{"id":6875,"date":"2020-03-13T19:12:13","date_gmt":"2020-03-13T23:12:13","guid":{"rendered":"http:\/\/privacyfight.io\/?page_id=6875&#038;preview_id=6875"},"modified":"2023-06-23T10:38:36","modified_gmt":"2023-06-23T14:38:36","slug":"crypto-profit-taxes-part-2","status":"publish","type":"post","link":"https:\/\/privacyfight.io\/crypto-profit-taxes-part-2\/","title":{"rendered":"U4 &#8211; Crypto Profit &#038; Taxes &#8211; Part 2"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"6875\" class=\"elementor elementor-6875\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-e52181d elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"e52181d\" 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-bceab84\" data-id=\"bceab84\" 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-097af4a elementor-widget elementor-widget-text-editor\" data-id=\"097af4a\" 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\/716002006\/?\" 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            U4 \u2013 Crypto Profits &#038; Taxes \u2013 Part 2\r\n0:02\r\nHey, good morning, John.\r\n0:03\r\nMorning, or, Yeah. All right. Good. Thanks. All. Right. We\u2019re talking about the big topic today. Want to welcome everybody who\u2019s tuning into this webinar, whether you\u2019re live. I don\u2019t know. We\u2019re a little earli&#8230;        <\/div>\r\n        <div class=\"vidseo_collapse_content\" style=\"\">\r\n            <p>U4 \u2013 Crypto Profits &#038; Taxes \u2013 Part 2<br \/>\n0:02<br \/>\nHey, good morning, John.<br \/>\n0:03<br \/>\nMorning, or, Yeah. All right. Good. Thanks. All. Right. We\u2019re talking about the big topic today. Want to welcome everybody who\u2019s tuning into this webinar, whether you\u2019re live. I don\u2019t know. We\u2019re a little earlier than usual. So I doubt there\u2019s too many people live here, but a lot of people are gonna be watching this later. So thanks for checking this out.<br \/>\n0:21<br \/>\nAnd I\u2019m here with my main man. Oh, I forgot my title slide. There. We go Crypto taxes with my main man, John Singleton.<br \/>\n0:28<br \/>\nSo we did a class on this the other day.<br \/>\n0:32<br \/>\nWe\u2019re in the middle of a series, and this is part of our ultimate membership.<br \/>\n0:39<br \/>\nI\u2019m gonna bring that up on the screen really quickly, if people go to pulling it up.<br \/>\n0:47<br \/>\nThere it is.<br \/>\n0:47<br \/>\nIf people go to privacy, fight club dot com, they\u2019ll find access to this, and this class down here, crypto, profit, and taxes.<br \/>\n0:55<br \/>\nWe\u2019re already into our second session on this, and we had a really good one.<br \/>\n1:01<br \/>\nPart two was was excellent, and we got into this idea that came up this became a really big sort of thing in the crypto internet.<br \/>\n1:14<br \/>\nI don\u2019t know about a year ago, I would say where the discussion became, if you\u2019re going to have kryptos at all and trade say, between litecoin, and bitcoin, or litecoin, and Ethereum, or bitcoin, and in XRP. If you\u2019re going to place those trades, you have to report them somehow.<br \/>\n1:33<br \/>\nTo the IRS and potentially pay taxes on it but it had everybody just going crazy? I always get, and I was getting messages from people saying oh I do, I want to trade but it\u2019s not worth the tax consequence. And they were talking about trading unlike weren\u2019t even talking about like Coinbase trade. They were talking about the third delta trade that no one like, no one will ever know about, and then they\u2019ll be like, But the CIA knows. It\u2019s like, yeah, that\u2019s right There. So anyway, it became this big sort of legend of the crypto taxes.<br \/>\n2:05<br \/>\nAnd then you came along and you just started, you know, yelling from the rooftops this is, most of what you\u2019re hearing is just crazy talk.<br \/>\n2:14<br \/>\nWe\u2019re not going to give people the full strategy today, that\u2019s for people who are members of Privacy, Fight Club, dot com. But you do want to shed some light on this and and explain this a little bit. Give people some hope that we can provide the resources where they can do. In text encoding.<br \/>\n2:33<br \/>\nRight, exactly. Thanks. Yeah, and it\u2019s not like I just popped up and said, hey everybody, I\u2019m nobody noticed CPA. I\u2019m not an attorney, but guess what, You don\u2019t have to pay tax on crypto. It\u2019s not like that because the kryptos thankfully, you have to thank the IRS kryptos are defined as property.