Great content! as the world crisis progresses the smartest thing people do lately is building a strong investment that isn’t controlled by the government. Like digital currencies.
I know you this is obvious but you do not pay tax on what you invested. If you lost in the previous cycle but held. You are not in gains until that account passes the previous investment level. Common sense but i just wanted to put it out there
I believe the current US administration was trying to pass a law to accrue unrealized gains from the crypto populus, but it did not pass. So even though you didn't take a profit during the fiscal year, they would have charged you as though you did. They are definitely not acting in our best interest.
Hi, I live in California and look forward to your videos and ALL of the valuable content you deliver to this community. Living in such an expensive place like California, I know so many people who get into trouble with The Tax Man! We all hate taxes for sure, but they're a fact of life in nearly every country, so I appreciate your efforts to explain these complexities to the community, and your delivery of the information is easy to understand and is very valuable to people; hopefully, they will take it to heart! I appreciate YOU! Yes, the latest Alt Coin can be interesting to hear about and possibly invest in; however, understanding ALL the implications of cashing in big bags is something a lot of the younger crowd really needs to understand. No one wants to be haunted by years of tax payments (with interest) to the taxing authority of whatever country in which they live. Thank you for continuing to deliver such valuable information to us as we navigate some troubled waters with geo-political issues, crumbling fiat and a complicated time with investing, in general! Cheers! Brad
Thank you for this superb Tax vid Kyren, I found it very helpful. Not a fun topic as we well know,, but you have made me consider setting up a Trust and pointing out the 12 month capital gains window, will be great advice to many. Appreciate the insight from a fellow aussie.
I’m trying to donate as much money as humanly possible to avoid tax’s. Rather bless a local charity than give my money to crooked government. It’s going to be very hard, cause if the bull run starts to end in earliest November 2024, and I’ll be selling on the way up, it’s messy when u have to split it between 2 calendar years
Great content bro. It is difficult to time this sometimes you enter into a coin and it moons within 12 months it wouldn’t make sense not to cash out because of the high level of volatile in the market. If a coin moons after 7 months of puchase and you want to hold another 5 months anything can happen within that time frame. It’s a tough one but overall I would say at worst assume the highest level of tax will be paid and do your calculations based on that
Crypto portfolio should be registered under a company , that company invests in property and other assets. Gains go into property or dividend stocks, cars etc( because you’re an influencer and need the car to attract viewers therefore the car is a write off. And there goes your tax component
what do I do if I bought some crypto back on Voyager before it collapsed and withdrew it to a different wallet and now I don't know my average cost per coin or how much at I bought at each price?!?!😢
Thanks mate, this is the video I've been waiting for. I have googled the shit out of this and even asked the questions to other well known Aussie Crypto influences (I am a memeber of their VIP group) and everyone is too scared to answer this questions. Cheers.
UK is Capital Gains Tax for crypto gains, though Income Tax for staking income airdrops. UK CGT has 3k 0% then 10/20% dependent on your income tax band.
Thanks for this: so badly needed. There are influencers in the emirates that preach “taking profits at 2x” etc and they don’t realize that those in most jurisdictions can’t trade like that. You’ve got to make it a core part of your strategy.
how do you store all your crypto with one cold wallet? ive got icp and hbar and dot but they arent on the wallets i have . is there away to have them on using one seed phrase as i dont want to have loads of diffrent wallets passwords ect. i have about 10 diffrent coins but its these ones that aint able to be kepted using the cold wallets i got (one key and trezor) appreciate any feed back
This content definitely is appreciated. You answered many questions I had lingering in my head regarding tax time that's for sure. One other thing I would like to know is. If I make losses in crypto can I use that to reduce the amount of tax I pay from my wages from my job as a rigger 😁 If that makes any sense 😊
![State of Play | September 24, 2024 [ENGLISH]](http://i.ytimg.com/vi/fVs0suPHAX8/mqdefault.jpg)
Great content! as the world crisis progresses the smartest thing people do lately is building a strong investment that isn’t controlled by the government. Like digital currencies.
It's interesting to hear about anna Dorris Arthur being mentioned in connection with a testimony, I will reach out
I just checked her up on google, she’s verified and licensed broker.
I’ve been holding shiba but it seems not impressing thanks for the info I’ll reach out to her and start trading.Appreciate
At first when a friend recommended Anna Dorris I was a bit skeptical but I really had to take the risk and it was really worth it love from Ohio❤️
Australia taxes are even more fucked then usa taxes 😂
We also pay GST more then anywhere in the world...
Is it worse than a flat 30% tax on crypto profits and non offsetting losses ...(INDIA)😢?
I know you this is obvious but you do not pay tax on what you invested. If you lost in the previous cycle but held. You are not in gains until that account passes the previous investment level. Common sense but i just wanted to put it out there
I believe the current US administration was trying to pass a law to accrue unrealized gains from the crypto populus, but it did not pass. So even though you didn't take a profit during the fiscal year, they would have charged you as though you did. They are definitely not acting in our best interest.
