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Monday, February 04, 2019 5:44:01 PM
Of course we had to file the IRS form when we released so the IRS will immediately get 28% off the top from us! Then it us up to us when we file our taxes to put up a battle with the IRS that this is a non taxable settlement. Good luck with that. They will want a cut.
The worst case IMO is that we will have to pay LTCG on it, which means 15% tax an the first $480K and then 20% on the rest. If some politicians get their way it could be taxed from 70-90%! Let's hope that this resolves quickly before they get into power or we could get pennies on the dollar.
Line up a good tax guy now so you are ready to deal with this. If we get paid soon we have till Apr 15 2020 to deal with it, but the IRS gets to keep our 28% until then too.
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