CPA

The_Realist01

Look - I get it. I hate trying to explain this as a CPA. But if you have a solid rate and or locked in payment, the contract is the asset, full stop. You always have to shell out cash to live in a structure. The government will always inflate away your debt. Go to a different country and let me know how much better America is for real estate contracting - 5 year resetting floating rates.

Batteryboyd

Whatever you do, keep in mind that profits made from selling a home are taxed as capital gains. Usually you can lower or eliminate the tax burden by reinvesting the profits into an approved investment (like ETF, IRA, or another home). If it is over 6 figures as you stated, talk to a good CPA not a bunch of Reddit losers like us.

justlandin

Dude.. 95% of cryptocurrencies are scams. Crypto is NOT a safe place to put your money. And no one who buys crypto even cares about the tech or anything 😂 you're all literally waiting for your money to 1000x so you can sell it for Fiat and live a fancy life - just admit it lol. We all "love the tech" and shill the roadmaps to other people to pump our bags, so we can sell it for Fiat when we make it big. Crypto is actually a joke... Can't believe it took me 4yrs and losing thousands of dollars to realize it. Should have listened to my lady who's a CPA lol

GroundbreakingArt370

Interesting, thanks for sharing. I'll dive into it further with my CPA when the time comes, for now, I'll keep stacking in hopes of better borrowing solutions.

Worriedstudent007

Just in-case you’re still not sure what you’re missing, USDT and USDC are very different assets. USDT is Tether. USDC is a USD stable coin issued by Circle. USDC’s reserves are audited by a very reputable CPA firm (oh shit, I didn’t realize that they switched auditors from Grant Thornton to Deloitte over a year ago at this point). USDT’s reserves are audited by black magic (I’m sorta joking). Just to be clear, having an audit doesn’t rid USDC of risks, but it’s way safer in my eyes despite the momentary depeg that occurred last year. That’s way more info than anyone needed, but hopefully now you see why some people are asking you to edit your comment. USD”C” vs USD”T”

michaelesparks

I would talk with a knowledgeable CPA. Any purchases over 1 year ago qualify as long term capital gains.

dontblamemeivotedfor

> Ot just ask H&R Block. Oh fuck no. My uncle was one of their top experienced people in his region. He didn't know anything beyond the very basics of personal filing. A good EA or CPA doesn't cost much for a short consultation, if anything at all, and they'll actually know what they're talking about.

redhtbassplyr0311

I have been using a CPA now for years mainly due to cryptocurrency. I download the .csv gain/loss reports from exchanges and hand them over to her. It takes them a while and I pay $550a year to have them done since yea there are so many taxable events and many of them have to be entered by hand. Money well spent

The_Realist01

CPA: Your gains above 45k (in USA) will be taxed, if you make $0 income. Above that threshold, you will be taxed. Your state might also have incremental capital gains tax, too. See a tax advisor if your bitcoin is a material / significant figure.

skyHIGH-1

🤣. The CPA , licensed financial advisor - enters the room. Judging others who is a good investor or not. I have fun peeing and posting shit comments here. 🤦🏻‍♂️🤣

splitsecondclassic

here's a side thing about inflation. If you're rich then inflation causes the assets that you hold to increase in value. Sometimes in a wildly fast manner thus accelerating your wealth trajectory. If you're rich, this is awesome. If you're not rich it means that all of your financial goals just became exponentially harder. Now, to taxes....if you own a business then your two largest expenses are Human Resources and taxes. BTC helps with that because your Human Resources are perhaps just family and CPA's. With taxes you could move to Puerto Rico (if you're a US citizen) and pay near zero but you have to get into their program first. The other option is to set up a series of LEGAL offshore trusts. This doesn't make life tax free but the way that you use them CAN get you close to zero. It's all a dance and sometimes it takes all year to plan but paying zero taxes in a country that seems to be doing things the exact wrong way is enjoyable. Don't give up. There are always methods.

