3 Simple Crypto Tax Hacks The IRS Want You To Ignore

[@michaelgood9218]

Thanks for the nice explanation. Like you said, CRUT distributions are taxed, which is higher than Cap Gains. Sure, they are off-set by the charity deduction for 5 years but eventually you'll be paying even higher taxes on your gains. I'm not so sure the numbers work out in your favor.

[@livingdavidaloco9641]

That's what I'm seeing. $120,000 income. 25% tax per year, just say $20k, plus $20,000 per year in life insurance? So, $40k per year, then the $8k lawyer startup fee. In 7 years you'd be around the same tax bill as when you started. Oh, and charity gets the rest of that money. So, you turn $1.2 mill into, say, $10 million in 20 years...and that $10 mil goes to charity, you've got nothing left from all your effort. OR you pay the $300k in taxes, have $900k to invest yourself. $900k just in the SPY for 20 years would turn into $6.5 million...and you can give, say, $500k to charity instead of $6.5 mil. Maybe I'm not seeing something, but CRUT seems like it only makes sense if you don't expect to live more than ~10 years.

[@NatureLovingIntellectual]

Being tax exempt is beautiful 😎

[@amerchiro11]

Please tell us how much money in gains to consider CRUT?

[@fluffyhoundog]

How about discussing the CLAT?

[@LoriPHarris]

Love your channel Mark!! I always learn so much from you and your associates every time i listen! Thanks for your attention to detail!

[@starchild9.9]

I am LOVING this. Now, I just need my 10,000% gain on my crypto!!!

[@ABDIMOHAMED-vz5wk]

Versidium is bridging the gap between traditional finance and crypto. Revolutionary!

[@Chaka2479]

Bitcoin is the answer!

[@martinlutherkingjr.5582]

Can you setup a CRUT while retaining the private keys?

[@RoyAllisonDavis]

Good question!

[@thankdrew1173]

If you own the CRUT you own the keys.

[@martinlutherkingjr.5582]

@@thankdrew1173 But do you hold the keys?

[@scottisizzle]

You forgot to deduct the accountant and lawyer fees from the pie. lol...

[@JakeSlaughterr]

Cost way less than just selling 😂

[@bfdklfs]

Is there a way to transfer already purchased crypto into a Roth without selling and rebuying?

[@hootans.4293]

The dollar generally loses between 20% and 30% of its value over a 10-year period due to inflation. With current economic conditions potentially accelerating this depreciation, paying taxes in one lump sum now and investing that money could be more advantageous than spreading out payments over time. Inflation can erode the purchasing power of your savings more quickly, and this long-term reduction in value can be likened to a form of taxation, as it diminishes the real value of your money

[@johnbrady7686]

problem that i see is that we are exchanging capital gains tax for income tax. high earners would prefer to take the capital gains tax than income tax

[@richg657]

@21:16 Mark mentions the first question on the 1040 tax return for is, "Did you buy, sell, trade any sort of cryptocurrency in the last year". This is somewhat misleading because it doesn't state it in that way. Last years question #1 is states as, "At any time during 2023, did you: (a) receive (as a reward, award, or payment for property or services); or (b) sell, exchange, or otherwise dispose of a digital asset (or a financial interest in a digital asset)?". So, if you purchased, say Bitcoin, and you have held it the entire time and didn't cash it in, then you would answer NO to this question. I think he's directing this towards "traders" but still, it doesn't state "buy".

[@Person333free]

Thank you.

[@JC-vk6ii]

It makes sense to have a good plan, the issue is most people wont do this, just because they're lazy. Im moving to Puerto Rico and will put some of these systems in to affect. Nice video

[@RainCheck8007]

Can this strategy apply to forex XAUUSD short term gain?

[@jorgebitcoin3034]

Thank you Mark, Excellent!! You’ve given me back my hope! Haha. Quick question: for strategy #1, you only mentioned crypto. Can this strategy also be applied to stocks or real estate investments? I'm in my 50's and I own some BTCs Stocks etc. I have a full time job and I love trading and I'm about to invest in a property. What do you think is the best strategy for me? Thanks again!!!

