Moving Crypto Profits Into Bank (Off-Ramping)

[@PlushSoul9]

You didn't mention one of the biggest problem retail investors fave when off ramping to a bank, most banks will freeze your account if they detect it's crypto related.

[@hermanmittt]

There are a group of us in Herefordshire, UK, aiming to pool our XRP and use it to set up a community bank which will be the financial hub of a new community trust. We would be looking at off-ramping and converting profits directly into assets like land and property to expand, secure and run our local community, ultimately, as a micro-nation. Exciting times... Thanks for sharing your knowledge, enthusiasm and energy. 🙂

[@daz7834]

Very interesting 👌 XRP 🎉

[@philmurphy3549]

I agree with Justin , having a battle plan to keep our XRP here in the uk without having to bleed wealth to any government let’s be honest, is so important, theirs paying tax and theirs being stripped of your efforts to better yourself and family, so all the help is gratefully appreciated dear boy 🙏🇬🇧

[@johnnymac6178]

I love how Lewis keeps this channel professional and informative. Not all hype nonsense and clips of useless conversations and dog and pony show political hearings. Thanks Lewis! Can’t wait to earn passive income off my bags.

[@KO1967]

Keep in mind that the Uphold card is not available in the U.S. Also, until merchants and people start commonly taking crypto as a form of payment (which is likely a good distance in the future) there is a need to convert crypto to fiat in order to use it in society and to take off risk just as you might due with a stock/equity.

[@seancurran8108]

Moving fiat from exchange to bank is not the taxable event its exchanging the crypto to fiat on the exchange. It does notify the tax authorities in your region that they need to look out for your tax return however.

[@Raziel0Reaver]

Not sure how it works in every other country but in Australia every time you dispose of your crypto, sell it, convert it to another crypto, use it to buy products or services, gift it to someone else, it creates a taxable event. So it's a real pain to use it for everyday things right now.

[@tuco5876]

It's about time a crypto influencer address is this subject. I don't think crypto influencers know how many people need guidance in this area. Especially with all the instability with regulations and such thank you for addressing it

[@LewisWJackson]

Well, I hope to be the one doing that for everyone!

[@Bigdej]

exactly. they try to make a profit off of holding the information. thank god for lewis. i have to give you a gift when xrp hits!

[@mariomalmanza]

The uphold card isn't available in the states

[@stevolanddownunder3549]

Great info Lewis thanks , Something that I found out a month ago is that some Gold Bullion dealers will accept crypto for payment of gold and silver . I am quite excited about it, will be a solid place to shift alt coin profits in bullrun season. They had on their office wall Btc Eth Ltc Xem and one other crypto I can't remember which one. Cheers Steve.

[@johnedwards1341]

Lewis! Have u looked into Glint pay rather than go through a bank, gains again when gold is revalued, just a thought 😎👊

[@xrpwatts2116]

Will you be taxed twice if you decide to cash a coin out into a stable coin like usdc. Then into cash as you need it? Would that be considered two taxable events?

[@kendplumber4615]

So if we buy an income providing asset, how do we purchase this asset without converting XRP to fiat currency ?? I’ve been waiting for options eg: staking, custodian investments or leasing my XRP…

[@GiancarloBianco]

Great insights Lewis! I am as we speak selling a plot of land and taking crypto as payment. Instant, no middleman, amazing. I’ll probably either stake for a fixed term at high interest and live off of that.

[@josephescobedo9989]

We still waiting for the Ledger CL card here in the states. That is what I’m going to be using to spend my crypto.

[@diannemckendrick]

Thanks Lewis for your continued search for understanding of how we can each get the best out of our XRP. It is so far from what we have known in the past, so your clear and easy to listen to videos are so valuable. Thank you! 😊

[@Bestie121-c12]

Thanks Lewis. Just another point regarding the tax. Swapping XRP for BTC for example, would also cause a taxable event. It would trigger a CGT liability if the amount you swapped had appreciated in value since you bought it.

