{"id":16659,"date":"2021-07-28T09:20:19","date_gmt":"2021-07-28T13:20:19","guid":{"rendered":"http:\/\/privacyfight.io\/?p=16659"},"modified":"2023-06-25T06:52:54","modified_gmt":"2023-06-25T10:52:54","slug":"u30-algebra-and-crypto-taxes","status":"publish","type":"post","link":"https:\/\/privacyfight.io\/u30-algebra-and-crypto-taxes\/","title":{"rendered":"U30 &#8211; Algebra and Crypto Taxes"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"16659\" class=\"elementor elementor-16659\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-c7421ba elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c7421ba\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-f12449d\" data-id=\"f12449d\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-71786e8 elementor-widget elementor-widget-text-editor\" data-id=\"71786e8\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"vidseo_wrapper\" style=\"width: 100%;\">\r\n\r\n    \r\n    \r\n        <div class=\"vidseo_vimeo\">\r\n\r\n            <iframe title=\"vimeo-player\" src=\"https:\/\/player.vimeo.com\/video\/722542283\/?\" width=\"100%\" frameborder=\"0\" allowfullscreen><\/iframe>\r\n\r\n        <\/div>\r\n\r\n    \r\n    \r\n    <div class=\"vidseo_collapse\" style=\"\">\r\n        <div class=\"vidseo_btn\" style=\"\">\r\n            U30 \u2013 Algebra and Crypto Taxes\r\n0:00\r\nAll right, All right. All right, yeah. Oh, man, what, A week.\r\n0:08\r\nIt is.\r\n0:09\r\nAwesome, is so awesome. Let me make sure I\u2019m not on mute. I always do this. It is on mute, so finally I got it right. I\u2019m going live a little early tonight, it starts at sev&#8230;        <\/div>\r\n        <div class=\"vidseo_collapse_content\" style=\"\">\r\n            <p>U30 \u2013 Algebra and Crypto Taxes<br \/>\n0:00<br \/>\nAll right, All right. All right, yeah. Oh, man, what, A week.<br \/>\n0:08<br \/>\nIt is.<br \/>\n0:09<br \/>\nAwesome, is so awesome. Let me make sure I\u2019m not on mute. I always do this. It is on mute, so finally I got it right. I\u2019m going live a little early tonight, it starts at seven. But I wanted to give you a little bit of pre-game. Talk about this awesome market, man. How it went down, down, down, down. Kinda you could make a song out of it. You know, want to sing with me, I don\u2019t want you to sing with me. I wanted to stop going down, down down, but, you know, they say that the only way you can jump up is by going down, right? So, it\u2019s about time, we go up, but man, I\u2019m enjoying it down here. Because because, because, by the DEP, man, It\u2019s just beautiful. Everything is on sale. Everything\u2019s on sale.<br \/>\n0:56<br \/>\none problem, for me, I just never sold anything. And so I don\u2019t have any dry powder. I\u2019m fully deployed. So what did we do in these cases? Well, let me tell you, ladies and gentlemen, I just want to share my screen with you. This is my day, OK.<br \/>\n1:16<br \/>\nAnd I will tell you, only three things changed today.<br \/>\n1:22<br \/>\nthree things.<br \/>\n1:24<br \/>\nFirst, let me share with you this.<br \/>\n1:27<br \/>\nMy portfolio, there\u2019s, my portfolio, is a snapshot of, about probably 30 minutes ago. And, yeah, so, I was just traveling up here.<br \/>\n1:40<br \/>\nJust kind of enjoy in, you know, life, and it was going up, and then thank you Ilan, and boom. Boom. boom.<br \/>\n1:49<br \/>\nBoom, boom, Boom, Shoot, by the end of today, I don\u2019t know if there\u2019s a, it can it, can, it, can go further down, I guess it can, so, that change, so, three things change today, Ladies and Gentlemen.<br \/>\n2:04<br \/>\nMy portfolio went from green to really, really read. What\u2019s the Second Thing to change? My underwear. There\u2019s the to my underwear. I gotta change them a couple of times, today.<br \/>\n2:18<br \/>\nBut then three the only other thing that changed. And this is just to give you a little bit of perspective.<br \/>\n2:26<br \/>\nYes.<br \/>\n2:27<br \/>\nMy fantasies. Yeah.<br \/>\n2:30<br \/>\nEngage in fantasies here and there.<br \/>\n2:32<br \/>\nYou know, look, I\u2019m human.<br \/>\n2:36<br \/>\nAs my portfolio started to go up and up and up and up and up it up.<br \/>\n2:45<br \/>\nBut up my fantasies changed. I started going into, what if mode? What does it keeps going way up there?<br \/>\n2:55<br \/>\nMan, at this rate, I\u2019m sitting here looking at yahoo dot com. I\u2019m thinking, honey, instead of downsizing, what do you think about up size then? You know, all of that crazy stuff that we do when we start getting greedy?<br \/>\n3:12<br \/>\nRight.<br \/>\n3:14<br \/>\nWell, my fantasies got gut checked.<br \/>\n3:16<br \/>\nSo, today, I\u2019m just back to reality, which is, oh, This is just what happens and let\u2019s just gut check.<br \/>\n3:27<br \/>\nLet\u2019s take a personal inventory and let\u2019s just see what we have learned.<br \/>\n3:33<br \/>\nWell, first of all, **** happens. Maybe that\u2019s one.<br \/>\n3:39<br \/>\nBut the only time that you actually lose money and by the way, the only time you make money is when you buy or sell something.<br \/>\n3:50<br \/>\nRight?<br \/>\n3:51<br \/>\nSo, if you sell something in the Green, you can take profit.<br \/>\n3:57<br \/>\nIf you sell it in the red you\u2019re taken it in the shorts, OK?<br \/>\n4:02<br \/>\nBut what\u2019s important is in crypto, What do I know? I don\u2019t know ****, right?<br \/>\n4:09<br \/>\nBut I\u2019m just telling you, my experience is in crypto that the reward for, or I should say, the price of those gains that go up up up up in a crazy way that you\u2019ve never realized anywhere else in your life.<br \/>\n4:27<br \/>\nThe price of that is the volatility, it goes down. It goes up, it goes down, it goes up.<br \/>\n4:36<br \/>\nMy prediction, OK, don\u2019t sell a **** thing and your portfolio is going to be cured back to normal and probably higher in 3 to 6 months. Maybe it takes that long, who knows?<br \/>\n4:51<br \/>\nWho knows?<br \/>\n4:52<br \/>\nMaybe, maybe it doesn\u2019t. Maybe we\u2019re in that dreaded bear market. I don\u2019t know. I don\u2019t think so. I think it has a lot of room to go. I think it was orchestrated by some big whales out there, but I just wanted to let you know that luck, we can change our underwear.<br \/>\n5:10<br \/>\nAre black folio app can change from green to red and our fantasies can change, let\u2019s just ratchet back a little bit. But we\u2019re not gonna change our portfolio.<br \/>\n5:21<br \/>\nWhile it\u2019s deep and the red, We\u2019re just gonna hold on for dear life, and we\u2019re gonna forget about it, man, I don\u2019t know about you, but I didn\u2019t throw money at this, too.<br \/>\n5:32<br \/>\nDepend on it over the next couple of years.<br \/>\n5:36<br \/>\nI mean, seriously, if you\u2019re throwing money at this, that you\u2019re depending upon again, so that you can pay rent or mortgage next month. You know, probably a wrong move. So I just wanted to settle everyone\u2019s nerves. I wanted to welcome you to Friday night.<br \/>\n5:55<br \/>\nI want to let you know that usually Friday suck in this crypto market and I will let you know the weekends kinda suck too, right? So this is going to be a Stuckey weekend. And it could be more volatile on the way down but guess wait. What?<br \/>\n6:12<br \/>\nNext Monday.<br \/>\n6:13<br \/>\nI think it all turns around but what do I know?<br \/>\n6:17<br \/>\nNow then are nothing OK?<br \/>\n6:19<br \/>\nWith that little pep talk, I am going to bring yeah, my special guests tonight my good friend, John, Jay Singleton.<br \/>\n6:31<br \/>\nAnd John, are you there? I see I see a foggy mirror I hope here I hope. Are you in the shower here? I\u2019m here, yeah. Hey, John, I have to, like, you know, I spoke with Elizabeth earlier, I was getting ready to go live. And I didn\u2019t realize that. You put an invite out to everybody, so in your telegram chat, so the prize.<br \/>\n6:54<br \/>\nI have yeah, that was a surprise. So I have Gregg, I see you. You\u2019ve entered the waiting room. I just want to have a couple of minutes with John first, and then we can get started.<br \/>\n7:05<br \/>\nSo, John, this, this tonight is it\u2019s going to be all about you, and it looks like we\u2019re gonna have lots of guess, so that\u2019s good. And we\u2019re going to talk about I have your video cued up if you want to. If you want to begin with that. Or if we want to let people in and say hi. You tell me how you\u2019d like to manage it. Since there\u2019s a big group, It looks like it\u2019s coming in.<br \/>\n7:31<br \/>\nYeah, that\u2019d be fine. You can play the video.<br \/>\n7:32<br \/>\nI also have some more content that I\u2019ve not discussed before regarding how to figure out what kind of tax you would have to pay for the portion of your crypto investment that you\u2019re going to use.<br \/>\n7:42<br \/>\nOK, talk about that, too, so. Excellent. Excellent. Well, it\u2019s 653. I\u2019ve let everybody know that we\u2019re going to come on at seven o\u2019clock. So let me real quickly before we start that, I just wanted to say hi to some folks in the in the chat. Liberty Guy off the grid, whatsapp, Uncle V Yo.<br \/>\n8:01<br \/>\nA Liberty guy, Seth is in the house hex, impulse chain. Anyone heard of these two? Yes. I have, and I have some commentary on it. It\u2019s urgent to do nothing, even though I did a show on it, I\u2019m just telling you, it\u2019s urgent to do nothing. I have a different perspective today. As a matter of fact, you won\u2019t find those videos on this channel anymore because I got some additional information. I\u2019m not saying it\u2019s good or bad. I\u2019m just saying that it put up a little corridor red flag with me. And I think people buy from people they like and trust and I want you to.<br \/>\n8:36<br \/>\nLike me.<br \/>\n8:37<br \/>\nKnow, you don\u2019t pay your prerogative but I sure want you to trust me. So when I go down a path, and if I ferret out something that doesn\u2019t smell right, I may be wrong on it. I may be wrong, but I\u2019m at least going to share it with you so that you can do your own research but I have just kinda put a halt on all of that. And, you know, there\u2019s just a lot of research to be done. I\u2019m not saying I won\u2019t do 180 on it again, I\u2019m just saying that I\u2019m not gonna put my channel. I mean, I only have 2000 subscribers, so when I say, I\u2019m not going to put my reputation on the line, That doesn\u2019t mean a lot, but my reputation does mean a lot to me. So, alright, A liberty guy? Yes. I have hacks. Welcome to the jungle guys. Pulse Change is going to be huge.<br \/>\n9:27<br \/>\nIt could be guys OK.<br \/>\n9:29<br \/>\nIt looks like there will be some people I do want to let I didn\u2019t want to just before we let everyone in and I hope they\u2019re patient But I do want to let everyone know that remember Gerald Well, down below.<br \/>\n9:46<br \/>\nI have my post office box down there. I thought I\u2019d go old school and if people want to support the channel or just selling a kind node or something, I PO. Box is down there so I get a call today and I had three packages. So when I\u2019m sure my good friend, Gerald, Gerald, and this was cool. I don\u2019t know what this is, but it is a Canadian coin, I don\u2019t know which kinda Canadian coin, Canadian dollar or whatever. I\u2019ll figure it out but that\u2019s kinda cool and Gerald and I made up because, you know, we had our peace offering and this this is the price of peace, I guess. But I\u2019m really, I\u2019m really touch, Gerald and I thank you a lot. Seriously.<br \/>\n10:30<br \/>\nYou know, I\u2019ve done a whole video on you. So, you know, I love Yeah, I got another one, which, you know, uncle me! I like my cigars and this is Brahma Neptune distribution. Wait a minute. That\u2019s not Neptune distribution is that people will get to people. We still got four minutes. So I\u2019m just doing a little thank you. But this is from Mark Wilkinson.<br \/>\n10:56<br \/>\nMark sent me a couple of nice cigars.<br \/>\n11:00<br \/>\nBan, oh, man.<br \/>\n11:02<br \/>\nThank you.<br \/>\n11:04<br \/>\nOliver Oliver.<br \/>\n11:06<br \/>\nI haven\u2019t ever tried them so I\u2019m looking forward to that I will I will dedicate my next Cigar Walk to you. Then I have one that is so **** cool.<br \/>\n11:18<br \/>\nI mean, just so cool.<br \/>\n11:20<br \/>\nThere\u2019s a guy, there\u2019s a guy, his name is Bill, and Bill Took the effort, ingenuity creativity to take a shot at an Uncle V logo.<br \/>\n11:34<br \/>\nThis is a pirate.<br \/>\n11:39<br \/>\nIsn\u2019t that kind of cool?<br \/>\n11:42<br \/>\nI just think that\u2019s kinda cool. We\u2019re gonna modify it a little bit, but that is darn cool, and I just appreciate the initiative.<br \/>\n11:50<br \/>\nThis guy right here, that\u2019s Bill, that\u2019s Bill and he\u2019s with some actor. I\u2019ve seen that actor 100 times. He\u2019s in lots of different movies. Then you\u2019ll appreciate this, John. This says when bill tries to enlighten the people to the things they\u2019re blind to.<br \/>\n12:10<br \/>\nAnd that\u2019s it?<br \/>\n12:13<br \/>\nYeah, That\u2019s good. It says, I see, oh, mister Conspiracy Theory is added again. I absolutely. Love that, Bill, I\u2019m gonna frame that.<br \/>\n12:27<br \/>\nI think it\u2019s awesome, and I\u2019m gonna reach out to your bill regarding the logo, and just your story, and all of that stuff, and, and, and, and also, You. I\u2019m sorry.<br \/>\n12:41<br \/>\nAnd also, you sent me a couple of cigars, so I\u2019m grateful for my favorite is certainly that and there\u2019s a there\u2019s a funky little one that is a is a 10 year anniversary one.<br \/>\n12:57<br \/>\nUh, I can\u2019t quite read it through the package but uh, I will dedicate a cigar walk to you OK. Thank you, thank you. Thank you, everyone. You\u2019re too kind.<br \/>\n13:07<br \/>\nAlright, John Jay Singleton.<br \/>\n13:11<br \/>\nMy good friend, I\u2019m going to start admitting people into the room and welcome them I don\u2019t know if everyone can hear me, But Folks, we\u2019re gonna see a lot of people this. These are folks who are part of John Jay Singles Trends, which group John your privacy?<br \/>\n13:30<br \/>\nWell, it\u2019s all the same. It\u2019s under the title Eisa coins on Telegram A So why does everyone Yeah, OK?<br \/>\n13:35<br \/>\nAce of coins on Telegram and Let me Let me do this just to get everybody up this up to date. We\u2019re just going to watch. It\u2019s a six minute video.<br \/>\n13:47<br \/>\nAnd actually before I began, uh Maybe you don\u2019t know me.<br \/>\n13:54<br \/>\nMaybe you didn\u2019t know me, but I will tell you I cannot say enough about my guests tonight, John Jay Singleton. He is a legend in my mind.<br \/>\n14:05<br \/>\nHe has helped me, uh, well, with me in so many ways, including losing \u00a330 in 30 days, This man is a fascinating dude, he\u2019s every, every three days, whether or not, and, but, but seriously, this guy, this then, in trim, in shape guy, used to be \u00a3100 heavier, so he is, he, really, he was my beacon on that, and Rover that the Thanksgiving holidays through, through Christmas and New Year\u2019s and all of that. That\u2019s when I lost all my weight when everybody was gaining. And I owe it to John for that. So, thank you, John, and above and beyond that, John has just been a a rock for me.<br \/>\n14:53<br \/>\nThose of you, some of you may know me from my all YouTube days where I had an on the \u2026 show. And if you do, then you know that, that, that I am in a certain kind of battle and John has been this voice of reason and experience, and just I\u2019m able to run lots of things by him. So when he says something, I Listen.<br \/>\n15:16<br \/>\nAnd if you go to ace of coins dot com, then you\u2019re going to be able to get a little peek into the fact that he has a thing to say a thing or two to say about taxes.<br \/>\n15:28<br \/>\nAre we obligated to pay taxes? We\u2019re gonna learn about that tonight. He has some other content. But before we do, I wanna just go ahead and show you the six minute video while we wait for some other guests to come in, and I\u2019ll let them in. As we do this.<br \/>\n15:43<br \/>\nOK, here we go, let me, I just wanted to go over.<br \/>\n15:51<br \/>\nHi, everybody, this is John Jay, just wanted to go over a very brief message regarding this 10 40 reporting, where you disclose crypto purchases.<br \/>\n16:01<br \/>\nAnd I just wanted to switch over here, I\u2019m gonna do a screen share, and I\u2019m just gonna go to the IRS website, And.<br \/>\n16:13<br \/>\nAnd I\u2019m going to show you what I\u2019m talking about here, right, Good, OK.<br \/>\n16:20<br \/>\nSo, What we\u2019re looking at here, OK, this URL is at the bottom of this video.<br \/>\n16:31<br \/>\nSo, you can click on it. You can also Google this, I\u2019m sure you\u2019ll find it.<br \/>\n16:34<br \/>\nBut, um, we\u2019re going to look at some of the questions here.<br \/>\n16:38<br \/>\nQuestions and answers the irises given regarding reporting with kryptos.<br \/>\n16:45<br \/>\nGoing back, you can see my cursor here going back telecom. Notice from 20 14 to 201421. This is where the IRS defined cryptographic. Currency has property. So, it made it basically, it made it just like gold.<br \/>\n17:00<br \/>\nSo, how are you used to treating gold? That\u2019s how you should treat cryptographic currency.<br \/>\n17:06<br \/>\nAnd then if we scroll down, you\u2019ll see, and I\u2019ve done videos on versions of this information.