Avoiding Capital Gains on Cryptocurrency
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- Опубліковано 13 гру 2021
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As a newbie about to invest, you must have these three things in mind
1. Have a long term mindset.
2. Be willing to take risk.
3. Be careful on money usage, if you're not spending to earn back, then stop spending.
4. Never claim to know - Ask questions and it's best you work with a financial advisor. I made it as a newbie by working with Alex Valentino and today I can show alot of my achievements.
@Marko Seiler You don't have to be shocked, Alex Valentino has helped so many newbies become millionaires through crypto trading
It's very nice to see this comment section,
Yes I highly recommend Mr. Alex valentino, I'm currently using his broker, his timing and trading strategies have been quite efficient
Forexx is bringing a different revolution in the world economy. People who are optimistic investors earn consistently.
Forexx is bringing a different revolution in the world economy. People who are optimistic investors earn consistently.
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We take all the risk the IRS reaps the benefit, then charges all of us for services to figure out how much we owe them. What a business model.
Stock is the oldest online market we have done in the past years, We employ it because of the highest quality services it renders and how successful it is, today we now say crypto currency too, I'm just saying that people should develop the habit of investing. really helpful in life.. Trading with Expert Mr burrell is the best Option
A friend that I referred to her just received $7,050 profit after 10 days of investing....I became jealous.. lol
This lady is no joke, she is genuine when it comes to technical analysis also the best expert you can entrust your portfolio
I think I'm blessed because if not I wouldn't have met someone who is as spectacular as she is the best broker I ever seen
As a beginner how do I get into Bitcoin investment I'm interested
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How can you be a tax on something that doesn’t have regulation yet? That sounds suspiciously illegal
My mom and I consistently earn massively on our crypto investment. Courtsey to Mrs Nicole Brusher, her set skills are amazing.
Amazing to see another who trade with Mrs Nicole Brusher, I'm currently on my 5th trade with her and my portfolio has grown tremendously. Her weekly signals are highly profitable
I invest with Mrs Nicole Brusher too, she charges a 20%commission on profit made after every trading session which is fair compare to the effort she put in to make huge profits.
This is not the first time I'm hearing about Mrs Nicole Brusher and her exploits in the trading world but i have no idea how to reach her.
As a first time investor I started trading with Mrs Nicole Brusher with just a thousand bucks. my portfolio is worth much more that now within just weeks of trading with her.
With the consistent weekly profits I'm getting investing with Mrs Nicole Brusher, there's no doubt, she is the most reliable in the market, such a genius.
IRS can go all the way to hell!😡🤬
I really enjoy listening to you and Thank you for sharing your knowledge.
Wow! I learned so much from you today. You enabled me to gather the correct information to process my tax return. Thanks for your thoroughness with names and numbers! You’re the Man today!
Great Content , The Stock market is still a fantastic tool for building wealth , however, so it's wise to consider investing even if you don't have much money to spare.
I recommend Dr Romero pieto .
Reach him on Telegram 👇.
@ Consult Romero pieto.
Astonishing video.
So surprised to see this name Romero pieto here a woman in my neighborhood said Mr pieto trades for her until she master the market.
I needed this. Awesome!😎
Amazing video! Thanks guys!
Thank you for your content
thank you for the info
Amazing content thanks so much for making these, this kind of education is so valuable.
YOU MY NINJA!!! I F*KN LOVE YOU!!! 🤜🏾🤛🏻
*You're real AF; your passion is much appreciated. 💯
Hey there Mark and team. I have a question on the CRYPTO TAX SUMMIT. Does the virtual option include everything listed on the website? Also is the certification available for the virtual option as well, or is that just in person with the $100 additional?
Yes! Actually some good news 👊👍 I actually sold on a loss trying to save some capitol to reinvest, that I can actually declare against gains, It would help TY! Sir
Thank you Mark.
Thanks Mark... If one took a loan against crypto and the market went south and the whole collateralized crypto was liquidated, is there a tax consequences? Thx
Fantastic video guys thank you. New subscriber and I’ll see you on the 29th.
Thank you
Learned a lot! Can you also address those of us who move to Puerto Rico and how these strategies can be incorporated with Act 60? Thanks!
Good Video, but thought you recommend s-corps for LLC with over 30k income? If I'm mining and not quite at that threshold, do you still recommend even for smaller miners around 15-20k / yr?
I love your videos . Very informative .
I live in Australia . Is there something similar to Scorp and LLC in Australia.