[@umairkhan5157]

Can you please make a video for people who are in australia?

[@kasmstamps1897]

Initial enquiries seems need to set up a self managed super fund SMSF. From there can setup a crypto account. Drawback is that yearly fees for SMSF are around $4k-$6k so really need a substantial account to make it worthwhile. NFA

[@patrickpaes6653]

what can you tell me about XRP, Ripple or XLM an how to buy and protect it

[@leomoval]

Mark!! You need to buy XRP. You Are Welcome

[@vassemkhan6011]

Vematum's technology is next level! So glad I found this early.

[@mustardonthebeet]

he didn’t talk about that but ok

[@Freshmint2091]

Do I get taxed when I transfer my stock to IRA account from my regular trading account?

[@gunnera1]

Thanks for the tips. I’m a 17 year old planning to start a crypto mining corporation next year and you helped answer some of the things I didn’t know about. Thank you.

[@princelyadiele-nzewa668]

Good luck!

[@surfbum8166]

I love that painting behind you

[@loucinci3922]

Enjoyed the video. Thanks for sharing

[@Deadgruven]

Does this work for new york state residents

[@peterdelbove2838]

Great advice Mark. Thanks.

[@iantheman8332]

Very informative, thank you

[@raybarlow575]

Can I move crypto from my wallet to the Crypto IRA or Roth Crypto IRA????

[@joshscott3271]

Great insight and advice man, Winning!!!

[@cougarlove8542]

Awesome, I actually have a charity already and plan to give most of it to that. I wonder do I need a CRUT?

[@thisproductivelife8250]

what if for example you accidentally misallocate the crut? For example buy all kind of property and expensive luxury items. there’s no money left for charity. What happens next? Will IRS track you down for not donating to charity

[@johnandrosekelly6719]

What happens when they change the tax laws?

[@PaulVazquezJD]

We find new strategies.

[@cliff4713]

Hi Mark Very interesting and this video really got my motor running , which at 81 is hard to do ..haaa thank you and I signed up for the Aug 22 event...Bud

[@shofarhagadol4698]

I've heard of CRT's, but this CRUT is sparkling like a gem. I have a Roth Solo 401K which is amazing- so many tax-free investment options.

[@rich25511]

You don't report period

[@Westcoaststyling]

Two guarantees in this world, death & taxes...

[@isismelchizedek6325]

Can I move from BitcoinIRA to Gemini?

[@Lulu-kt6gr]

What do you think of cardano?

[@zenquester3896]

So for strategy number 1, what if you live past 20 years?

[@martinlutherkingjr.5582]

20 years or when you die, which ever is longer

[@NavidRahim-iu7cj]

Versidium is the real deal. Get your VRS tokens before it's too late!

[@seedyoursuccess]

Simply Brilliant. Thank you!

[@magic0423]

QUESTION: If I create a CRT, will the money I receive in payments be considered earned income or investment income? As a retired individual, that has not yet reached full retirement age, will the income from the CRT effect my Social Security retirement payment if the payments exceeds that maximum earned income allowed???

[@NGF-Life]

Great video. I have a question regarding to the trifacta. Do you recommend adding a WY or DE LLC as the parent company before the revocable living trust? THe layout would be passive LLC and operation LLC all report up to a WY LLC and then WY LLC goes to the RLT 1040? Thank you so much for your videos, it is very informative.

[@ashish523]

Who else is counting days for BicoIai listing? 🔥🔥🔥

[@Post_Oak_]

How does SD-IRA work with buying land as an IRA?

[@RaviKashyapji-oe9tj]

NVIDIA backed token - BicoIai is gonna be massive.

[@Rohitkumar-hl2oe]

Best AI I've used so far, incredible accuracy

[@Waah.indians]

This thing just rendered me a video with the sound, i mean nobody could detect that it's an AI. BicoIai is gonna be huuuge!

