Crypto-Tax CPA Discussion

Crypto Taxes: CPA Panel Discussion

Crypto tax topics addressed by the xCubicle-hosted CPA panel, in which ReSure was represented by Bernard Reisz CPA include:

  • Crypto-to-Crypto Capital Gains
  • Crypto-to-Fiat Taxation
  • Taxation of crypto-gifting
  • Taxation of crypto-mining
  • Crypto-tax for non-US citizens
  • Business entities for crypto-investing and trading – LLCs and C-corps
  • Tax treatment of inherited cryptocurrency
  • 1031 like-kind exchanges for crypto-to-crypto transactions: Utility Tokens vs Digital Currency (Bitcoin, Monero, Ethereum, Zcash, etc.)
  • Tax Basis Calculations: FIFO, LIFO, HIFO, Specific Identification, Average Cost
  • Taxation of ICOs – Initial Coin Offerings
  • Hard Forks, Air Drops
  • The Cryptocurrency Tax Fairness Act
  • Ordinary income vs. short-term gain vs. long-term gain
  • Tax-free retirement accounts (Solo 401K, Checkbook IRA-LLC) for crypto investing
  • The IRS and Virtual Currency: Chainalysis, Coinbase John Doe Summons
  • FBAR (FinCEN 114), FATCA

Self-Directed IRA Custodians: Comprehensive List

Self-Directed Retirement Account Custodians: A Comprehensive List

Checkbook IRAs require a self-directed IRA custodian according to Section 408 the Tax Code, in contrast with Solo 401K Plans for which no independent custodian is necessary. Following is a comprehensive and hyperlinked list of SDIRA custodians. Note: Not all trust companies listed below are checkbook-control friendly. Continue reading “Self-Directed IRA Custodians: Comprehensive List”

Tax Podcast: Optimizing Your Real Estate & Crypto Investments

In this episode of REAL ESTATE RADIO LIVE WITH JOE CUCCHIARA, we discuss different  types of real estate investments, their respective tax treatment, and the importance of using the optimal tax entity to achieve the greatest tax savings for each. Tax entities for real estate investors are  LLCs, partnership-LLCs, S-corps, and self-directed retirement accounts. Depending on the nature of your investment, you’ll want to use the appropriate business entity  – or combination of entities – that will give you the best results.

We also discuss the tax treatment of Bitcoin and cryptocurrency transactions. Investors in digital currencies are surprised to learn that trading virtual currencies results in taxable income even before they cash out their holdings to dollars. For example, if you trade Etherum for Ripple, even though you receive no “fiat” (industry jargon for paper money) you still must pay taxes to the IRS on any gains, as outlined in IRS Notice 2014-21. Self-directed retirement accounts, such as Checkbook IRAs and Checkbook 401Ks, can eliminate the tax compliance burden and tax liabilities of crypto investing.

Crypto Tax-Free Podcast

Crypto IRA and Crypto 401k Overview

In this live radio broadcast, we discussed the fundamentals of Cryptocurrency taxation and tax-free Cryptocurrency retirement account investing. If you’d like to invest tax efficiently in Bitcoin (BTC), Initial Coin Offerings (ICOs), Bitcoin mining, and any other Blockchain venture, this podcast will give you the basics for doing so with Checkbook SDIRA and Solo 401K Plans.

The IRS published guidance regarding the tax treatment of virtual currencies in IRS Notice 2014-21. Cryptocurrency transactions, even when no “fiat” is received, are taxable events. For example, if a crypto investor trades Bitcoin for Ethereum, he may owe taxes on that trade – but the transaction will not have provided any US Dollars with which to pay the tax liability (the IRS does not yet accept crypto payment of taxes).

Crypto-mining has particularly unfavorable tax treatments as ordinary income. Self-directed retirement accounts, when properly structured, can be used to significantly improve the tax results of mining operations.

2018 Tax Filing Calendar

Self-Directed 2018 Tax Filing Calendar

A comprehensive 2018 Tax Filing Calendar for self-directed retirement plans, businesses, exempt organizations, trusts and estates, and individuals. Continue reading “2018 Tax Filing Calendar”

Best Ever Real Estate Podcast: Joe Fairless & Self-Directed Retirement Accounts

Best Ever Real Estate Show: Self-Directed IRAs and Solo 401(k)s

Check out this Best Ever Real Estate Show Podcast about self-directed retirement IRA and Solo 401K plans that we did with Joe Fairless, the Best Ever Team, and the Best Ever Listeners!

In the podcast, we cover some key Checkbook Control IRA/401k topics:

Hope you enjoy – and we welcome your feedback.

 

 

Checkbook IRA: Year-End 2017

Happy New Year to All Checkbook Control IRA Investors!

2017 was an exciting year – from the explosive emergence of Cryptocurrency to Tax Reform – we in the Self-Directed IRA community have had a stake in the evolution of the investment and tax landscape. In this post we’ll highlight how 2017 regulatory events relate to Checkbook IRA investors and provide some year-end IRA-LLC planning pointers. Continue reading “Checkbook IRA: Year-End 2017”

Solo 401K: Year End 2017

Happy New Year to All!
 
2017 has been an exciting year for checkbook control – from the explosive emergence of Cryptocurrency to Tax Reform – we in the self-directed retirement community have had a stake in the evolution of the investment and tax landscape. In this post we’ll highlight how 2017 regulatory events relate to Checkbook Solo 401k investors and provide year-end tax planning tips.

Continue reading “Solo 401K: Year End 2017”

Solo 401k: What Can Be Better Than A Self-Directed IRA?

Self-Directed IRAs, Checkbook-Control IRAs, and IRA-LLCs are powerful investment vehicles with great tax benefits. For those that qualify, Solo 401K Plans are far better vehicles for retirement-account real estate investing. In this post will introduce the fundamentals of Checkbook Solo 401k Plans and their benefits. Continue reading “Solo 401k: What Can Be Better Than A Self-Directed IRA?”

Solo 401k Loan FAQ

One of the most attractive features of a Self-Directed Solo 401k is the Checkbook 401k Loan feature. The loan proceeds can be used to finance anything you’d like and the interest payments are made to yourself. In fact, SD401k loan interest can be viewed as a way to make backdoor contributions – beyond the contribution limits – to your Solo tax advantaged retirement accounts. Once paid to the your 401(k) plan, those funds will grow tax deferred or tax free.

Do you have debt to pay off? Do you want to purchase a new vehicle? Pay for education? The Checkbook Control 401k loan feature is your best option. In this post will cover all that you need to know to legally take advantage of this checkbook-control feature. Continue reading “Solo 401k Loan FAQ”