SOME OF THE FAM WERE DISAPPOINTED THAT I GAVE THEM BITCOIN LAST CHRISTMAS.
THEY WILL BE RECEIVING OPENSATS DONATIONS IN THEIR NAME THIS YEAR.
Discussion
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ODELL FAM DISAPPOINTED
WITH SATS SHOCKER ?!?!? 😱
nostr:npub1qny3tkh0acurzla8x3zy4nhrjz5zd8l9sy9jys09umwng00manysew95gx you know that’s another area of the US Tax Code that needs to be fixed. Since a donation of #bitcoin is not the same as a security (and we don’t want it to be), any donation of bitcoin in excess of $4,999 fiat dollars requires a qualified appraisal to be attached to the income tax return. Seems silly, but that’s what’s currently required.
Just spoke with an attorney yesterday. The annual USD cash gift came up. TLDR current tax code is less than $17,000.00 does not need reported to IRA (not financial advice just my personal experience).
Yes annual gift tax exclusion is for 2023 is 17k and will be 18k for 2024. But yesterday I was talking about an income tax deduction for making a charitable gift of #bitcoin and was pointing out how it’s treated differently than marketable securities. For instance, if I gift Tim Apple Stock to a qualified charitable organization, the donation value is based on the stock market published data on the date of the gift and no appraisal is needed. If I had a gain in the stock, it doesn’t get taxed and I get a donation for the total value. To report the gift you report the date, the description, and the value, no attachments or other information is required. But if I gift Bitcoin, a qualified appraisal must be attached to the return of the valuation exceeds $4,999. The same is required for land or other hard assets. While Bitcoin is readily valued based on open markets like a stock, it is not treated that way by the IRS.
Pity you can’t pick your family 😏
This is the way!
They don't deserve you.
Any way I can marry my way in? Do you have any hot single cousins?
🤣🤣
#Bitcoin 🫡 
Que bien 👏👏🫶
Wow. Did they check the price now? I paid a barber in Bitcoin once and a year later he bought Christmas presents for his whole family with it.
Fix the money and fix Christmas!!!
How can they be family of ODell, see all the success, and not be in bitcoin
The abstraction of Bitcoin away from you will continue until morale improves.
My nephews will get some sats ... my brother in law hasn't read his bitcoin book from last year yet. He won't get anything 🤣
😂😂
Disappointed two years in a row. Well played, sir. rofl
I gave my niece $50 of bitcoin last Christmas. It's worth $135 now...
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I’ve gifted sats the last few years with OpenDimes then SatsCards… no one seemed too interested or appreciative… so no sats this year. I feel your pain. 🥃