[@salmabegum2833]

WOW. Just like me, my portf is 80% Bicolai.

[@ravikishanyadav3589]

Hopefully this one will crash my 6 limit :)

[@Gurmeetpro193]

I mean if NVIDIA backed it, it must be super cool :)

[@559mile]

Hi Mark- thank you for this information! I have a question about strategy #2. Over twenty years ago when I left my first job, I had a small amount in the companies retirement fund and I transferred it to a Traditional IRA (I didn't understand the difference in implications back then between Roth and Traditional). It was a small amount and grew somewhat over the years. This spring, I changed the fund my Traditional IRA invests in to one of the new Bitcoin ETF's. If I make some money from cypto trading- can I put some of it into the traditional IRA for a tax break? (I assume since it's a traditional and not a Roth I would have to pay some taxes when I go to withdraw from it at retirement but didn't know if I could still have a tax break from it)?

[@ja.digital617]

Thank you mark!!!!!

[@rahimuddin6889]

Thank you love the insight

[@gatorbite9816]

That scenario would be long term capital gains tax no? If you bought way back when and are now selling it should be considered long term capital gains tax no? 15%?

[@borngreat8962]

Long term capital gain is 1 year and 1 day and it’s not fixed at 15% could range from 0-28% depending on your tax bracket

[@ReedMyresDavid]

Now that bitcoin etf is approved, What is the best strategy to enter crypto trading for someone with more or less than $5,000 to invest?

[@WingerAndres]

As a beginner, it's essential for you to have a mentor to keep you accountable. I suggest Miss Stephanie Aaron Trentham is extremely good on that. She is really good on what she does, Now I can pay so many bills because of her help.

[@Vlad-ei3bs]

This is correct, Stephanie strategy has normalized winning trades for me also and it's a huge milestone for me looking back to how it all started.

[@Jamiewhite663]

Yes, I agree with you. Her platform is wonderful and her strategies are exceptional.

[@Holler-cy8vn]

The first step to successful investment is figuring your goals and risk tolerance either on your own or with the help of a financial professional but it's very advisable you make use of professional.

[@ReedMyresDavid]

Please how can I reach out to her easily?

[@marcokawar5459]

Can u do all that after u bought bitcoin?

[@ramonnoodles784]

What about seniors or people on SS...the crut wouldn't work

[@yaakovgurzhiev4121]

Who are your tax lawyers that can help, where do you find them? Your website is not showing them?!

[@BrigetGstar]

As an enthusiast, I would like to know the most effective strategy during this period of volatility with the rates? My portfolio is in (20% Index funds, 20% ISA/SIPP and other assets). Right now I want to explore different strategies to benefit from a potential bubble.

[@ana_coexistcrypto3998]

Great video; thank you :)

[@CASHFLOWKING01]

Can you do this UK ?

[@jwillard911]

Is this for the rest of your life? Or 20 years? How is the tax on your % taxed? Ordinary income?

[@adamfutey2854]

Is there a wage limit for CONTRIBUTIONS to crypto Roth like normal Roth

[@martinlutherkingjr.5582]

What is a “crypto roth”?

[@shdog56734]

Can you put part of your out investment in a crut?

[@Lulu-kt6gr]

Is it irrevocable?

[@gabakbusiness]

what about living in puerto rico no income taxes?

[@andrefarinha419]

Is this the same in europe/Portugal?!

[@jeangalka8144]

How does a person over 70, start a self directed Roth?

[@mclovin6537]

Wait… I just calculated using a rough approximate CRUT table. If I put in 20 million into a CRUT, I get 10% a year, I don’t touch the amount in the CRUT so it stays at 20 million. I have to pay California tax rates… at the end of 20 years I only get 13m. Which means I effectively lost 7 million to taxes. That’s 35%. Now if instead we calculate that I use 1 million to make 20 million so a 19 million increase for long term gains tax. In California for that long term tax I need to pay 6.8 million in taxes. Bruh. wtf. It’s the same shit. For me I’d rather just pay that 6.8 million in taxes now and get it over with. CRUT only pays a max 10% a year and is limited to 20 years. YOU WILL NEVER GET YOUR ENTIRE AMOUNT BACK. IF YOU PUT 20 MILLIES IN THERE, THERE IS GOING TO BE 2-3 MILLIES THAT YOU WILL NEVER EVER SEE AND ITS GOING TO BE “CHARITY”. After calculating the numbers… IT DOESNT MAKE SENSE. The ROTH makes more sense.

