How do you make those quarterly payments? Is there a form to fill out or something?

You can make estimated quarterly tax payments using Form 1040-ES. The easiest way is to use the IRS Direct Pay system on their website - just select "estimated tax payment" as the reason. You don't need to create an account, and you can pay directly from your bank account. The due dates are typically April 15, June 15, September 15, and January 15 (of the following year), though they can shift slightly if those dates fall on weekends or holidays.

This is definitely not recommended. The W-4 form contains a clear statement that you sign under penalty of perjury. Intentionally claiming dependents you don't have could be considered tax fraud. Instead, use the proper methods on the W-4 form to adjust your withholding. The "Additional withholding" line in Step 4(c) allows you to specify a negative amount that reduces your withholding without falsely claiming dependents. Much safer approach!

Oh man, that's concerning. I have no idea if the executor did that. It's my uncle (dad's brother) handling everything. I'll definitely ask him about this. How long do they usually need to wait before distributing?

The waiting period varies by state, but it's typically between 3-6 months after publishing notices to creditors. In Texas, I believe it's 4 months. A properly handled estate administration should include this step, but family-member executors sometimes skip parts of the process if they're not working with an attorney. Just check that your uncle published the required notices and waited the appropriate time. If he worked with an estate attorney, they would have ensured this was done correctly.

You're most likely fine. If it was a straightforward inheritance (not from an IRA or retirement account), you typically don't need to report it on your tax return at all. Inheritances generally aren't considered taxable income to the beneficiary. The only exception would be if you inherited something that was generating income after the person died (like interest, dividends, rental income, etc.) - in that case, you would need to report that income, but not the inheritance itself.

But what about when you have to transfer money back to your bank? Doesn't that create a paper trail linking you to the exchange?

Yes, there's always a paper trail when you move money back to your bank, but that doesn't change the main point. The banking system knows you received funds from somewhere crypto-related, but that alone doesn't tell them which specific exchange you used or whether that exchange was "approved." Most important thing is just to report all your income accurately. The IRS wants their cut of your gains - that's their primary concern. They're not coordinating with other agencies to check if you used a VPN to access certain websites. They have bigger fish to fry than retail traders who are actually paying their taxes properly.

This is partly true but misleading. Only US-regulated exchanges are required to issue 1099-K forms. International exchanges that don't have US operations typically don't issue these forms because they're not subject to US reporting requirements. That's part of why they can offer coins not available on US platforms.

That's a really interesting point about administrative costs I hadn't considered. Do you think this model is sustainable long-term though? There seems to be growing international pressure on tax havens with things like the global minimum tax agreements. Could the Caymans be forced to change their approach?

The sustainability question is exactly what makes this topic so interesting right now. The OECD's global minimum tax initiative (15% on corporations) is definitely putting pressure on traditional tax haven models. The Caymans and similar jurisdictions are already adapting by emphasizing their value in legal protection, financial privacy, and specialized expertise rather than just tax benefits. I think we'll see a gradual evolution rather than a complete collapse of the model. They'll likely maintain advantages through regulatory arbitrage even if the pure tax benefits diminish. The administrative efficiency argument still holds - they can implement minimal taxation with lower costs than large nations with complex tax codes.

Were there a lot of Americans living there? I've always wondered if people actually relocate to these places or just set up businesses there while living elsewhere. Did it feel like a normal community or more like just a business center?

Hold up - can you really deduct part of your phone bill and internet if you do some freelance work on the side? How does that even work? Like if I do DoorDash on weekends, can I write off part of my phone bill since I use the app?

This is actually really bad advice. Most ppl aren't disciplined enough to save that extra money each paycheck. Getting a refund is forced savings for a lot of people. If your getting the money in small amounts each check, lots of ppl just spend it without noticing. I purposely have extra withheld so I get a big refund every year. Use it to pay down debt or take a vacation. Different strategy works for different folks.