Avoid Paying Taxes on Cryptocurrency LEGALLY
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- Опубликовано: 4 фев 2021
- Being a Tax Advisor is a lucrative opportunity...Learn more here : markjkohler.com/become-a-cert...
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Most times it amazes me greatly the way I moved from an average lifestyle to earning over 63k per month, utter shock is the word. I have understood a lot in the past few years to doubt that opportunities abound in the financial markets, The only thing is to know where to focus .
Wow buddy, that's more than a mouthful of profits you're making. How do you achieve this feat consistently? You must be a genius in trading.
Really are you giving him your money or your coin?
Wow, amazing to see others who trade with Mr Josh My coin stays right in my trading account,
I'm currently on my 7th trade with him and my portfolio has grown tremendously.
Do you know him?
Success is about focusing Your energy on what creates results and using what you already know
Assets that can make you rich!
I.Crypto
2.Stocks
3.Shores
@@joealexjohn7666 You are right sir
Do not keep your coins on any Exchange. Get a wallet that YOU control. Exchanges can be locked up. You don't have ANYTHING unless you have an actual wallet where you hold the keys.
Andy, if I move my BTC to Ledger wallet ( i don't have one yet) then can I give it to my son and it will be his wallet? Sorry, I am too old to be proficient in Crypto. Please, advice me.
@@positivetimeline2023 Yes, this will work :)
@@positivetimeline2023 Remember to tell your son to NEVER give their 24 word passphrase to anyone!
@@AcidGhost Thanks darling. He will.
@@positivetimeline2023 keep it in your custody is safe than those exchange which can be hacked anytime. Personally I'm a buy and hodl kind of investor, one can be both a hodler and a trader in Crypto and make profit both ways if you know how to trade you don't need to go on exchange, you can trade using a good brokerage
Great video and some excellent tips! This is a scary time for new investors but the best thing you can do is not to make decisions based on emotions. This could actually be a good time to buy more of your high conviction stocks or crypto on a discount. Wealth is created during bear markets, not bull markets. If your portfolio is really effecting your mental health then delete the app and go for a walk. Let the market do its thing and have a long time horizon.
Honestly seeing videos like this made me interested in cryptocurrency Investment and my Investment advisor is a Total guru.
To the incredible person seeing this, I wish you all the best in life don't over blame yourself, accept things and go forward.
Don't let others define what "success" his, Get up learn the skills needed and get after it, all the keys to a happy life is in your hands.
I really feel left aside hearing and seeing several testimonies from people on profits they make from crypto/Forex investments, with Mr Gabriel Chad
Can someone please recommend a good expert that can trade on my behalf and generate profits for me
Investing with expert Nora has been the best step I have ever took in my life, may God bless that day I meet her
I have been investing with Mrs Nora for month now and I made a lot of profit from her
I'm happy today because of Mrs Nora
I'm from Germany I used to take loan from bank for surviver but after trading for real expert Nora
She changed my financial status for real
@@phylomina1697 .Wow I just made my second withdraw again today trading with expert Nora
She is the best broker I have ever seen
Hello, I'm new to Biticon trade and I've been makin losses but recently I see a lot of people earning from it. Please can someone tell me what I'm doing wrong
all you need now is a professional trader else you will continue making losses
As a beginner who don't understand how Bitcoin trade really works and you really want to make profit from it. I will advise you to first start working with a professional broker
How can someone know a professional account manager that is trustworthy when legit once are hard to find this days
I highly recommend Mrs Laura Lisa she is my current trader and her strategies are working
@@ellamarshall1923
Wow I'm amazed you mentioned Mrs Laura
I see no scenario presented where you avoid paying taxes. In fact, I paid a time tax for being suckered in by your title. Can I write that off?