Randomperson1362

There is also a lifetime exemption on the gift tax of about 13 million, so anything over 18k should be declared by the boyfriend, but it shouldn't be taxable. And of course, the best thing to do ask a CPA. If he can afford to give out a 70k gift, he may very well just have a CPA he can call.

kdoughboy12

Nope, there is no limit to how many capital losses carried over from previous years you can use to offset capital gains in a single given year. I've done this myself (a CPA does my taxes). The $3000 per year limit applies to ordinary earned income.

ImportantAir3445

so if you’re flipping houses to sell you still don’t want a mortgage because mortgage = bad and hitler thank u for ur all encompassing wisdom also your excessive use of the ellipses means you’re probably at least 50 years old and was able to take advantage of one of the best housing markets in history to make a ridiculous amount of money and then pretend you’re a financial genius, when you have an ACCA or CPA equivalent please come back to me

Soggy-Shower3245

I had an interview with them once before COVID. So it may have changed. The HR lady seemed nice but the business wouldn't even talk to me because I wasn't a CPA willing to get paid 80k in SF. I had around 12 years of experience in hedge fund operations. Over all it felt like a really cheap place to work that was just a bunch of people working off their couches. Depends where you are in life and what you want but I honestly would rather join a start up or a more corporate company. It just felt really seedy, but if you have a good experience go for it. I felt like they didn't care much about their workers or kind of wanted to exploit younger people for bad pay

Low_Candidate8352

All these analysts have CPA, CFA or Series 7, or any other professional Investment Management qualifications ? all Chrystal Ball or Tea Leaf readers IMHO.

Relative-Cold7304

I would ask a CPA but I think if you made a purchase of 10k and then held it for a minimum of (1) year then decided to cash out 10k of it and keep all your profits running you could show zero gains at that moment and of course once you started to sell any or all of the rest that would be determined as income. And therefore be taxed accordingly.

egej

Similar. Due to the vagaries of the US tax system if you can report your Adjuster Gross Income - AGI as being under 47k then 100% of your capital gains on investments held over 1 years is non taxable.  I bought a bunch of cryptos - not a super huge amount , then became disabled so i have 0 income now outside of my disability payments, so whenever i end up cashing out my crypto its non taxable for me.  It’s all about your AGI number, hire a quality CPA to handle your taxes & your AGI can be almost any number you are willing to pay taxes on or not. 

XinFix187

I’m kind of in the same boat. Get a crypto-savvy CPA to take you on. I found d out that if my wife and I cash out only so much and our income remains under a certain tax bracket, we won’t need to pay capital gains. I cashed out over 20k in 2023 to pay off debt from unexpected expenses and still got a return. My CPA and his staff work with ZenLedger and went back a few years to calculate profit and loss when I was trying to make money trading shitcoins. I actually had losses and they filed amendments on previous years. I actually got a return last year and 2022 even though I cashed out crypto. There are ways to fly under the radar if you can keep your expenses low and HODL.

Amedais

CPA here, and this is wrong. You have income in your scenario equal to the amount that you received in ISD as BTC. Doesn’t matter if you subsequently lose them. That’s not a tax write off, and you’d then have a tax bill you can’t pay.

savvitossk

Check out Binance. It’s a super easy and safe platform for trading cryptocurrencies. Perfect for beginners, it’s simple to use and has great support whenever you need it. Give it a try and get your first month free! [https://www.binance.com/en/activity/referral-entry/CPA/together-v3?ref=CPA\_00BA5O42DR](https://www.binance.com/en/activity/referral-entry/CPA/together-v3?ref=CPA_00BA5O42DR)

zachisonreddit

Unfortunately not that simple and they do need to know the details. For a couple of reasons: - There are different tax treatments for things held more vs less than one year. - If you buy 1 X token for $100, it pumps to $1000, you trade it for 1 Y token (worth $1000), that is a $900 capital gain you pay taxes on. If however you never trade that 1 X token and don’t sell, there is no taxable event and no capital gains is earned. Obviously this is not tax advice, and you should chat with a CPA, but also I recommend you check out token tax or coin tracker or coinly etc which assist on tax forms and wallet analysis etc. Good luck!

