I am 26 years old and my father passed away almost a year ago. A few weeks before he died, he had me make some accounts for crypto and transferred me roughly $600k worth at the time. Since then, the value has tipped past $1M, and I know at the very least I'd like to evenly divide it between 4 family members. One thing, I have no idea what I'm doing, and I'm scared the IRS won't like how it was sent.
First off, my dad did NOT report for the crypto gift as far as I'm aware. I haven't filed taxes yet, but I don't know how or if this will be taxed at all. He did not have a will, I am his only blood child, and I believe since it was transferred before his death, it wouldn't count as inheritance. I was told I can touch it after Jan 8th of 2024, which is coming up, but im completely lost as to what to do. How do I file it? Do I need to talk to somebody, and if so who? Should I sell my portion? I could really use the money, but again I'm not sure HOW I'd use the most of it minus paying off all my debts ($55k) and having a great savings account or something.
I have a really stable job, making roughly $65k a year with steady commission and next in line to make 6 figures within the next 5 years. I have a car loan of $45k with probably 15% or so interest at 750/mo, and a credit card at 11k with 0 interest for another 9 months. Ive got maybe 2k in emergency money and I've mostly broken even financially month to month.
Can someone please just help guide me on where to start? This is really hard without my dad, and I'm clueless on how to do this the right way. I want to use the opportunity he left me in the best way possible, but I'm clueless. Thank you.
Submitted January 06, 2024 at 02:07PM by NoFinancialKnowledge https://ift.tt/5ESBVlY
