Tag: Bitcoin salaray

NFL star’s massive tax bill highlights problems with BTC salaries
Bitcoin

NFL star’s massive tax bill highlights problems with BTC salaries

NFL star Odell Beckham Jr.’s (OBJ) decision to take his $750,000 salary in Bitcoin (BTC) appears to have cost him dearly due to the market crash after he signed the deal. Owing to the vagaries of cryptocurrency tax laws and current prices, OBJ is estimated by some to have made 61% less than if he’d taken his salary in fiat. The loss has highlighted the tax complications from receiving a salary or yield in cryptocurrency, as crypto investors have to pay tax on the amount it’s worth when it was received, not what it’s worth when they lodge their tax return. On Nov. 12 last year, OBJ signed a one-year deal with the Los Angeles Rams worth $750,000. In a promotional Twitter post partnered with CashApp, OBJ announced that he would be receiving 100% of his $750,000 yearly salary in Bitc...