ℑ𝔣 𝔶𝔬𝔲 𝔫𝔢𝔢𝔡 𝔞𝔡𝔳𝔦𝔰𝔢 𝔬𝔫 𝔦𝔫𝔳𝔢𝔰𝔱~𝔪𝔢𝔫𝔱 𝔶𝔬𝔲 𝔠𝔞𝔫 𝔚 ℌ • 𝔄, 𝔗 • 𝔖• 𝔄 • 𝔓 • 𝔓 • ℌ•
𝔪𝔶 𝔟•𝔯•𝔬•𝔨•𝔢•𝔯 + • 1 • 2• 2• 4• 8 • 8 • 8• 4 •3 • 5 • 2
To avoid taxes, get in debt (good debt like real estate). Buy properties and get a bank loan and with that loan it makes you in debt which is later subtracted from the money you make on crypto. Because technically being in debt it’s considered a loss. Use debt to your advantage. Learn more from Robert Kiyosaki. Hope that helped you.
@@louiscaroline5582 she also on telegram
@vivian_investment
@@louiscaroline5582 scammer.
4:40 Crypto in IRA or Roth IRA
This guy is legit one of my favorite content creators. These topics are not simple and he does such a great job at explaining things.
One glaring problem I see here is that people (possibly a majority of people trading crypto) want their profits now and not when they retire. So a ROTH may not be the best approach for anyone looking to make money on the side.
What is a good Roth for crypto?
Send crypto off to your wallet (off exchange that uses KYC)
When crypto price increases, swap in a dex for stable coins
Spend stable coins on things like pre paid debit cards etc. , MANY online places take them etc.
All under the radar.
Bitcoin market is home to endless financial opportunities if you are not determined you we get sucked
Bitcoin is the beginning of something great a currency without a government.
That’s why you need a professional broker that we make trade and much profit for you, I recommend Olivia she has been trading for me for some years now and I’m very much comfortable with her.
I’m a living proof that you can make huge profits with Olivia investment platform
I started investing with $500 now I'm earning $7000 I found Olivia investment here and I’m happy working with her.
Is this serious because I have been having loss in all my trades.
12 months and A DAY for long term gains. 366 days. I've seen people sell right afte 365 days, and they got hit with short term gains taxes.
Great, I might watch this again when I get to the caymans on the way back from Belize.
Ohh aren't you mr. cool
ℑ𝔣 𝔶𝔬𝔲 𝔫𝔢𝔢𝔡 𝔞𝔡𝔳𝔦𝔰𝔢 𝔬𝔫 𝔦𝔫𝔳𝔢𝔰𝔱~𝔪𝔢𝔫𝔱 𝔶𝔬𝔲 𝔠𝔞𝔫 𝔚 ℌ • 𝔄, 𝔗 • 𝔖• 𝔄 • 𝔓 • 𝔓 • ℌ•
𝔪𝔶 𝔟•𝔯•𝔬•𝔨•𝔢•𝔯 + • 1 • 2• 2• 4• 8 • 8 • 8• 4 •3 • 5 • 2
*When it comes to the world of investing,most people don't know where to start. Fortunately, great investors of the past and present can provide us with guidance*
After watching so many RUclips tutorial videos about trading I was still making losses untill Mr George William started managing my investment. now I make $6,800 weekly. God bless Mr George William . His been a blessing to my family.
Personally as a first time investor, I started trading with Mr George William With $1,000 now my portfolio is worth $5,400 within the space of few months trading with him
My first investment with Mr George William gave me $24,300 and that has made me invest without the fear of losing, I got four of my friends that I referred to him and they are making profit just like me. May God bless Mr George William
I invested $2,500 and I made $7,450 weekly trading with him, I only trust Mr George William With my investment. I am now able to send kids to great school in LA, all thanks to Mr George William Good man ❤
Am much thrilled to see him other investors. he is a very sincere man who understands the challenges faced by beginners, I started trading bitcoin under his guidance after seeing his interview with CNBC. he doesn't request for any charges to teach investors on how to trade and generate profits for themselves.
The world is changing! I'm glad to be part of that. The crypto had made so many millionaires already, it is the evolution of money. Thanks for making this informative video I just subbed 👌
Cool, sounds like you've got so much money from crypto, I'm new around here
@@johnmark2935 Ya, I've made a lot! Investing, holding and trading crypto has been my best decision ever
Crypto is the way to go
@@kourtneybennett8572 that really sounds good, How do you go about taxes?
@@johnmark2935 First I thought of moving out of the US that can't be feasible atm but I've made my gains with the help of a financial consultant and it's been easy peasy making money on investment.