[@PaulVazquezJD]

The CRUT is a different strategy for a different situation. For example, you can only contribute to a Roth while you are working; outside roll-overs from traditional accounts. So you're right, the Roth is a better strategy while you are working and have yet to max out the contribution limits of the standard and mega back door methods. CRUTs are only good instruments for tax savings; if you intended on donating that money to your charities, but would like to do so in a more tax advantage way. I hope that helps. Different tools for different sets of facts.

[@Chaka2479]

Don’t forget the tax deduction and you can get a lifetime CRUT.

[@chewie1355]

Thanks

[@shofarhagadol4698]

Mark, an organization owes crypto to me. Can I have them send the crypto to my CRUT, instead of me? They would get the deductions and I get income, correct?

[@echin01]

Surprised you didn’t talk about tax loss harvesting and wash sale rule not applicable to crypto for the traders??

[@Mrbreezehd60]

Very interesting information, hoping I'll need the service soon. 64yo, I'll have a few years to Enjoy as a crypto millionaire. ✌️😎

[@ianrooney2275]

The problem with all of your loopholes is that in every example you no longer have your coins in your own wallet. The whole point of crypto is to hold your coins in your own wallet that nobody can seize and that you can take wherever you want so that nobody has control over your wealth except you. Your loopholes could be broken with one new law written in and the coins could be gone. Keeping your coins on cold storage you can just stay on chain until taxes are actually fair, and if they never become fair you can just leave and bring it all with you and go somewhere else.

[@seacow2001]

What his strategy is is to avoid tax when you sell. If you are holding the coins in your own wallet you will not be tax and we would not have a problem. Price will go up and down though so what you have you must be sure it will stay the same or always go up or else you could be holding on to dead coin if you don't take profit.

[@borngreat8962]

That’s not true. All the strategies you hold your own private key (except for the simplified ROTH IRA with Gemini) but you can avoid that as he mentioned by setting up a self directed ROTH IRA or 401k and then an LLC inside that ROTH can hold your crypto. With this LLC, you can have as many hardware or hot wallets as you wish and your LLC / ROTH own and control the private keys.

[@ShadowRealmLegacy]

Self sovereign individuals hold their property in their name.

[@ianrooney2275]

@@borngreat8962 yeah meaning you don't own or control your own private keys, your shady tax loop hole that could get closed by the gov holds them.

[@danrolla3352]

You control the trust, you control the wallet.

[@adrianjabascal4749]

Nice suit also!!!

[@Lulu-kt6gr]

After 20 years you have to give away the whole account? What if you’re still living?

[@ambar2xl7]

Bought NVDA22K after watching your video, super excited! 💰

[@gamerkingss9486]

Excited about NVDA too! It’s great seeing our investments grow together. Let's keep it up! 🚀

[@jayantkumar7216]

Feeling good about NVDA! Great community and potential.

[@arbaazpathan2093]

Looking forward to NVDA's growth!

[@amitkalamagiri7674]

Thrilled about NVDA's potential! Happy to be part of this community and looking forward to gains!

[@bhujbalsinghyadav]

Feeling positive about NVDA's future!

[@Josue-e9j]

I’m 18 and have five figures in crypto is there any way to save taxes as a teen?

[@KingPriyom]

you need to hodl kiddo. your future self as a billionaire will thank you

[@MrEvanBacon]

I’m sure the target customer for this strategy are for people who are making a ton of money already

[@PaulVazquezJD]

Knowing is half the battle!?