BashCo

You will probably never see your $30k again, so you would be reporting a capital loss due to having been scammed by your "fiancé" or Nexo. However, if by some miracle you don't get scammed, you would merely calculate the capital gain and report that. Consult your CPA for details.

springmores

My understanding is that you must also fill out the IRS worksheet and pay quarterly payments if the amount is high enough. I'm not a CPA so I would recommend getting professional advice.

JerryLeeDog

Your cost basis is effectively zero and you'd pay taxes on the entire amount you sell, unless you can prove it was an inheritance. You should be talking to a tax professional/CPA and not Reddit. This makes you look like an illegitimate criminal, so probably delete it honestly.

MathiasThomasII

Being a CPA/CFA I have a pretty decent grasp..... What about unrealized losses on all the business investors have tried to support and failed? No compensation other than a tax benefit but they want to take unrealized gains and spend it on what? You act like tbr government is so responsible with its money or that it's going directly into your bank account. The only thing that happens when the government gets more money is spending goes up well past what they funds support, more inflation, nothing back to Americans.....why is everyone so dug in supporting America's shitty government? Give them less and spend it how you see fit personally.

BuckNastii

As a tax professional and 33 years as a CPA …they can suck mah fat NUTZ!!

Pure_Effective9805

I got audited for crypto trading. It was such an incompetent audit. The tax examiner and my CPA were very incompetent. I got my number that I owned reduced 90% but it was still much too high. The lawyer would cost me more than the amount I owe so I guess I am going to settle.

imdabes

Kinda. TBH that happened back in 2016 I think but it didn’t start catching up to people until the last year or two when the IRS began working with chain analysis. The 2021 changes required reporting on anything in excess of $600 annually with the 1099. That’s when a lot of services began prohibiting US users from using their services. This will be the nail in the coffin for the average person who can’t afford to hire CPA’s to do their crypto taxes for them.

HistorianStrict

Well I’m the odd one out on this forum of BTC whippersnappers. No offense I don’t actually have a f defensive notion for that term but meant in jest. Just do happens I’m 79 manana and a CPA who has handled considerable crypto transactions for various clients. I’m basically retired at this pt. I think you want to make sure you’ve got that wallet address in 3-5 safe places. If the Bitcoin is in an ETF. there’s no sweating it. The year end brokerage summary stmt shows the stmt capital gains and losses for every transaction made by the broker. That’s both long term and short term transactions. The BTC is at an exchange like CB they also have to issue year end summary reports. It’s an off

HooofHeartedd

Mark J Kohler on YouTube covers this. He can structure it all in the most tax adventitious way to where it benefits your family. I’m 99% sure that he is a CPA and tax lawyer. I want to say he mentioned in a video that his fee to set everything up is like $1k but you’d have to reach out to him. Watch some of his videos he’s very informative on inheritance and crypto. I want to say he’s in Montana but he can do it across state lines I’m sure. Never used him but just an option for you. Best of luck

agoracomm

The following isn't financial/tax advice, and you should consult your CPA on all tax questions. In the US capital gains tax applies to both crypto and bullion. Long-term capital gains (over a year) taxes are lower than short term ones. As for a paper trail, it depends. Most bullion dealers have thresholds for collecting personal information, such as a copy of your ID, and sometimes the SSN (very rare), often set out by their AML policies. USD$ threshold amounts that trigger a request for such information vary from merchant to merchant. Typically smaller orders (under $10,000) won't trigger anything. Repeated orders might. Also, depending on the crypto payment processor that the merchant uses (Bitpay vs payments directly into the merchant's crypto wallet) there may be more or less of a paper trail involved. Hope this helps!