<br \/>\n17:11<br \/>\nYeah, especially publication 544, that\u2019s really useful, but you need to understand the terms, OK.<br \/>\n17:21<br \/>\nNothing on this is inaccurate, OK, the irises correct.<br \/>\n17:25<br \/>\nWhat we\u2019re going to run into problems is the sales pitches that you hear on Forbes and all these other websites and whatnot.<br \/>\n17:31<br \/>\nSo just stick to the facts, OK. I don\u2019t have any problem here. There\u2019s not challenging anything, I\u2019m just going to share this with you guys. If you look down, you know, it\u2019s going to talk about what\u2019s virtual currency. Well, the IRS has already solve that question.<br \/>\n17:44<br \/>\nWith its publication, it said, we\u2019re going to treat it like property everywhere around the world. It\u2019s treated like property.<br \/>\n17:51<br \/>\nThen, you know, we can talk about this.<br \/>\n17:53<br \/>\nI\u2019ve addressed this many times, we know what that is.<br \/>\n17:59<br \/>\nWill I have a gain or Loss when I sell my currency? Yeah, you can, are.<br \/>\n18:05<br \/>\nStrategy has been, To avoid that game, right?<br \/>\n18:08<br \/>\nDon\u2019t create a gain for yourself easy enough, but this is what I want to talk about.<br \/>\n18:12<br \/>\nQuestion five: and it\u2019s nice, The IRS gives you the answer. one of these quotes, 20, 2010, 40.<br \/>\n18:18<br \/>\nOn the tax year 20 20, it asks, You know, if you\u2019ve exchanged, purchased sold, whatever, coin\u2019s, virtual currency, it\u2019s telling you the question is, If I purchase currency with real money, like dollars, US dollars, and had no other virtual currency transactions during the year, must I answer?<br \/>\n18:36<br \/>\nYes, OK, it\u2019s telling you the IRS says No.<br \/>\n18:39<br \/>\nIf you\u2019re only transaction involving virtual currency during 2020, where purchases of virtual currency with real currency, OK, they call that the US Dollar Real Currency?<br \/>\n18:51<br \/>\nYou are not required to answer yes to the form 1040 question.<br \/>\n18:56<br \/>\nSo, hmm.<br \/>\n18:59<br \/>\nThis is talking about a purchase a virtual currency with dollars from a person who owns virtual currency not yourself.<br \/>\n19:13<br \/>\nIt does not pertain to using litecoin to buy bitcoin, because you\u2019re not actually buying. There\u2019s no purchase. And there\u2019s no sale, because, like I\u2019ve said, many times before, the beneficial interests have not changed.<br \/>\n19:28<br \/>\nYou can use Dollars to buy coins and say no.<br \/>\n19:33<br \/>\nThis is what question five is telling us.<br \/>\n19:35<br \/>\nThis comes right from the irises website, If you\u2019re using coins to buy coins from someone else, besides yourself, that is what they want to know. This is what it is telling you right here.<br \/>\n19:47<br \/>\nSo, just be aware of that, OK? Now, of course, you can structure this in many ways. I mean, you can do these transactions, we do them all the time. So, no one can see. I mean, you\u2019ve done this for years.<br \/>\n19:58<br \/>\nI mean, I remember my grandfather would come visit us and then when he leave, he would shake my hand and give me a silver dollar, OK?<br \/>\n20:06<br \/>\nso, no one knows about that transaction, right?<br \/>\n20:09<br \/>\nOh, this is what human beings do.<br \/>\n20:11<br \/>\nI\u2019m not saying go out of your way to do transactions like that, and I\u2019m not saying focus your energy on defeating attacks.<br \/>\n20:19<br \/>\nBut just realize that you don\u2019t have to create a situation where you have a gain.<br \/>\n20:23<br \/>\nBut understand what language the irises using, Understand the principle of beneficial interests. If those do not change, there\u2019s no sale and there\u2019s no purchase.<br \/>\n20:35<br \/>\nAnd there\u2019s no disposition of an asset so if I put some coins on a separate Bitcoin on one of those, you know copper one ounce coins It has a private public key on there, right? The private key is hidden So if I just deposit some Bitcoin on there and I\u2019ve got my copper coin that can hold my hands.<br \/>\n20:56<br \/>\nWhat I really have is a paper wallet OK?<br \/>\n20:59<br \/>\nI can I can hand that to somebody.<br \/>\n21:01<br \/>\nIn fact I can hand that some to someone in bitcoin and someone can hand me the same type of coin for litecoin The IRS wants to know about that but are they going to find out?<br \/>\n21:12<br \/>\nNo, and isn\u2019t this something that\u2019s done all the time? I mean, don\u2019t you hire a babysitter and then don\u2019t send her a W two. I mean, come on.<br \/>\n21:19<br \/>\nSo you know, it\u2019s up to what you guys want to do, Of course. And again, the rule is don\u2019t organize all your affairs to simply avoid attacks.<br \/>\n21:27<br \/>\nSometimes it makes sense. But, gosh, you know, you can miss out on some opportunities and get yourself in trouble.<br \/>\n21:32<br \/>\nSo just realize the language is very strict here: If you\u2019re purchasing cryptographic currency, it\u2019s currently not yours and you\u2019re using dollars, that\u2019s fine.<br \/>\n21:42<br \/>\nIf you\u2019re using coins to purchase the cryptographic currency, it\u2019s not yours.<br \/>\n21:48<br \/>\nIf you\u2019re using cryptographic currency like litecoin that you own to buy somebody else\u2019s bitcoin, that\u2019s considered an item to be disclosed on your 1040 that alone, This is all we\u2019re talking about Here.<br \/>\n22:03<br \/>\nI\u2019m not going to go the other ones, because we\u2019ve already, we already covered this, I just want to do the short video to give you guys this information, OK?<br \/>\n22:11<br \/>\nAll right. Hold on. Hold on.<br \/>\n22:13<br \/>\nHold on There we go.<br \/>\n22:16<br \/>\nLet me do this and Make sure that I can see people.<br \/>\n22:25<br \/>\nI Think I lost my thing that says to admit people There we go.<br \/>\n22:32<br \/>\nAll right.<br \/>\n22:34<br \/>\nAnybody else coming into the room?<br \/>\n22:37<br \/>\nLet me see OK. We\u2019re good. OK, John, so that TES everything up Why don\u2019t you Mean? the big question that I have is I\u2019m a little I\u2019m a little confused.<br \/>\n22:52<br \/>\nSo Basically my interpretation is I don\u2019t need to check that box if I am funding an exchange with my cryptocurrency and if I am Trading Coin so if I\u2019m going from BTC to a stable coin or I take BTC I send it to trade over and I swap for some are, You know that because I\u2019m trading it within coins And It\u2019s just me. I\u2019m not trading it with another physical human being. I guess. I\u2019m just kinda confused why is it that everybody else out there says that you that\u2019s a taxable event?<br \/>\n23:34<br \/>\nThey\u2019re being told to say that, and they\u2019re afraid they\u2019re afraid of the IRS.<br \/>\n23:37<br \/>\nSo they\u2019re just going to go and go along with what you\u2019re seeing on all the Forbes articles and all these articles. But if you look go to the irises website, you\u2019ll see what I just demonstrated.<br \/>\n23:45<br \/>\nWhat they\u2019re saying is that a purchase of cryptographic currency involves taking cryptographic currency, and buying other types of cryptographic currency from a second party.<br \/>\n23:56<br \/>\nIt\u2019s not trading. It\u2019s OK. Give me an example of where it would be a taxable event then.<br \/>\n24:01<br \/>\nUm, a reportable, let\u2019s just say reportable If I take litecoin, and I buy it from another person, let\u2019s say.<br \/>\n24:10<br \/>\nIt\u2019s my friend, and I just take my litecoin, and I buy some bitcoin! I trade them?<br \/>\n24:15<br \/>\nThat is considered a purchase. OK, but what\u2019s happening on an exchange aren\u2019t you, basically just? Isn\u2019t that a facilitated exchange between two people?<br \/>\n24:26<br \/>\nYeah, and exchanges like I just described is a purchase, but if I\u2019m on the exchange and I have different coins and I trade from coin to coin and they\u2019re all my coins in my same portfolio those none of those constitute a purchase OK, so initially, all right, let\u2019s war game this out.<br \/>\n24:45<br \/>\nSo I want to get $10000 of my fiat from my my, my bank two, Coinbase, let\u2019s say.<br \/>\n24:52<br \/>\nSo I go into Coinbase, and I buy $10000 worth of diversified coins a thousand dollars in each coin, OK.<br \/>\n25:01<br \/>\nAnd then I pull those over into my exit is wallet.<br \/>\n25:08<br \/>\nNow, Bitcoin goes, skyrockets, it up, skyrockets up. And I want to be able to take some profits. So if I exchange that, within my exodus wallet, so, let\u2019s say it went up by one thousand bucks, and I want to take a thousand bucks a profit, and I exchange that for USD T or a stable coin.<br \/>\n25:30<br \/>\nYou\u2019re telling me that because I\u2019m trading coin\u2019s within my own universe, crypto universe. That\u2019s not a taxable event.<br \/>\n25:41<br \/>\nThat is correct. But you have a couple of different episodes, or let\u2019s call it transactions that the first one is you went from dollars to coins. You bought it from a second party, which is Coinbase.<br \/>\n25:51<br \/>\nThat is not a situation where you would tell the IRS yes, I purchase Kryptos because you purchase from dollars to crypto coins.<br \/>\n25:59<br \/>\nIt\u2019s only when you purchase from crypto coins to other crypto coins that you didn\u2019t own first OK, but when when I\u2019m in my exit as wallet, I don\u2019t own that you STT I\u2019m exchanging for the U S DT.<br \/>\n26:13<br \/>\nSo, how is that a taxable event, OK? Do you care about the USD T value when you acquire it or when you go to buy it?<br \/>\n26:20<br \/>\nYou care about the value.<br \/>\n26:22<br \/>\nWell, the value is closely tied to the dollar.<br \/>\n26:24<br \/>\nSo, if, does it mean something to you? Would you give it away and not care about it?<br \/>\n26:30<br \/>\nWould I give it away and not care about it? And know it that, right, because you, it\u2019s yours, your beneficial interests have not changed.<br \/>\n26:40<br \/>\nAh, ha.<br \/>\n26:42<br \/>\nSo that\u2019s how you know what beneficial interests are.<br \/>\n26:45<br \/>\nIf you still care about the thing, you still have it, you still have beneficial interests. And as long as that doesn\u2019t change, there\u2019s no tax liability.<br \/>\n26:53<br \/>\nSo when does it become non beneficial interest, in that case?<br \/>\n26:58<br \/>\nYeah, Huh?<br \/>\n27:00<br \/>\nYou spend it to buy something.<br \/>\n27:02<br \/>\nOK, so, let\u2019s say my dollars, let\u2019s say, my 10000 bagh overtimes ends up becoming.<br \/>\n27:12<br \/>\nAmelia, 100,000 bucks, OK? Now, let\u2019s make it easy, 10000 bucks.<br \/>\n27:17<br \/>\nOK, I 10 X and let me admit this person in to text, and I want to buy my wife, a brand new car, so, I take 50 grand out of it, and then, it take 5000 of that kid. Her used car and take 45 and go to the Casino. But, let\u2019s say, now, let\u2019s say, I used all 50 of it, and I went and bought a car.<br \/>\n27:52<br \/>\nSo, I have used my crypto, too, get into Fiat, so that I can go buy a car. Because these dealerships, thank you Ilan, are now not taking crypto. Manipulating the price, you know, let\u2019s say, they\u2019re just manipulating the price. You know, it\u2019s just a game.<br \/>\n28:12<br \/>\nI know, I know, I said, when I first got on, I said only three things change today. You know, my portfolio went from green to red, OK?<br \/>\n28:22<br \/>\nSecond thing that changed was my underwear a couple of times. Looking at my app and the third thing that changed was my fantasies, you know, before I went down, I was fantasizing, about which site should I go with the 32 or 34 foot yacht?<br \/>\n28:37<br \/>\nAnd then now, I\u2019m back to just saying, hey, you know, I\u2019m happy, I\u2019m deployed. This is a great asset class.<br \/>\n28:45<br \/>\nIt\u2019ll turn around, you know, But I didn\u2019t sell one time. I didn\u2019t sell, so I haven\u2019t lost anything. So what people don\u2019t realize is when you see your portfolio up up up, that\u2019s what\u2019s called an un realized gain.<br \/>\n29:00<br \/>\nYou only realize that gain when you sell it, same thing when it goes down, down down.<br \/>\n29:07<br \/>\nThat\u2019s an unrealized loss.<br \/>\n29:09<br \/>\nIt\u2019s just a picture on your block foleo app.<br \/>\n29:14<br \/>\nYou know, and the price of admission to get into crypto, to be able to get those up up up gains is called volatility.<br \/>\n29:23<br \/>\nAnd so if you just hoddle, or us old, people might say, Hold, just hold on.<br \/>\n29:31<br \/>\nNo, it\u2019s urgent to do nothing, just sit back, then there\u2019s going to be a point that out, because I guarantee you, there was a lot of people who bought Bitcoin at 28,000 bucks back in 2017. That then they started charting their paths when it went down to 3500.<br \/>\n29:50<br \/>\nRight?<br \/>\n29:51<br \/>\nAnd how many those people sold only a few years later to see it kis $65,000 and say yeah, I was that guy Hougaard afraid I call it, I call it.<br \/>\n30:06<br \/>\nuh, what did I call it yesterday on my Cigar Walke Basically.<br \/>\n30:10<br \/>\nIt\u2019s it\u2019s uh, Fogo fear of going fogged Fog, Tow its fog.<br \/>\n30:17<br \/>\nTell fear of going to zero, Fogg tell.<br \/>\n30:22<br \/>\nAnd that\u2019s kinda where everybody is right now. They\u2019re like, Oh, my goodness. This is going to go to zero. It is not, guys. This is the whales out there that are manipulating the market to totally, totally ***** these highly leveraged traders that just start leveraging their the crypto world because they get greedy. You know, a two X gain in in two months just isn\u2019t good enough. We need to ratchet it up to a 10 X gain and what happens? The whales see that. And they\u2019ll correct them.<br \/>\n30:59<br \/>\nSo anyone watching this is probably a relative newbie to crypto. So my message to you is hold.<br \/>\n31:08<br \/>\nDon\u2019t spell anything. It\u2019s an unrealized losses at this point.<br \/>\n31:12<br \/>\nAnd it\u2019s going to turn around.<br \/>\n31:13<br \/>\nI\u2019m going to ask me to mute. If somebody comes in, just if they could stay muted, that would be awesome.<br \/>\n31:22<br \/>\nUm, But, you know, it\u2019s OK, But, maybe that\u2019s one way to not know to pay taxes, is to never make money. Go ahead and sell today. You won\u2019t pay. That\u2019s it, right? Sure.<br \/>\n31:37<br \/>\nYeah.<br \/>\n31:40<br \/>\nI\u2019ve heard that they are more interested in the tax.<br \/>\n31:42<br \/>\nThe tax makes the decision for financial management, Which is just a consumer way to do stuff. You\u2019re not going to make any money that way. Look, John, that\u2019s why this is so enlightening.<br \/>\n31:53<br \/>\nBecause if you take away that fear, that if I feel like I\u2019m kind of, at the up, you know, let\u2019s say, Bitcoin is 65,000, 62,000, you know? And I\u2019m like, Man, the tree doesn\u2019t grow to the sky.<br \/>\n32:07<br \/>\nI think I\u2019m gonna exchange, Or a stable coin right here. But in the back of my mind, I\u2019m thinking, if I do my basis on, that, was 30, so now I\u2019m at 60, So that\u2019s, that\u2019s 30,000. And I\u2019m going to have to make sure I budget 25% of that for taxes. And maybe that sways me from making that decision. And then I get wrecked. Whereas, what you\u2019re telling me is, if you make that, and this is not financial advice, everyone, I\u2019m not a tax account, I am just, I am just your favorite uncle, that\u2019s it. I don\u2019t know ****, that\u2019s my one liner and, and I need a hat. This is not financial advice, why? Because I don\u2019t know ****, but I\u2019m trying to figure it out, We\u2019re all trying to figure it out. So.<br \/>\n32:54<br \/>\nso you\u2019re telling me that I need not have that mental debate when I want to exchange for a stable coin, because I\u2019m not obligated to pay tax per the IRS\u2019s, his own, uh, laws or whatever the **** they call them.<br \/>\n33:18<br \/>\nI wouldn\u2019t.<br \/>\n33:19<br \/>\nThat may be correct, but I\u2019m not, I wouldn\u2019t make a decision based upon that presumption.<br \/>\n33:23<br \/>\nYes, it may be true, but I wouldn\u2019t make a financial decision on that. I would make my decision based upon my anticipated return on capital.<br \/>\n33:31<br \/>\nI don\u2019t care about the taxes.<br \/>\n33:32<br \/>\nOnce I have the gains, I want, They\u2019re not realized. Like you explained mm, hmm. Then I can decide how I want my tax treatment. I don\u2019t need to be concerned about that. Right now. I just didn\u2019t make as much money as possible with my original principle.<br \/>\n33:45<br \/>\nSo, making as much money as possible with your original principle in the ecosystem, though, is, you\u2019re basically saying, Yugo, just do you? Don\u2019t worry about the Tax Consequences. Yes.<br \/>\n33:59<br \/>\nYet, Because we have a strategy for that, too, when you want to pull, right, that all of that out of this, the ecosystem, the crypto ecosystem, have that, right?<br \/>\n34:10<br \/>\nExactly. The tax is the last thing you need to be concerned about.<br \/>\n34:14<br \/>\nOK, but what happens when the exchanges start sending the IRS? These \u2026<br \/>\n34:20<br \/>\nare OK, the exchanges will report to the IRS on a Form 1099 K or \u2026 version of that, OK?<br \/>\n34:29<br \/>\nAnd that reports exchanges between coins.