[@cidcid3892]

You provide unbelievably useful videos which are much needed! Thank you!

[@Kingismyname7]

I really appreciate how u give all the necessary information explaining the intricate parts of how to maneuver the space is awesome. Thank you

[@davidcurry4485]

Hi Lewis, great work BTW. Just 1 question. After the Ripple IPO lock in period is over which brokerage firm are you using to store your shares, or are you selling them immediately on linqto. I'm having trouble with this issue

[@margaretburnham5683]

I think we all want to know that. I think it’s important to store on several different places. We want places that don’t force you to use digital ID

[@LewisWJackson]

I'll be holding majority

[@davidcurry4485]

@lewisjackso which brokerage do you recommend or is that in a future video

[@kendalvanantwerpen5689]

Thank you so much Lewis. Been looking for UK relevant information on this side of things, as we are all going to need it - hopefully soon. Looking forward to the trust set up information too.

[@leehurst70]

Cheers Lewis, appreciate all the content you put out and the amount of research you do! I also agree that it doesn’t make sense to take an (Apex Asset) crypto into an inflating and failing asset (Fiat) however, having said that. I have a question. If you were 50’ish and there was no guarantee that utility would be here until much later- let’s say 2030. Maybe it’s a good idea to take some profits into Fiat to make things more comfortable in the short to mid term, pay some taxes/not etc…? Then at a later date the prices would probably be very different and the amount of crypto assets left would be worth so much more…thus, you win the game!? What am I missing here?

[@Jake-rk7nf]

This is my first time watching you and I have to say your one of the better people for info along with moon lambo! Xrp is my favourite and largest crypto holding 😎

[@erinsteward6594]

I had a Xumm wallet 2yrs ago, could u make a video on the process of getting and using the decentralized wallet. Thx

[@LewisWJackson]

I'll consider it!

[@charlesmaou6375]

Question Please: When and if Ripple sets up their Bank, surely they would have visa cards, would I be correct that this would also work, ie keep your XRP in Ripple bank, and use your Visa card to buy whatever or withdraw Fiat from ATM.

[@RobertFrank77]

Your looking dapper today my friend. Great video, great advice!

[@lesliecain4115]

What if I've moved all assets off an exchange. How do you deal with that in terms of spending, taxes, etc for other nonXRP coins. I fully plan to stake my XRP.

[@M1ntedUK]

I have my first meeting with my financial wealth manager tomorrow morning and looking forward to your video tomorrow evening. I sincerely appreciate your invaluable guidance, and I look forward to participating in the mastermind in the near future. Big day tomorrow and thank you Lewis 🇬🇧

[@LewisWJackson]

Oh please let me know how it goes! Thats a big day! If it goes well, please let me know who it is, so I can provide them a platform to reach more UK people!

[@Barbosa888]

Hi Lewis! Thanks for all your amazing vids!! I share your vids with a lot of Senior people because they all understand your perfect and easy explanation of all topics you discuss. I am really interested in the trust option and off-ramping without converting in fiat money. Let’s go brother!!! Thanks again!

[@jessemartinez9561]

Question, If xrp is now not classified as a security, if it goes up in value. Why would you still have to claim it on taxes? If i buy a silver coin, and the value of silver goes up, i dont have to pay taxes on it.? If my Nolyn Ryan baseball that has his autograph, goes up by 100$ the day he passes away, i dont have to pay taxes on it. Where is this fine line? When it comes to xrp?

[@drb1963able]

Well said Lewis. I won't be moving anything until the US Treasury Note is announced and in circulation. Might sell some but it will stay on the exchange until taxes are a thing of the past and the bonafide currency is established. Why trade gold for a turd?

[@CRE888V]

Thank you. I’ve been wondering if I should off-ramp after a bull market

[@joebudi5136]

I got shht to do. I will be cashing out xrp for dollars as needed to buy things. What's the point of just holding it and looking at it? Staking failed. Amm hasn't began and we don't know if that will just bring pennies.

