50 Cent Forgot He Accepted Bitcoin For Album, Finds $7 Million

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rgMekanic

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Rapper 50 Cent forgot that he had accepted Bitcoin payments for his 2014 album "Animal Ambition." The album netted 50 Cent around 700 Bitcoins in 2014, which the rapper apparently forgot about.

Just wow... Good for him for being ahead of the times. Here I am giddy as a schoolgirl when I find $5 in an old coat!

In an additional comment that could either amaze or exasperate people who would love to find a pile of money, 50 Cent added, "I'm a keep it real. I forgot I did that s***."
 
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Title states
50 Cent Forgot He Accepted Bitcoin For Album, Finds $7 Million

Article states
The album netted 50 Cent around 70 Bitcoins in 2014

BUT 70 Bitcoins x $11,250 (approx. value today) = $787,500

A good chunk of change, but no where near $7 Million... (ok, read the REAL article via the link and it is 700 Bitcoin, not 70...) which is over $7M.

In addition, did he also "forget" to declare this asset during his bankruptcy filing in 2015?
 
Freebyrd said:
Title states
50 Cent Forgot He Accepted Bitcoin For Album, Finds $7 Million

Article states
The album netted 50 Cent around 70 Bitcoins in 2014

BUT 70 Bitcoins x $11,250 (approx. value today) = $787,500

A good chunk of change, but no where near $7 Million... (ok, read the REAL article via the link and it is 700 Bitcoin, not 70...) which is over $7M.

In addition, did he also "forget" to declare this asset during his bankruptcy filing in 2015?
Click to expand...

Apologies for the typo, my keyboard has been acting up a bit lately
 
Freebyrd said:
Title states
50 Cent Forgot He Accepted Bitcoin For Album, Finds $7 Million

Article states
The album netted 50 Cent around 70 Bitcoins in 2014

BUT 70 Bitcoins x $11,250 (approx. value today) = $787,500

A good chunk of change, but no where near $7 Million... (ok, read the REAL article via the link and it is 700 Bitcoin, not 70...) which is over $7M.

In addition, did he also "forget" to declare this asset during his bankruptcy filing in 2015?
Click to expand...
In the article they talk about 700 bitcoins ;-)
 
Freebyrd said:
Title states
50 Cent Forgot He Accepted Bitcoin For Album, Finds $7 Million

Article states
The album netted 50 Cent around 70 Bitcoins in 2014

BUT 70 Bitcoins x $11,250 (approx. value today) = $787,500

A good chunk of change, but no where near $7 Million... (ok, read the REAL article via the link and it is 700 Bitcoin, not 70...) which is over $7M.

In addition, did he also "forget" to declare this asset during his bankruptcy filing in 2015?
Click to expand...
There wasn't (and I think still isn't) any official exchange rate for bitcoin in 2015, so I don't know if he even should have (whether he wanted to or not). Would have to consult a tax pro...
 
Even if he had listed them at the time no one would have wanted them. Just because something has value today, doesn't mean it did then.
 
Given the tax laws with cryptocurrency, he's probably going to get in trouble for tax evasion.
 
dgingeri said:
Given the tax laws with cryptocurrency, he's probably going to get in trouble for tax evasion.
Click to expand...
Only if he cashes them in. You're liable for the taxes on stocks either unless you profit from them by cashing out or getting a dividen check.
 
Could have been more if he had cashed about a few weeks ago, almost double. lol

Also, hope he pays taxes on that, national headlines and no filing with IRS, I am sure that will go over well.
 
Dekar12 said:
Could have been more if he had cashed about a few weeks ago, almost double. lol

Also, hope he pays taxes on that, national headlines and no filing with IRS, I am sure that will go over well.
Click to expand...
Oh I am sure he is a upstanding citizen that will do what is right. It is not like he is known for tax evasion in the past.
 
Nothing to pay taxes on until he realizes the gain by cashing out...though failure to disclose during a bankruptcy is likely problematic.
 
The radio show Bob & Tom were talking about this today. Apparently 50 cent filed for bankruptcy before this happened and reached a settlement They were thinking a lawyer will get window of this and might try to collect from his new found riches. (I have no clue how valid this story is.)
 
I call BS.

Sounds more like he wants to Phoenix some money or assets hidden during bankruptcy.

It’s like the whole deal with Dan Bilzerian, his ‘poker winnings’ are obviously just a pretext for using the money that wasn’t recovered from his father.

If fiddy isn’t discharged, or if he didn’t pay his full debt (came to arrangement) as a debt holder I’d be asking for his bitcoin address, of course it’s going to show all the inbound transactions during that time period so we know it’s true and not just 7 million he ‘forgot’ to declare. Irrespective of all the crypto BS that aspect of blockchain I love.
 
He was never out of money. he just used the fine as an opportunity to renegotiate his other debts, because suddenly he couldn't cover them all today.

Man spends like a waterfall, but he still makes money. It was a smart move, and he's still a multi-millionaire.
 
Iratus said:
I call BS.

Sounds more like he wants to Phoenix some money or assets hidden during bankruptcy.

It’s like the whole deal with Dan Bilzerian, his ‘poker winnings’ are obviously just a pretext for using the money that wasn’t recovered from his father.

If fiddy isn’t discharged, or if he didn’t pay his full debt (came to arrangement) as a debt holder I’d be asking for his bitcoin address, of course it’s going to show all the inbound transactions during that time period so we know it’s true and not just 7 million he ‘forgot’ to declare. Irrespective of all the crypto BS that aspect of blockchain I love.
Click to expand...


I would imagine there must be a contract for the album payout stating the payout in Bitcoin. would be stupid to make a story out of this without having some way to back it up if investigated.
 
At what point do you pay "taxes" on a bitcoin? At the moment it comes in to your possession? When you convert it to cash?
 
I am going to help everyone out here on the new Crypto tax laws because I see too many people misunderstanding what has changed in crypto as the 1st of the year.

With new tax laws every transaction in crypto is a taxable event and the IRS now recognizes crypto as property. The moment you take possession, it is now taxable property. If you let it sit in your portfolio and it gains value. You owe tax on that profit. Also now every time you move any crypto to/from a wallet or exchange from BTC to ETH. It has to be recorded and show gains/losses for taxable transaction. So, the "I can only be taxed if I convert it Fiat money" is no longer true. If you are heavy in crypto like myself. You better start tracking every transaction in your portfolio as well as all your gains/losses and all your fees. Because if you don't the IRS can penalize you with 100% tax penalty on the Crypto earnings. That is correct, they can take it all if you get caught not reporting it.

In this case with 50 Cent, he will owe tax on the gains he made on that BTC @ 35% tax. 700 BTC in 2014 avg around $500 so 700x$500= $350,000 is what he received in BTC. 700 BTC now is $11,400 so 700x$11400 = $7,980,000. Now find his gains $7,980,000 - $350,000 = $7,630,000. So 35% of gains = $2,670,500 is what he owes the IRS on this BTC he has. Doesn't matter anymore if he doesn't cash it out or not. He stills owes this to the IRS next year.
 
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Debt: Anything he makes goes to paying off creditors and bad business investments, it ain't pretty being fitty.
 
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