A popular internet meme: On November 12, 2021, Odell Beckham, Jr. signed a deal with the Los Angeles Rams for $750,000, which he accepted in bitcoin (BTC). On that date, BTC was trading at $64,293. At this writing, BTC is trading at $33,385 (roughly 52% of its value on the day of signing). Therefore, as of this writing, the deal is worth $389,447. Odell’s income is subject to federal and state (California) income tax. He will be taxed 50.3% on $750,000 of income, or a combined federal and state income tax bill of $377,250. Odell netted $12,197 on the deal… true or false? Please post your thoughts and comments below. -s
Author’s note: This is not a sponsored post. I am the author of this article and it expresses my own opinions. I am not, nor is my company, receiving compensation for it.