[@Matt-oz2jb]

You're wrong my friend - moving £ into a UK £ bank account is not a taxable event, it's just a transfer. HMRC are clear that EVERY swap from one token to different token or FIAT is a taxable event and must be used to calculate capital gains. Further more using assets to earn a yield is subject to income tax. The major problem now is being de-banked when attempting to actually pay the tax that's due

[@leetyler6140]

How do you collaterise xrp without spending it?

[@SnapDragon313]

Uphold card is not available in the US

[@sheikdaoud7909]

Thanks for researching this topic and helping us all out. Respect. 👊🏼

[@boootros]

i've been wondering, as i have been buying and swapping, changing platforms on a whim for a few years, what value would be set for the buy price to work out cgt when off ramping.

[@danking8230]

I was anxiously awaiting the roll out of uphold vault in September but when I queried uphold they responded they had no official word on the roll out. I got no other helpful information on where they are in the project or when I could expect to here something on the vault custody option?

[@Richy.p]

Always love your videos as they are just straight to the point and useful info. I’m trying to figure out how best to use my crypto as like u say converting it into fiat seems old fashioned now and I’m looking at ways to maximize my profits and growing assets.

[@chwaed1]

Uphold card is not available in the USA.

[@LewisWJackson]

That'll happen one day!

[@gregjewell4356]

How can we transfer real property into digital value?

[@jupitereye4322]

Here is the problem with a house purchase with XRP, if the value of XRP skyrockets; government (at least here in Canada) will look at that as liquidation of digital assets, which means they will ask for capital gains which can be very high, which then means you'll have to use part of those digital assets to pay that tax by selling it on the exchange. This is the main problem with massive appreciation, you have to pay tax. You can't avoid it, as far as I know. But you could maybe use it to borrow more money, and that may be worth exploring.

[@hdrogers2909]

When utility and adoption takes place......there wont be paper fiat anymore. Sooooo, the options for utilizing the chosen cryptocurrencies will be available that are not available now. Much like you cant 100% say what the value of one XRP is 5 years from now, you cant possibly say how you will be able to use your crypto.

[@lynnryan4167]

I plan to exchange my XRP for gold or silver on uphold. Wondering if this is a tax event?

[@jamesjohn5710]

Thank you for doing this. How about Glint Gold card assets, would you consider this?

[@redddo1]

Offramping to Fiat is required currently if you want to fastrack mortgage payments. At least for now until other options become available with banks.

[@Xxxx2025.]

I thought in the uk, you only pay capital gain tax after £12000….so the first £12000 you don’t get taxed on anything after you do

[@Crizzy4141]

Hello Lewie Lulu😊. Filtering crypto profit taking into a trust sounds like a good idea. Please share more for this ordinary Joe. Also the Uphold card is very cool sounding...Plus when will AMM start up? Mickey b. Fresh on KZbin seems to be leading the pack on education regarding AMM...how was New York? I live on the northwest coast US. Cheers🎉!

[@jamestomlinson870]

If you spend your crypto to make a purchase, you have realized a gain and must pay taxes on that. So if you bought a car or a house, you would have to pay the capital gains tax on that amount. There is no avoiding the taxes. Which means you have to come up with the dollars to pay that tax. Taxes must be paid in dollars

[@erinsteward6594]

U r correct….. a bit to the bank for specific uses, and the majority left in our fabulous crypto assets.🇨🇦

[@davidcanez1990]

I don't know how I just saw this and you for the 2st time, but awesome video, now I gotta go find the the video where you talk about the trust cause I have lots of xrp. Tha k you so much.

[@garymarsh6803]

This sounds great but when your sitting on mega amounts but if your only sitting on say 20 or 30,000 XRP it seems a bit pie in the sky or am I wrong?

[@LewisWJackson]

Well it all depends on the timescale...

[@MTNasta]

CL Ledger not avail in States yet. Bummer

[@LewisWJackson]

Oh really!

[@maryhunt4683]

I have stopped watching all other YT channels so that l only learn from your knowledge as it’s solid and not hyper inflated unfounded excitement…

[@LewisWJackson]

Awesome! Thank you!

