CD147: TAX PLANNING AND NEW IRS RULES WITH SATOSHI PACIOLI
- nostr:npub1drlw0wmu9tq37usx4qt3u6u4zj44mrf3zsfa6xhcdyrh3n4wpmgqr4rfg0
https://cdn.satellite.earth/6997ecb26e2271ecd9dfe37c7f0de29d24f619b9bad51c9730214923cdbbc60c.mp4
Discussion
Hilarious
Just gonna hold to 10 million and cost basis 0 rather than dox my addresses.
Yeah, I have some that I have no idea on & considered writing that I'll just never sell that unless they do away with cap gains tax. Just hodl it to death or zap it away.
Most bullish podcast of the year? IRS made it so confusing its gonna make me long term frustrated HODL
My long term theory is that tax on bitcoin trends to 0 because people will be desperate to get their hands on any of it.
I thought I had this figured out but it was good hearing my assumptions confirmed by professionals. Thanks!
Jfc, this is ridiculous. At least it isn't a requirement and to be honest it seems that unless you have a big stack of coin it's not worth it. Anyone with less than 1 btc shouldn't even waste time thinking about it.
5 to10 (or more) years down the road, people who consistently DCAed and HODLed any amount of Btc will regret not having gotten themselves into the IRS’ Safe Harbor.
Once they sell or use any Bitcoin for purchases, they will be defaulted into the FIFO cost basis and end up paying the highest amount of tax relative to other options.
This is not tax prep advice, but disregarding this Safe Harbor option has the potential to cost Bitcoiners vast amounts of cash in tax expenses.
Appreciate nostr:nprofile1qqsqfjg4mth7uwp307nng3z2em3ep2pxnljczzezg8j7dhf58ha7ejgprpmhxue69uhhqun9d45h2mfwwpexjmtpdshxuet5qyt8wumn8ghj7un9d3shjtnswf5k6ctv9ehx2aqpr9mhxue69uhhxetwv35hgtnwdaekvmrpwfjjucm0d5klqft7 having us on to discuss the new IRS cost basis guidance, on such short notice.
Hopefully there are some valuable takeaways from this conversation.
#DontRiskItBisqIt
5 to10 (or more) years down the road, people who consistently DCAed and HODLed any amount of Btc will regret not having gotten themselves into the IRS’ Safe Harbor.
Once they sell or use any Bitcoin for purchases, they will be defaulted into the FIFO cost basis and end up paying the highest amount of tax relative to other options.
This is not tax prep advice, but disregarding this Safe Harbor option has the potential to cost Bitcoiners vast amounts of cash in tax expenses.
Y’all were talking in circles. Kinda hard to decipher new and old rules. 😂☮️💟