<br \/>\n34:33<br \/>\nAnd because there\u2019s no change in beneficial interests those 10 99 can be corrected and I\u2019m not saying that\u2019s a great thing to have to deal with But you may have that situation if you\u2019re exchanging coin to coin on the exchange. If you want to do that. That\u2019s fine.<br \/>\n34:48<br \/>\nI Don\u2019t recommend it. You can use a ledger or you know bit phi or atomic wallet.<br \/>\n34:53<br \/>\nYou can go off of the exchange and make those trades, or go into some real sophisticated software, and make trades, like a trader would, OK.<br \/>\n35:01<br \/>\nOK, so what you\u2019re saying is, is, and I\u2019ve been saying this from, from day one since I started knowing a little bit, is, If you need to get your, your, your fiat money operationalized you need to get it on an exchange like Coinbase bass Pro upgrade the coin both Bass Pro people, it\u2019s free and you\u2019ll save about 3% fees, because they ***** the newbie.<br \/>\n35:27<br \/>\nJust say it, so once you, once you make your investment in your coins, get them off the exchange.<br \/>\n35:36<br \/>\nSo either on to exit this, which is a hot wallet on your computer dedicated computer where you first run, Kaspersky to make sure that there\u2019s no malicious Malware on there, that\u2019s going to, you know, steal you blind, But better, better yet, get it to an offline cold storage wallet like a treasure T or a ledger.<br \/>\n35:59<br \/>\nBut there are ways then outside of the world of exchanges, of KYC, Know your customer, to where you can exchange your coins, whether it\u2019s through what Jon Mehta Mask or in the end. And I don\u2019t think met him asked. That\u2019s just a wallet right there. There\u2019s nobody there that\u2019s going to be reporting to the IRS.<br \/>\n36:21<br \/>\nSo right now there\u2019s no KYC that I\u2019m aware of, there\u2019s no chokepoint they\u2019re using, right?<br \/>\n36:25<br \/>\nOK, so, so so right now today, you can basically do all of that exchanging uh invisibly so to speak mm where the exchanges aren\u2019t going to be sending 10 99 K or whatever.<br \/>\n36:41<br \/>\nYou said it was To the IRS.<br \/>\n36:46<br \/>\nBut if you want to keep your coins on an exchange, which is not smart people, then then then and you want to exchange the coins back and forth then you are triggering at least No paperwork that you\u2019re going to have to deal with. When you file your taxes now you had mentioned that you could get that corrected. What did you mean by?<br \/>\n37:11<br \/>\nOK? There\u2019s 2 things 1 is I can get it corrected, but And you can too. I mean, I\u2019m gonna explain this. You\u2019ll understand.<br \/>\n37:16<br \/>\nBut the first thing is there\u2019s a threshold of reporting. So you\u2019re not going to get a 1099.<br \/>\n37:21<br \/>\nUnless if you sell for dollars on the Exchange that gives 1099. No matter. what the amount is, I believe.<br \/>\n37:27<br \/>\nOr if you exceed the number of transactions per dollar But But dollars. Do you mean USD T? A coin dollars? USD T is not US. Dollars.<br \/>\n37:36<br \/>\nOh, OK. Well. How in the **** do you mean it?<br \/>\n37:39<br \/>\nWould Basically just have to with so they have a dollar.<br \/>\n37:44<br \/>\nI guess I\u2019m if you sell your coins for US. Dollars on Coinbase You will get a 1099 the account holder will get a 1099. OK, so Newbie question here. Because I\u2019ve been a \u2026<br \/>\n37:54<br \/>\nso I didn\u2019t and I\u2019ve never taken money So I didn\u2019t know that let\u2019s say you have one thousand dollars a Bitcoin.<br \/>\n38:01<br \/>\nI Knew that.<br \/>\n38:02<br \/>\nThere was a There there was a USD T a. Stable coin mm it\u2019s tied to the dollar but also in Coinbase There\u2019s just the actual US.<br \/>\n38:13<br \/>\nDollar that you can you can itself, right, OK, so you\u2019re just OK?<br \/>\n38:19<br \/>\nBut if you go into a stable coin, that is not the same as going into a dollar That is not a game, that\u2019s not a disposition of assets, OK?<br \/>\n38:27<br \/>\nYeah, all right, so when you do that, you are paying an exchange fee, right?<br \/>\n38:32<br \/>\nTo Coinbase when you sell are you still paying a fee to Coinbase like if you have $100 and you want to can convert it to cash at $100 cash. Is it ended up being like, yeah, yeah, they\u2019re always going to have a fee on there, OK. But that\u2019s what, it is, the business.<br \/>\n38:52<br \/>\nThe threshold is 200 transactions, whatever those are, in one.<br \/>\n38:59<br \/>\nWow, yeah. It\u2019s a lot.<br \/>\n39:01<br \/>\nYeah, and that\u2019s why I don\u2019t see too many 10 99 K\u2019s or tonight Nites.<br \/>\n39:07<br \/>\nThere has to be another condition that\u2019s met before you get a 1099 for exchanges, or trades between coins.<br \/>\n39:15<br \/>\nAnd that is, I believe, though, the account value has to exceed $20,000, OK? It doesn\u2019t mean you have $20,000 in the account.<br \/>\n39:23<br \/>\nIt just means that the value of the coins you have, has to exceed $20,000, And the trades have to exceed 200 exchanges in that one year, OK, Wow. So you have a little latitude there if you want to trade on Coinbase if you\u2019re not doing it too frequently.<br \/>\n39:39<br \/>\nI\u2019ll caution you on this, though.<br \/>\n39:41<br \/>\nSomeone came to me with a 40,000, he had a $40,000 principle in Coinbase.<br \/>\n39:47<br \/>\nAnd he did many trades. He was trying to, I guess be a trader or something, and I knew at this and said, yeah, he got a 1099 4 900,000 dollars.<br \/>\n40:00<br \/>\nSo, here\u2019s how we fixed it, we actually got the IRS to agree that that was wrong, and so I send them a letter, and they, I don\u2019t know if they wrote back or not, but they corrected.<br \/>\n40:08<br \/>\nThey corrected on the individual master file, What they said was, the conclusion was that the $900,010.99 was not reportable.<br \/>\n40:16<br \/>\nSo, as it says, it is, as if it never existed.<br \/>\n40:20<br \/>\nSo he just reported his normal 10 40, and everything was fine.<br \/>\n40:23<br \/>\nOK, OK, you have to, You have to ask them, though, You have to send them a Request for determination letter.<br \/>\n40:28<br \/>\nYou have to request a determination letter.<br \/>\n40:31<br \/>\nOK, So right now we\u2019re going to give a little infomercial for you.<br \/>\n40:35<br \/>\nSo if there are people who watch this later and want to get ahold of you who may have Jay changed their underwear for different reasons, because maybe they got a nice letter from the IRS or something that surprised them. How do they reach each other?<br \/>\n40:50<br \/>\nBest way is e-mail and I am slow and e-mail, right. I\u2019m not slow but I have a lot of e-mail but if you have a little patience I will answer.<br \/>\n40:56<br \/>\nIt\u2019s singleton press at proton mail dot com Singleton press at proton mail dot com. So somebody in the chat, if they could just write that in, that would be appreciated, appreciated. All right, we have Sheena, what if you sell crypto for dollars actual USD within an Exchange account, IE Coinbase Pro? But then use those funds to buy other crypto within the same Exchange account without ever withdrawing or moving the USDA funds out of the Exchange account since the funds never left custody of the exchange. Would that also not be a disposition of assets? or is it still considered a disposition and, therefore, taxable, even though you never actually withdrew the funds Excellent questions.<br \/>\n41:46<br \/>\nVery good question It is considered a disposition assets and it is reportable and likely taks.<br \/>\n41:54<br \/>\nOK, now, now there\u2019s a There\u2019s a similar Sort of transaction that you would, You can read about if you want it\u2019s called a 1031 exchange where you sell real estate, and within a certain period of time, you use the funds from that real estate transaction to buy a like type of real estate.<br \/>\n42:11<br \/>\nAnd Then that will be a deferred tax situation.<br \/>\n42:14<br \/>\nThis is what you\u2019re asking If you can sell coins for dollars, and then within a short period of time by other coins there is no such exemption in that situation so it would be reportable gain, OK.<br \/>\n42:27<br \/>\nSo, really what we\u2019re suggesting here, and this is not investment advice. This is not tax advice, but we\u2019re just exploring.<br \/>\n42:35<br \/>\nWe\u2019re having discussions of possibilities, exploiting the ambiguity of the gray, whatever you wanna call it. But, you know, we, we, we we we want to keep the money, the amount we earn.<br \/>\n42:48<br \/>\nSo from what I gather is, go, deploy your funds, get your coins.<br \/>\n42:56<br \/>\nPull them off, and then there are ways to be able to exchange coins that aren\u2019t on an exchange. Just figure it out.<br \/>\n43:03<br \/>\nAre smart people. It will figure it out. And then when you do, when you get that little thing, at the end of the year, that says Q and what does it say? John, What\u2019s the macro the first question? If you say no to You don\u2019t have to worry about the rest. Did you purchase cryptographic currency?<br \/>\n43:21<br \/>\nParticularly what it\u2019s asking.<br \/>\n43:23<br \/>\nAnd so by purchasing cryptographic, PERC currency, that\u2019s kind of a trick. Yes, it is, right? So we can with good conscience.<br \/>\n43:34<br \/>\nAll of us say no, if, Unless you bought use coins to buy other coins from someone else, then it\u2019s not a purchase the only time it\u2019s a purchase, where you\u2019d have to answer yes, is if you use coins to buy someone else\u2019s coins.<br \/>\n43:51<br \/>\nOK, John, I am going to make your co-host and John I\u2019m going to be the skeptic here who they\u2019re going to be people saying, you know, guys, like John Jay, we\u2019re gonna get people in a lot of trouble.<br \/>\n44:06<br \/>\nSo, can you please go to the source, go to the IRS website, and show us where they actually say this?<br \/>\n44:16<br \/>\nOK, it\u2019s not going to be said like that because, it\u2019s all accounting practice, and this, I will give you something you guys can reference, OK?<br \/>\n44:23<br \/>\nThis is what you had alluded to it earlier, and what you\u2019re reading on the internet, about reporting gains.<br \/>\n44:32<br \/>\nWhich are the increase in value.<br \/>\n44:34<br \/>\nMeasured in dollars of your coins or reporting?<br \/>\n44:38<br \/>\nTrades between coins that you own.<br \/>\n44:41<br \/>\nLike your own litecoin or your own bitcoin reporting that those transactions.<br \/>\n44:45<br \/>\nThis is based on the presumption that you are using accrual based accounting like a big corporation would.<br \/>\n44:52<br \/>\nSo this is completely different conversation. You should not be even reading that stuff. It does not pertain to us.<br \/>\n44:58<br \/>\nPeople filing 10, forty\u2019s, I don\u2019t know of anyone who, who uses any type of accounting, but what\u2019s known as cash basis accounting.<br \/>\n45:07<br \/>\nSo cash basis just means what you see is what you get If you have the money. Now if you realize the dollars, if you have the right to spend the dollars, If you sold your coins, and Coinbase is holding your dollars, and you have the right to do whatever you want with those dollars, that\u2019s when you have the gain.<br \/>\n45:21<br \/>\nNot when the value goes up, and then December 31st comes around.<br \/>\n45:25<br \/>\nNo, that\u2019s for big corporations, You\u2019re not doing that, OK.<br \/>\n45:30<br \/>\nYeah, OK. That\u2019s, that\u2019s, that\u2019s, they\u2019re very tricky on this language. So, and your accounting standards.<br \/>\n45:37<br \/>\nOK, so, so, let\u2019s say that I\u2019m naive and I\u2019m like, yeah, I got into crypto. First week of January, I\u2019ve bought and sold some coins and darn it. There\u2019s this software that, that people keep telling me about that I can upload all my transactions and it\u2019ll spit out exactly how much that I owe that I can give to my accountant.<br \/>\n45:58<br \/>\nSo, that\u2019s just all uh, yeah, almost theft.<br \/>\n46:07<br \/>\nUncle Sam spoke in my pocket just because I know I\u2019m too dumb to know better.<br \/>\n46:13<br \/>\nOK, I\u2019m gonna let you guys decide.<br \/>\n46:16<br \/>\nAnd, sure, I can answer questions about this, but let me just, Let me just read, if I could just, briefly, I just happened. I\u2019m writing an article on this. I think I\u2019m finished with it. I\u2019m gonna publish it on ace of coins.<br \/>\n46:26<br \/>\nOK, this is the disclaimer from Coyne Tracker.<br \/>\n46:31<br \/>\nNow you guys can look at all the software you\u2019d like to use \u2019em or recommend right now.<br \/>\n46:34<br \/>\nNever, ever, ever use the coin tracker software on any of the exchanges is completely wrong.<br \/>\n46:42<br \/>\nWow, it\u2019s completely wrong. Wow, you guys heard it here First. Ladies and gentlemen, because uncle, vigilante doesn\u2019t know ****, but I\u2019m not afraid to ask questions, and have smart guests on, so let\u2019s hear from John. right now you decide for yourself, I\u2019m going to read. If I could just be good. This is the weight coin tracker says and after all the conditions in terms of conditions of the license on the software.<br \/>\n47:06<br \/>\nIt says we endeavor to keep coin tracker and the services as secure as possible, but you hereby you hereby acknowledge that no system involving the transmission of information by the internet, or the electronic storage of data, is completely secure. We\u2019re not liable for any loss theft, unauthorized access, disclosure, copying, use, or modification of your personal data that occurs outside of reasonable control.<br \/>\n47:27<br \/>\nThe company also makes, now, that first part has to do with your privacy so we know that we can understand that, you know, sure, they might have some disclaimers on that.<br \/>\n47:36<br \/>\nBut the company also makes no warranties as to the reliability or accuracy completeness or quality of any information on Queen Tracker or obtained through the services. You agree.<br \/>\n47:49<br \/>\nThat the company is not liable for any errors or omissions loss, or damage, which may be caused by your use of coin tracker or services to the fullest extent, permitted by law.<br \/>\n47:59<br \/>\nAny damage that you, that made, you, that that may occur to you through your computer system as a result of your loss of data from your coin, traeger Services is your sole responsibility.<br \/>\n48:10<br \/>\nNow, there\u2019s there are more disclaimers.<br \/>\n48:11<br \/>\nBut basically and this is true if you ask your accountant, you can ask your accountant as well.<br \/>\n48:16<br \/>\nI\u2019m going to sign a tax return, and I\u2019m going to act upon your advice, and I\u2019m gonna do what you tell me.<br \/>\n48:21<br \/>\nAnd I want to know, are you liable if if I\u2019m accused of a mistake or if I make a mistake on Mike on the 1040 form?<br \/>\n48:33<br \/>\nDo you have any liability as my CPA?<br \/>\n48:37<br \/>\nAnd he will tell you It\u2019s probably already disclosed to you, that he has no liability whatsoever.<br \/>\n48:42<br \/>\nThe IRS will even tell you that even though he even may sign for the return, you already you guys probably already know this. Yeah.<br \/>\n48:48<br \/>\nAnd the other part of this is when you sign a 10 40, it\u2019s under penalties of perjury. And guess who\u2019s signing it Only one person on the Earth. That\u2019s you.<br \/>\n48:57<br \/>\nSo you exclusively have all the liability Coyne tracker has zero liability that software and whoever wrote it, is not trying to help you.<br \/>\n49:07<br \/>\nThey are trying to get you into creating a certain accounting practice for you. Because that\u2019s what the system is.<br \/>\n49:12<br \/>\nCoinbase I believe, is part of the system of Corralling people into a certain accounting practice.<br \/>\n49:18<br \/>\nI mean, that\u2019s a very nice thing to say, but yeah. Yeah. So, you should make your own determination based on things that I just read you.<br \/>\n49:25<br \/>\nThey\u2019re not taking any responsibility at all. Nor do they have any liability.<br \/>\n49:29<br \/>\nAnd if you look at the case law, you\u2019ll find out where cases have been brought before the talk. And John Michael, my camera went out, I\u2019m gonna go try to push some things together. Maybe it comes back holdout. Yeah.<br \/>\n49:39<br \/>\nYou\u2019ll find case law from cases where a person tried to use a defense, such as, I was relying upon the advice of my accountant.<br \/>\n49:50<br \/>\nAnd that is actually not a legal defense.<br \/>\n49:53<br \/>\nSo you exclusively have all the liability.<br \/>\n49:55<br \/>\nOnce you understand that, then you realize, OK, you\u2019re on the hook here and you have to understand what you\u2019re doing. And you have to.<br \/>\n50:01<br \/>\nYou have to do what you believe to be correct, legally correct? You have to make your own conclusions, not even your attorneys liable.<br \/>\n50:09<br \/>\nSo that includes me, I mean, you could you could just ignore everything I\u2019m telling you.<br \/>\n50:14<br \/>\nBut I\u2019m just saying, you cannot because someone has a CPA next to his name, the letter\u2019s CPA, are a bar, a bar member. You cannot rely upon them.<br \/>\n50:24<br \/>\nbecause you have all the liability.<br \/>\n50:27<br \/>\nSo I mentioned cash basis, cash basis, accounting.<br \/>\n50:32<br \/>\nLet me go back like a good Rasch. Alright.