[@BrosephFuncola]

In the US, every single conversion of xrp to something else, whether it's a short, a stock, a house, a car, another crypto, or Fiat is a taxable event The tax mitigation comes in the structure of the entity holding the XRP, not in how you spend it. If you want to skip the bullshit and complex hierarchies, a non grantor, complex, discretionary, spendthrift, irrevocable trust is where it's at

[@chrissights]

No access to uphold card for us in the states!

[@barthill4964]

I have been wondering on the transfer back to fiat for couple Years... thank You

[@LewisWJackson]

Glad to help

[@peppercrybeatz]

Sell on uphold one of the best for converting into fiat and bank connection

[@LewisWJackson]

Yeah I'd agree. Xumm for me though

[@peppercrybeatz]

@@LewisWJackson can you transfer from xumm directly to the bank with fiat?

[@eddieunutoa592]

I appreciate the information. I did not know about the XUMM wallet cost and the application it can do. Great info...thanks 👍

[@juliekromer7346]

Thanks Lewis, is this Mastermind for Brits only, or can those of us in the USA also participate?

[@hamishmaclean3920]

Spending crypto is a taxable event.....if it has gone up in value then the difference is a CGT event.

[@LionelIssara]

Hi Lewis Why you wouldn't sell your XRP during the next Bull Run as it will go down again after You could compound and buy more XRP with a huge profit on the side

[@gerard4688]

I'm from the Netherlands. How many xrp does one have to own for this 1% list?

[@LewisWJackson]

In theory you don't have to hold ANY... It's about the future...

[@andrewashburner]

Isnt spending your crypto (purchasing with crypto) still a taxable event in the uk? Im sure it is according to the HMRC.

[@gailflett8386]

Always listening and trying to absorb your hard earned wisdom and knowledge. ❤

[@sizigi6374]

Thanks Lewis! Please come out with a part 3. 5. 8. On this topic. I know it's a sticky topic but thanks for doing it.

[@musclebymike1382]

There is no way to avoid taxes....

[@LewisWJackson]

Some things are certain in life. tax is one

[@DavidWaeldervideo]

Gift cards?

[@Halflionhalffox]

Lew, Vale, Zac and T are the best (a few others are really good)more info / value and less hype. Hope you guys are in the movie 10 years from now

[@jamesfrancis5039]

Uphold 10,000 per day so if you have $1 million in XRP long time if you want to offramp into Bank of America or something

[@aliedge29]

Hey Lewis, as always....Great information shared and definitely something I need to look into further, the idea to just sell your crypto when your happy with value and turn it into Fiat, was the only option I thought was out there!! This needs to be looked into further. Already signed up to your 1% club and looking forward to learning more and and making to the most out of my digital assets through your knowledge and thoughts. Cheers again Lewis 👍

[@nickhemmesch6427]

You alway come with common sense Lewis. 👍👍👍

[@miguelgonzalez6213]

Lewis, the answer to "What do I do with my profits?" is so easy---you send them all to ME!! 😁

[@Aquifer007Alpha]

This is such important stuff, good for covering. Seems lots of exchanges in UK making it harder cuz of thr new marketing regs too!

[@shadyc7250]

FYI, in the UK, when you dispose[sell, convert into another asset, buy with it, gift it]your crypto you will most likely be taxable. You might need to pay Capital Gains Tax when you: sell your tokens exchange your tokens for a different type of cryptoasset use your tokens to pay for goods or services give away your tokens to another person (unless it’s a gift to your spouse or civil partner)

[@user-fc6cz2qo3z]

Exactly, every scenario mentioned in the video is a taxable event. The government is not going to allow investors to benefit from the profit of their investments without paying taxes.

[@davidevans6618]

PROFITS are a double edged sword. Inflat 💵 ion 🔥

[@stephennaylor1973]

Can you do a indepth dive on Xumm wallet please ❤

[@dash4177]

i only have 23,000 xrp I know some wishful thinkers talk about a hyge value but I dont really think thats enough to really count on

[@e4unow421]

Agent Lewis Jackson!

