Hello Mike, this is great information. I’m happy to find out you have your own practice now. Congratulations and thank you for the help with the updates and knowledge information!
If only the IRS was as aggressive in processing tax refunds! There is still a backlog of 2020 refunds. And, I've been waiting 4 months for my 2021 refund.
The IRS wants the income tax you owe! They always have, and always will. The IRS was quite generous in write-offs too. The mileage alone, I could live on.
Another great video that was ever so informative!!! More and more clients are reporting these type of sales. I don’t feel the love with Crypto. There is a lot of would’ve, could’ve, should’ve. The price goes up and they never sell. I’ve seen a lot of losses with crypto. I’d rather own stocks and etf’s, they seem more substantial and concrete.
Hi Mike I have a question I invested into a pot stock with 100k and it went down 85% over the last year. Do you recommend I cut my losses and take the $17k remaining or wait for legalization news and hold even though it may be a long time?
Hi Tyler, Sorry to hear about the large loss. As you know i cannot give specific financial advice. Ultimately you have to decide what is best for you. I would ask myself these questions: 1. Do I need the money? (Can you afford to wait this out) 2. What is the likely hood it will come back? more than 50%? less than 50%? 3. How would I feel if it went to zero? 4. Should you sale all of your position or just part of your position? 5. If the market continues to crash how will this stock behave? Ask yourself these questions before moving forward. Hopefully this will bring some clarity as to what do in your situation. If I knew the company was unlikely to succeed I would probably cut my losses. More importantly I would ask myself how do I ensure I never let this happen again. Best, Mike
Thanks Mike It’s a pot stock and never thought this would happen I hope these stocks have a promising future though it’s not necessarily a sector I want to support. I just wanted to make a few bucks in one day
Of course the IRS is going to find a way to tax Crypto!! It's like the very 1st question on the 1040. Have you bought or sold any Crypto currencies this year.
What if for example someone were to sell their car in exchange for cryptocurrency, would they be required to file form 8300 considering it's not as a regular business or trade?
Good question, i think if you the sale involved over a $10,000 transaction you would need to at least look at form 8300 to see if you required to file under that circumstance.
Not in Crypto, but any thought of getting into it just went out the window. Lol. I'll keep my non-US currency transactions in trades. Lol, someday they will figure out how to tax garden produce again I'm sure.
Hey GGM! I personally do not own any crypto to this day. I knew they would impose more and more regulations on this eventually. It will be interesting to see if the perceived value crashes further.
@@MoneyandLifeTV true! Yeah, I haven't had a lot of interest in it, but it is the whole, "this is the way the world is going"type thing that sometimes tugs at me.
I am screenshotting this hilarious thread of people who are totally out of touch with reality. I will check back with you in 12 months if I still find you here lol.
Don't worry IRS, nothing to report but losses.
Ouch
As always Thanks 🤝🤗🤝
I appreciate you Vogas!
Hello Mike, this is great information. I’m happy to find out you have your own practice now. Congratulations and thank you for the help with the updates and knowledge information!
I'm confident that the IRS will execute this new law in the most efficient manner for which they are known for.
🤣
As Buzz Lightyear said “You’re mocking me.”😂
I go to the IRS for all of my efficiency needs.
@@MoneyandLifeTV I'm glad that the IRS isn't the exclusive seller of TP.
If only the IRS was as aggressive in processing tax refunds! There is still a backlog of 2020 refunds. And, I've been waiting 4 months for my 2021 refund.
It is absolutely despicable that they have held onto people's money for so long. What makes it worse is it is so hard to get a hold of these people.
What if I bought crypto in a European wallet ?
The IRS wants the income tax you owe! They always have, and always will. The IRS was quite generous in write-offs too. The mileage alone, I could live on.
Honestly, I want you to pay what you owe, and use every single deduction allowable in n the law.
Another great video that was ever so informative!!! More and more clients are reporting these type of sales. I don’t feel the love with Crypto. There is a lot of would’ve, could’ve, should’ve. The price goes up and they never sell. I’ve seen a lot of losses with crypto. I’d rather own stocks and etf’s, they seem more substantial and concrete.
Hey Dan! Ya it depends. For 2021 I saw more gains then losses but I feel like tax year 2022 will paint a different picture.
The US tax structure is convoluted. Most advanced countries are more logical and reasonable.
Thanks for commenting Steven. It would be amazing if they simplified things.
Crypto Tax's had. Not doing Illegal called Sail Boat and leave USA.
Sounds like a plan.
How do you feel about the new reporting requirements and are you prepared?
Hi Mike
I have a question
I invested into a pot stock with 100k and it went down 85% over the last year.
Do you recommend I cut my losses and take the $17k remaining or wait for legalization news and hold even though it may be a long time?
Hi Tyler,
Sorry to hear about the large loss. As you know i cannot give specific financial advice. Ultimately you have to decide what is best for you. I would ask myself these questions:
1. Do I need the money? (Can you afford to wait this out)
2. What is the likely hood it will come back? more than 50%? less than 50%?
3. How would I feel if it went to zero?
4. Should you sale all of your position or just part of your position?
5. If the market continues to crash how will this stock behave?
Ask yourself these questions before moving forward. Hopefully this will bring some clarity as to what do in your situation. If I knew the company was unlikely to succeed I would probably cut my losses. More importantly I would ask myself how do I ensure I never let this happen again.
Best,
Mike
Thanks Mike
It’s a pot stock and never thought this would happen
I hope these stocks have a promising future though it’s not necessarily a sector I want to support. I just wanted to make a few bucks in one day
Great work 👏
Thank you so much 😀
Of course the IRS is going to find a way to tax Crypto!!
It's like the very 1st question on the 1040. Have you bought or sold any Crypto currencies this year.
Pretty soon they will list the question above where you write your name on the form, I kid of course, but you never know.
What if for example someone were to sell their car in exchange for cryptocurrency, would they be required to file form 8300 considering it's not as a regular business or trade?
Good question, i think if you the sale involved over a $10,000 transaction you would need to at least look at form 8300 to see if you required to file under that circumstance.
Not in Crypto, but any thought of getting into it just went out the window. Lol. I'll keep my non-US currency transactions in trades. Lol, someday they will figure out how to tax garden produce again I'm sure.
Hey GGM! I personally do not own any crypto to this day. I knew they would impose more and more regulations on this eventually. It will be interesting to see if the perceived value crashes further.
@@MoneyandLifeTV true! Yeah, I haven't had a lot of interest in it, but it is the whole, "this is the way the world is going"type thing that sometimes tugs at me.
I am screenshotting this hilarious thread of people who are totally out of touch with reality. I will check back with you in 12 months if I still find you here lol.
@@jmrich5328 go for it. Lol. I'll probably be planting a garden again. Plenty of time on retirement. Lol.
@@GoingGreenMom 👍same here..
This administration can’t get enough of our money!
Nope
That's so dumb...
They will do anything to get more money.
another reason not to get married because of divorce.