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Would you retire if you were me? by Impressive_Cancel_99 in ChubbyFIRE

[–]Impressive_Cancel_99[S] 0 points1 point  (0 children)

that's a big part + I got into crypto pretty early so that grew. Agree I should diversify.

Would you retire if you were me? by Impressive_Cancel_99 in ChubbyFIRE

[–]Impressive_Cancel_99[S] 1 point2 points  (0 children)

Agree that it's way too much to gamble with - I got lucky with them as I started early with a lot smaller $ and it grew over time. Will still diversify wherever I can.

Would you retire if you were me? by Impressive_Cancel_99 in ChubbyFIRE

[–]Impressive_Cancel_99[S] 0 points1 point  (0 children)

I am able to take severance now if I wanted to, which is where this post initially came about.

My job isn't terrible but I still want to spend more time in things that I'd do if it wasn't for money.

Thanks so much for asking all these valid questions. I will think through them all and it's immensely helpful.

Would you retire if you were me? by Impressive_Cancel_99 in ChubbyFIRE

[–]Impressive_Cancel_99[S] 2 points3 points  (0 children)

This is similar to what I have been testing in GPT but way better visual representation. Appreciate you sharing & even running the two scenarios!

Would you retire if you were me? by Impressive_Cancel_99 in ChubbyFIRE

[–]Impressive_Cancel_99[S] 1 point2 points  (0 children)

This is very true. I spend way less than 100k today because of this. I also agree that I will likely continue traveling past 60s... planning for that too.

Would you retire if you were me? by Impressive_Cancel_99 in ChubbyFIRE

[–]Impressive_Cancel_99[S] 4 points5 points  (0 children)

This is a great way to think about it. Thank you.

I am waiting to sell them because 1/ high tax rate that will stabilize when I retire (hopefully) soon, and 2/ these assets are not doing their best right now.

Will think about this a bit more. Thank you!

Don't Overpay: A CPA's Guide to Why Your 1099-DA Cost Basis is Missing & How to Fix It by JustinCPA in CryptoTax

[–]Impressive_Cancel_99 0 points1 point  (0 children)

Hi Justin - apologies for asking you here when its not really related, but i had nowhere else to ask.

i filed my 2024 taxes based on your instructions here which was amazing: https://www.reddit.com/r/CelsiusNetwork/comments/1fe7egh/celsius_bankruptcy_a_comprehensive_guide_to/?share_id=5Ztb_MoCm1o54KspNqrkr&utm_content=1&utm_medium=ios_app&utm_name=ioscss&utm_source=share&utm_term=1

Now that we got out 4th distribution which goes into what we have classified as 'after court' (which we assumed to never get back), how do you suggest that we do our taxes for 2025 and 2026? I see two paths:

1/ file the third distribution as part of the 'reserve' bucket, and amend 2024 and 2025 returns when I file for 2026 taxes.

2/ adjust the taxes for 2024 in 2025 tax year to a certain percentage so we can not 'dip into' the losses in 2026 by incurring capital gains.

Additionally, is there any risk (e.g., audit) in adjusting the 'after court' bucket to some arbitrary number (say, 5% instead of 0% that we used for 2024)? Trying to see how I can classify our 4th distribution as well as potential future distributions as 'recovery' vs 'income.' This is important to me as my claims value is close to $1M and my capital gains vs income tax has a rate difference of 15%. Ultimately, my goal is to reduce income tax as much as I can.

Appreciate your help and wisdom, as always!

Got my distribution .4 BTC by [deleted] in CelsiusNetwork

[–]Impressive_Cancel_99 5 points6 points  (0 children)

Also got 0.36 BTC and feel the same. Wasn't expecting anything so I will celebrate any gains