<br \/>\n2:50<br \/>\nSo it\u2019s nothing different than the last hundred years of property rights. And I\u2019ve been doing this since the nineties. We\u2019ve had the same conversation with I\u2019ve had it with many people for 20 some years. And it was way back in the day in the nineties was talking about stock and the sale of real estate, commercial, residential, or whatever. And to this day. Now it\u2019s crypto cryptographic currency and nobody cared in the first five years.<br \/>\n3:11<br \/>\nBut now they do and I\u2019m here to tell you and we even have a determination letter from the IRS itself agreeing that exchanges between coins are not taxable.<br \/>\n3:23<br \/>\nBecause, Wow, yeah. And it\u2019s because of the one reason, really, there is no disposition of assets. You can look that up.<br \/>\n3:32<br \/>\nThere\u2019s a publication that\u2019s an IRS Publication, 544 that talks about this, and talks about fair market value and things like that.<br \/>\n3:39<br \/>\nBut because the IRS in 20 14 defined kryptos this property, it falls in the category of every other type of property. Pretty much. I mean, it\u2019s almost like the same type of property rights you would have with a copyright or trademark because it\u2019s intangible. Yeah.<br \/>\n3:56<br \/>\nAnd so there\u2019s there are no laws regarding new taxes on cryptographic currency.<br \/>\n4:00<br \/>\nI know there was a lot of news on the 1031 Exchange, but the 1031 exchange never applied to Kryptos anyways.<br \/>\n4:07<br \/>\nIt always apply to real estate. Yeah. You could never do, like, kind exchange with anything, but real estate. So the IRS. When an added the word real into the statute, to make it real property, and everybody said, oh my God, look, it\u2019s new, no, it\u2019s not. That\u2019s not, well, it\u2019s not, yeah.<br \/>\n4:23<br \/>\nYou, you kinda brand passed something just now, that, that struck me, that we should pause on, you talked about this yesterday.<br \/>\n4:29<br \/>\nYou were doing the Request for determination letter, helping people with that, for awhile. And yesterday, and I was involved with some of that, you, said something that, you, I hadn\u2019t heard you say, which is every single time that you sent the letter, Essentially?<br \/>\n4:46<br \/>\nThe, the IRS agreed, is that, the Coinbase tax document, well it wasn\u2019t applicable, it wasn\u2019t, it wasn\u2019t a small event, it was it was a case where each and every case thereby doesn\u2019t.<br \/>\n4:59<br \/>\nAnd by the way, I did this way back in early 2000 something, on other issues with the IRS. I already knew how to do the procedure. So we just applied it for Kryptos and made the legal argument and the same stuff. Yeah. Yeah. Same, same thing. And so, we asked them in the irises. Very cordial. I mean in that sense they\u2019ll they\u2019ll say. Yeah, I\u2019ll answer you.<br \/>\n5:16<br \/>\nAnd that\u2019s the Secretary\u2019s office. It\u2019s not some revenue officer, right.<br \/>\n5:19<br \/>\nAnd it\u2019s like, well, it\u2019s better than a letter ruling, really. But, yeah, every single time we nailed it, I mean, while the Iris just said, OK, so what we asked is, we told the IRS. the 10 99 we got.<br \/>\n5:31<br \/>\nIn the personal account at Coinbase or Gemini, or whatever it was.<br \/>\n5:35<br \/>\nEven the mining rigs that are paying us, the Indian Kryptos, That does not constitute a disposition of assets and by its own language. We had to use its own language, which is, which is about backup withholding. Which is kinda complex, and I talk about it in the video.<br \/>\n5:49<br \/>\nWe just basically told the IRS, I\u2019m not going to include this 10 99 in the 1040. And by the way, I already filed 1040 and paid my taxes, but I\u2019m not gonna give you guys this 10 99, and the IRS wrote back and said, that\u2019s fine, just keep on doing what you\u2019re doing. And somehow, yeah, So you got the, you\u2019re like the one who has the word from the IRS on this, The IRS said. Oh yeah, yeah. Look, I talked to any CPA, look all over the internet, and you\u2019ll get scared, right. You\u2019re gonna get scared enough to hire them, as is what they\u2019re basically giving. Exactly. And they\u2019re gonna have you run around, chase your tail, use this. All this different types of software to compile Exchange reports is ridiculous.