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Post by southparkcpa on Jan 24, 2021 17:06:46 GMT -5
As a CFP I would say anyone who puts more than 4 percent of their investible assets in cripto is not prudent. It is not investing it is speculating. I have clients ask me to buy it for them and I refuse. I tell them withdraw the money and open your own account. The IRS just added cripto ti it’s list of activities likely to attract an audit. I’m not suggesting nor do I condone tax fraud, but how would the IRS know you have crypto..... GREAT POINT!!!! it’s an unregulated market and I see regulation coming. But yes, I don’t think they can unless you use ETFs to buy them. |
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Post by shakin on Jan 24, 2021 17:25:47 GMT -5
the irs treats cryptos as physical assets, not currency, and treats them accordingly. last year they subpoenad coinbase for the records of anyone that traded more than $20k
new rules this year, they are definitely looking at it, as you would expect them to
there's a question on page 1 of the tax form about cryptos. i have a crypro tax expert firm in ct to make sure it's all good.
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Post by Ff2 on Jan 25, 2021 9:22:40 GMT -5
The entire market cap for crypto is under $1T. The US govt could buy it all and nobody would ever know. Personally I think its the Chinese that are running most of this shit. As a CFP I would say anyone who puts more than 4 percent of their investible assets in cripto is not prudent. It is not investing it is speculating. I have clients ask me to buy it for them and I refuse. I tell them withdraw the money and open your own account. The IRS just added cripto ti it’s list of activities likely to attract an audit. You and Murray!!!! |
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Post by BEAC0NJET on Jan 25, 2021 13:20:32 GMT -5
As a CFP I would say anyone who puts more than 4 percent of their investible assets in cripto is not prudent. It is not investing it is speculating. I have clients ask me to buy it for them and I refuse. I tell them withdraw the money and open your own account. The IRS just added cripto ti it’s list of activities likely to attract an audit. I’m not suggesting nor do I condone tax fraud, but how would the IRS know you have crypto..... At face value, they wouldn't. But a politically motivated IRS has investigated and targeted people and groups before. I wouldn't put it past them to try and figure it out. |
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Post by BEAC0NJET on Jan 25, 2021 13:22:33 GMT -5
the irs treats cryptos as physical assets, not currency, and treats them accordingly. last year they subpoenad coinbase for the records of anyone that traded more than $20k new rules this year, they are definitely looking at it, as you would expect them to there's a question on page 1 of the tax form about cryptos. i have a crypro tax expert firm in ct to make sure it's all good. In layman's and practical terms, what does the bolded mean exactly? |
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Post by BEAC0NJET on Jan 25, 2021 13:23:47 GMT -5
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Post by shakin on Jan 25, 2021 13:41:08 GMT -5
they look at them as neither currency nor securities, they consider them property. in other words, capital assets. |
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Post by BEAC0NJET on Jan 25, 2021 14:53:30 GMT -5
they look at them as neither currency nor securities, they consider them property. in other words, capital assets. That part I get. This part... is unclear - do you have to report gain/loss on your taxes then? |
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Post by shakin on Jan 25, 2021 15:34:40 GMT -5
they look at them as neither currency nor securities, they consider them property. in other words, capital assets. That part I get. This part... is unclear - do you have to report gain/loss on your taxes then? you're supposed to |
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Post by BEAC0NJET on Jan 25, 2021 16:28:25 GMT -5
I wonder what percentage of owners of crypto actually would report that to the IRS. Im sure the govt would love to get their greedy little hands on whatever they can.
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Post by shakin on Jan 25, 2021 17:46:01 GMT -5
I wonder what percentage of owners of crypto actually would report that to the IRS. Im sure the govt would love to get their greedy little hands on whatever they can. they put a question about cryptos on page 1 of the tax form. kinda like they did with offshore investment accounts awhile back. anyone who lied about that got fucked with as you might expect. if you just buy and hold you're good, no taxable events until you realize your gains/losses (ie sell your crypto for fiat) sending/selling/converting/swapping, and buying items with crypto, are all taxable events |
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Post by shakin on Jan 28, 2021 12:51:39 GMT -5
DeFi
that's the post.
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Post by Hotman on Jan 28, 2021 13:02:50 GMT -5
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Post by shakin on Jan 28, 2021 13:07:09 GMT -5
decentralized finance. kinda like, oh...... cryptos the entire world is watching, in real time, how the mooks in charge of the centralized financial world wake up every day thinking of ways to fuck small investors like you in the ass |
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Post by shakin on Jan 28, 2021 13:23:53 GMT -5
at the heart of defi are dex's, decentralized exchanges.
$THETA roadmap has them introducing a dex on its blockchain in Q1/Q2
yeah, shakin likes the timing
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