xumm on their wallet the XRP just needs to be in the account correct? No registering the trust line with an email like we did for VGB? I will get it but makes me nervous lol. No one said getting rich was easy lol.
My girlfriend gave me a ratio and was like see … nothing is free lol. I knew that going in. You still come out on top after crunching the number IF you get out at the right time or it sustains. That’s a big if. I think a lot of people will want the money.
It was in ABRA. They are participating in the Flare drop but not songbird which I found baffling. Turns out it’s because Bittrex is their custodial holder and it was their decision not do delegate them. I can’t get in touch with them without a minimum account. They suck lol.
Songbird I haven’t even seen and not sure I ever will even though I was holding at time of the snapshot. Is it too late?
I also think paying taxes on something worth 40k which becomes 20k is also crazy. I mean for a guy like me paying an extra 10k in taxes isn’t really no big deal lol. I love the passive income streams and even flare is paid out over years. Not one lump sum. See the difference?
I almost want to see VGB hit $10 for the drop so I have a comfortable number with taxes. Then it can do what ever it wants. But nothing is free. I am wondering just how good these “free” airdrops are. Nothing is free. True story.
Sologenic is currently at $4.50. That would be 180k if I maxed XRP for next year. The tax implications alone for this are really a rich man’s game. That one may not be in my best interest. I may have to let that go. Or only move like 5k XRP for that drop.
VGB is currently trading at $40. So I heard it gets paid out on 12/23 this year. So for everyone here that’s $40k we have to worry about this year correct? If we sell once it lands to we pay taxes on 40k or taxes on 40k + short term capital gains on 40k. This is critical.
I think I have it and I’ve don’t quite a few. Some weren’t even worth the effort and one I can’t even trade out of yet.
Are you in the US or not? I feel like I should know the answer to this question lol. If you are in the US you cannot buy or get paid in Nexo on their app. So upgrading to Silver is pain. It would only cost me roughly $141 in USD to hit that mark but the rub is your interest goes from 4% to 4.25% on anything not locked up and I feel like over a lifetime you’d make more then the $141 in added interest if that makes sense.
I keep a lot on ABRA still because even though it’s only 4% vs 5% … for the next two months I get paid my 4% most crypto and 9% USD in kind PLUS earn CPRX tokens which when I break 5k will bump me into the next tier for added bonuses. Which I think is the right play.
As a Nexo guy did you go about acquiring Nexo tokens to upgrade your membership? I thinks it’s worth bumping up to the Silver level but you have to buy Nexo tokens on a different exchange as a US customer and then move them there. Such a pain in the ass but wasn’t sure if you went that route.
Question. Are you a Nexo guy and if so how did you go about acquiring Nexo tokens to upgrade your membership? I thinks it’s worth bumping up to the Silver level but you have to buy Nexo tokens on a different exchange as a US customer and then move them there. Such a pain in the ass but wasn’t sure if you went that route.
Some of the drops are junk lol so don’t chase every token that comes down the pike. More hassle then some are worth.
I was wondering when we receive VGB lol. That’s the one I was wondering about but do appreciate all the info.
Awesome. Thank you.
So we know what day the VGB snapshot takes place but do we know when those tokens hit our wallet? I may trade them out for solo / XRP and not even move my bag off of Nexo if I don’t have to. It just kind of makes me nervous and would it send up red flags?
I know when the snapshot is but when do we actually receive the tokens.
I also can’t even trade out of that token and have no idea why. Until I have full control of it (to buy sell or trade) I wouldn’t consider it taxable so I’m claiming it in the teens lol.
That CPRX token on ABRA went from $2.14 to $1.63 back to $1.90 and is now in the teens. I never planned on selling. I know the higher interest brackets over 40 years would be more then the 4K I could have flipped. But 20k or 36k is not the same scenario. That’s nothing to shake a stick at. If you know what I mean.
When I look now I think VGB is around $25 and change. Which is still good. I think a lot of people are going to take the fast smart money on this one. Good project or not I’m not looking to stake 1000 coins that could drop to half of that while I’m sleeping. I’d rather buy back in or walk on that one I think.
I think an airdrop should be literally considered the same as unrealized taxes and the only time you should pay on it is when you cash out. Because some people will cash out early for big money and others may make a long play and take a bath. I think that’s the bests analogy and way they should look at it.
Vagabond (VGB) is currently ranked as the #3354 cryptocurrency by market cap. Today it reached a high of $47.89, and now sits at $40.87. Vagabond (VGB) price is up 29.32% in the last 24 hours.
We’d need to figure out where that trading pair would live. You may be able to swap it on xumm but if you try and make a swap it tells you if it’s advantageous, if you can, if you have to go to a 3rd party part of the app to set a limit buy / sell, or if a trade is not possible because there isn’t enough bids to make it happen. Very weird. 36k would be painful on my taxes. Like non recoverable lol.
That’s what I’m taking about. I just love the income reserve. So I know the dates of the snapshots and I think solo gets paid out late January. When does VGB actually hit our accounts? If anyone has an email someone posted the list of all airdrops between now and next year. I landed two. The tokens were like 300 = .24 XRP and 15k tokens = .84 XRP. I was like what was the point. It got me used to using xumm so all was not lost. Hope everyone had a great Turkey Day if they celebrate.
I just feel like any time someone gets something for free it drops lol. Like people that buy IPOs on day one. They usually take a bath.
But when VGB lands would you convert that to XRP Solo or just hold? I imagine it will drop like a rock once it hits everyone’s pockets lol. Price looks good but I don’t think it will be a long term hold.