<br \/>\n6:30<br \/>\nAnd the bottom line is, there was no disposition of assets, and if you don\u2019t understand that, well, then, you\u2019ll end up reporting or you\u2019ll go to a CPA because that\u2019s, you know, you trust them because they\u2019re professional.<br \/>\n6:39<br \/>\nAnd they\u2019re going to do the thing that they\u2019re trained and threatened to do. You did something great on our episode yesterday, which was, you gave.<br \/>\n6:48<br \/>\nList of things to ask your CPA.<br \/>\n6:50<br \/>\nYeah, You can ask them, if they know this, ask them this. Ask them what they\u2019re gonna do with that.<br \/>\n6:55<br \/>\nI\u2019d never know, because that\u2019s the thing. It\u2019s like, OK, you\u2019re gonna go to another person. You know. You\u2019re right, You know what you\u2019re talking about.<br \/>\n7:02<br \/>\nThey know what they\u2019re talking about, Sort of, are they think they know what you\u2019re talking about. I don\u2019t know what I\u2019m talking about, so now I\u2019m going to them and saying, Well, I heard on the internet. Right, exactly. And they don\u2019t, do, is say, you gave us great, like job interview for how to find somebody who will, Who would understand this stuff. There\u2019s a list of questions you want to ask, and they\u2019re very good questions. I think. I mean, you don\u2019t have to take my word for it, in other words. And they ask those questions, You can make your own conclusion. And you can get your CPA and he\u2019ll give you, sometimes you get a pay him, but he\u2019ll give you like a little legal memo and I\u2019ve had many conversations with CPAs. Like, clients will say, Please talk to my CPA. I can\u2019t have this conversation, because, you know, they don\u2019t have the language for it. Yeah, I get them on the phone. We do a three-way. And five minutes into the conversation the CP is going. Yeah, I guess you could do that. You know? If people thousands. But he\u2019s not going to change is still going to have people do it, but you\u2019re right.<br \/>\n7:52<br \/>\nIf you\u2019re watching the video that, And among others will do more.<br \/>\n7:55<br \/>\nBut basically, I gave you some specific questions.<br \/>\n7:59<br \/>\nLike, for example, you ask and you can do this in any country, by the way, you can, I mean, I wrote those questions so that you can figure this out in any country you\u2019re in. And so you don\u2019t have to say, Hey, there\u2019s this guy in Florida that says this thing. CP is going to say, Don\u2019t waste my time, you know? Yeah.<br \/>\n8:14<br \/>\nThe other thing to keep in mind is you don\u2019t want to have a conversation about the asset itself with your account, and ask his advice or something. Your accountant does a specific thing.<br \/>\n8:23<br \/>\nAccounting he doesn\u2019t care about your investment in jet engines, or real estate, or Net present value, and all that stuff He only cares about? Tax issues, So why would you ever have a conversation with him about the type of math that you\u2019re involved in? And of course, he\u2019s gonna say, Yeah, just, let\u2019s report it.<br \/>\n8:39<br \/>\nYes, that\u2019s the job. So absolutely, and not to give too much away. You know?<br \/>\n8:43<br \/>\nThere\u2019s a lot of complicated aspects to understanding this, understanding it in your Understanding it in the sense that you understand it. You know how to act on it. Most people are never going to dig that deep into it. So we got to something yesterday, essentially.<br \/>\n9:00<br \/>\nYou talked about how to avoid so much of the trouble that comes with this, and that really has to do with the big, I\u2019m not sure we even said this clearly on the show. We did yesterday.<br \/>\n9:09<br \/>\nBut the big thing is who, who the problem comes in when you\u2019re when you\u2019re going from dollars to crypto crypto to dollars for the most part mm.<br \/>\n9:18<br \/>\nHmm, and you know, for all of the things that we help people, you\u2019ve helped people set up in the past. That\u2019s where the rubber really meets the road is where when you\u2019re you\u2019re dealing with Coinbase buying crypto, moving it off with Coinbase trading it ongoing. But that\u2019s that\u2019s where you\u2019re really going to run into your problems And for that you, for the most part. You just want to do it as a structure and not as yourself correct. Isn\u2019t that sort of the starting point. Yes, I think that\u2019s the way that I agree.