<br \/>\n50:37<br \/>\nSo I mentioned cash basis accounting.<br \/>\n50:39<br \/>\nThat means when you realize a game, not because the value of your acid increases or decreases.<br \/>\n50:45<br \/>\nNow, if you want to, I\u2019ve talked to people before that, they had a substantial loss, and they after I explained everything, they said: You know, it makes sense to me, too.<br \/>\n50:54<br \/>\nAccount for this as a substantial loss, even though I didn\u2019t realize the gain I didn\u2019t dispose of the asset. Hey, that\u2019s up to you.<br \/>\n50:59<br \/>\nBecause you are the boss. You are the one with all the liability, and that\u2019s why you can choose your accounting practice.<br \/>\n51:05<br \/>\nYou did you decide that once you do, you\u2019re on the hook for it, OK? Whatever it costs you.<br \/>\n51:12<br \/>\nOK, so, Because I need to always simplify things down to a level that even I\u2019ll understand them might take away from this is I\u2019m not going to I\u2019m not going to check that box because I\u2019m definitely not doing 200 transactions, and it\u2019s between coin.<br \/>\n51:32<br \/>\nSo No.<br \/>\n51:35<br \/>\nI\u2019m in. thank you can always avoid that situation.<br \/>\n51:40<br \/>\nThere\u2019s no reason Why you\u2019d end up having to say yes on that form once you understand that OK, OK, that\u2019s great that simplifies things takes a lot of Axed out of my brain. Let me look Marco to everybody, but the beneficial interest did not change from the above question. OK, We I think we dealt with that thank you I did this, and it was within a few days.<br \/>\n52:06<br \/>\nSo it\u2019s too bad that 10 31 exchange doesn\u2019t apply right? There is no such thing for crypto.<br \/>\n52:15<br \/>\nWhat do you mean? What is what\u2019s happening at 2031 exchange has to do with real estate and real estate investing?<br \/>\n52:21<br \/>\nThere is no such thing for kryptos or gold or other assets Yeah, OK.<br \/>\n52:27<br \/>\nOK, so What is the best way then, John to take profits?<br \/>\n52:33<br \/>\nOK, good question.<br \/>\n52:36<br \/>\nWell, there\u2019s there\u2019s many ways. I Like to take profits where I\u2019m not going to pay tax first, and I want to do it legally.<br \/>\n52:42<br \/>\nI don\u2019t want to be losing sleep at night mm. Hmm.<br \/>\n52:44<br \/>\nSo, you never you never want to have a game. So, let\u2019s say, I put X in, and now, I have 10 X, or 20, or whatever you have. Now, it\u2019s time to buy some stuff.<br \/>\n52:53<br \/>\nI\u2019m going to re-allocate.<br \/>\n52:55<br \/>\nI\u2019m gonna.<br \/>\n52:55<br \/>\nI\u2019m going to keep my my new network now.<br \/>\n52:59<br \/>\nNow, I know that I can take 100% of my new net worth And I can put it into an asset, and I always like to use the example of a hotel.<br \/>\n53:07<br \/>\nBecause a hotel would be an asset because, hopefully, it\u2019s going to make some money, and it\u2019s not my liability.<br \/>\n53:11<br \/>\nIt\u2019s not my house, OK, your house is not, your app, can, we can read back the bus up in? The only reason why, and I\u2019m not trying to be rude is you\u2019ve used the hotel analogy on me before, but in my brain, I\u2019m like, that\u2019s never going to apply to me.<br \/>\n53:26<br \/>\nSo, can you rework the analogy to where it might might apply to some of us who, OK, might not have the grand ambitions of finding a hotel that\u2019s gonna give us recurring, what would you do with 10 times more money than you\u2019re used to having.<br \/>\n53:43<br \/>\nYou would want to invest it probably, right?<br \/>\n53:46<br \/>\nThe safe investment would be buying your neighbor\u2019s house and leasing it back to somebody that you could probably handle, right?<br \/>\n53:53<br \/>\nYeah, yeah, OK, All right, so let\u2019s say you\u2019re gonna do that, now you\u2019re going to become a real estate investor just because you have way too much money that you didn\u2019t, know. You don\u2019t really need it. I mean, I hate it, it\u2019s fun to say that. So, but what about my fancy pants and lollipops I want to buy in mind. OK, in my new car and my aunt and my boat at the Marina and I\u2019m just kind of joking but not. I\u2019m like, it\u2019s kinda like all of this.<br \/>\n54:19<br \/>\nWe\u2019re putting a lot of time and expense into this, and the end of the day, when you have these mad gains, you kinda want to be able to have a little fun with it.<br \/>\n54:30<br \/>\nLet\u2019s, let\u2019s talk about that then let\u2019s buy a nice car that you wanted to have Amazing pressure neighbors and your wife and whatever, OK, So it\u2019s not another $50,000 car right gate, OK. Yeah, we want, oh, man. You\u2019re not know unless you have a lamp of exactly how much is the L M by these days. But let\u2019s go to 50. Alright, so let\u2019s say I\u2019m up at 250 and a Lambo.<br \/>\n54:55<br \/>\nUm, You go to the dealer, you make your deal, and you decide how you\u2019re going to buy the car, so you can pay cash for the car, so you sell your coins for dollars, and you buy the car, and that\u2019s completely reportable and taxable. You have no tax benefit therapy, did it that way. Right. But, that\u2019s your option. You don\u2019t have to do it that way well.<br \/>\n55:14<br \/>\nYeah. OK, OK. So, here\u2019s how you not do it that way.<br \/>\n55:18<br \/>\nSo, buy the car, make your deal.<br \/>\n55:21<br \/>\nAnd then, you tell the dealer, how do you want the thing titled?<br \/>\n55:24<br \/>\nSo, either, you\u2019re going to take the title of the car in your name, and you\u2019re going to tell the dealer, My Uncle Bob or my company is financing this.<br \/>\n55:32<br \/>\nAnd here\u2019s his the lender\u2019s name address, all this stuff.<br \/>\n55:35<br \/>\nAnd the dealer will write up your title documents and send that information to your lender, which could be your own company.<br \/>\n55:42<br \/>\nI know that we\u2019re stepping a little bit into the future, so I have a 575 E called I\u2019m not going to say what it\u2019s called, but it in your your your it\u2019s an unincorporated private association, OK.<br \/>\n55:58<br \/>\nAnd I know you\u2019re familiar very familiar with those. You create them. Right.<br \/>\n56:04<br \/>\nAnd, and as I understand it, that pretty much creates a brick wall between, it\u2019s like I have all the control, but I own none and it\u2019s a brick wall between my social security number, and any your staff, and my race date.<br \/>\n56:23<br \/>\nSo, so, we separate your personal liability from property, So, in that case, the lambeau Could be purchase by the, uh, the the, the entity, right, or the entity, it be titled to the entity. I guess two ways to do this without having a tax liability. one is use alone, and the other is don\u2019t take the title to the property.<br \/>\n56:47<br \/>\nSo, for talking about a car or a vehicle, that is going to be denominated in dollars, you can\u2019t avoid that. You can\u2019t just say to the IRS, Well, it\u2019s priced in crypto.<br \/>\n56:54<br \/>\nSo, therefore, it\u2019s not taxable, it\u2019s not going to fly, You\u2019ll lose every time, so you just can\u2019t have the gain by buying something in your name unless you structured as alone.<br \/>\n57:07<br \/>\nOK, I can buy it. I can buy the thing that vehicle, let\u2019s say, which is a liability, It\u2019s my car.<br \/>\n57:12<br \/>\nI can buy it in my name, but I have to use a lender and so like what you\u2019re talking about. I need to have a third party lender, So I\u2019m gonna have to set up a trust or company. Or like you\u2019re saying 5, 75, or whatever. That is. It\u2019s gotta be a third party.<br \/>\n57:26<br \/>\nIt cannot be part of my State, which is very easy to set up.<br \/>\n57:29<br \/>\nAnd that\u2019s, it. comes to lienholder on the vehicle.<br \/>\n57:31<br \/>\nEven though I might be the owner, That is how you avoid.<br \/>\n57:34<br \/>\nYou\u2019re moving, again, from property or an asset.<br \/>\n57:39<br \/>\nYou\u2019re selling the asset for the dollars, and you\u2019re using the dollars to buy something else. Some other property?<br \/>\n57:45<br \/>\nAnd at no point, did you take a gain.<br \/>\n57:47<br \/>\nAs long as you write that way.<br \/>\n57:49<br \/>\nRight? So I tell everybody that I\u2019m not gonna, I\u2019m not gonna suggest something in here unless it\u2019s kid tested, uncle approved, and I will tell you guys that I have set up a 575 V if you are, at least, if you\u2019re interested in that.<br \/>\n58:05<br \/>\nJust e-mail me best e-mail addresses the uncle vigilante at Gmail, The uncle vigilante at Gmail. Just put like 575 E in the header, and then I\u2019ll just set you up with the guy, or I. John, you know, you tell me, if, if you do this. How you know, what, what it\u2019s. how can help?<br \/>\n58:28<br \/>\nHow can I direct people to you, and, and it\u2019d be efficient for you? Like, is there a specific thing in the header, that if you saw that, the, like, OK, somebody\u2019s interested in. Yeah. Well yeah if in the subject line, if you just want to mention you know uncle, uncle, vigilante, and then there\u2019ll be easy, OK. I use limited liability companies. You can also use trust organization.<br \/>\n58:50<br \/>\nYou just have to understand, what you\u2019re doing, and it\u2019s not very complicated. You want to separate the property in a title that\u2019s out of your state.<br \/>\n58:58<br \/>\nSo it\u2019s, it\u2019s not part of your Will, let\u2019s say.<br \/>\n59:01<br \/>\nLike, if you guys write up a Will, the property, we\u2019re talking about, like, Kryptos, like for myself, my crypto portfolio, is not in my state.<br \/>\n59:09<br \/>\nSo if I had a Will, it would not be mentioned.<br \/>\n59:13<br \/>\nHowever, my family and heirs and everything would understand how to access that asset if I were to disappear.<br \/>\n59:20<br \/>\nNo longer need it.<br \/>\n59:21<br \/>\nPeople say, if something happens to me, I would say, well, you could get killed.<br \/>\n59:26<br \/>\nGet abducted by aliens, or, you know, get lost. You\u2019re going to coma.<br \/>\n59:30<br \/>\nYeah, if you get hit by a bus, I think that is a real pain point within this whole crypto ecosystem that I think the company that solves. All right, However, can Please mute?<br \/>\n59:48<br \/>\nAll right.<br \/>\n59:49<br \/>\nYeah.<br \/>\n59:50<br \/>\nWhoever to anybody, in that I just put the Zoom link, if somebody wants to come in, If you do come in, do us a favor. Make sure you\u2019re muted, just because, you know, we love you, and we love your your kids, but it kinda makes for bad TV, so.<br \/>\n1:00:09<br \/>\nSo, let\u2019s see. Oh, that derailed me were what were we talking about?<br \/>\n1:00:15<br \/>\nRegarding the transferring your crypto windfall, let\u2019s say, into a liability, like a vehicle?<br \/>\n1:00:21<br \/>\nAnd then there\u2019s different methods of taking the title so that it\u2019s not your gain.<br \/>\n1:00:25<br \/>\nOr you\u2019re not dispose them an asset. I know what I was talking about. The pain. The pain point.<br \/>\n1:00:31<br \/>\nYeah, it is!<br \/>\n1:00:32<br \/>\nI caught, you know, the get hit by a bus syndrome. It\u2019s, it\u2019s like, I know everything that\u2019s gone in to getting fully deployed over the last six months for me, personally.<br \/>\n1:00:43<br \/>\nIt went from, you know, a Commission check, at the end of the year, to where I had like 30 grand Somebody told me invest in XRP and I\u2019m like, what\u2019s XRP? Here?<br \/>\n1:00:56<br \/>\nLike if it\u2019s crypto like I should know and I\u2019m like, yeah, know, nothing about it. How does, how do I how do I buy crypto? And that\u2019s when my journey began? He told me about Coinbase. Coinbase Pro X It is let you know. Treasure T wallet And so I started my journey. And everybody who everybody starts the same way. How the heck? Do I get my fiat knowledge from my bank into a fully deployed portfolio of coins? Crypto is hard.<br \/>\n1:01:27<br \/>\nThere is, you are your own bank, and customer service sucks. You know, when things go wrong.<br \/>\n1:01:35<br \/>\nThe only toll free 800 number is your own.<br \/>\n1:01:38<br \/>\nAnd, like I said, that usually doesn\u2019t work out too well.<br \/>\n1:01:42<br \/>\nSo, you have to be super, super, careful and **** on how you stay safe.<br \/>\n1:01:49<br \/>\nNow, if you look in the links below, I have a couple of guys that if you want some crypto consultations, both Geron and Nathan, they\u2019re there, that, frankly, they\u2019re so busy, it\u2019s, it\u2019s kinda, you just gotta get on their schedule, but they do such excellent work, and I\u2019ve had so many people come back and say, thank goodness, that I got it, and they\u2019re cheap, guys. I\u2019m not saying cheap, they\u2019re inexpensive.<br \/>\n1:02:17<br \/>\nWhen you consider about how much you could lose, it\u2019s stupid.<br \/>\n1:02:21<br \/>\nNot to have your hands held at the beginning of this. Just trust me on that. Everyone that\u2019s done, it has looked at it as an investment, not an expense, or you can say hundred bucks is too much. You know, I\u2019m gonna keep it, and then you\u2019re gonna lose it. I promise you, you will lose it times 10, so, but everybody starts on that journey, You go through, and you start realizing there are these things called keywords, and oh, what do you mean? You Can\u2019t just copy and paste them on your computer, or take a picture of him, You know, for just so that you can you can have them later? If you ever lose him, and you have to restore your wallet, or your funds. And so all of these things that that you can\u2019t do, but you don\u2019t know you can\u2019t do it as a newbie.<br \/>\n1:03:07<br \/>\nThat\u2019s, That\u2019s a pain point in this. And so there are, there\u2019s training, people who are going to hold your hand.<br \/>\n1:03:14<br \/>\nNow, once you get fully deployed, and you start realizing, and you do a personal inventory, and say, My bag of coins came from probably seven different exchanges. And then, I have them all over the place, because some cold storage wallets don\u2019t hold some coins, and some have their own wallets online. And then you have apps, and then you have 2, 2 factor authentication, that if you get hit by a bus, you better have your wife cut off your right thumb. You know, and Freeze it, whatever.<br \/>\n1:03:51<br \/>\nBut if if I gotta hit by a bus, John, and I\u2019m not even kidding you I am not kidding you.<br \/>\n1:03:58<br \/>\nAye.<br \/>\n1:03:59<br \/>\nFirst page I have your contact information that I have told my wife if I get hit by a bus, with how **** I\u2019ve been with my notes, if you just got this to John, Jay, he would know what to do with it. Should I? Do? that? Did that, just because I trust you. I have another person\u2019s contact information.<br \/>\n1:04:19<br \/>\nBut, but, so, John, that.<br \/>\n1:04:23<br \/>\nthe pain point, and what I think is a huge business opportunity. Is, if you could think of something that would have the credibility of like Brink\u2019s.<br \/>\n1:04:32<br \/>\nYou know, bring shops to church. to Protect that. If there was a service.<br \/>\n1:04:37<br \/>\nThat I could sign up to, to where I could actually be open with my, or there was some kind of secure way to be able to.<br \/>\n1:04:46<br \/>\nWhen? when, when I Everything, you\u2019re not supposed to do, if there was a server secure way other than writing it in my Diary that that that, that I can store it. Somewhere that would be hack proof.<br \/>\n1:05:01<br \/>\nAnd then if I got hit by a bus, the only instruction, my wife would have, you know, one set of instructions, call this 1, 800, hit by truck, You know, and, you know, give them this cat special key phrase.<br \/>\n1:05:19<br \/>\nAfter you click your heels three times and give your dog a kiss that\u2019s going to unlock the buried treasure and then they\u2019re going to help you be able to access it and get it out. Other than that, I don\u2019t know what my wife\u2019s going to do.<br \/>\n1:05:33<br \/>\nI mean, I really don\u2019t like your creativity, because what you created is essentially, third party custodianship.<br \/>\n1:05:41<br \/>\nWe\u2019ve got factor authentication, we\u2019re using me and someone else as a backup, and I don\u2019t even know it.<br \/>\n1:05:47<br \/>\nWhich is fine, because, you know that I know enough, to, where, if I see your notes, I know exactly what to tell you. What.<br \/>\n1:05:52<br \/>\nExactly, I never heard before, guys, I mean, this is the first time you explain this to me, But you can certainly do it that way.<br \/>\n1:05:59<br \/>\nYeah, it\u2019s, it\u2019s, it\u2019s been weighing on me a lot. You know, it\u2019s OK.<br \/>\n1:06:04<br \/>\nThere\u2019s two methods I like to use, and let\u2019s, let\u2019s talk about briefly, OK, Most people understand, probate, I guess, or a will, so that your property interests are disbursed according to your will during a probate proceeding if you died or went into a coma lost your mind.<br \/>\n1:06:22<br \/>\nLost at sea abducted by aliens as well. I guess a mm hmm, OK. So, we get that.<br \/>\n1:06:27<br \/>\nYou don\u2019t need to do that, because, the property does not have to be in your state.<br \/>\n1:06:30<br \/>\nYou can separate the property of the kryptos into a structure, like an LLC or a trust, and take it out of your state.