[@dingdongdaddy589]

It’s not capital gains after 12 months…?

[@SAL-fs1mr]

It's long term capital gains after 12 months. Which is a lower rate.

[@cbarber]

WHAT??? 14:11 "Ever, ever, if you are??? (sand lot smalls???)" wot?? no tax ever but what is the if???

[@bazrain4008]

What can we do in Australia....anyone have any similar info for AUS

[@MR-qe9ve]

You don’t pay upfront but then you keep paying tax up to the amount withdrawn as distribution!!! It might be higher tax!

[@tubtalkwithbrian4782]

You had me at #1

[@oahukiteboarder808]

Didn’t Gemini go bankrupt?

[@amerchiro11]

I can’t wait for the crypto summit.

[@syfodias-jedimaster]

Cant u just borrow against it?

[@valbow7047]

Doesn't exist in Canada 😢

[@christianrathbone9931]

Makes me feel like I can take control of my retirement.

[@PaulVazquezJD]

Yes, you can too. Mark provides great strategies to help people take control of their tax and financial situations. He has even trained people like me, to help viewers, like you, bridge the gap between his general advice and a trifecta tax strategy tailored to your needs. Are you ready to being? Hit up Mark's Tax Advisor Network and book a free client interview to start your journey.

[@JoshSpace]

Ive heard that an LLC can invest legally anywhere in the world. No US-based CEXs list the asset I’m heavily into. Can I use a VPN to create an institutional wallet account on an CEX in another country that does?

[@borngreat8962]

Even with an entity (LLC, corp, offshore corp) the exchange will still verify the Identity of the owners and your US ID would suffice. Easy way, Get a 2nd citizenship / residency or for $300 get a much easier Palau digital residency and then pair that with your entity.

[@ja.digital617]

lets go!!!

[@onlythebest3311]

Why the f would you go through all this bs to setup a charitable trust and risk some shady lawyer screwing you over when the distribution is still taxable? Instead of selling 1 million in 1 shot, just sell 10% each year…it’s the same as getting a distribution from charitable trust without all the headaches. Pretty stupid…only reason to use this is to protect the money from creditors which isn’t a problem for most people unless you are Rudy Guliani

[@lorrainee4841]

Can you hold crypto in a crut?

[@ericgallup7927]

The video covers how to do it. 😉 Watch it all.

[@lorrainee4841]

I did- my takeaway was that you had to sell your crypto to fu d the crut and then can buy crypto and hold in crut. Just looking to see if that is correct.

[@Chaka2479]

@@lorrainee4841that’s my question. Can you just donate crypto to fund the trust or do you need to donate the crypto, sell the crypto, then re-buy crypto?

[@rossinnz]

Cheers

[@marteanderson7963]

Just move to Puerto Rico

[@scoaste]

I was getting really excited about this until he mentioned only about 10% of the FMV is a tax deduction, and it's over 5 years. I was hoping to be able to do a massive backdoor IRA conversion and not pay taxes on it. Granted, it looks like the concept could still be done, but just not as much and gradually over time instead.

[@donatellaanthony]

Thanks for the advice! Got NVDA22K, feeling bullish! 🚀

[@aubretjones]

Thanks for the insights! Bought NVDA22K, predicting big returns! 📈

[@eettaa6011]

I'm All-In

[@DARSHANNAYAKA-pi9dp]

It will soon all over the news

[@Khilehwar]

Same here! Exciting times ahead! 🚀

[@Sahilsheikh59-u9q]

Feeling optimistic about NVDA! 👍

[@eddios1124]

Absolutely! NVDA is a winner! 💪

[@6gatornation]

Why does it cost so much to set up a trust

[@Hornbone21]

Nice 👍🏻

[@crypto.g6280]

buy real estate and its then tax free holding it for 2 years. Take an equity loan from the real estate and invest again.

[@J00se_1]

Remember people there's no tax RULES IN the US CODE...

[@mrkoolio4475]

There re laws

[@Jmony123]

not to mention the Biden proposed 46% capital gains tax