<br \/>\n9:44<br \/>\nI think that using a structure as an account holder instead of yourself personally, that avoids huge problems Yeah, Most of it lies to the Fiat side, right? Absolutely. Yeah. When you buy an asset, it\u2019s not taxable.<br \/>\n9:58<br \/>\nThere\u2019s no tax consequence there, right. There\u2019s X, and you buy and you hold it, No one\u2019s gonna come knocking on the door and say, hey, we saw you buy this last year. We looked at the blockchain, and nobody cares. You can buy whole, I don\u2019t care who buys. But it\u2019s when you sell, right. How do you dispose of the acid turning to dollars? Yeah, and you can choose that you have the ability to, you could do whatever however you want.<br \/>\n10:20<br \/>\nYou have control over how that, that goes down.<br \/>\n10:23<br \/>\nLet me give you an example. Let\u2019s say just buy, buy, buy, and all of a sudden, I, maybe I get rich, and I have lots of money, and I just want to isolate a million dollars worth of Bitcoin.<br \/>\n10:33<br \/>\nAnd I don\u2019t have a structure, Maybe it\u2019s in my name. So, I take my million dollars worth of Bitcoin now, it\u2019s not in dollars, and I move it to a paper wallet it trades or whatever, just a cold storage wallet. That I can hand to somebody.<br \/>\n10:47<br \/>\nAnd then, he can look at the numbers, the private keys, and he can then validate the amount of money in dollars that it\u2019s worth, right? But still in Bitcoin, I can give that, that token or that wallet to an escrow agent.<br \/>\n11:00<br \/>\nAnd the escrow agent, if it\u2019s the right one, not all of them do this.<br \/>\n11:02<br \/>\nThe escrow agent can source the dollars for that Bitcoin under escrow.<br \/>\n11:07<br \/>\nHmm hmm. So it\u2019s basically in a trust that you don\u2019t have anything to do with, it\u2019s a third party.<br \/>\n11:11<br \/>\nWell, now remember I\u2019m talking about doing this without a structure and you\u2019re using cool. Yeah, all right. So I go, I take my, my Coinbase holding Bitcoin, I put it into a cold storage wallet a paper wallet even. I give it to my escrow agent. I\u2019ve already made an offer and let\u2019s say some real estate. This is a great example, it\u2019s easy to explain.<br \/>\n11:30<br \/>\nSo, I made an offer in real estate. The seller said yeah, except your offer, we have a closing date. I take my Bitcoin, give it to my escrow agent. I open escrow with a million dollars and let\u2019s say I\u2019m just gonna pay cash for the property, it\u2019s just easier to talk about. So, he\u2019s going to source, the escrow agent is gonna source that million dollars.<br \/>\n11:44<br \/>\nWhen the closing comes, that bitcoin will have been disposed of under the escrow contract, it does not give me a tax liability still.<br \/>\n11:54<br \/>\nThen when the closing happens, I\u2019m going to acquire the property now that here\u2019s the key part.<br \/>\n11:58<br \/>\nI can acquire the property in my name, which really defeats the whole purpose of going through escrow that way or how right did it?<br \/>\n12:04<br \/>\nBecause if I went from, I, it wasn\u2019t my Bitcoin because that\u2019s how the IRS sees it. It\u2019s just, it wasn\u2019t my dollars, put it that way.<br \/>\n12:12<br \/>\nIt\u2019s Bitcoin, who cares who owns it.<br \/>\n12:14<br \/>\nBut that bitcoin was moved into an asset worth one million dollars that I now own. So if I took title to the real estate, I would have income of one million dollars mm, that\u2019s easy to understand, but I don\u2019t have to do that. At the closing table.<br \/>\n12:26<br \/>\nThe day before, I could set up a company, and I can walk into the closing, and I can hold that title, I can close the deal, in the company name completely mm. So, I go from Bitcoin over here, that\u2019s not dollars, I don\u2019t have a tax situation, and I move it over to real estate. Not in my name, I didn\u2019t get a gain. And now this thing, I\u2019ve just funded, another company has all I\u2019ve done?<br \/>\n12:48<br \/>\nYeah, wow. That\u2019s a simple version. Here\u2019s another thing to keep in mind.