I've built a good retirement portfolio and passive income
Correct me if I'm wrong, but we still would be paying tax on it, it would just be in a different form or a different rate?
Well, if the crypto is owned in a Roth account, no taxes will be paid on gains ever! I cover this towards the end of the video when I talk about "Option B".
Nice quick video!
I'm new to Bitcoin and would like to invest but I've got no idea on how to make good profit. Pls what's the best approach you'd recommend?
With the right approach, it works
I thought of Investing in btc some time ago but was discouraged by my friends
@Lewis Johnson Actually, an expert handles my bitcoin investment while I use my profit to grow my business
@@janewilliam7222 How good is your expert trader, I'd like to invest too
@@marshallwalters2100 Investing with her was easy and straight forward. Just withdrew my profit last week and the trade is still in progress.
Thanks for the info. Love your energy. Subscribed and I look forward to more content in the crypto space.
Awesome, thank you!
Does this works work stock? And do you mean withdraw the money that goes into the wallet to buy the crypto?
Any crypto owner is a target for the IRS. This is what their yes/no question on the 1040 is for.
Just remember, they didnt ask if you buy it. Just sell it, treade it etc
Hey Mark I heard about you years ago and I just remembered about you. Great videos! Thank you! Can you please make a video for military service members? There are certain things that are mandatory for us like haircuts, shaving, dry cleaners, driving and studying on computers. Can we get write offs for this stuff? Would love your insight! Thanks.
Haircuts?
superb video! Left you a thumbs up
Mark, you truly are the MVP with all these tips about crypto. We truly appreciate you, big homie :)
60,000 now...crazy it pumped that much
42 000 and going down now...
1.7
34k
66,800 Now
With such a volatile speculative asset, it doesn't make since to have to pay taxes until its actually withdrawn and converted into USD.... otherwise you are paying on gains that you may not even have.
Well done video, you made it so EASY to understand. I have some questions, but I’ll continue to follow you. Great job!!
Thanks John! if you have more questions you can always set up a consult! just call 888 801 0010
I have a question about interest earned on crypto. Since that wasn't purchased does that then make it earned income and you would claim it as self employed at the 21% tax rate, and is that only applicable when the crypto interest is cashed out or used say via a crypto debit card?
Can you do tax write off
For expenses... Phone bill,
Internet service, computer repair, etc.
So basically...we just need everyone to start accepting crypto as payment.
Thanks mate! Very helpful!
no... as he mentioned, that is still a taxable event. The IRS still considers you to have sold the crypto and taxes you on the value at the time you paid for a service using it.
@@ramseybenachour how will they track the transaction if you are sending money through a private wallet
@Alexis Duarte
Most of law enforcement is by accidental discovery. I mean, the police go looking for a murderer and discover an auto theft shop or auto theft ring. You don't think they will just let the car thieves all go just because that's not what they were looking for, do you?!
What you described is income tax evasion and happens to be a crime! But they might not discover it until they audit the guy you paid for services at the crypto value you hired him at.
And now because they call you a "willful violator" you can end up paying them in years instead of in cash....
@@alexisduarte8820 They can't! HA! I hate video and comments like the ones in this section. They ignored that. "But that's illegal" and my answer would be " What is illegal? I have no idea what you are talking about" as I pay for things with stable coins over the internet anonymously. Lol
if i buy and sell crypto in a self-directed Roth ira - do I only avoid taxes or do i avoid capital gains too?
If 8%APY is worth the risk of not holding my USDC private keys in my hardware wallet, would that be taxed as ordinary income or capital gains? Would the tokens acquired via staking rewards be taxed differently than PoW block rewards?
I think im going to need an accountant... im planning on going with option B and rolling over half of my 401k
HAHAHA, I'm seeing so many of these videos bro it's got me dead 😂
Great video! Thanks for the info
Question.... does that also include buying a home or land? Is real estate relatable?
If I buy giftcards, is that a taxable income?
Still waiting on hearing about how to AVOID tax on crypto. You explained the IRA strategy. Fine, but there are still tax consequences with both Roth and traditional IRA.