Do you have a branch in Sydney/Australia ? Thanks
hello Mark, i have a few questions:
1) if we had some of our crypto stolen in a hack etc. would that be listed as a short/long term loss depending when the theft occurred?
2) If we pull out our initial investment and leave the gains in, we do not get taxed on anything, correct?
3) how do we document on taxes when we purchase bitcoin to immediately purchase another alt coin? do we just document 0 gains?
BTW FYSA new york and hawaii doesnt allow crypto roth IRAs FYI for all your viewers!!!
Answer to #2) is No, that is not correct. When you "pull out your cost basis" you are selling crypto, and that is ALWAYS a tax trigger. If you originally bought 10 coins for $20 each (total investment of $200), and let's say those coins are now worth $200 each, if you sell one coin to "take out your initial investment", the IRS looks at what the fair market value of that 1 coin was when you bought it ($20) vs when you sold it ($200). In this example, you would have $180 of taxable gains for selling 1 coin.
Finally something that was helpful.
Hey Mark, thx for all this info!
Just wanted to know if there is a link to the charts/graphs you have, for those of use that need that tactile element of learning, AKA paper?
So...if I've accumulated a specific crypto over multiple years and then I sell some of it, did I sell my oldest purchased crypto, or the newest? There's a big pot of crypto there that was all purchased at a different price each time... 🤔
you could create NFT for those that attended (virtually or in person)! could use that nft for future discounts for being at the 1st annual summit!
You guys are undoubtedly gurus in this I would like to learn or get certification from you.
Hi Mark! Sorry if this has been asked already, is the cost of nodes deductible?
Does it make a difference which state you are in for the LLC? Can an LLC in another state be something that you can switch into an s-corp?
How do I prepare effectively for the crypto tax summit? Suggestions please
Ok so I have zero mind left. This was great information and I just found out how much I do not know.
In regards to the event I work. Will their be a way to watch this on my day off?
Do I need to keep track of and report transactions that burn for gas fees, ie transactions for transferring funds from an exchange to another wallet and/or NFT posting fees?
Can u do something on cap gains for individual stock accounts? And possibly ways to offset the dreaded short term gain taxes?/thanks
I did mine last year with Turbo Tax with Crypto Tax connected with an API link to all my exchanges. If you do not have a basis price of each coin you own and cannot show where you bought it, it will not compute and it gets flagged as missing. My occupation is Cryptocurrency Trader to the IRS! Woo hoo! So glad the technology exisits to do all of those calculations for me, and 300-400 per year. It gives me peace of mind to make more trades that look good with out having to decide not to if I can't figure out the tax. I've been in since 2018 so I only sell and trade ones that I have owned for more than 12 months. Although I did wash half of my coins last month! :) This year I need to find contribution projects for tax deductions, ones less than 12 months old to me that were down under March and August prices.
Mark - just got off the phone with your office and am not getting the answers to a few important questions i have (mostly related to your video in March re: Bitcoin Trading and Mining: How to Structure to Save Taxes! is there a better way to get answers to pricing and details of what the "package" includes?
Mark! I went to your class at Nouveau Riche in 2009. It was the best class out of everything that I learned and I applied all of it! Side note do you offer CPA services for out of state. I’m in California. Thank you!
We help clients in all 50 states! Here is the number for my firm: 888-801-0010
Is there anything to help those on disability SSDI to save on taxes & more important can the gains, which were never cashed out & put toward additional coin, doesn't effect SSDI benefits?
Hello! How can I set up a time with one of your lawyers that is well versed in crypto to start a strategic plan?
Can I transfer personal crypto wallets to my s-corp?
Mr. Kohler! How can I connect with YOU, when XRP hits over $100.00?
What about using ETH or crytpo for gas fees because you buy ETH and may use it for a fee at a loss or a profit? Do you tax the profit/loss and the gas fee as an expense?
Are there still in person seats available for the tax summit? Looking for link.
Mark, Can I move a current IRA to Gold and then be clear to do a backdoor roth without all the complex tax concerns?
I have question for staking on crypto I been wrapping my coins bc I heard I can save lot of tax could I make a CRT on that.
17:26 total tax should be $9200 (1st 20k at 10% = $2000 , 2nd 60k at 12% = $7200) or am i missing something
Can I get the certificate even though I am not a cpa, attorney, or financial advisor? Just wondering
What about filing taxes based on Market to Market accounting? 🤔🤔
I am really looking forward to talking with you!