<br \/>\n12:52<br \/>\nIf you reduce the time period between when you buy the crypto, then dispose of it. like take it off the exchange, because you\u2019re getting onto the exchange, because it\u2019s convenient. You can move lots of dollars, they\u2019re typically, alright. So if I just go onto Coinbase for example, and then that moment or the next day I move it to a private wallet. Let\u2019s say I really, I really like the bit phi and I like atomic wallet. If I, if I said I have atomic wall on a dedicated computer on a laptop.<br \/>\n13:16<br \/>\nSo, if I move it to my atomic wallet address, the minute or the day of now that time period, between buy and sell or dispose of is a small period.<br \/>\n13:26<br \/>\nAnd again, all you did was buy property and move it.<br \/>\n13:29<br \/>\nAbsolutely. And again, there\u2019s, don\u2019t, there\u2019s no disposition of the asset. Yeah, so there\u2019s no tax consequences whatsoever. And even if I did 4000 of those transactions, and I moved it right from Coinbase immediately to my private wallet. And let\u2019s say it gets a 1099, that\u2019s easy to fix.<br \/>\n13:44<br \/>\nBut now, all those, all that current, all that coin, that Bitcoin crypto, it\u2019s all in my private wallet, and I can trade, I can use software to go from coin to coin, and no one\u2019s going to report on me, because I\u2019m using software, I\u2019m not using a third party. So it\u2019s just, you know, there are a couple of things like that to keep in mind. You can avoid the tax situation. You actually have to go out of your way to create a tax liability. Oh, yeah, you have to you have to file something. You have to compile numbers and then say, Hey, IRS here, I\u2019m saying under penalty of perjury. That\u2019s my tax, they\u2019re gonna say fine. Great. All right. We\u2019ll take it. I mean, isn\u2019t that so much, John, of how people get in trouble with taxes is they\u2019re just constantly opening their mouth to the IRS and say OK, this, right. I got this thing over here You guys have some money for it. They do just go crazy like oh, I better tell them about this.<br \/>\n14:31<br \/>\nAnd the funny thing is you see these memes from Libertarian types on Facebook. You know, you know, you\u2019re you\u2019re fake libertarian, when you have a Facebook account, so I\u2019m totally So You\u2019re on CIA book, or what do they call, FBI book? Yeah, right.<br \/>\n14:45<br \/>\nyou see these memes where people are saying, the meme was.<br \/>\n14:51<br \/>\nThe tell the IRS what, you know, You guys already already know. What I owe in taxes, why don\u2019t you just tell me? And they say, well, we want to see, if you\u2019re going to be honest, that\u2019s sort of the meme. You know, the, that there, to trap you, that\u2019s what people think. that, they already know Everything.<br \/>\n15:05<br \/>\nWell, I\u2019ll tell you, the technical aspect of that is that\u2019s not really what they\u2019re doing. What they do, they need you to file a return under penalty of perjury, because you\u2019re the one that makes the assessment. The IRS cannot make an assessment until you file a return.<br \/>\n15:18<br \/>\nYeah.<br \/>\n15:19<br \/>\nTo which it does that, right There. Grab a hold of that principle, and it might change the way people do a lot of thing. Yeah. I think about that. If you realize what I just said, angry. You should get out. Yeah, I can\u2019t, like the number of times I\u2019ve come back to you and said, you know, from a client or a personal experience, and said, well, this person wants to file this, that, and the other thing, and you\u2019re like, Oh, you don\u2019t need to do any of that stop. Let me tell you. open yourself up the problem.<br \/>\n15:44<br \/>\nThat\u2019s right. Like I talked to a guy yesterday, and he was saying, because he had a 1099 issue with a debt collection, and I explained that it wasn\u2019t a tax situation, because he didn\u2019t do a settlement. He didn\u2019t meet the criteria. That\u2019s very common one.<br \/>\n15:56<br \/>\nYeah, and there are two letter rulings. The IRS has that mean, in his case. Most people, this is true. If you get a 1099 from a debt collector. It\u2019s not taxable, yeah. But just because it\u2019s 1099, doesn\u2019t mean you have to report it.<br \/>\n16:08<br \/>\nSo he, he understood, or his account, understood that.