Thread: Blockchain/crypto

Originally Posted by BroncoWave

Originally Posted by Shazam!

Biden Admin proposing reporting to the IRS crypto cash transfers of over $10k.

No problem. How many $9,800 transfers can I make a month? Unlimited I think.

In banking, any cash transaction over 10k is legally required to be reported to the government, and doing a bunch of 9800 dollar transactions to avoid that reporting is called structuring and is illegal. I'd very much imagine the law for crypto will be written very much the same.

That was proposed. Not law yet

Originally Posted by Shazam!

That was proposed. Not law yet

I know, I'm saying that proposed law likely would function very much the same as the 10k cash rule.

Originally Posted by SR

Trusts are an all-encompassing envelope of one person's "stuff". You can have a trust without having a penny of liquid money in it. You can establish a trust for only your financials. You can put whatever you have no matter if it's a house, money, a Beanie Baby collection, or whatever, in to a trust. You can establish a trust for the sole purpose of keeping all of your other assets concentrated in one spot. Say you open a brokerage account that's in the UR Family Living Trust. Lets say you saved up $50K from your earnings to open this brokerage account. That $50K has already been taxed, so your money that's being invested in to this brokerage account that is under your trust is post-tax. Any earnings in that brokerage account via dividends, sold stocks for gains, etc. are all subject to federal (and state if applicable) tax.

Yep, but if you start a new company and make ot a trust that gets in there before the large tax hit, like a 401k in aspects, the trust will still take it but its not going to be anywhere near the 40% or whatever it is for whomever it is.

Originally Posted by underrated29

Yep, but if you start a new company and make ot a trust that gets in there before the large tax hit, like a 401k in aspects, the trust will still take it but its not going to be anywhere near the 40% or whatever it is for whomever it is.

That doesn't make sense.

Why? Which part?

Originally Posted by underrated29

Why? Which part?

None of it. I mean, if I owned my own business and my business's deposit account is under the trust umbrella and that's where I deposit my earnings, it doesn't matter whether or not that bank account is in a trust or not. Earnings are earnings regardless of where they're deposited in to. The IRS isn't going to say "oh...well...the business earnings were deposited in to an account in a trust, so we'll take less". The purpose of the trust is there so that if you kick the bucket, the successor trustee has everything in one place and makes it easier to deal with as well as avoiding having to probate everything that's part of the estate to determine beneficiaries. There are ways to pay less income tax on income that is generated by the trust depending on whether it's a grantor or non-grantor trust, but that isn't what you're talking about.

I wish I never even posted in this thread.

Long live Ethereum!

But of course it is. As I mentioned before much like a 401k. That goes in before the gov taxes it. This is why the taxing the rich never works as I said earlier. They do not hold the money the trust does. The trust takes little to no taxation. Ask your accountant sir, about starting a new business under a trust with a shell company over the top and the tax liabilities of such.

Originally Posted by Shazam!

I wish I never even posted in this thread.

Long live Ethereum!

How are you doing today? Did most of yours rebound? I have only looked at one, but it rebounded in a HUGE way!

Originally Posted by underrated29

Originally Posted by Shazam!

I wish I never even posted in this thread.

Long live Ethereum!

How are you doing today? Did most of yours rebound? I have only looked at one, but it rebounded in a HUGE way!

There would have to be a major meltdown to lose everything. My profits got hurt but they're moving back up. If I didn't have cash tied up I would've bought back big time, but whatever. I can't buy every dip.

I moved almost everything into hi apy holds

Originally Posted by underrated29

But of course it is. As I mentioned before much like a 401k. That goes in before the gov taxes it. This is why the taxing the rich never works as I said earlier. They do not hold the money the trust does. The trust takes little to no taxation. Ask your accountant sir, about starting a new business under a trust with a shell company over the top and the tax liabilities of such.

But of course what is? There are different types of 401Ks too...Roth and non. The rules for those as far as pre-tax and post-tax are the same as IRAs. One is pre-tax contribution and the other is post-tax (Roth). What do you mean by the trust holds the money? If I go set up a trust tomorrow, it's still my trust. It would be the SR Whatever You Want To Call It Trust. I'm still the successor, I'm still the owner. The trust is not some separate entity. If I own a business and I file income taxes quarterly or annually or whatever, I still have to report my earnings the same regardless of where the money is deposited in to. Right? So what difference does me depositing the earnings in to a trust have to do with anything? These are genuine questions because I'm not an expert and what you're saying is causing some doubt on my end. If you could provide quantifiable evidence to your claims that would go a long way on educating me.

UR is an expert compares to me, but things in the Crypto world is so new? A lot of it needs to be ironed out

Remember when UR was all "The government literally can't tax crypto! They just can't! It's literally impossible!"?

IRS today: lol k

Originally Posted by BroncoWave

Remember when UR was all "The government literally can't tax crypto! They just can't! It's literally impossible!"?

IRS today: lol k

I don't have those answers, wish I did

Originally Posted by BroncoWave

Remember when UR was all "The government literally can't tax crypto! They just can't! It's literally impossible!"?

IRS today: lol k

Ok- so if the IRS changes something what I said when I said it is now invalidated?