<br \/>\n1:06:37<br \/>\nAnd then, you can prepare a Will that identifies that property that\u2019s not in your state, and bring it back into your state by mentioning in your will.<br \/>\n1:06:45<br \/>\nSo, realize what you\u2019re doing, OK?<br \/>\n1:06:48<br \/>\nAnd it does not have to be in your state. I don\u2019t want it in my state.<br \/>\n1:06:51<br \/>\nI want my state to almost be zero dollars mm, it\u2019ll never go to probate When I die or whatever it is.<br \/>\n1:06:56<br \/>\nI\u2019m never going to permit what I want is the people that I care about to have access to the credentials in one way or another.<br \/>\n1:07:03<br \/>\nSo right now, they can access the credentials by just going to a place and getting the credentials, just like you described. Your wife has access to a thing, or a book, or something, and then she knows what to do. It tells you what to do.<br \/>\n1:07:13<br \/>\nLike, one example may be, Here\u2019s the combination to a safe and and go to this address, and you can access it. And they never let\u2019s say, your wife never heard of that before because you kept it a secret That she has plausible deniability and all this. And, you know, there\u2019s a lot of other things to consider.<br \/>\n1:07:28<br \/>\nThere\u2019s, there\u2019s that, OK, which is credentials.<br \/>\n1:07:32<br \/>\nSo if someone has your credentials, like for example, if I have a bank account with a lot of money in, there are a lot of cash flow in there and I disappeared and my wife needs to use it, well, she has my credentials. You can go on my desk and get my calendar out. She could see in there there\u2019s some information, and she can login to the bank account.<br \/>\n1:07:47<br \/>\nAnd then she can do a couple of things she can write a check on, include the funds out, or she can step in my place and keep on using the account, even though I\u2019m dead or something.<br \/>\n1:07:55<br \/>\nRight?<br \/>\n1:07:57<br \/>\nSo there\u2019s that. The other way, they can relate to that. If I, if I die and my wife knows my, my online banking information.<br \/>\n1:08:07<br \/>\nShe can go in as if she\u2019s me and in if, if he\u2019s really mad at me, she should just know that teaching and wipe me out. She can\u2019t go in the bank and identify yourself. If she\u2019s not a sign on the account, which he does not need to be a sign on the account. She does not need to go in the bank.<br \/>\n1:08:24<br \/>\nAll I do is access the account somehow. Even if she doesn\u2019t have online access, all she needs to do is write a check on the account. She can literally forge your signature or Write Charlie Brown on there or stamp your signature or the funds from your account. It\u2019s very simple.<br \/>\n1:08:39<br \/>\nYeah. OK. So there\u2019s that.<br \/>\n1:08:41<br \/>\nThe other one is third party custodianship, which I\u2019m going to tell you my way of doing this. And I\u2019m not saying there\u2019s a particular service that will do it.<br \/>\n1:08:50<br \/>\nYou have to arrive at a contract that allows you to do it, and I may come up with that in the near future. But let me just describe it, if you went to and I\u2019m not, I\u2019m not promoting attorneys, I hate them.<br \/>\n1:09:00<br \/>\nThey are bonded.<br \/>\n1:09:04<br \/>\nOK, they are bonded.<br \/>\n1:09:05<br \/>\nSo if I have an attorney hold property for me or hold an envelope for me or a black box under a contract that it\u2019s pretty secure.<br \/>\n1:09:15<br \/>\nAnd the attorney, I would hope I\u2019m probably gonna go through an attorney who\u2019s in a law firm and then 1 1 attorney. And there\u2019ll be successive attorneys who have control over that custodianship and liability with maintaining that black box or envelope or whatever it is.<br \/>\n1:09:30<br \/>\nSo if I disappeared, my children or my wife or whatever, can go to that location and I provide whatever\u2019s needed to get access to that thing.<br \/>\n1:09:41<br \/>\nYeah, Envelope a book, the attorney doesn\u2019t even know what\u2019s in there.<br \/>\n1:09:45<br \/>\nAll his job is to take custodianship of it and here\u2019s what\u2019s cool about it. You get attorney client privilege.<br \/>\n1:09:51<br \/>\nAh, yeah. I use that for iOS by the way, guys.<br \/>\n1:09:55<br \/>\nIt\u2019s cool.<br \/>\n1:09:56<br \/>\nSo we\u2019re gonna get into that too far.<br \/>\n1:09:57<br \/>\nBut you can use attorneys for a lot of cool things. You don\u2019t need them for legal advice. I hug. I use them for their bonds and their attorney client privilege. And I use their paralegals too for legal research.<br \/>\n1:10:11<br \/>\nBut anyways, use them for custodianship of things that get access to the things that are valuable, and you can use two factor authentication with the law firms and that way, you don\u2019t even need the law firm, The law firm can be a backup.<br \/>\n1:10:24<br \/>\nJust in case the two factor, you know it failed or something like you have, you know, you have me and then someone else you can go to.<br \/>\n1:10:29<br \/>\nSo there\u2019s, you know, John, I\u2019m just telling you, we need to turn this into a business, all evangelize, the **** out of it as as a as a founder. I need three clones right now. I know you do 100, 1500 e-mails behind, I wanted to find. By the way, could you please respond? I actually have to go Search.<br \/>\n1:10:51<br \/>\nIf it\u2019s important, I have to search on your name. Or e-mail address to go find it. Yeah. Yeah, I\u2019m sorry, guys. I was, I was informed by a little birdie that my new strategy needs to be to just call you like three times in a row and she\u2019s like, Oh my gosh. Now it\u2019s not going to work after a week. Yeah, that\u2019s OK. I forgot their whole Tribe is in here.<br \/>\n1:11:14<br \/>\nI wanted to if I could introduce this concept now someone one of my clients called me to task Yesterday, OK, she kind of she said, OK, John, but uh, so how did you do it?<br \/>\n1:11:27<br \/>\nAnd I said, OK, OK, hold on a second.<br \/>\n1:11:28<br \/>\nAnd I actually felt like, I was in my 10th grade algebra class, and this is what I wanted my, my list of remember my members to remind me, of. Which I remember just now.<br \/>\n1:11:38<br \/>\nMy, my 10th grade algebra teacher, by the way, guys, I got an A in algebra. Well, I\u2019m not a smart person in math, but I managed to get an A She was just a really good teacher, and it was our first year.<br \/>\n1:11:46<br \/>\nShe was like 22 or 24, and I remember one in the first semester or whatever. She was so nervous.<br \/>\n1:11:53<br \/>\nAnyways, she was like, nervous. You could tell she was like her first year teaching. Yeah, I remember it, because her name was flock.<br \/>\n1:12:02<br \/>\nIt was missed!<br \/>\n1:12:04<br \/>\nNow, you can imagine what you know, 670 students did. Yeah, right. Did you do your ******* homework? You know, stuff like that. So, anyway, we got along just fine. But I got A\u2019s. And I had to, because, you know, I was competing with my brother, and whatever. So, anyway.<br \/>\n1:12:22<br \/>\nSo I felt like it was in her class, and that she was sitting next to me, laughing at me, because I\u2019m trying to remember a very simple algebraic function.<br \/>\n1:12:31<br \/>\nSo, this client is telling me, How do I figure out, what tax do I pay if she wanted to take out X dollars from her?<br \/>\n1:12:38<br \/>\nThis Outrageous Windfall, she just got already from Kryptos. She had a small amount in there. Now. It\u2019s this huge amount. And she wanted to take a little teeny tiny amount which is really 5% to 5% and do something in our house. That was a home improvement so, personal.<br \/>\n1:12:53<br \/>\nThat\u2019s exactly what we should be wanting to do.<br \/>\n1:12:55<br \/>\nNow, now, in her case, because of the nature of the transaction, there\u2019s, it\u2019s very difficult to legitimately avoid attacks on that. And she was fine with that.<br \/>\n1:13:04<br \/>\nSo I said, well, Here\u2019s how you would calculate it.<br \/>\n1:13:06<br \/>\nSo I\u2019m gonna give you the numbers, It was $20,000 Out of $400,000, now she started with like 23,500 good for her, She wanted to take out her $20,000 and do whatever, so, so I the thing is you have to back out your cost basis, yeah. how, how do you do that when, like, if if she\u2019s gonna spend the whole 400,000, well, it doesn\u2019t take anyone who knows algebra to say, well, OK, just deduct the 23,500 that you started with.<br \/>\n1:13:35<br \/>\nAnd then the balances, You know, 376, whatever, But you have to come up with a way to reverse that and figured out on the percent that she\u2019s taking from the game. What would be a game? It\u2019s not yet, again.<br \/>\n1:13:47<br \/>\nThe $20,000, again. What percent does she need to deduct from that, to deduct or cost basis. And so I\u2019m gonna, I\u2019m gonna do the article, it\u2019s going to be on \u2026 of coins, but I\u2019m gonna explain it to you guys.<br \/>\n1:13:57<br \/>\nYeah, so you just simply, I\u2019m going to read, I\u2019m half after read this. OK, sure. I\u2019m reading it from the article to calculate reportable gross income.<br \/>\n1:14:06<br \/>\nAfter taking a small portion from the new principal, your original investment, OK, which is worth much more.<br \/>\n1:14:11<br \/>\nFor example, you subtract the product, most bind together, the product of the original investment, and the amount you\u2019re taking, divided by the new value of the principal.<br \/>\n1:14:24<br \/>\nSo, you take, like the $20,000, she\u2019s taken out, you divide it by the new principle, and you get a ratio, in this case, it\u2019s 120th, or 5%. That\u2019s 380, so it\u2019s it\u2019s 20 divided by 380. But we\u2019re taking the other part of that.<br \/>\n1:14:37<br \/>\nWe\u2019re taking the 5%, which is going to come out to be, well, we\u2019re not done yet. We have to multiply that by the amount she started with, which is 23,500.<br \/>\n1:14:46<br \/>\nSo take 5%, and you\u2019ll end up with 175.<br \/>\n1:14:53<br \/>\nOK, now that is the amount you back out of what is going to be taxable, so the $20,000 taxable, but it\u2019s taxable at 20,000 minus, The 11, 75, gives you like eight 18,000 something 800, right, 1925 right, yeah. That is your gross income reportable taxable.<br \/>\n1:15:13<br \/>\nOut of the 20,000.<br \/>\n1:15:14<br \/>\nonce you deduct your cost basis, you\u2019re not going to see that anywhere else. And how did they get that? I went and I just, I\u2019m on the phone with her.<br \/>\n1:15:24<br \/>\nI did them on the fly. And then I went and researched to make sure I didn\u2019t ***** up, and I think I got it right, if you guys want to correct mouthy.<br \/>\n1:15:30<br \/>\nI think I got it right.<br \/>\n1:15:31<br \/>\nSo anyways, If anybody any of you is better than me, you probably are. Please tell me.<br \/>\n1:15:37<br \/>\nBut I think I got this right so if you want to test this out, you\u2019ll see the the examples here.<br \/>\n1:15:44<br \/>\nBut basically, that\u2019s how you figure out the reportable taxable amount after you deduct your cost basis. When you\u2019re not going to take out the full return now. Yeah, yeah. If you have short-term long-term, like, in her case, there was a five year period where she invested 23,500, five years. Whoops.<br \/>\n1:16:02<br \/>\nSo, she has Stuart term and long term gains.<br \/>\n1:16:07<br \/>\nSo, what you want to do is, that equation I just described, you want to do it for the short-term gains number, so, the money that you bought in during the short-term period, that\u2019s one equation. And the other amount is the long term.<br \/>\n1:16:21<br \/>\nSo, you have two equations, you do the same equation, both times, And then you figure out your tax rate, and then that\u2019s your total, you add those together, and you\u2019re done.<br \/>\n1:16:29<br \/>\nOK, OK, so, she\u2019s still paying taxes, In that case, she would now, you can avoid that, but guys, I\u2019m telling you. I can tell you how to avoid 100%.<br \/>\n1:16:41<br \/>\nBut you\u2019re wasting your time.<br \/>\n1:16:43<br \/>\nPay the tax on personal stuff. Pay the tax on your living expenses, it\u2019s OK.<br \/>\n1:16:48<br \/>\nDon\u2019t pay the tax on $10 million or a million, you know, go put that. here\u2019s your biggest risk. Trust me, your biggest risk is not having a way to re-invest the money that you once you get your gains that a crypto is and you\u2019re like OK. I\u2019m done with crypto for the most part. I need to get something to be responsible investor now, because that\u2019s OK. What do I do? You would be stupid to go into the stock market.<br \/>\n1:17:13<br \/>\nThat\u2019s my premise on everything, If you guys call me on the phone, and we\u2019re having a conversation, I\u2019m always thinking in my mind. I\u2019m never going to tell my client to go in the stock market. Why?<br \/>\n1:17:20<br \/>\nFirst of all, there\u2019s no market, correct me if I\u2019m wrong, know, your market, OK? So, there\u2019s a couple of things you want to consider. Now I\u2019m going to have some videos on this, but we can talk more about it. Yeah, there are four types of investments you wanna look into.<br \/>\n1:17:34<br \/>\nIt\u2019s private equity.<br \/>\n1:17:37<br \/>\nYep.<br \/>\n1:17:37<br \/>\nWhich is maybe a share or stock?<br \/>\n1:17:40<br \/>\nThat\u2019s not on the stock market Same idea. not in the stock market. That means you sit down with your, your your broker or agent or somebody with the owner or his agent and you negotiate a purchase of a share of his company.<br \/>\n1:17:55<br \/>\nYeah, OK. That\u2019s a private equity doesn\u2019t always look like that but just as an example.<br \/>\n1:17:59<br \/>\nThere\u2019s private equity real assets.<br \/>\n1:18:03<br \/>\nLike things you see, you drive around town, you see supply chains, you see suppliers, you see FedEx, you see infrastructure, OK. These are real assets.<br \/>\n1:18:12<br \/>\nReal estate is another one. Real estate is probably of the two things that I recommend people get into to re-allocate Their once they get their new windfall.<br \/>\n1:18:19<br \/>\nIs real estate\u2019s one of them unless you just really hate it.<br \/>\n1:18:23<br \/>\nGet into it and there\u2019s many, many ways to do that. I\u2019m not gonna talk about that.<br \/>\n1:18:26<br \/>\nAnd then another one is private credit, which, again, I\u2019m not really qualified to get into all that stuff, I\u2019m going to have professionals on and we\u2019re going to talk about all that.<br \/>\n1:18:33<br \/>\nBut seriously, consider a re allocation plan into other assets. And that is your biggest risk, not having that developed.<br \/>\n1:18:41<br \/>\nNot exactly.<br \/>\n1:18:43<br \/>\nNo, that\u2019s excellent, But I mean, So what you\u2019re saying is the time to The time isn\u2019t when it\u2019s when when the IRS bill comes due to figure this out the time to war game. It is now.<br \/>\n1:18:57<br \/>\nAnd, so, for someone to actually Study that strategy, understand it, maybe be prepared to deploy.<br \/>\n1:19:07<br \/>\nIs that, is that where you come in? Do you help people do that through a, my?<br \/>\n1:19:11<br \/>\nMy expertise has been, for about 30 years, helping people, Assets are cash flow that never exceeded $5 million a year. So just understand who I am.<br \/>\n1:19:23<br \/>\nI am not a mid-level type investor. I don\u2019t raise capital for large, $100 million deals.<br \/>\n1:19:29<br \/>\nI have to go to professionals to figure that out. And this is the first time in my life I\u2019ve ever even considered doing that.<br \/>\n1:19:34<br \/>\nSo, I\u2019m kind of like you guys, I just understand, maybe a little bit more, because of, I\u2019ve done that for small businesses. I\u2019ve done that for investors and myself and my partners.<br \/>\n1:19:43<br \/>\nHmm, hmm, hmm, hmm, So, I mean, yeah, I\u2019m out of my league in some sense, but at the same time, I understand, after seeing thousands of situations where people could have been this thing. I mean, imagine if you were given hindsight when you were 10 years old. Hindsight of every important decision you could make in your entire life. Well, not awesome. Yeah. So, I kinda get a bird\u2019s eye view of people that screwed things up, and they\u2019re coming to me for help after the fact. And so I have to, I have to bury them. I have to put the fire out, and I figured out, most of it.<br \/>\n1:20:11<br \/>\nAnd in doing that, I\u2019ve done a lot of things for my family and myself and my net worth based on mistakes I\u2019ve seen people make.<br \/>\n1:20:17<br \/>\nBut now, Excellent, yeah.<br \/>\n1:20:19<br \/>\nI get to look at their mistakes in hindsight without any liability, so it\u2019s really given me an advantage.<br \/>\n1:20:25<br \/>\nSo, I would just suggest that to that.<br \/>\n1:20:27<br \/>\nStop being distracted by taxes.<br \/>\n1:20:29<br \/>\nSure, I didn\u2019t want to pay him either, and you shouldn\u2019t, You don\u2019t do stupid stuff, but don\u2019t, don\u2019t go out of your way to avoid the taxes more.<br \/>\n1:20:36<br \/>\nBut more importantly, have some sort of plan. Like, OK, if you don\u2019t know anything else, just think, Alright, I\u2019m gonna invest in real estate. I\u2019m gonna cause some guy that says I\u2019m gonna call a guy that does that. If you guys don\u2019t know who that is?<br \/>\n1:20:48<br \/>\nConnect with some people and I\u2019m just going to recommend that Georgia, Real Estate Investors Association, Georgia Real is what they call it.