Hello Mark, what are the taxation rates for filing Married but filing seperate please, thanks
If I am not us citizen or permanent resident but I used to live there and had ssn, also didn’t live in us in 2021, but still traded with coinbase and sold to a US bank linked to it.
How do I pay tax? Or do I need to?
If i start a LLC today (12/21/2021) before 2022, can we back date this to Jan 2021? Thanks in advance for your response. Please I would like to schedule a consultation.
I'am not to sure if I have a taxt problem because when I invested into Crypto I only did it for $125.00(Total) and when I sold it I did for $1,200.00(Total approx) so if I hear you corrct my stackable income is only increased by $1,200.00 on the ordinary income stackable rate.
All of my income from working is $35,000.00 - Standard deduction of married filing jointly. Could you or do I need the felp you are providing????
That was awesome
lawful money is demand pursuant to 12 usc 411…. If I sign my paycheck like this do I have to pay tax on it?
What about using debt from a nexo account to grid bot trade? Isn't that non taxable?
great value, thank you
1031 exchange about to go down this spring. I don't want to deal with tenant anymore. What are some reputable firms out there? What do you think of cashflow from funds verses renting it?
Thanks
Great Broadcast great animation and great insight.
Do tell ... is there such a thing as short term capital LOSS and therefore deducting this from the W2 side or is the S.T loss offset by any ST gains and then the net net goes over to the w2 side?
Also for the viewers if you short term sell (basically in the same day or stablecoin swaps) and don't realize any gain/loss, transactions are so quick its zero does all this ST fear go away, Short term vs Long term really becomes important when price appreciation/depreciation occurs which is typically happens over several days, weeks or months?
Yes, the Losses! Elon Musk cut any gains in half last spring and been limping every since
Yes, there's such a thing as short term losses. Short term losses are always weighed FIRSTLY against any short term gains for the tax year, then SECONDLY against any long term gains you had, and then, if there is a net short term loss, up to $3000 of that net loss can be used to offset gains from your W-2. Any net losses, short term or long term, in EXCESS of $3000 can be "banked" so to speak, and used in a future tax year to offset short term or long term gains or W-2 income. For example, if you had a NET short term (or long term) loss of $10k from trading crypto last year. You can use $3k of those losses to offset W-2 income, and save the remaining $7k to offset income or gains in future years.
If you open a CRUT could you then fund an IUL insurance policy from that ?
If you send your crypto off exchange to a cold wallet. Is that considered a sale. XRP on exchange move to cold wallet (still XRP).
What about an LLP? Some friends and I partnered up and registered an llp to start a mining farm.
What if I’m dual citizen? Can I withdraw or trade using my native country?
How can the BUYING or PURCHASE of Crypto be a Taxable event?? The Money 💰 used to make the purchase has already been Taxed...??
I use grid bot trading to trade all day. I imagine it calls under trade. I also do affiliate marketing, and have an llc. How can I offset some of my profit?
Investing in crypto now is very cool especially with the current rise in the market now
Most especially having an expert trader like Mrs Grace
Well, this's not my first time of seeing her name on the social platform
I think she is extremely brilliant and lucrative at same time
I invested $4000 with expert Mrs Grace and I made huge profit of $70000 just in 7 days
Wow I'm just shocked people mentioning expert Mrs Grace I thought I'm the only one trading with her, she helped me recover what I lost trading with the wrong trader
Awesome do you offer Australian residents your services? I would like to become crypto tax certified
But what about using choice IRA platform which statesway to avoid CGT ect
Greetings, I am staking shiba inu on shiba swap and earning rewards. Granted my rewards aren't worth more than a 100 bucks but in the future this may be big. I'm a little confused about staking as a business. How do I address the staking portion on my upcoming tax. I have less than $700 between what I have staked plus the rewards.
Well this small fish just pissed his fish bowl…. Wish I had seen this a couple of weeks ago… But man do I love your advice/channel!
Hex makes even more sense after learning here. Thanks
What if you put fiat money to USDC and Bought a Miner that in turn I had to pay Custom Tax?
love the energy❤️🐂.
Not to mention that the wonderful current administration wants to hire an additional 87k IRS agents.
Let's Go Brandon!
Hiring tax agents to catch corrupt millionaires from tax evasion is good for the US economy and citizens, so if you're against that, You are Not a good American or Patriot, but a traitor!
FJB
HI, what do i do now i just pulled my 457 plan to my checking account worth 270,000 now my income raised to that much, can i transfer it to a roth ira to avoid the increase in my income?