If you are wanting to learn more about this, visit directedira.com/cryptocurrency/ we provide more in-depth resources on how this allows you to avoid taxes on Crypto earnings.
@@MarkJKohler That's a lot of fees, for a SELF DIRECTED IRA...
Sorry ir.s, what is this "Krypto" that you speak of (?)
@@zipyourlib8370 Yeah they only know if there is an address connected to your name
@@teru797 how would you fix it so the address isn’t connected to your name?
Do I pay capital gains tax if I yield farm interest from a crypto? If I put into a smart contract and harvest the interest and put it back into the investment. Transfer the gains to metamask and then to another crypto platform. Use it as collateral for a loan and spend the loan proceeds?
So do you have to pay tax when you sell your crypto on the exchange on the now available balance? or only when you move that available balance into your bank account? could you clarify, please?
When you sell it you will be taxed anywhere from 10%-37% based on what state you live in and how long you hold (12+ months) will be taxed a lower rate . You will pay the taxes when you file your taxes annually
use monero dude.
@@cryptocoin5318 why?
@@martyhum6263 Cannot be traced.
@@cryptocoin5318 looks like special equipment is needed to do it.?
Investing in crypto now is very cool especially with the current rise in the market now
People are scared of investing because of high rate of scam in the business
Making them to remain poor out of ignorance
There are scammers but are real brokers waiting for investors out there
Yes you are right
Thanks for introducing me to expert Mrs Linda Fx
Yes I'm a living testimony of Expert Mrs Linda Fx trading service
Can you do a self directed HSA IRA and then place it in BTC?
Yes! You can Self-Direct any retirement accounts into BTC, if you are wanting to learn more about this visit directedira.com we have great learning tab their with podcasts and blogs about this, or a great customer service team that can help!
@@MarkJKohler Do you possess the private keys?
they say buy pirate or monero, it cant be traced, but you have to buy btc first at like coinbase, then send to exchange to turn into pirate, so the govt can see the btc transaction, so what good does it do to turn into pirate that supposed to be untraceable, when they already can see the btc transaction?
Great video !
Excellent video, but you see trading cryptocurency required more than just a primary knowledge to trade with an crypocurency, it is
trade with an except to avoid unnecessary losses.
Not easy to find a good trader but when you finally fine one it easy to invest and make good profit.
As a beginner forex trading was not so easy untill I meet a professional trader Vanessa Albert.
Vanessa Albert, am not surprise, I'm a witness of the excellent work Vanessa Albert is doing. I ask her to keep it up.
My first investment with Vanessa Albert was $3000 and I made $12500 after two weeks.
I have not invested with Vanessa Albert yet because I'm facing some bank issues but my best friend invested with her an made good profit and she has invested over 5 times Vanessa Albert is reelable an trust Worthy.
how do you pay taxes when you have no dollar fiat to pay irs ! and your gains took place in AAVE. does the irs take aave? also crypto goes up and down 5-10k every day!
This is a good question. Really it seems the irs is still tryna figure out how to take there undeserved cut. Also wt the volatility it seems like timing could be in your favor when filing. I assume the value of the crypto being taxed is for it's value the day and hour you file 🤷idk
IRS only accepts USD for payment. So you have to sell AAVE to USD to pay tax. When you receive rewards from staking on AAVE you pay income tax on the value of the AAVE the day you received it. This lawyer is offering solutions to people to pay capital gains tax vs income tax on the staking rewards or mining rewards or airdrops.
then you must sell to usd and pay them..
There is no way to avoid tax on crypto currency period. Just Google IRS cracking down on Bitcoin.
how do you pay taxes when you have no dollar fiat to pay irs !
When you file your tax return just include a note: "Sorry but I am broke." They will understand.
what about if I buy physical assets from my profit portfolio like real estate or other valuable assets using crypto to avoid paying tax, does this work?
What kind of tablet are you writing with??
The rich sees an economic crisis as a
garage sale also the rich stays rich by investing and diversifying their portfolio with stocks, Crypto currency and Forex trading which is the wisest thing every individual needs to do and it's real profiting
Diversifying is the best key to investing and being wealthy
@@jacquelinebradley1072 Yeah you're right one needs to diversify to have different streams of income
Well I've been an investor in crypto trading and I can say it's really profiting
Forex?
