Can BankRoll Credits Save you Money on your Taxes? [VLOG#131]


one like I said talk to your account so
basically in crypto anytime you move from one crypto into the next it creates
a taxable event okay crypto currency news and investing just
so with more crypto gains what’s going on guys so a little tax hack got for you
today first of all let me say I’m not an accountant not a financial adviser so
this is my opinion of what you could do on your taxes possibly so you want like
I said talk to your account so basically in crypto anytime you move from one
crypto into the next that creates a taxable event okay so let’s say he
bought Tron earlier this year and he went into credits well ultimately
your face value of your Tron is going to be reduced by 20% because of the network
exchange fees so what does that mean well well first of all let me let me
preface this again now the divs that you make on credits the taxable event on
those would not happen until you move back to TR X so you have to take care of
that tax situation when that happens when you sell your credits but rolling
dibs doesn’t do anything you’re it’s you know until you move out of that crypto
you have you don’t have any taxable gains so with that being said let’s say
you bought $4,000 worth of of credits in June you basically would multiply that
four thousand by twenty percent okay so be eight hundred dollars because of
the network fees because you move from TRX into a different crypto so that
creates a taxable crypto event so in essence you can write off that twenty
percent as a loss because your USD value is going to be reduced by twenty percent
that’s it super simple hack you know if you have a
million credits you know it starts to get really nice because then you could
write off a couple grand off your taxes so think about that discuss it with your
tax advisor basically when you move from TRX into credits you created a taxable
event and with the network fees and the face value of credits it’s reduced by
twenty percent therefore you most likely could write it
off on your taxes and you definitely want to maximize those gains in general
in general from a tax standpoint if you have any bags that are weighed down at
the right before the end of the year I typically will sell sell those bags
anyways and that’s what I did in eighteen and take the taxable loss and
then just rebuy them at the beginning of the year because most likely they’re not
gonna magically just go up a hundred percent or something like that so you
know just in general with taxes with your crypto
you have to manage those bags to you know protect yourself from taxes
especially in a bear market that’s a mistake a lot of people do is they how
to answer their coins you know they had huddled onto their
coins through the 18 to 19 tax season when the reality is I had strong hands
they have lost ninety-nine percent of its value I just dumped it right and I
took the taxable taxable event because to me it was worth more gains to take
the write-off than it was as simply hold on to the coins it’s not doing me any
good especially when strong hands lost
ninety-nine percent of its value that was one of my Moon bags from the 2017
run so with that being said make sure you’re you are protecting yourself in
New York taking full advantage of the current crypto laws and as always like I
said check with your tax advisor on the current laws and standards and he or she
may be able to give you some tips on you know protecting your capital especially
at the end of the year because sometimes it makes more sense to sell and buy back
so with that being said I hope you enjoyed today’s video
this is crypto Sloif you’re not talking gains then we’re not talking

One thought on “Can BankRoll Credits Save you Money on your Taxes? [VLOG#131]”

  1. Capital Gains is all the IRS gives a huck about. If your accountant says a trade is taxable it is because you are that accountants ATM machine.
    MAKING GAINS?
    Bendover is your name as far as the IRS is concerned.

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