Hi, I live in California and look forward to your videos and ALL of the valuable content you deliver to this community. Living in such an expensive place like California, I know so many people who get into trouble with The Tax Man! We all hate taxes for sure, but they're a fact of life in nearly every country, so I appreciate your efforts to explain these complexities to the community, and your delivery of the information is easy to understand and is very valuable to people; hopefully, they will take it to heart! I appreciate YOU! Yes, the latest Alt Coin can be interesting to hear about and possibly invest in; however, understanding ALL the implications of cashing in big bags is something a lot of the younger crowd really needs to understand. No one wants to be haunted by years of tax payments (with interest) to the taxing authority of whatever country in which they live. Thank you for continuing to deliver such valuable information to us as we navigate some troubled waters with geo-political issues, crumbling fiat and a complicated time with investing, in general! Cheers! Brad
Hey bro, love it. However, od gladly pay 50% tax on a million to start. It is hard enough to take profits at times. Good luck everyone 🎉🎉🎉
Thank you. I think I requested this a while back - much appreciated. Cheers from NSW
Thank you for this superb Tax vid Kyren, I found it very helpful. Not a fun topic as we well know,, but you have made me consider setting up a Trust and pointing out the 12 month capital gains window, will be great advice to many. Appreciate the insight from a fellow aussie.
I’m trying to donate as much money as humanly possible to avoid tax’s. Rather bless a local charity than give my money to crooked government.
It’s going to be very hard, cause if the bull run starts to end in earliest November 2024, and I’ll be selling on the way up, it’s messy when u have to split it between 2 calendar years
Great content bro. It is difficult to time this sometimes you enter into a coin and it moons within 12 months it wouldn’t make sense not to cash out because of the high level of volatile in the market. If a coin moons after 7 months of puchase and you want to hold another 5 months anything can happen within that time frame.
It’s a tough one but overall I would say at worst assume the highest level of tax will be paid and do your calculations based on that
Thanks for going over this. Definently something folks need to factor into their expected returns.
You just killed the vibe
Crypto portfolio should be registered under a company , that company invests in property and other assets. Gains go into property or dividend stocks, cars etc( because you’re an influencer and need the car to attract viewers therefore the car is a write off. And there goes your tax component
Kind of irrelevant if your bags crash by 80% while holding longer to get a capital gains discount.
In Australia - you cant claim a crypto loss untill the following year . So dumb
what do I do if I bought some crypto back on Voyager before it collapsed and withdrew it to a different wallet and now I don't know my average cost per coin or how much at I bought at each price?!?!😢
Thanks
Thanks mate, this is the video I've been waiting for. I have googled the shit out of this and even asked the questions to other well known Aussie Crypto influences (I am a memeber of their VIP group) and everyone is too scared to answer this questions. Cheers.
Thank you 😊
Iv worked out what it is in new zealand which is similar but no discount for holding but it averages out at around 30% its pretty messed up
Indian Crypto Tax rate is the worst 😢
Love you brother, watching you and hope do better in future
Let's Go Brandon !!
gay
@@flezmo have you seen the Big Mike on Eth token?
Excellent video, smart kid
❤ Great information ❤ thanks
i won't raise my hand, crypto tax is not in my country :D so i'm already up 20%
Crypto for the win❤
Hope your having a Great time in dubai!!
I’m favored financially with cro 1,000,000,000 weekly profits
Do you think QNT will 10X or not even that?
Ya don’t take them seriously they just say 100x for views DYOR
There’s a lot of ways around the tax component
Name some ?
Just keep your stables on a ledger and withdraw enough to live on because fuck the tax man
Crooks will always find a way to steal your gains. No bigger crook than the US government
Just move to the UAE.
You have to move there before buying any crypto...
But if you're buying the same project over the time, some will be sold within 12mths and sine if the project past 12mths?
UK is Capital Gains Tax for crypto gains, though Income Tax for staking income airdrops. UK CGT has 3k 0% then 10/20% dependent on your income tax band.
Thanks for this: so badly needed. There are influencers in the emirates that preach “taking profits at 2x” etc and they don’t realize that those in most jurisdictions can’t trade like that. You’ve got to make it a core part of your strategy.
how do you store all your crypto with one cold wallet? ive got icp and hbar and dot but they arent on the wallets i have . is there away to have them on using one seed phrase as i dont want to have loads of diffrent wallets passwords ect. i have about 10 diffrent coins but its these ones that aint able to be kepted using the cold wallets i got (one key and trezor) appreciate any feed back
Thanks for making this, we all need to keep these realities in mind, especially all the moonboys and moongirls lol
Federal income tax is voluntary
no
@@flezmoIt actually is, but these tyrants will still throw you in jail.
@@Cryptogally Sounds like it isn't voluntary
never pay those crooks, anyone with a 3 igit iq can hide their crypto
It's a racket. And almost impossible to avoid whether optional or not
Plan to hold memecoins and alts , and Im eyeing on $HUGE for my alts , what do you think ? Its new gem.
Why are you so bullish on $HUGE ?
Because it’s Huge
This content definitely is appreciated. You answered many questions I had lingering in my head regarding tax time that's for sure. One other thing I would like to know is. If I make losses in crypto can I use that to reduce the amount of tax I pay from my wages from my job as a rigger 😁 If that makes any sense 😊
Haha it’s really cause fuck the irs
ICP will lead the game.🎉
Thank you for this reminder!
This guy is paid off
For example. For us in the U.S. it’s very important to hold for at least one year. Cuts your tax bill in half.
US Corp tax rate 21% for now, Biden is try to push it up to 28% so going corp may not be good.. Long term capital gains 20%. Short term up to 37%.