I've heard about Forex and bitcoin, watched multiple videos but always get confused
Everyone starts as a trader. When the stock keeps dropping they become investors.
Thank you for all you do and God Bless.
lolololololololololololololol
Please who has invested with the Tradingfxstation company this channel approved for us to invest with?
@@the_betty Please how do I contact the company?
i want to register for investment.
You can also register on their website directly,
for investment if you don't want to write their admin
tradingfxstation.
People on SSDI ( social security disability income) are allowed to "earn" up to I think $1320.00 and still draw ssdi. However there seems to be no limited as to how much "passive" income they generate a month and still draw SSDI. My question is... will the capital gains although they will be subjected to IRS tax... will the capital gains be consider as "passive income" and not "earned income" under social security guidelines?
If we pay off directly from crypto-exchange can we avoid taxes? Is there any option to hold 'fiat' in crypto? like USDT or Tether?
Could someone explain why do people invest in Tether? Is it the same as fiat money? I m looking for advice on how investors hold fiat in crypto? In the future, I really want to pay someone for a service or product using 'fiat' from a crypto exchange. Should I exchange my crypto for USDT? Can I store USDT in the cold wallet?
How do we know this wasn’t posted by the irs and everyone who clicks on it will be audited
IRS enters the chat.
Have a Legit wallet that can't be seized or locked up on purchased sites....umm... so what taxes (?)
@@zipyourlib8370 If it's in your wallet, it means you still own it. If you still own it, it means you didn't sell it. If you didn't sell it, you haven't yet profited. Capital gains tax is only when you take your profit.
@@scottbaxter2682
The ir.s didn't earn it, they don't get it...
@@zipyourlib8370 Sounds like you got it all figured out? Good luck with that one.
I'll be watching a lot of your videos sir, I'm not a CPA, but i am a tax preparer & advisor who plans to become an ea
But what if you have been dollar cost averaging all along the way with the surge how do you calculate what is taxable at what rate?
If you mine and pay the self employment tax, and you sell what you mined for more than you originally mined it for (ie the crypto currency increased in value) do you have to pay again on that same crypto as capital gains tax?
omg I have a headache now.
same question!
You pay the self-employment tax when you sell it and recognize a gain. Your cost basis is what the fair market value of the coin on day you mined it. Also remember, as a self-employed taxpayer, you can off deduct your costs.
@@bizwiz1014 So you don't pay anything in the year you mined it, just the year you sold it, based on how much it increased in value?
You forgot some important ones...
Move to Puerto Rico....
Move abroad...
Thank you
My Crypto plan is to structure withdraws after retirement when I can show $0 income with LTCG.
0 taxes on up to $80,000 in withdraws for married filing jointly.
Add $6,000 per person ($12,000 for couple) in pretax dismemberment to IRA's
Add another $7,000 to an HSA pre-tax
So far looks like I can withdraw $99,000 a year with $0 taxes and a 15% tax on anything over that.
Im always looking for ways to extend that out further.
Please show me where you read up on this method, seems wise
So, If i bought some crypto 12 or more months ago and then bought a lot more to average down in less than 12 months, can I sell the amount of coins i bought at a higher price 12+ months ago and it is a loss Since those coins technically costed more than their current worth while keeping the less than 12 month coins? even though I am up overall?
Thanks. Did my crypto tax for the 1st time and was at a loss but i know im on they radar now so its a must to get educated on this
Hello, Is it true that people who earn up to $ 40K a year and have over 12 months of cryptocurrency pay 0% tax?
That would be true if your TOTAL income from all sources was less than the annual threshold. Having held over 12 months, you would fall into the 0% long term capital tax rate.
YES is true.
It's not like stock. It's property.
I have a Roth TSP and an IRA... how do I use them for crypto?
What would Liquidity Pool Rewards be taxed as? Similar to mining or Purchase price zero and sell for x amount being your Capital Gain?