<br \/>\n1:20:55<br \/>\nSubscribe to everything that you can find with those guys. OK, connecting to that network there across the whole country is not just Atlanta.<br \/>\n1:21:02<br \/>\nIt\u2019s everywhere. These are entrepreneurs, and real estate investors, They will tell you 20 ways to get into real estate. It depends on your preferences.<br \/>\n1:21:09<br \/>\nOK, so anyways, That\u2019s one thing. Yeah. Georgia real, do you, do you have a website for that? It\u2019s just, you can just Google it in Georgia Real or Georgia, Real estate investors, association, and even if you hate real estate.<br \/>\n1:21:22<br \/>\nIf you think it\u2019s a horrible investment connect anyways, because you\u2019re going to be in the network of entrepreneurs that think like I do or think like uncle vigilante, you know?<br \/>\n1:21:34<br \/>\nSo you want to connect with those people.<br \/>\n1:21:36<br \/>\nI don\u2019t care if you have 10 million or $2 million, $50,000.<br \/>\n1:21:41<br \/>\nI mean, You want. you want to start looking at that, if you haven\u2019t already? Yeah, that is called responsible tuition.<br \/>\n1:21:48<br \/>\nIt\u2019s kinda how I look at it is, yeah. That\u2019s, that\u2019s a good word that you brought up, because you know, my partners and I will laugh and I\u2019ve, I\u2019ve lost a lot of money.<br \/>\n1:21:55<br \/>\nI mean, I\u2019m sure people that have done things and taken, I call it taking money out for a spin.<br \/>\n1:22:00<br \/>\nAll right, so if I take, if I take my 50 grand out for spin or hopefully I\u2019m taking someone else\u2019s money out for a spin, right.<br \/>\n1:22:07<br \/>\nBecause he\u2019s better at taking the risk than me Hopefully he\u2019s betting on me and I make a good decision.<br \/>\n1:22:11<br \/>\nBut, if I lose money, we call it tuition. And we do that, and yet, we said that. And just because you kind of have to laugh, if you lose money, try to do the best thing you can, and you still lose money, you should learn from it. And the price of that is what you lost, and we call it tuition. Hopefully you learned from that. That\u2019s right. That\u2019s right.<br \/>\n1:22:27<br \/>\nYeah, that\u2019s, that\u2019s why everybody who\u2019s suffering through this week of crypto needs to just, just take a deep breath and learn from the mistakes that other people made back in 20 17 and 2013, and it\u2019s just this four year cycle.<br \/>\n1:22:47<br \/>\nAnd I think my sense is that we\u2019re probably good, for about three of these in a year to where you\u2019re just going to end up, you know, getting crushed on your block foleo app.<br \/>\n1:23:02<br \/>\nAnd, I\u2019ll throw out something to you, John, see what you think, Just kinda my new personal strategy, because I suck at taking profits, because I have, in my head, I\u2019ve been having that little, you know, IRS notion in my head, So now that\u2019s geared and I can think a little bit differently, thank you very much. But, but.<br \/>\n1:23:23<br \/>\nAnd this may offend some people, if you, but this is, look, this is, this is the uncle Vigilantes show, if you follow me.<br \/>\n1:23:33<br \/>\nIf you follow me on YouTube, what you\u2019ll get from me or interviews like this. And then, I like to, you know, since John got me started on this losing weight, I like to keep it off so I go for a walk and I also like a cigar. I smoke.<br \/>\n1:23:48<br \/>\nI know, I don\u2019t drink anymore. So my only kind of ice I have anymore is really just smoking a cigar. So I used to sit on my, but my backyard and smoking a cigar and it tastes like an hour and a half and I\u2019m like, You know what, I just need to move.<br \/>\n1:24:03<br \/>\nSo I started walking and I started just have an avenue cigar walkin\u2019, you know, like an hour and a half and then my channel watches and I\u2019m still, I\u2019m feeling guilty of that.<br \/>\n1:24:17<br \/>\nThis is inefficient man. Now I have to, if I\u2019m going to exercise or, I\u2019m gonna get my cigar in, where am I going to find the hour and a half to do my show.<br \/>\n1:24:27<br \/>\nAnd so, then I got one of these gamble\u2019s, to where now, I just combine it all.<br \/>\n1:24:31<br \/>\nSo I go on cigar walks and I talk to you, I have some notes. I\u2019ll walk in because I have cigar bits or spit.<br \/>\n1:24:42<br \/>\nSo that\u2019s what you\u2019re gonna get.<br \/>\n1:24:43<br \/>\nYou\u2019re gonna be going to be talking off the top of my head, with a few notes of just, kinda, know, free form, and it, so I was taking a walk after the, the, after we, the first, I mean, today was really bad.<br \/>\n1:24:58<br \/>\nBut was it, yesterday? It was really, really bad, and it was yesterday. The first really bad happened. And I started my walk, and I said, do you remember John Holmes?<br \/>\n1:25:09<br \/>\nI don\u2019t know if you do jog, but John Holmes was was a **** star back in the seventies Who just had a ginormous, you know, what, and and I\u2019m like, have you ever had diverticulitis?<br \/>\n1:25:23<br \/>\nIt\u2019s so painful, if you\u2019ve had that, it\u2019s just really painful, you know, it\u2019s, it has to do with your, your cavity down there and getting in anyway. I said, I said, well, what just happened today was kinda like sitting on. John. Holmes lap. And so. I\u2019m like.<br \/>\n1:25:43<br \/>\nEverybody, what\u2019s ******* me off is everybody, we\u2019re all bent over taking it from John Holmes right now, it doesn\u2019t feel very good.<br \/>\n1:25:54<br \/>\nSo I decided that I\u2019m going to adopt a new strategy, because what I find myself being fully deployed in crypto is I don\u2019t have any dry powder to buy the dip.<br \/>\n1:26:06<br \/>\nSo, when everyone smugly, starts talking about, well, yeah, just consider it, you know, a gift, we get to go buy a crypto on, on sale, like, *****, holes. And, and so, I thought, OK, well, you know what?<br \/>\n1:26:24<br \/>\nLet\u2019s learn from this.<br \/>\n1:26:26<br \/>\nI have no dry powder, and it seems like this goes like this three times a year.<br \/>\n1:26:31<br \/>\nWhen I look back at the charts, and for those of you who don\u2019t believe that I am really good at charts, let me just share with you, this is my chart analysis, that allows me, I can, I\u2019ve called everything, by the way, I can prove it, All I have to do is act like I\u2019m a YouTube influencer and talk about how I have called everything. So anyway, those are my charts. And so you can see that, I have great credibility when I say that.<br \/>\n1:27:01<br \/>\nIt seems like that happens three times, so I\u2019m like, I am going to dedicate May 19th, as John Holmes Day, just to keep it up here, that do I want to be bent over and take it from John Holmes, ever again? No. So what I\u2019m going to do, is now I\u2019m gonna on purpose with intent. Whenever I have my bag a crypto, or a coin, Let\u2019s say that I invested $100 in the coin, I am going to be very disciplined when that coin gets to two X.<br \/>\n1:27:35<br \/>\nI\u2019m going to take, I\u2019m going to take 25% of the total, and I\u2019m going to turn it into U S D T.<br \/>\n1:27:43<br \/>\nThat\u2019s going to be my dry powder for the inevitable dip.<br \/>\n1:27:46<br \/>\nSo that\u2019s my John Holmes Bag.<br \/>\n1:27:48<br \/>\nSo that\u2019s that.<br \/>\n1:27:50<br \/>\nThat\u2019s what I suggest everybody does, because, you know, I\u2019m such a master investor, this is not investment advice, but I\u2019m just trying to war game it. Right? Because that\u2019s what we should do when we go through and, and we get our, our negative experiences, We should learn from it. So I\u2019m gonna take that. And now the hardest thing for me is gonna be to watch in a bull market when everything starts going up.<br \/>\n1:28:15<br \/>\nAgain, being able to look at that, that, that, let\u2019s call it if, if, if I invested one thousand, it went to X So at that point in time, I\u2019m going to be disciplined, and I\u2019m going to take 25%, which is 500. Put it into my John Holmes bag, which is going to be $500 in USD T Now, I have to stare that in the face every day.<br \/>\n1:28:37<br \/>\nNot going up That\u2019s not gone down, but it\u2019s not going up and all my other coins are probably going to go up, right?<br \/>\n1:28:44<br \/>\nBut if I do that and I get disciplined, I\u2019m always now that I don\u2019t have to worry about the profit, right? I used to think that 25, or that $500 now, I have to take, you, know, a percentage of that, and put it in another IRS bag, but now, I know I don\u2019t have to. So.<br \/>\n1:29:03<br \/>\nso that $500, then, How great are we going to feel when you have the really big correction of 30 to 50%, like we\u2019ve realized, you know, that this past week. Now you can swoop in and truly have some dry powder to buy the dip. What do you think of that strategy? That makes total sense, and I\u2019m not an expert on this. There are some really good experts.<br \/>\n1:29:28<br \/>\nYou know, Bitcoin Academy, crypto J is really good at this. He, he\u2019s a scientist when it comes to it, but I generally just realized that like, you\u2019d like, most people do, OK with it. When the price goes up against the dollar, I\u2019m going to start taking profits.<br \/>\n1:29:39<br \/>\nI\u2019m not going to wait and try to, time to market and sell. At the top. I\u2019m just going to take profits, which I did.<br \/>\n1:29:44<br \/>\nI took profits like maybe six weeks ago, I took it over a period of time.<br \/>\n1:29:48<br \/>\nAnd yeah, I had the dry powder. So now, when the price is low, I\u2019m going to be buying back in.<br \/>\n1:29:53<br \/>\nYes, so you did that. So yeah, you were definitely.<br \/>\n1:29:56<br \/>\nyeah, it\u2019s very unusual for me to do that, but you almost can\u2019t avoid it.<br \/>\n1:29:59<br \/>\nI mean, gosh, it\u2019s such an all of us, you know, most of us did avoid it but that\u2019s because greed has kicked in and that\u2019s where that\u2019s where seriously open conversation to everyone. I mean, we\u2019re, we\u2019re greedy people and we think the tree grows in the sky and we think it won\u2019t happen to us and all of that and we don\u2019t necessarily learn from our mistakes. So, the next time, everything goes green, we\u2019re going to be like, Oh, yeah, I\u2019m gonna make everything up now.<br \/>\n1:30:25<br \/>\nand, we just have to be, that\u2019s why, for me, I\u2019m going to adopt the two X strategy. I\u2019m, yeah, I\u2019m just going to, it\u2019s going to be automatic so I don\u2019t even have to think about it. It\u2019s just going to be boom, OK? I see it\u2019s up, that\u2019s two X. I\u2019m going to take that, that\u2019s my John Holmes bag, and then I\u2019m gonna feel really, really, smug when I can buy the dip and then I\u2019ll be able to tell everyone We\u2019ll just buy it. It\u2019s very disciplined. You Want to you want to adopt some set of rules like that, and follow the rules without any emotional involvement. Right? Just follow the rules.<br \/>\n1:30:57<br \/>\nDon\u2019t have this delete now that does lead me to a question for those people who, Who Did make an investment, and then they took their money out. Let\u2019s say they had a reason.<br \/>\n1:31:10<br \/>\nSo let\u2019s say your client invested that 23 5 um, You know a week ago and that 20 35 we expected it to go up and she invested in some coins, and now she\u2019s fine in that 23 5 is worth about 12 grand.<br \/>\n1:31:30<br \/>\nYou know, but she has an emergency so she needs to take that out. Does she get to, if she has to pay taxes on the gain, does she get to declare that as a loss?<br \/>\n1:31:41<br \/>\nIt will be a loss, Right, OK, so it goes both ways Everybody, that has got both ways, Yeah, OK.<br \/>\n1:31:47<br \/>\nIf she has to sell, don\u2019t sell because you, your value goes down, obviously.<br \/>\n1:31:52<br \/>\nThat\u2019s kinda silly stay the investment.<br \/>\n1:31:55<br \/>\nNo, I mean, it\u2019s not until you sell that.<br \/>\n1:31:57<br \/>\nYou have to do all those calculations Yeah, that\u2019s right, so They call it what dimond Hance No, you just don\u2019t sell Hard on me.<br \/>\n1:32:07<br \/>\nI need a Anita hottel some of that Yeah, that you can also you can take money out like I explained you can you can get into a liability, Which is a car or house.<br \/>\n1:32:15<br \/>\nRight off your mortgage. OK, people want to do that, but OK, don\u2019t pay your mortgage. I\u2019m not going to get into that.<br \/>\n1:32:21<br \/>\nThere\u2019s a lot of things as to why you don\u2019t want to pay off your mortgage, but don\u2019t pay on personal debt with a windfall.<br \/>\n1:32:27<br \/>\nInstead, acquire an asset, an asset is the house next door, either landlord, OK, Yeah, simple version of it or getting some other assets that you can research and team up with people and learn how to do it Get into assets first, OK?<br \/>\n1:32:42<br \/>\nTake some of the cash flow and offset your debt liability without paying off your debt first OK, OK, that makes sense to me and and I actually hit the brakes. I think when you and I got together, man, When did I first personally meet you maybe 7, 8 months ago.<br \/>\n1:33:00<br \/>\nYeah, It\u2019s been that yeah. I remember you telling me about the house because I was getting close. I was like, you know my dad always hammered into my head pay off your house you know?<br \/>\n1:33:12<br \/>\nand then when you told me that ice I stopped send an extra money to it. Because You have some personal debt.<br \/>\n1:33:17<br \/>\nLike whatever you can easily, um Set off by income.<br \/>\n1:33:23<br \/>\nNow maybe it\u2019s from your job, but ideally the income to pay off your personal debt should come from assets Have more debt on assets.<br \/>\n1:33:30<br \/>\nHave less debt on personal, OK, car things like that, OK, OK, OK, And for those people who are curious about At at at what cycle? Do you do take profits?<br \/>\n1:33:45<br \/>\nLet\u2019s just look at my chart, um, No green, good.<br \/>\n1:33:51<br \/>\nRead that.<br \/>\n1:33:52<br \/>\nOK, now that I\u2019ve educated you further, is there anybody in the Zoom chat that wants to come on off mute? Thank you for. Thank you for doing that. By the way, I unmuted everybody. Because people were coming in, and we\u2019re hearing their kids and such. So, if there\u2019s anybody who wants to come off mute and ask John a question, please do.<br \/>\n1:34:16<br \/>\nIf not, you have to suffer through more me.<br \/>\n1:34:22<br \/>\nJohn, I have a question. Yes, Greg, looking to sell on some crypto, and paying off some personal stuff.<br \/>\n1:34:31<br \/>\nWondering if there\u2019s an advantage to, say, taking the crypto crypto directly to Coinbase and selling it USD, Or convert it to USD C then send to Coinbase, and then switch to USD from there.<br \/>\n1:34:48<br \/>\nWell, any way to dispose of an asset, to pay off a personal debt.<br \/>\n1:34:52<br \/>\nIf you\u2019re talking about, if your idea is to avoid attacks, it doesn\u2019t matter how you get the dollars, because you\u2019re going to pay off a personal debt if that\u2019s what you\u2019re doing.<br \/>\n1:35:01<br \/>\nSo, either way, you added up your Uncle Bob paid it off, it\u2019s still your tax liability.<br \/>\n1:35:05<br \/>\nRight, I\u2019m expecting to pay, go ahead and pay tax on this. I just was wondering if there was an advantage to either of those.<br \/>\n1:35:11<br \/>\nJust do it with the least fees, OK, my suggestion is, for paying off personal debt, you\u2019re going to put yourself in a possibly a bigger tax bracket if you pay off your mortgage, for example. That\u2019s why I also recommend, just take some time. It wouldn\u2019t take you but maybe a few months at your leisure to find out how to put a small amount of the money that you would use to pay off your debt.<br \/>\n1:35:34<br \/>\nLike a, like, say, $150,000 of your mortgage, you could take 15,000 of that, and put it into an asset that would pay off, make the mortgage payments for you, and then you would not be in a different tax bracket.<br \/>\n1:35:46<br \/>\nSo just something to think about, OK.<br \/>\n1:35:52<br \/>\nAnd are you able to give guidance on that through consultation, through, light up the plan, I\u2019ll suggest how to do it for your situation. Yes.<br \/>\n1:36:01<br \/>\nOK, and so people would be able to find you at ace of coins dot com and book a consultation directly through there. You can book a consultation, it will link to privacy, fight dot IO. I\u2019m booked through August, though. So do the best you can. If you want to e-mail me directly, or try me on Telegram on Telegram, my address is at JJ.<br \/>\n1:36:24<br \/>\nSingleton said That may be another way or just joined my ace of coins group on Telegram. And that is only an announcement forum, where I announced my Thursday evening calls.<br \/>\n1:36:36<br \/>\nSo I\u2019m like, I\u2019m actually part of those, an LLC for me, last year. But I\u2019ll save that for the big items. I\u2019ve just got some personal stuff. I want to clear out.<br \/>\n1:36:47<br \/>\nYeah. So, Greg, have you been unhappy with your LLC and how that process went?<br \/>\n1:36:52<br \/>\nYes, everything\u2019s working as it should be. I have not taken profits out yet, so I thought it was going to a couple of weeks ago, but I missed my target by about 50 bucks, so I Still have it. All right.<br \/>\n1:37:06<br \/>\nBut, um, Yeah, looking forward to.<br \/>\n1:37:09<br \/>\nSo, getting some seed money out.