<br \/>\n16:12<br \/>\nThe problem is, his accountant asked the IRS to analyze the, it\u2019s called an exemption, and he filled out all these forms and documents, and it probably cost me one thousand dollars to do all this stuff. And finally with it, But I\u2019m saying, you go to a tax professional, and that\u2019s what they do. That\u2019s their bread and butter, right? But when he was, He\u2019s, I\u2019m talking to him, and I said, well, you didn\u2019t really have to do all that. All you have to do is tie your 1040, and it\u2019s automatic. They already know, and I said, You could do all that, but then you\u2019re gonna have to give them some more documents. And then, at the end of the conversation, he goes, oh, yeah, I do. You write I have to do this other thing. And so they want to document everything. I\u2019ve said, yeah, exactly.<br \/>\n16:46<br \/>\nYeah, so do get yourself in trouble, and just keep this in mind every time you file something.<br \/>\n16:51<br \/>\nUnder penalty of perjury, you create a liability for yourself.<br \/>\n16:54<br \/>\nSo, yeah, the least amount of things you can.<br \/>\n16:59<br \/>\nThat\u2019s a great a great place to end the discussion for today. Alright.<br \/>\n17:03<br \/>\nSo listen, John, Privacy, Fight Club dot com This is like you know, I\u2019ve known you for a few years, and I feel like Privacy Fight Club dot com is like John Singleton on the internet.<br \/>\n17:18<br \/>\nHad you\u2019ve had great resources out there before, but I mean here you\u2019re sort of putting it all together and saying No, let\u2019s let\u2019s put everything in one place. So we have our memberships This one is skewed and it\u2019s driving me nuts right now.<br \/>\n17:33<br \/>\nI\u2019m going to fix that as soon as we get off.<br \/>\n17:37<br \/>\nBut we also have so so here\u2019s here\u2019s what comes with that. You get access to John\u2019s courses. So, for example, in the base, you get your how to set up your LLC. Learn how to do these basic things to set you up. And by the way, not just for Kryptos for people who have collection issues, if you\u2019ve got defaulted debts, most people think those things go away. In our experience, they sue almost everyone for almost anything, whether it\u2019s one thousand dollars or $50,000. And you can learn how to protect yourself, simple ways, simple things that you can do so that you\u2019re able to use a bank account without fear. You\u2019re able to get paid without worrying about it being artist. You\u2019re able to own property without having Liens put against it. So simple. I mean, my goodness, for the Basic, by the way, there\u2019s a coupon, so all these prices are actually half, half off, if you use the coupon code. So, just just divide this by two, and those are the prices right now if you use a coupon.<br \/>\n18:31<br \/>\nAnd if you go to the ultimate class, we have our Crypto Profit and Taxes and some future courses. We don\u2019t promise anything, but we are very excited about future courses, and so you\u2019re gonna get what\u2019s here, plus what\u2019s coming this year. So make sure you check that out. We also offer consultations with John and everyone who joins Privacy, fight club dot com.<br \/>\n18:52<br \/>\nGets access to our Slack chat, where you can ask John questions. You can ask people, ask me questions. But I don\u2019t have anything, as I always say. That\u2019s a great question. You should message, John, That\u2019s literally, I welcome everybody. When they come in the group and say, hey, we\u2019re so glad you\u2019re here asked me anything. And then they ask me anything, and I say, That\u2019s awesome, send direct messages, John, So people can\u2019t see. people can see you laughing. They can hear you.<br \/>\n19:14<br \/>\nAnd so, anyway, but but it, that\u2019s a great part of the service, and then also, if you need further one-on-one consultation, we have that available for a very, very modest fee. So check that out, privacy, fight dot com. Privacy, fight club dot com.<br \/>\n19:30<br \/>\nYou really get a lot out of this.<br \/>\n19:33<br \/>\nAnd the Crypto Profit and Taxes course is ongoing, we\u2019re doing a new one every Tuesday, and they\u2019re about to get very practical. So now\u2019s a good time to start watching those. Of course, the previous episodes have all been recorded, so you\u2019ll get those with your membership. All right now, let\u2019s remember, it\u2019s not just about the taxes, because that gets you started.