Next question. If you are getting the 1000 VGB are you swapping that to Solo to double down on that next drop or XRP? I am very hesitant about swapping XRP for anything. I think that’s at they want. If you know what I mean lol. I know it’s sounds conspiracy but they want that back.
Ok. So I know you are a Nexo guy I think. I love it. However … was looking to upgrade the account so I would have a 2nd free monthly withdrawal. I was going to buy Nexo tokens but apparently US users can’t buy or get paid interest in Nexo tokens. So I think I may buy the next level up for for $141 and change.
2nd thing I noticed is you can’t swap your XRP out there SO when the moonshot happens and you want to take SOME profits … where did you plan to shift it to to make that happen.
3rd and most important. For the Solo Drop. I did buy some solo. Seems you get a better exchange rate with Solo for Solo then Solo for XRP. However … Is it worth swapping your XRP out for Solo for the snapshot and then swapping it back into XRP or not? I’m afraid of everyone trades out of solo and you’re not first in like you’ll be getting less XRP back if that makes sense. Just wasn’t sure if you crunched the numbers on this or considered the play & outcome.
I loved the CPRX airdrop because it’s a utility token. A lot of people have swapped out for a few 1000 BUT I am holding mine because I’m getting 2 times the return on interest and gaining more tokens for free to bump me to the the 2nd highest level. That’s worth more then a few 1000 dollars if that makes sense. But swapping XRP for Solo and not swapping back at the right time seems to risky to me. Thoughts? I know it’s a lot but I haven’t bugged you in a while lol. So you get it all at once lol.
Was crunching some numbers and have some serious questions for you later today. I want to start spit balling this even after work. You can get back to me at your convenience of course.
Some exchanges will 1099 you. Especially ones that are now requiring forms of iD to use them. ABRA didn’t require it when you first started using it but when their upgrades rolled through you needed it there, I needed it for Nexo, and I think you needed it for even Coinbase if I’m not mistaken. Xumm didn’t I don’t believe. How they would do it exactly is beyond me. But just because I don’t understand how doesn’t mean it’s not possible. I don’t understand the inner workings of aerospace either and yet somehow I still manage to fly on vacations lol. When it comes to computers and trails I’m just not sold it’s as anonymous as everyone thinks is all.
Check out what creates a taxable event (VERY INTERESTING) and then look at how they work with crypto. It’s not based on a moving average but first in first out price dependency model. You’ll see as you go through it. Very interesting. They (IRS) also has a new division specifically on the hunt for gains unreported. When crypto was a small industry you had a shot of hiding some of it but now that it’s a multi trillion dollar industry not so much. And she wasn’t like a hard ass. Just gave me good honest advice and was surprised I knew so much. Thanks to this crew … we’ve made a good little community.
It’s ABRAS new token and was based on pass usage of the app and then points earned for a social media blitz and hard core use of app for a certain date range. I moved a decent amount of fiat there. Gets 10 times the interest you’d see in most banks. Didn’t realize the token would be priced so high. Came in at $2.14 but by the time US users were up and running it was down to $1.62. Now back up over $1.80. So not XRP specific but that is where I bought 90% of my XRP before buying / trading was suspended and they took past history into account.
She made it sound as though taxes are on the honor system but I think exchanges like Nexo and ABRA issue 1099s now with all of the interest built up from loans. Also found that tax reporting document to be very interesting because it worked on a first in first out inventory and not on a moving average which greatly effects what you claim. It’s all very interesting. I know your plan but I guess the IRS has set up a division who spearheads nefarious crypto activity and unreported gains. The Wild West may be getting tamed lol.
CPRX tokens just landed on ABRA. What an F’ing gift that turned out to be.
In a completely unrelated article this breaks down some of the tax complexities. I was talking with my new tax woman from H&R Block. She did say a lot of it is done via the “honor system”. But now that crypto is a multi trillion dollar a year business there’s a new division that literally looks for unreported gains and apparently just because you haven’t been found out doesn’t mean you won’t be found out. She was pretty cool actually.
https://cryptotrader.tax/blog/the-traders-guide-to-cryptocurrency-taxes
And this is the last silly question of the night but I am all set for the VGB airdrop. When it comes to Solo … all we have to do is have our XRP on xumm AND have the Solo trust line correct? We don’t have to do any weird step where we verify our account like we had to for VGB. It’s basically done via snapshot like Flare so nothing to do on our end other then have the XRP in xumm.
Dayum. No I know what you mean. I also have weird luck. Ever since owning just a three family I’ve been audited twice. I never do bad because I know my luck. Worst thing I did was right off 2500 worth of fireworks for a party for the tenants. I mean they were invited so I wasn’t lying ????
I just like and will apparently only buy XRP there lol. I did find some other documents this morning regarding capital gains and losses and saw some of the same info but I feel like the 2021 taxes will mark the new era of complicated taxes lol. But it looks like we will all have good drops to celebrate this season with.
That I understand. Uphold to Xumm is the problem lol.
I’ve been reading along but my schedule has been so crazy. And I have been a little complacent with airdrops but now that I’ve received my first one and have my second one ready for next week and have Flare coming next year and may participate in Solo … all of that income could be awesome or detrimental lol. I can handle things like earning interest on XRP and things like that and smaller drops. But throw in a fairly decent $16k -$20k on top of that and it may be more harm then good. Although I finally traded out of my first investment which I lost $15k on. It’s what motivated me to get into the game. So that loss will bail me out this year ???? Is there a maximal capital gains loss you can claim … any sort of cap?