<br \/>\n1:37:14<br \/>\nIt\u2019s going to be exciting. I talked to a lot of people that have some really incredible ideas of what they\u2019re going to do with the new windfall.<br \/>\n1:37:19<br \/>\nSo, I\u2019d like to see those come to fruition next year.<br \/>\n1:37:23<br \/>\nThat would be great.<br \/>\n1:37:25<br \/>\nThat would be great.<br \/>\n1:37:26<br \/>\nSo, the one thing, John, that I was thinking that, when, when you\u2019d mentioned Georgia Real Estate Investment Association, Maybe they\u2019ve already figured this out, but I recently went through the process of co-signing for my daughter\u2019s first home.<br \/>\n1:37:44<br \/>\nAnd, first of all, what, I mean, I\u2019d set a budget at 250.<br \/>\n1:37:48<br \/>\nAnd I\u2019d put my, put an offer on a home, and I was, like, fourth in line before, I mean, it was crazy. It took like two months to even get an offer. You know, so it\u2019s I\u2019m in Florida like you are.<br \/>\n1:38:03<br \/>\nso I don\u2019t know if it\u2019s that crazy everywhere else or just everyone wants to come to Florida and you know, a matter of a 3 bedroom 2 bath.<br \/>\n1:38:13<br \/>\nIt\u2019s going to be at least that and usually people are given, you know bidding, getting in bidding wars, and it\u2019s over through that process.<br \/>\n1:38:23<br \/>\nThat was when my portfolio, my crypto portfolio was getting to be rather impressive before this crash, and I was like man The real estate company or the lender that figures out how to be able to allow a guy like me or people on this.<br \/>\n1:38:43<br \/>\nYou know call or watching to?<br \/>\n1:38:45<br \/>\nPay their downpayment with crypto is going to win big, but the banks they don\u2019t want to look at crypto, They\u2019re not gonna look at crypto, so Are there real estate companies out there or lenders out there, John that you know of who might play in crypto? Well, I have a partner that he and I set up a service that does this and we\u2019re the only ones that do it right now that I that I know of.<br \/>\n1:39:10<br \/>\nSo we actually work with escrow agents or banks or whatever and we will liquidate Kryptos into escrow so that you don\u2019t have a gain.<br \/>\n1:39:18<br \/>\nWe don\u2019t do there\u2019s no 1099 reporting, we do it legally.<br \/>\n1:39:21<br \/>\nSo we can do that.<br \/>\n1:39:23<br \/>\nSo if you want to go use Kryptos to buy real estate, which is what I recommend, go through escrow, we can take your coins and put them in escrow for you and have everybody get, be happy to do the closing and it\u2019s all good. There\u2019s your God\u2019s gift to humanity, I square.<br \/>\n1:39:38<br \/>\nI mean, serious, you know? You actually solve problems.<br \/>\n1:39:43<br \/>\nSo, anybody, anybody watching right now, it just doesn\u2019t have to be Florida based, right?<br \/>\n1:39:49<br \/>\nIf somebody\u2019s buying doesn\u2019t matter property and you want to use crypto, you can use John Service Jade\u2019s weekend, where in the world, we could take a coin, coin\u2019s whatever you want and we can buy them from you and put the money into your escrow account So that you do not have a game.<br \/>\n1:40:07<br \/>\nBy selling your coin Selling your coins.<br \/>\n1:40:09<br \/>\nYou\u2019re not actually selling Gosh, Yeah, That\u2019s a big **** deal.<br \/>\n1:40:17<br \/>\nand so then let\u2019s go now now if you want to That\u2019s considered OK.<br \/>\n1:40:24<br \/>\nSo let\u2019s just use my daughters scenario.<br \/>\n1:40:26<br \/>\nRight, 250,000 bucks, and So I did the because you know you you taught me I am like, OK, Interest rates are really low I know what I can do with the money. Instead of putting 20% down the PMIs like 80 bucks a month And the market is going like crazy So I thought let\u2019s Let\u2019s just put 5% down instead of sitting down.<br \/>\n1:40:51<br \/>\nYeah, so I put the 5% down But let\u2019s say I wanted to put $50,000 down and you\u2019re telling me that?<br \/>\n1:41:01<br \/>\nI could use you you guys.<br \/>\n1:41:06<br \/>\nTo it OK, let me back the bus up.<br \/>\n1:41:09<br \/>\nI need to satisfy my lender that I have $50,000 to be able to get that $200,000 loan.<br \/>\n1:41:18<br \/>\nThen mm I would work with you beforehand to get that money into escrow and then I could, when I start my application process with the bank then I\u2019m just telling them, it\u2019s in escrow already, right that\u2019s the. That\u2019s the cleaner way To do it.<br \/>\n1:41:34<br \/>\nYes OK so I would we would we would convert everything and put it in escrow.<br \/>\n1:41:40<br \/>\nfirst before you ever open escrow, put a thousand bucks in there make your offer and in the meantime let us liquidate the coins, put it in escrow for you. So, we add to the thousand dollars, That\u2019s what you want to do.<br \/>\n1:41:50<br \/>\nIf I actually get it, Yeah, so OK, OK, do you mind discussing your fees on that?<br \/>\n1:41:55<br \/>\nYeah, Well, you know, we would charge around 15% now.<br \/>\n1:41:58<br \/>\nThe reason why we do that is because, you\u2019re gonna pay 39% if you\u2019re not use it. If you don\u2019t know what you\u2019re, if you\u2019re just going, like traditionally, OK, Yeah, we were easily able to charge 15%.<br \/>\n1:42:09<br \/>\nI will say that my clients, you\u2019d be able to do this with 0% and not using that type of service.<br \/>\n1:42:16<br \/>\nSo really, this is for people that haven\u2019t understood how to structure what they\u2019re doing and we already have it. So you can just do it shooting from the hip. You don\u2019t actually have to plan ahead. My clients have already planned ahead. They may not even know this.<br \/>\n1:42:28<br \/>\nThey have a structure that I\u2019ve set up for them where they can do this transaction and have zero fees.<br \/>\n1:42:35<br \/>\nYeah? This, this is, this is a massive.<br \/>\n1:42:42<br \/>\nThis is worth the price of admission. Everybody know? which, by the way, if you\u2019re visiting, the price of admission is, can you please hit the like button down below.<br \/>\n1:42:53<br \/>\nPlease hit the subscribe button down below, and maybe just maybe let\u2019s see, we\u2019re at one point 9 8000 subscribers. Maybe you can tell a friend or two that there\u2019s this \u2026 channel that uncle lot it\u2019s uncle vigilante now.<br \/>\n1:43:09<br \/>\nBut uncle vigilante channel, it\u2019s a channel on YouTube dedicated to newbies to where I\u2019m just documenting my journey and, and sharing it with you, just open kimono. So that you can learn from my mistakes, my wins, my, my connections, my interviews, and hopefully enrich your portfolio through the process as well as mine. So help me grow the channel. Not that I need it to grow, because I don\u2019t monetize anything.<br \/>\n1:43:43<br \/>\nBut, you know, If one is good, too, is better, I\u2019d rather see 2000 subscribers, and what does.<br \/>\n1:43:50<br \/>\nSo So, John, the price of admission is what you just said.<br \/>\n1:43:56<br \/>\nSo, all of us who are in crypto and realize there\u2019s going to be a point in time to where you, you, you, you, have these gains, now, there\u2019s a way and 15%.<br \/>\n1:44:09<br \/>\nto me, John, wouldn\u2019t even think about it. Yeah, it\u2019s like, it\u2019s like that is such a win to me, because I\u2019m able to use my crypto.<br \/>\n1:44:21<br \/>\nI mean, I don\u2019t have to convert it, to feel first and go through all the bull **** that, that, the banks going to ask. And the IRS is going to require. I can do it seamlessly and I can still with confidence go to a lender and say I want a $200,000 loan, and they\u2019re going to say well. wait, where\u2019s your down payment?<br \/>\n1:44:44<br \/>\nI can point to John or whatever entity you are, and I can say it\u2019s already in escrow they just say it\u2019s an escrow.<br \/>\n1:44:52<br \/>\nWe can clear $7.5 million worth of crypto coins per day per client the most we\u2019ve ever done, and we just started this maybe four months ago The most we\u2019ve ever done was a million dollar real estate transaction I think last month.<br \/>\n1:45:08<br \/>\nJohn, would you mind a follow up? Show where we just the whole subject is is on that? I\u2019d like to have, I\u2019d like to have my good friend, Mike, who was on a show recently with me, but he is he owns that\u2019s called cuccinelli properties out of Richmond, Virginia.<br \/>\n1:45:24<br \/>\nAnd they he and his family, his dad or have been real estate investors for a long time and he and I were just having the conversation this week that the company that figures this out is going to make bank and so he\u2019s trying to figure it out so I\u2019d love to have a call with you and John and and and know his cousin is a tax account That happens to be just cool as ever. He\u2019s, he\u2019s, he\u2019s, he\u2019s won us in that, you know, he\u2019s just the messenger, but he really worked hard to try to keep our tax liabilities down. So I think any true drops you can provide and if he knows about this too, I just think it\u2019s good for everyone. So, I\u2019d love to, I did have one escrow agent called me and she was open minded, she\u2019s an entrepreneur.<br \/>\n1:46:12<br \/>\nAnd I said, I explained, we\u2019re doing this now, but I anticipate within about a year, other escrow agents will figure out how to do it.<br \/>\n1:46:20<br \/>\nNow, it did take us about six months to set this up, it was a project and now it\u2019s all engine.<br \/>\n1:46:27<br \/>\nWhat\u2019s that? What\u2019s it called? So I can read.<br \/>\n1:46:30<br \/>\nThat throws leading to you can ask me that because I\u2019m not going to tell you OK, private organization. We\u2019re not going to advertize it like a retail website got another club We don\u2019t want to get interference from the three letter friends.<br \/>\n1:46:43<br \/>\nOK, I like that and I respect that having my own little private club recently set up whether I Totally get it and And you know what?<br \/>\n1:46:57<br \/>\nWeek We can, So she asked me about it and she said, I don\u2019t want a copy, I just want to be able to use your service, but I think a lot of escrow agents are gonna say Hey, There\u2019s a niche market out there. If I can do that, then yeah, So we\u2019ll have competition probably next year.<br \/>\n1:47:12<br \/>\nProbably.<br \/>\n1:47:13<br \/>\nBut right now, we\u2019re the only ones that I know, that is worth billions dollars on this show. I mean, I want to, I want to have, what do you think, next Friday?<br \/>\n1:47:25<br \/>\nYeah, next Friday? Sure, let\u2019s do it next Friday. That would be. Make it a day and I\u2019m gonna pre promote the **** out of it.<br \/>\n1:47:32<br \/>\nI\u2019m gonna say if anybody out there has a mortgage, or is is is going to be buying a home and you\u2019re in crypto and you\u2019d like to be able to use your crypto maybe not this week or next week. Let\u2019s let it rally a little bit, but we\u2019re gonna be back. I mean, that\u2019s the nature of this, of this ecosystem, is it\u2019s very volatile, but it\u2019s going to be back.<br \/>\n1:47:57<br \/>\nBut if you\u2019d like to be able to use your crypto for a downpayment on a home, on a property, on an investment, we have a way to where you\u2019re not going to be at it. It\u2019s, it\u2019s, it\u2019s.<br \/>\n1:48:13<br \/>\nGetting that, let\u2019s say, $50,000, if I have this right, is not going to be liquidated to where it\u2019s a tax event. Correct, right. So, yeah, we could do anything. We can buy a yacht, we have a service that actually will flag the yacht and set up the whole budget and crew it and everything. And insure it.<br \/>\n1:48:30<br \/>\nSo you know, it depends on how much money you\u2019re working with.<br \/>\n1:48:32<br \/>\nBut we can go down to the level of a car.<br \/>\n1:48:35<br \/>\nCarr\u2019s yachts.<br \/>\n1:48:36<br \/>\nShe houses, it doesn\u2019t matter.<br \/>\n1:48:39<br \/>\nIt was funny is, the lower the ticket item, the more difficult it is.<br \/>\n1:48:44<br \/>\nSo a toaster oven, don\u2019t call me.<br \/>\n1:48:47<br \/>\nNo problem. Right? Right, Yeah. So, so it\u2019s, it\u2019s, it\u2019s a percentage of the.<br \/>\n1:48:56<br \/>\nGet it. To avoid the people that want to use your service for, you.<br \/>\n1:49:01<br \/>\nknow, something. a $5000 or something, I mean, you\u2019re not getting for that, No, no. Yeah, for 20,000, But, but if you want to buy a car, or pay off large, dead, or, Or By an acid, I mean, I really hope people want to buy assets Most people, so far, just want to buy a house or pampa mortgage define we do those two. If you\u2019re going to, If you\u2019re going to reach that seven million mark, seven point five million mark, it\u2019s going to be a lot less than 15% as far as our fee goes pride.<br \/>\n1:49:25<br \/>\nYeah, if you\u2019re already structured and you understand how to use an LLC the way I set them up, you\u2019re not going to even need to do that type of service because you\u2019re already insulated from the tax liability, OK, so, so, just, you know, this is for anyone out there who just, no, it doesn\u2019t have a way to do it yet, or whatever, you just heard about it or something.<br \/>\n1:49:41<br \/>\nYeah, but no, I don\u2019t know.<br \/>\n1:49:46<br \/>\nIt\u2019s, it\u2019s, it\u2019s like just gone through the process myself recently to know that I can take my, because I want to keep it simple to know that I can take my gains in crypto and be able to put them as a down payment on a house.<br \/>\n1:50:02<br \/>\nJust to keep it simple through an investment vehicle that you\u2019ve set up. That I can then just point.<br \/>\n1:50:10<br \/>\nThe lender to say that\u2019s where my money is.<br \/>\n1:50:14<br \/>\nIt\u2019s in escrow and you can go verify it, it\u2019s ready to be deployed at closing.<br \/>\n1:50:21<br \/>\nNow, approve me for my Hello, I mean, that is powerful.<br \/>\n1:50:27<br \/>\nThat is such a gift to do the \u2026 tonights out there.<br \/>\n1:50:33<br \/>\nYeah, yeah, it\u2019s going to be exciting. So, do something good With that money.<br \/>\n1:50:38<br \/>\nDo something good.<br \/>\n1:50:40<br \/>\nYeah, yeah, so, let me see So.<br \/>\n1:50:45<br \/>\nSo, so, is is Neha.<br \/>\n1:50:48<br \/>\nI hear you Seth but, I\u2019m thinking a little bit differently.<br \/>\n1:50:53<br \/>\nBut, I hear you, he says, it sounds like, set up the LLC and buy the house through the LLC and not have to pay the 15% fee.<br \/>\n1:51:01<br \/>\nThat\u2019s, would use your LLC to move money around when you\u2019re, when you understand how to do that. It\u2019s very simple.<br \/>\n1:51:07<br \/>\nThen, when you take title, don\u2019t put it in your name, or if you put it your name, record a mortgage with a lienholder, which can be your company or another company or trust or something.<br \/>\n1:51:17<br \/>\nRight? Right.<br \/>\n1:51:18<br \/>\nIt\u2019s awesome, OK, is there anybody else in the, uh, in, on the call, who\u2019d like to come off mute and ask any questions, now\u2019s your opportunity.<br \/>\n1:51:33<br \/>\nHey, John.<br \/>\n1:51:35<br \/>\nHey, John, This is Adam. You helped me to set up an LLC about a year ago or so.<br \/>\n1:51:42<br \/>\nI just saw something recently about the IRS talking about how they wanted to get it to where any transaction is for businesses, uh, with no cash coming out of crypto at $10000 or more that they wanted to have that reported.<br \/>\n1:52:01<br \/>\nNow, I have everything set up personally, structure through my business. So nothing is actually in my name.<br \/>\n1:52:09<br \/>\nMmm hmm.<br \/>\n1:52:10<br \/>\nSo I was just wondering, like, what additional measures might need to be put in place at that point?<br \/>\n1:52:16<br \/>\nBecause, uh, so far as I understand that my businesses, a non filing entity. So I wouldn\u2019t need to file anything. that\u2019s correct, and say, I am getting is already doing that. This is nothing new, the IRS has already doing that.<br \/>\n1:52:30<br \/>\nYou\u2019re only gonna get it.<br \/>\n1:52:31<br \/>\nYou\u2019re the account holder or the contracting party is already gonna get a 1099 for any amount of money that it sells when there\u2019s a disposition of assets.<br \/>\n1:52:40<br \/>\nAnd that\u2019s why I set these LLCs up this way because the 1099 does not create a tax liability, does not create a filing obligation.<br \/>\n1:52:48<br \/>\nThe thing that creates a falling obligation is when the LLC files a return.<br \/>\n1:52:53<br \/>\nSo it doesn\u2019t matter what they do on there. And so long as I\u2019m not filing anything, it doesn\u2019t matter. Correct. I can show you dozens of 1099 I\u2019ve received over the last 20 years.<br \/>\n1:53:02<br \/>\nAnd I just keep them in the folder for the each company I\u2019m using.<br \/>\n1:53:05<br \/>\nAnd most of my companies don\u2019t file returns, because they\u2019re all pass throughs.<br \/>\n1:53:09<br \/>\nI use just the way I have my clients using them.<br \/>\n1:53:12<br \/>\nHmm.<br \/>\n1:53:14<br \/>\nSo when you get everybody on the when you file, then you\u2019re then you\u2019re on the hook when you file a return.<br \/>\n1:53:21<br \/>\nThe Iris has to reconcile what you reported against what was reported on the filer.<br \/>\n1:53:28<br \/>\nSo the 1099 is then reconciled against the tax return, and those have to match, and everything\u2019s good.<br \/>\n1:53:34<br \/>\nIf the 1099% in and the in the report that the party, against whom the thousand 99 reported, like the taxpayer, your company mm, hmm. Does not file a return, 2099 does not have anything.