You don't have to pay taxes if the service doesnt have KYC
You may be a nerd but you can read boring stuff that the average person could never read. You are a brilliant man. Thanks for helping the slow people like myself
Thanks for review
Please can I invest in Bitcoin on my own, I have been practicing on my demo trading account, I don’t want to make any mistake whatsoever.
yes
You can if you have fully understand the Bitcoin market
if you haven’t I will advice you to look for a professional around your vicinity to help you understand the Bitcoin and forex market.
I’m from Belgium I have been an investor in the crypto market for over 3 years now.
Now is the greatest time to purchase and invest in Bitcoin
Obviously trading in Bitcoin is very volatile and risky to trade that’s the reason most traders trade with a company.
Is taking your initial investment out a taxable event?
1) How much is the tax rate for short term and long term capital gains? 2) What if I am a dual citizen and my other country does not tax crypto and I withdraw my bitcoins in that country using a non-KYC exchange into my bank account in that country do I still subject to capital gains tax? Paying taxes is no problem for me but this crypto tax is mind-boggling. 3) Is it okay for IRS to do my crypto tax myself by hand in spreadsheets? Do I need to provide proof for each transaction like screenshots and email from exchanges much like when using cash we have receipts? Or just declaring it where IRS expects us to be honest is enough?
move to puerto rico or give up citizenship and move to nicaragua. no taxes.
Less than a month later and it hit $60K...love, ghost of crypto future
Imagine making investments in crypto , acquiring more btc units and price pumps to 100,000
If I have a SD Roth IRA that owns an IRA/LLC w/checkbook control that I'm the manager of and I want to trade Bitcoin options with that IRA/LLC, do the gains avoid taxes?
Do you recommend any CPA's that are very knowledgeable in crypto?
Good day everyone I'm new to forex trade And have been making huge losses but I recently see a lot of people earning from it. Can someone please tell me what I'm doing wrong
All you need now is a professional broker else you gonna continue blowing of your account.
@@philliptimothy545 Mrs Trisha Lisa trading services strategies is working for me at the moment and am making good profit from forex and crypto trading.
Same here its four months now I started investing with them and it's been a good experience
Honestly, this is where my question lies I have lost over $700 in trading. How can I be oriented or educated about forex trade
@@davidmike5454 My first investment with Mrs Trisha Lisa trading service gave me profit over $20,000 and ever since then she has never failed to deliver and I can even say She’s the most sincere broker I have ever know
Is it ok the change the profitable crypto to UDST before you to send to the CRT?
How can you buy crypto through an IRA? Are you referring to Trusts & ETFs like Grayscale's?
How can you buy crypto through an IRA?
I don't understand "through an IRA?" An IRA has no administrator to go through.
Talking about opportunities investing in crypto currency now should be in every wise individuals list. In two to three years time you might be estactic with the decision made today.
Investing is good but investing in the right thing is the actual key to success
My First Investment with Mr George chris gave me Profit of $35,000 ever since then he has not failed to deliver
Yes it’s highly profitable, I made a good profit of 23,000 USD with a capital of 4,725 USD on my last trade and i have made over 650,000 USD trading crypto.
I will recommend Expert George chris for you his strategies is working for me at the moment and making good profit from Bitcoin and crypto trading .
I also trade with the company broker Mr George chris his trading skills are top notch and exceptional.
How about moving away to avoid everything
😏
If you're a US citizen, it isn't that simple.
They’ll find you
@@cody4916 thanks for commenting reach us to know how you can mitigate taxes
(+1 6 0 2 4 2 8 1 2 8 9)
THANK YOU FOR EXPLAINING ALL THIS!!!
Thanks 🙏🏻
Such a great podcast!
Trading with an expert in the field is the best, have been making a huge returns from my investment since I met Greg Buch one of the best in crypto currency investment.
I think am blessed if not I wouldn't have met someone who is as spectacular as Greg Buch.
Has been handling my account for years now.
Wow am shocked someone mentioned and recommended Greg Buch I thought am the only one trading with him.
You don't need to be shocked, cause am also a huge beneficiary of Greg Buch.
@@majdalahrodriguez7149 He helped me recover what I lost trying to trade for myself.
Money is an issue that everyone has for a better and luxurious life, Life was hard for me until I started trading bitcoin and am now earning $18,435 per week
same here I earn huge weekly profits of $16,443 on my Investment since i started trading with Mrs Ethel Arthur, his trading strategies are top-notch
wow I'm just shock someone mentioned and recommended expert Mrs Ethel Arthur
Bitcoin is on its way to the moon, it's time we join the Bitcoin community.
