3 ms·
I remember laughing at Matt Damon til I learned how much he made from that ad deal. It was like 80 Million dollars or something insane.
by s_dev 4y ago
I remember laughing at Matt Damon til I learned how much he made from that ad deal. It was like 80 Million dollars or something insane.
- onychomys 4y agoOn the plus side, if he got paid in bitcoin, now it's only like 20 million.
- yieldcrv 4y agoOr he sold it in 5 minutes because there is enough liquidity to sell $80 million in bitcoin at an OTC desk
- sour-taste 4y agoIt's possible but seems unlikely. The taxes would be very painful. I find it likely that he did sell but maybe slowly, over a period of time while working with tax lawyers to limit liability
- yieldcrv 4y agoWhen US citizens are paid in an asset they taxed on both income and when sold or spent they are taxed on the price differences from when the income was received Selling over time would not mitigate any part of the income tax liability
- dragonwriter 4y agoBecause of the way progressive income taxation works, splitting over tax years can save some in taxes (though, unless Damon has been very good at structuring his other income streams, that probably doesn't matter for him); because of the way capital gains taxes work, selling some 1 year + 1 day on after receiving it saves additional taxes beyond what is saved by splitting it across tax years, and this works even if you are stuck in the highest tax bracket from other income so that splitting across tax years is immaterial, too.
- s1artibartfast 4y agoTwo points: 1) Progressive tax bracket caps out at ~500k. I expect Damon would be above this every year, rendering structuring irrelevant 2) capital gains tax would be zero upon receipt, so selling immediately should not trigger any new tax.
- yieldcrv 4y agoRight, and as you noticed halfway through writing that, none of this matters at these amounts
- ahtihn 4y ago> The taxes would be very painful. Why? If you get paid in bitcoin, the easiest for taxes is to sell immediately. The value of the bitcoin at the time you receive them has to be declared as income anyway. If you sell little by little over time, you need to declare the income anyway + keep track of transactions for capital gains taxes.
- uxcolumbo 4y agoThat's nuts. Didn't he know that telling people to invest in these volatile is irresponsible? Not so Will Hunting now - is it? Wonder what he thinks now - that his name was used to scam people.