<br \/>\n1:53:47<br \/>\nIt doesn\u2019t create a reconciliation process.<br \/>\n1:53:50<br \/>\nWow, I don\u2019t know why, I don\u2019t know how to explain it.<br \/>\n1:53:52<br \/>\nBut I\u2019ve just discovered that over 30 years of, you know, right, I can do IRS agents.<br \/>\n1:54:00<br \/>\nAnd everybody in that industry, to conclude that. and I kinda guest in the nineties when I was doing it, and then I realized, well, heck, this is, this is where people don\u2019t realize.<br \/>\n1:54:10<br \/>\nthe tax liability is not being created by a law that\u2019s being created by your accounting practice.<br \/>\n1:54:16<br \/>\nThat\u2019s why I can take a company that\u2019s being literally taken down by the IRS with a tilt take a tilt take is when the IRS just levys everything that\u2019s coming in from your merchant account.<br \/>\n1:54:26<br \/>\nYou don\u2019t get anything.<br \/>\n1:54:27<br \/>\nYou can\u2019t pay your employees, or keep the lights on.<br \/>\n1:54:30<br \/>\nSo, I will come in there, and all in one phone call, I will have the client in a new bank account with a new company the next day, or the next week.<br \/>\n1:54:38<br \/>\nSometimes, and I will reroute all the cash flow to the new company, make the client still the same owner relationship. It was an old company that\u2019s being levied against.<br \/>\n1:54:46<br \/>\nAnd then the iris will be cut off.<br \/>\n1:54:49<br \/>\nThat tilt take stops and then they know it. They can see everything I just did.<br \/>\n1:54:53<br \/>\nThen they\u2019re so nice. And they come to the client. They say, Hey, could you work with us on a payment plan?<br \/>\n1:54:59<br \/>\nAnd we\u2019re like, well, I don\u2019t know, I don\u2019t have any money now. You know, so, so it\u2019s, it\u2019s just right in their face And I\u2019ve never had a problem with that. So it\u2019s really, it\u2019s much easier to deal with somebody, why structure something and I\u2019m going forward and he\u2019s gonna get rich on something. Or he\u2019s going to deal with future cash flow.<br \/>\n1:55:15<br \/>\nSo it\u2019s, it\u2019s hard for him to believe that I can do all those things. Yeah. The guy that was on fire. I fixed this problem in one week, and it looks even better six months later, and it looks even better a year later, And now the guy who called me saying, Hey, I got all this money, I was still says like, oh this, and that.<br \/>\n1:55:28<br \/>\nThey don\u2019t know what to do about it, but they can\u2019t collect it from me, But the guy setup who\u2019s gonna get rich, he\u2019s like, Well, OK, it sounds pretty cool, I\u2019ll take your word for it.<br \/>\n1:55:36<br \/>\nAnd he doesn\u2019t, he\u2019s not going to understand it too like three years from now.<br \/>\n1:55:39<br \/>\nRight, well, we got, so Yeah, don\u2019t be intimidated by all this Rhetoric on the internet, they\u2019re already doing it. It\u2019s like what you see on the movies, when you wire $3000 or $10000, there is no threshold on reporting.<br \/>\n1:55:54<br \/>\nYou could be you could be putting $185 in your bank account every week from a paycheck. You\u2019re getting from this job, this menial job. Yeah.<br \/>\n1:56:01<br \/>\nAnd then maybe one time your uncle Bob gives you a thousand bucks for Christmas and you put that in your account, and that\u2019s going to get reported to the Financial Crimes Network, and you won\u2019t even know it.<br \/>\n1:56:12<br \/>\nWhy?<br \/>\n1:56:13<br \/>\nYeah. Because it was an irregular transaction.<br \/>\n1:56:16<br \/>\nNo, because it was over $3000.<br \/>\n1:56:18<br \/>\nWow. The system is not what you think it is.<br \/>\n1:56:23<br \/>\nHey, is your other, Is it privacy, fight dot com, privacy fight. There\u2019s privacy, fight club dot com, I believe. And privacy, fight dot IO, we\u2019re doing a bunch of changes right now.<br \/>\n1:56:34<br \/>\nSo, you\u2019d have to kinda check, I haven\u2019t looked lately, Privacy, fight dot IO and Fight Club. And then privacy fight dot IO.<br \/>\n1:56:43<br \/>\nAnd the Privacy Fight, Flight, Fight Club is eta dot com.<br \/>\n1:56:48<br \/>\nIt is a dot com.<br \/>\n1:56:50<br \/>\nAnd privacy fight dot com, I believe. He\u2019s got. Oh, yeah, it leads to privacy, fight dot IO.<br \/>\n1:56:55<br \/>\nAnd on that, you\u2019re going to see the video membership, and which is cool. I mean, most of you guys are on there, anyways.<br \/>\n1:57:00<br \/>\nBut I do put some content, I don\u2019t want to put too much technical information and good research stuff on the free side. But on the paid membership, we have really good content there.<br \/>\n1:57:10<br \/>\nBut if you go to the privacy fight channel on YouTube, privacy fight, being one word, You\u2019ll see a lot of, like, the opening video we did here on this interview, this young lady up there, So, I put some content up there, Just like, if a news item comes up, I get a bunch of calls and e-mails, and not that I mind answering them, but it cues me up as to what\u2019s popular, so I\u2019ll do a little video on it, too.<br \/>\n1:57:31<br \/>\nSo is it its privacy by, uh, looks like there\u2019s a free consultation here You can schedule a call OK, so that\u2019s yeah, so on YouTube.<br \/>\n1:57:46<br \/>\nYou have like 2.21 thousand subscribers, right?<br \/>\n1:57:51<br \/>\nYeah, OK. So I\u2019m gonna. that\u2019s the right one.<br \/>\n1:57:55<br \/>\nLet me just copy that and I\u2019ll drop that in the, uh, show as well, you guys can go to it, so sign up to just sign up to that guys.<br \/>\n1:58:10<br \/>\nAnd so, really, you are, you\u2019re a guy who, when you\u2019re your hairs on fire and, and, know, to go to, you\u2019re going to be able to, say, take a deep breath. Let\u2019s take a look at your, your, your, your statement of facts and, we\u2019re gonna go ahead and solve for this. And, you know, nobody\u2019s, nobody\u2019s going to jail on this story at least right now. \u2026 case, I can tell you the first two years I did this work professionally.<br \/>\n1:58:38<br \/>\nThe ugliest cases and I got a lot of them were people that were facing jail for contempt with the IRS because they didn\u2019t handle themselves correctly.<br \/>\n1:58:48<br \/>\nAnd in some cases, I actually walked into the court and talked to the judge myself, and got the person out of that situation.<br \/>\n1:58:53<br \/>\nAnd no one\u2019s ever been punished or penalized or gone to jail or anything, in any of those situations, and I\u2019ve handled over well over 30,000 types of collections in cases and disputes and ugliness crazy stuff.<br \/>\n1:59:05<br \/>\nEverybody listen to that over 30,000. Yep. Types. And I couldn\u2019t do that by myself. I\u2019ve had really good people working for me.<br \/>\n1:59:12<br \/>\nAnd then I trained them and they did the work, I did the core work and they help, you know, facilitate all the communications.<br \/>\n1:59:18<br \/>\nBut, yeah, it\u2019s been well over 30, but you\u2019re not an attorney.<br \/>\n1:59:20<br \/>\nNope, not You\u2019re not an accountant.<br \/>\n1:59:23<br \/>\nI\u2019m not an attorney, not an accountant. I do not bill by the hour. I don\u2019t take an interest in what my client does, so if he gets rich, I don\u2019t get a piece of that. I don\u2019t want a piece of it. If he loses money again, it\u2019s not my responsibility. I don\u2019t think anyone\u2019s lost money because of what I told him, so, but yeah, I have certain rules I follow.<br \/>\n1:59:38<br \/>\nSo on your on your privacy bite dot IO that you have a paywall. So, what, what is the investment, not the cost?<br \/>\n1:59:48<br \/>\nWhat\u2019s the investment for people to get access?<br \/>\n1:59:51<br \/>\nThe investment is a couple hundred dollars. If you want just, I priced it in three levels. There\u2019s basic, premium, and ultimate.<br \/>\n1:59:57<br \/>\nThe basic talks about debt collections, and liabilities, and getting out of it, putting out the fires, and there\u2019s just a lot of content on that.<br \/>\n2:00:06<br \/>\nSome of it\u2019s technical.<br \/>\n2:00:08<br \/>\nThen, the premium gets into a little bit more. Like, for example, I might talk about equity stripping because I\u2019m not going to separate equity stripping when I\u2019m going to put out the fire. I put out the fire and get you out of the hot water, or whatever the problem is. And then we talk about equity stripping and re-organizing what you\u2019re doing.<br \/>\n2:00:21<br \/>\nAnd then when we get into the ultimate level, this is more of your crypto investor type group.<br \/>\n2:00:26<br \/>\nYour niche, OK, so it depends on, you know. But, yeah, I wanted to really develop that out. In fact, on the ultimate level, which I believe it\u2019s $600.<br \/>\n2:00:33<br \/>\nI mean, the way I look, it is like this. It\u2019s free.<br \/>\n2:00:36<br \/>\nBecause you guys, $600, you know, it\u2019s nothing, when you\u2019re done with the investment.<br \/>\n2:00:42<br \/>\nI wanna, I wanna bring in some people that can talk about what I would call mergers and acquisitions that can do placement of millions of dollars of capital into private equity.<br \/>\n2:00:52<br \/>\nBecause it\u2019s not my expertise, but I can bring in people and we can talk about some plans and connect you in, and this sort of thing. So I know a lot of people are going to have some money too.<br \/>\n2:01:02<br \/>\nWell, at least last week. Well, I mean, I think a lot of you guys out there are cool cucumbers.<br \/>\n2:01:08<br \/>\nI\u2019m sure you saw this coming, OK, and you\u2019re not newbies, even if you are newbies, I think you\u2019re a little bit sophisticated from people I\u2019ve talked to you.<br \/>\n2:01:16<br \/>\nI think most of you guys are somewhat sophisticated.<br \/>\n2:01:19<br \/>\nAnd you saw this coming and you still have you have that dry powder, because you took your profits there.<br \/>\n2:01:23<br \/>\nSome of them, and you\u2019re getting in there and saying, Yeah, great, thank you very much. $39,000, Bitcoin. Yeah, you\u2019re talking to me. 6, 6 months from now, by the way, you just You just started talking to me in the future. Yeah, now I\u2019m still John Holmes. I was not the. Smart one with the Dry Powder. I was fully deployed. But you know, we learn.<br \/>\n2:01:51<br \/>\nAnd saving money. It\u2019s because I haven\u2019t so.<br \/>\n2:01:55<br \/>\nExactly and all this, all the machinations, and all the drama that you\u2019re experiencing right now, Newby or Not, in three years, when you tell people the money you made, if you want to. Yeah, recommend. But if you have a vague discussion with someone about it, you will just look like a genius.<br \/>\n2:02:11<br \/>\nNo matter what you look like right now, you\u2019re, like, a genius. And you don\u2019t have to be. Yeah.<br \/>\n2:02:18<br \/>\nWell, I just keep going back to I remember like, I\u2019m a big fan of the dollar vigilante, the crypto vigilante Jeff, Berwick, and Raphael Leval today, Libya Liberti.<br \/>\n2:02:29<br \/>\nUm, and uh, you know, they were talking about Bitcoin in their newsletters, getting in when it was like 2 or 10 bucks, something like that, huh. Right, you know, and so is, you start thinking about that.<br \/>\n2:02:46<br \/>\nAnd, I look at them, like geniuses, right? Absolute geniuses, right?<br \/>\n2:02:54<br \/>\nAnd so we\u2019re sitting here, we just got, you know sucker punched, but, even at, let\u2019s say, you bought it at, at $57,000 mm last week, or 50, 50, 5000, last week, 10 days, ago. Whatever it was before, you know thank you Ilan, came out with that stupid Tweet.<br \/>\n2:03:16<br \/>\nThat that started the Cascading.<br \/>\n2:03:18<br \/>\nTo to take out all the leveraged you know, investors, but but when you when you take a look at that 55,000, there will be a day when Bitcoins at 300,000?<br \/>\n2:03:33<br \/>\nYeah, I think It\u2019s going to be soon, too.<br \/>\n2:03:36<br \/>\nYeah, and so, we will get through this, everybody, because we\u2019re not gonna sell, you know, And this just goes into a war story. We all have our collection of war stories now, and we can say, We were part of that.<br \/>\n2:03:50<br \/>\nI mean, honestly, this last week was the worst crash in history of any asset class of any year, any decade, in a century.<br \/>\n2:04:02<br \/>\nThis, last 10 days, was the worst asset crash ever.<br \/>\n2:04:08<br \/>\nAnd I don\u2019t think anybody that\u2019s on this zoom call is going up and jumping off a building, no, now, why man were just Holden?<br \/>\n2:04:17<br \/>\nBecause we know we\u2019re going to be, where we\u2019re going to be neat and John\u2019s services here in the near future. I\u2019m going to use you, man. I love this. Esker, I want to actually, I can\u2019t wait till next Friday.<br \/>\n2:04:28<br \/>\nSo we\u2019ll set it up, we\u2019ll set it up, it\u2019s going to be a blast. So, everybody, mark your calendars next Friday night, 7 0 PM. I think, if there, is there anybody else in the, in, in, in the Zoom chat that wants to, go off mute and ask a question?<br \/>\n2:04:51<br \/>\nIf not, if not, we\u2019re gonna call it a night. It\u2019s 850 John, you\u2019ve invested two hours with us and I thank you as always, fine, Thank you. You are, you are you. You\u2019re just awesome. I love you, man. So OK, thank you.<br \/>\n2:05:05<br \/>\nEverybody, Really appreciate meeting all EU new new people, and I didn\u2019t know that there was going to be a group date tonight, but I\u2019m really glad it was. So, you guys already know John really well, and are as finding him as I am. So those of you in the chat, who don\u2019t know John, all of the links are in there. And I\u2019m telling you, he\u2019s just magic. He, he solves problems. So all right, everyone, John. Thank you. Appreciate my pleasure.<\/p>\n        <\/div>\r\n    <\/div>\r\n\r\n    \r\n<\/div>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-703e69b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"703e69b\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-8f91c91\" data-id=\"8f91c91\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-88805ce elementor-widget elementor-widget-spacer\" data-id=\"88805ce\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7ad4d16 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7ad4d16\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-3830a40\" data-id=\"3830a40\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-ea2a41a elementor-widget elementor-widget-text-editor\" data-id=\"ea2a41a\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><strong>Summary<\/strong><\/p><p style=\"padding-left: 40px;\">1. The video is a live session discussing market trends in the crypto world, the presenter explains his thoughts on the market downturn and how it&#8217;s part of the cycle.<br \/>2. The presenter advises viewers to not invest money they can&#8217;t afford to lose, indicating potential fluctuations in the crypto market.<br \/>3. The session includes a thank you note to Mark Wilkinson, who sent the presenter a couple of nice cigars.<br \/>4. The presenter addresses some of the IRS guidelines about reporting cryptocurrencies. The IRS treats cryptocurrencies as property, similar to gold.<br \/>5. The importance of understanding beneficial interest is explained; if one cares about an asset, they still have beneficial interest and thus, potential tax liability.<br \/>6. The presenter provides advice on dealing with taxes in the crypto world and talks about the complexity of tax liabilities when trading cryptocurrencies.<br \/>7. The use of Coinbase and other crypto exchanges and their tax implications are also discussed. Selling coins for US dollars on Coinbase can lead to a 1099 form, causing tax implications.<br \/>8. The presenter explores the idea of setting up an association for liability protection in the crypto world.<br \/>9. The presenter discusses various strategies for handling profits from crypto investments. He emphasizes the importance of having a plan to reallocate funds into other assets.<br \/>10. The session ends with a discussion about charging rates for their service, suggesting they charge around 15%, arguing it is more cost-effective than the potential 39% if taxes are not handled correctly.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-bbfc3c8 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"bbfc3c8\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-1cc0117\" data-id=\"1cc0117\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>U30 &#8211; Algebra and Crypto Taxes<\/p>\n","protected":false},"author":131,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[124],"tags":[],"_links":{"self":[{"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/posts\/16659"}],"collection":[{"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/users\/131"}],"replies":[{"embeddable":true,"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/comments?post=16659"}],"version-history":[{"count":7,"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/posts\/16659\/revisions"}],"predecessor-version":[{"id":25316,"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/posts\/16659\/revisions\/25316"}],"wp:attachment":[{"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/media?parent=16659"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/categories?post=16659"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/tags?post=16659"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}