I thought people don't know him
am winning consistently trading with Mrs Ethel Arthur
Love this! Thank you, sir
Hi, great video. Question: Do you have to report the sale of cryptocurrencies on Form 8949 if the cryptocurrency sold is a "bridge crypto" used to purchase ALT coins? For example: I want to purchase $100 of VeChain (VET). I purchase $100 of ETH on Coinbase Pro and immediately send it to KuCoin exchange. Using the VET/ETH trade pair, I use the $100 worth of ETH to purchase $100 worth of VET. Assuming the purchase and transfer of ETH from one exchange to another is 'relatively' quick, and there are no significant changes in the price of ETH during that time, there essentially would be no short term capital gain or loss from the sale of ETH. Correct? For record-keeping purposes, one can download the ETH sales CSV / PDF file from Coinbase Pro as well as the ETH purchase files from KuCoin (Or use software like CoinTraking). I use the Specific ID method for reporting cryptocurrency gains / losses and keep detailed records of all crypto transactions on a spreadsheet. Thanks in advance.
Hi! Did you ever figure out the answer to this question? I just started with cryptocurrency and doing research on the tax implications.
@@aidylweiss. recommend watching WhiteboardCrypto's youtube video on Avoiding Crypto Taxes
By moving to Mexico or Dubai! 😂👍
If you're a US citizen, that won't work.
@A Al Capital gains aren't covered under the foreign earned income exclusion. You still have to pay US taxes if you aren't renouncing your citizenship.
@A Al I got that info from the IRS. How is it wrong?
Dude I’m bought to get my dual Mexican citizenship 😂
@A Al You're still US citizen, It won't work. You will have to denounce US citizenship.
"How to secure a spot at a federal prison in 5 years"
Subscribed!
It's good to know this, I just want to find out how to get to the investor side where they are paying $0 in taxes
Yes he know his things
I really feel left aside hearing and seeing several testimonies from people on profits they make from Bitcoin/Forex Investment. Can someone recommend a good expert that trade on my behalf and generate profit for me..
@Michael Alex Yeah you're right my first investment with expert Mrs Letton Deb gave me a profit of €24,000 ever since then she has the most sincere broker i have known.
I have been seeing so many recommendations about Letton Deb on top comment on every RUclips video i watched trending, her strategy must be good for people to talk about her.
I Invested with her after i got a loan from a friend and now after receiving profit, I paid my friend and reinvested over and over again. I must say she's a very transparent and honest personality
I saw the recommendations but i didn't bother chatting her up, I keep losing really i still don't understand how the Forex market work through
Who is this Mrs Letton Deb everyone is talking about and how do i contact her directly?
What if you bought crypto over the last 5 years from individuals or ATMs. When you sell it, how would one determine the gain? No records going back so early into crypto trading, and the IRS wasn’t giving guidance back then
Hello, good review!
I’m interested in your point of view about new DeFi Crop Finance, this is yeild farming project with new protocols that can be integrated to any Erc-20 platforms.
Their use-cases provide zero risk of losing assets and maximize farming rewards.
Heres option C. Move your crypto on a defi platform like blockfi and earn 8.6% interest for just holding your crypto. Pay taxes only on the interest earned and never pay capital gains because you're never cashing out the investment. Genius genius genius
Not tax expert here, but would this be the same or similar to dividends payed out?
Dumb dumb dumb. Take the gains before crypto crashes or gift the crypto to someone who makes no income up to 52k and they pay 0% in capital gains.
Then they can just return the crypto back to you after they sell.
@@patrick553 wow, that sounds smart
@@patrick553 this is a thing? I need to look into this
@@anythingfastimdown
Yeah for long term capital gains ie more than 12 months. People did it with their kids until the government created the kiddie tax to block this loophole so now youd need a different family member.