<br \/>\n19:51<br \/>\nWhat do you do with the windfall? Or whatever is you\u2019re planning on receiving?<br \/>\n19:55<br \/>\nAnd that\u2019s really the focus because the tax is the least of your problems. You think it\u2019s the big problem right now, but it\u2019s actually not, it\u2019s having a million dollars in the bank and then not having a plan on what to do with it.<br \/>\n20:06<br \/>\nExcellent, and everybody out there going, oh, I\u2019d love to have that problem, But it is a problem, It is, it\u2019s a big liability, actually. Kryptos now, it\u2019s, that\u2019s it. That\u2019s a problem you just might have. You\u2019re an early adopter crypto, some good things are gonna happen, so. All right, thanks, everybody.<br \/>\n20:22<br \/>\nThanks so much, John, OK, Thank you.<\/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-3b6e9e0 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3b6e9e0\" 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-e901ee7\" data-id=\"e901ee7\" 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-03fb69a elementor-widget elementor-widget-spacer\" data-id=\"03fb69a\" 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-8667b9e elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"8667b9e\" 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-55de520\" data-id=\"55de520\" 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-d36b720 elementor-widget elementor-widget-text-editor\" data-id=\"d36b720\" 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 webinar &#8220;U4 \u2013 Crypto Profits &amp; Taxes \u2013 Part 2&#8221; is part of an ongoing series on cryptocurrency and taxation, accessible to those who join Privacy Fight Club.<br \/>2. There&#8217;s ongoing confusion about reporting trades between different cryptocurrencies (like bitcoin and ethereum) to the IRS and whether these trades are taxable.<br \/>3. Many people are worried about tax consequences for small or obscure trades that they think will go unnoticed.<br \/>4. The speaker asserts that these fears are largely unwarranted, though they won&#8217;t divulge the full strategy for managing crypto taxes outside of their paid membership.<br \/>5. They argue that cryptocurrency is treated as property by the IRS, and there&#8217;s no new legislation introducing special tax treatment for these digital assets.<br \/>6. They claim that exchanges between cryptocurrencies are not taxable due to the lack of a &#8220;disposition of assets&#8221;, and they even have an IRS determination letter supporting this claim.<br \/>7. It is noted that most of the problems related to taxation come when converting from fiat currency to crypto and vice versa.<br \/>8. Buying assets, including cryptocurrencies, is not taxable, but selling or disposing of the asset can lead to tax consequences.<br \/>9. However, the speaker suggests a method of avoiding this: using an escrow agent to facilitate the exchange of assets, such as exchanging Bitcoin for real estate, without incurring tax liability.<br \/>10. The speaker concludes by reminding listeners to limit the information they voluntarily share with the IRS, as unnecessarily reporting transactions can create self-imposed liabilities.<\/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-3fd48a7 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3fd48a7\" 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-a9ea7c0\" data-id=\"a9ea7c0\" 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>U4 &#8211; Crypto Profit &#038; Taxes &#8211; Part 2<\/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\/6875"}],"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=6875"}],"version-history":[{"count":7,"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/posts\/6875\/revisions"}],"predecessor-version":[{"id":25137,"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/posts\/6875\/revisions\/25137"}],"wp:attachment":[{"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/media?parent=6875"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/categories?post=6875"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/privacyfight.io\/wp-json\/wp\/v2\/tags?post=6875"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}