#518 3 Simple Crypto Tax Hacks The IRS Want You To Ignore

Main Street Business

Mark J Kohler and Mat Sorensen

Management, Tax Tips, Entrepreneurship, Accounting, Business, Business Structure, Estate Planning, Tax Reform, Legal Compliance, Tax Prep, Tax Strategies, Financial Reporting, Irs Updates

4.8 • 584 Ratings

🗓️ 9 August 2024

⏱️ 30 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this episode of the Main Street Business Podcast, hosts Mark J. Kohler and Mat Sorensen decode cryptocurrency tax tactics. They address the uptick in crypto ownership and IRS oversight, focusing on strategies like Charitable Remainder Unitrusts, tax-free trading with Roth IRAs, and LLC setups as S-corporations. They provide examples of significant tax reductions and steps to implement these strategies effectively. Here are some of the highlights: Mark and Mat point out how $28 billion in B...

Transcript

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0:00.0	Welcome to the Main Street Business Podcast with your distinguished hosts, Mark J. Kohler and Matt Sorensen.
0:05.5	Both are best-selling authors and have over 25 years of industry experience with 10,000 client consultations,
0:12.3	making them the leading tax and legal experts in the nation.
0:16.1	Together, they'll unpack the most complex tax, legal, and financial strategies,
0:20.6	crucial for saving more,
0:22.1	stressing less, and building generational wealth. Today, they're your personal advisors.
0:28.1	Ready to break it down for you and make the tax and legal game easier than ever. Here is Mark and Matt.
0:34.1	In this video, I am going to walk through three cryptocurrency tax strategies the
0:38.7	IRS does not want you to know about. I'm a CPA, attorney, bestselling author, and just last
0:44.0	month, we filed a client's 2023 tax return and saved them over $500,000 on a tax strategy
0:50.6	with their cryptocurrency portfolio. The truth is you may know nothing about taxes,
0:54.9	but that doesn't matter. You may own cryptocurrency. Did you know over 94 million Americans
0:59.7	own some form of cryptocurrency? The market cap on cryptocurrency is one trillion. And in the last
1:04.9	24 hours, over $28 billion was traded on Bitcoin alone. People, these transactions are taxed. The blockchain is public.
1:13.9	The IRS is watching. You've got to have strategies that work. And that's exactly what I'm going to do.
1:19.1	I'm going to walk you through these three strategies. So you better have a pencil and paper handy and buckle up because we're going to say some freaking taxes.
1:29.8	Now, don't worry, we are going to work through each one of these strategies, and I'm going to explain exactly what you need to do to save
1:34.3	thousands of dollars with your cryptocurrency portfolio. Okay, so let's jump into it. Strategy number one
1:40.0	is the charitable remainder trust. More specifically, the crut, charitable remainder unit trust.
1:46.8	Now, let me explain when this makes sense. If you bought some cryptocurrency a year ago,
1:52.3	five years ago, at some ridiculous lower amount, and now it's worth 10x or 20x what you paid for it,
1:58.6	what you're sitting on is called a huge capital gain. And capital
	...

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