#SAFEMOON is the best investment you can make with crypto right now. Do your research 😎 Also awesome vid Mark! Thanks for the great content! One more thing.. no mention of moving to other countries to escape crypto tax...? come on Mark!!! You missed a super easy one! 😂😂😂 Everyone move to Portugal once they want to cash out their wallet, no crypto tax as of this moment :)
ℑ𝔣 𝔶𝔬𝔲 𝔫𝔢𝔢𝔡 𝔞𝔡𝔳𝔦𝔰𝔢 𝔬𝔫 𝔦𝔫𝔳𝔢𝔰𝔱~𝔪𝔢𝔫𝔱 𝔶𝔬𝔲 𝔠𝔞𝔫 𝔚 ℌ • 𝔄, 𝔗 • 𝔖• 𝔄 • 𝔓 • 𝔓 • ℌ•
𝔪𝔶 𝔟•𝔯•𝔬•𝔨•𝔢•𝔯 + • 1 • 2• 2• 4• 8 • 8 • 8• 4 •3 • 5 • 2
this aged very well.
Safemmoon is a a scam for fools haha
@@11joesph1 LOL wallet release, with a block chain coming up, and an exchange in Dec. "SaFeMooN iS a Scam" lmao shut up fudder and do your own research 😎
@@killaclownz911 safemoon was proven to be a ponzi scheme and has gone down in value 10 times since its peak. if you think its good then thats your opinion, while i disagree and have something to argue with.
Can you do run the mining under an LLC without the IRA and avoid paying taxes as a 1042 but as a buisness? Also, can you trade and invest as a buisness with the mined crypto?
Yes, write me on whatsapp if you want to know
(+1 6 0 2 4 2 8 1 2 8 9 )
If you buy and sell your crypto in a Roth, don't you have to have a custodian do the buying and selling? Otherwise, if you maintain your own wallet and do the transactions yourself, isn't that considered to be constructive receipt? Or is what I describe only true for a regular IRA?
Mrs Patricia is legit and her method works like magic I keep on earning every single week with her new strategy
Wow I' m just shock someone mentioned expert Mrs Patricia I thought I' m the only one trading with her.
She helped me recover what I lost trying to trade my self
I think I'm blessed because if not I wouldn't have met someone who is as spectacular as expert Mrs Patricia
I think she is the best broker I ever seen
Thanks for introducing me to Mrs Patricia
My first investment with Mrs Patricia gave me profit of over $24,000 us dollars and ever since then she has never failed to deliver and I can even say she's the most sincere broker I have known
Yes I' m also a living testimony of expert Mrs Patricia , Mrs Patricia has changed my financial status for the best.all thanks to my aunty who introduced her to me
Mrs Patricia is obviously the best, I invested $3,000 and she made profit of $28,000 for me just in 15 days
Her success story is everywhere
Why do taxes always take so much lol I like to use Blockfi and earn interest on my crypto. Would interest be viewed as ordinary income?
So how. And how much would you have to pay for taxes for selling Cryptos.
🐕🌚🚀
Great Mrs Jenifer is legit and her method works like magic I keep earning every single week with her new strategy
Yeah
I think I am blessed because if not I wouldn't have met someone who is as spectacular as expert Mrs Jenifer
I think that she is the best broker I ever seen
yes I'm also a living testimony of expert Mrs Jenifer
Mrs Jenifer has changed my financial status for the best. All thanks to my aunty who introduced her to me
Do u only have to pay tax once the coins are made back into fiat and only then once the fiat is put back into your bank? If I’m staying on an exchange then do I still have to pay tax on it?
When you cash out its capital gains tax. Long term (less taxes) if you hold for more than 1 year.
you pay tax when you even swap 1 coin for another! if you bought btc and made $500 profit and then sell it for ethereum that's means you owe tax on that $500 even if ethereum drops down in price
once the coins are made back into fiat
Yes. Bitcoin to USD is a sale.
I think you can just sum up the (total purchases + fees) over the year, then subtract all of the (sales - fees) and this is ultimately what is taxed. Just split up anything held for over a year versus not and apply the proper tax bracket... I THINK. This is how I did my taxes, the IRS likes to send me b.s. bills regardless of what I do, so good luck.
@@joshh6922 You are correct.
Cost basis less redemption proceeds. Fees are part of your cost basis. This aint brain surgery.