I HAVE BEEN MAKING LOSSES TRADING MYSELF...I THOUGHT TRADING ON DEMO ACCOUNT IS JUST LIKE TRADING THE REAL MARKET... CAN ANYONE HELP ME OUT OR AT LEAST ADVICE ME ON WHAT TO DO?
All you need as a beginner to make good profit from cryptocurrency is a professional trader who will trade on your behalf else you may make losses.
That is true, you need an expert trader to make good profit from cryptocurrency trade
And this is the perfect time to invest in cryptocurrency because of the rise in cryptocurrency.
@Fatimah Pinkies I will recommend my current trader Mrs Cassandra Roberts ,, she is from USA and her strategies are earning a lot of profit for me.
@Fatimah Pinkies No exact amount but a profit range range from $8,500 depending on the coin fluctuation in the market.
when it comes to crypto you earn in gaming how are the coins you earn taxed? Is your cost basis the price it was when you first earned it or only when you sell it?
Thank you
Same question. Can we get an answer?
Generally when you earn or are given crypto, the basis is going to be the FMV at the time it is received.
What about privacy coins like Monero? Impossible to see where the money came from, allegedly. Doesn’t the IRS have a 200k bounty on whoever can crack the code?
Don’t see you link to register for the Crypto Taxation Summit
Will a tax preparer will little previous knowledge of crypto be able to follow along with virtual Crypto Tax Summit or will it be over my head???
If only you know what the future says, you'll know that indeed cryptocurrency is the future, investing in it now will be the wisest thing to do. Hold!!! And you"'ll thank yourself
Exactly, at the moment bitcoin is the best and profitable coin to buy and invest in.
Crypto trading is very profitable when you trade well.
How does this whole bitcoin thing works, I'm interested in it and willing and ready to invest heavily but I need an assistant to properly guide me through on how to make a good startup and be successful in it without making mistakes
Just bought $10k Ethereum and $30k bitcoin with the recent dump in crypto I was told it's the right time to buy and get ready for a skyrocket.
The only safe reliable,genuine and highly experienced expert I can refer you to is Mrs Claudia Walter's
What about purchase fees, why are those not considered a loss or subtracted from a gain. Thats how stocks are, why isn’t crypto this way.
This is fucking awesome! This guy is no bullshit, 100 spot on!
Do you have tax people that I can go to in Salt Lake City or close by here. I want you to set up an LLC or s corp whatever you think I need.
Hi Mark I am new to taxes on crypto, is it ok to give seed phrase and private keys to tax software like taxbit? I know the #1 rule to crypto is to never give anyone these but is it ok for tax softwares?
Not, do not, never put your seed in any website. If those apps want access there are APIs with only read permissions you can setup. But your seed is basically losing all your coins in a second.
I reiterate David Hocevar's question, re if we buy a business or property in Puerto Rico or Portugal and then invest in crypto it's supposedly tax free gains???
How do I get ahold of you to set up a crt
Can I put crypto gains into a Revocable Living Trust?
How does irs decide to try find something they don’t know about in hidden wallet… hmmm would listen to all advise given on u tube… just saying
What about the sale for stable pegged usdc for fiat usd
Uhm on a non-kyc aml exchange you can't even see the trades on chain, because they aren't on-chain trades. So it is not possible to track those trades unless the exchange is sued and subpoena'd, and even then if it's non-kyc then it can't be tracked easily. On-chain trades can be chain analyzed but then it is possible to use protocols to mask all trades. Still the issue is when you go to deposit gains into a bank. Typically you will need to go through a KYC AML exchange attached to a bank account. Banks may inquire where the funds came from. This is difficult considering the intractability of tracking non-KYC AML trades. It might make more sense to use crypto to buy high end products which have a good resale value. That way you don't sell, and it's not a taxable event. Buy and never sell, either take loans or swap.
Well it sounds like the parasite steals around 45% of your earnings on average. What's the good news? What are the primary ways to avoid it?
soooo my question is, what's the point of investing in crypto? It seems to me that "most" people who are just starting out, will likely end up paying the IRS taxes equal amount (or close to) whatever their gain was if the coin dropped in value. I thought crypto was a way for people to make money not for the government to take it all. I'm just starting and of course still have a lot to learn but it seems like there is no "real" advantage for new folk to invest in this because those that became well off did this years ago and now us new people are trying to get a piece of the pie but I don't see our earnings off-setting the taxes. If I'm wrong let me know.