[@nasarhussain6783]

Hi Lewis love your videos keep up the good work. Just wanted to add how about transferring profits into stable coins for example on the ledger nano x you have the swap option. Do you think this is a good way of taking profits?

[@GUIDESPERSPECTIVE]

Uphold sucks for little guys. Fees just keep chipping away even on staking. You need to be rich to get the good service fees.

[@savedone9636]

Can't use the Uphold card in the US yet. "Thanks Gary..."

[@calumleggett8292]

I remember in the early days you spoke about this and my partner and i still have it as ours. Your the man lew

[@sherrytrogi9213]

Thank you for your knowledge from Canada

[@736peraa]

Plan will be to cash out some of my profits to purchase income generating assets which include real estate and adding to my dividend stock portfolio with profitable companies. Aiming for 7-10 % annual return. I'm aiming to achieve financial independence here . The rest of my cryptos will be kept until institutions can provide a secure platform for staking, to further boost my annual returns from my assets which i hope will give absolute financial freedom. I will also use my crypto sales to buy more gold and silver which has been my way of saving real money. Plan to keep my xrp. There are other cryptos in my portfolio that I can sell

[@donvenezia5438]

I can't wait. The other side is looking good. GOD BLESS THE WORD

[@PinkyFloyd5529]

Why background music?? Distracting

[@heycheckthis]

Move to jersey channel islands m8 no capital gains on crypto profits

[@regulardude2981]

You said if you transfer your profits from exchange to bank it becomes a tax event, it’s already a tax event every time you sell or swap your cryptos.

[@mq2146]

How do you sell xrp through XUMM

[@johno11111]

Great video been waiting for this ,,I've got a uphold card a NEXO card a CL card a Xumm account and a Caleb & Brown account all bases covered ,, just hope it's all worth it in the long run 😉

[@LewisWJackson]

Very nice!

[@vladimirjovanovich3341]

Lewis, what's the latest with the "Creation of Your Own XRP Bank" details?

[@LewisWJackson]

The concepts will be discussed in the Mastermind

[@vladimirjovanovich3341]

Ok. Thanks.

[@Bestie121-c12]

Thanks so much for this Lewis, i was having this exact debate with a colleague today

[@TheHomie024]

I was wondering, when it goes to the moon... when it comes time to take profit, I either want a favorable tax arrangement or is it safe to Hold the value in USDT or USDC while you wait for the bottom to rebuy??

[@LewisWJackson]

These are all great questions for your accountant!

[@hakimalhouny5387]

Hi Lewis...what you think about Revolut Bank ...All my investment in cripto is with them

[@LewisWJackson]

I'd get cold storage for your assets. See my link in description

[@user-hf5ww6zt7t]

Listening from Cuenca, Ecuador. I'd like to be in on the next podcast but didn't find the link to sign up. Help!!!😂

[@pixelpintura]

What are the trusty exchanges or institutions that you've found that can collateralize your XRP (or crypto in general) for fiat?

[@Binanceisafront]

It's a 10-20 year game even from this point, most of us won't see the potential in our lifetime, do it for your bloodline if not yourself! Peace and love brothers XRP and BTC are the holdings

[@Blue-Hawk-Legend]

With AMM you can basically loan out your crypto and earn lifetime money month after month

[@goldengoose4985]

I have a feeling you may be wrong here. You say (us in UK) when we spend our crypto from our crypto card, that’s it’s not a taxable event. I am pretty certain it is a taxable event as you spent that crypto ( you still sold it). Did you check with UK tax accountant? Or HMRC? If you gift Crypto then it’s non taxable. But sorry if you exchanged for goods, you still sold it in a way. Oh sorry l jumped the gun a bit, I watched more of your video now haha, but l do know if you spend your crypto you still pay CGT on it.

[@LewisWJackson]

Yeah I actually said that I'm not certain about that, but it was removed from the edit. Thanks for pointing that out