How to Lower Capital Gains Taxes on Currency, Crypto, Real Estate Profits
One thing about the U.S. tax code is that the same rules apply to everyone. It doesn't matter your education level, ethical background, bank account balance, or address; the same rules apply.
The difference occurs in how you report your income.
If you are a landlord, rental income is reported on Schedule E, while if you are a one-person startup and do not implement a corporation, you can opt for Schedule C. If a foreign currency or your cryptocurrency goes up in value and you experience a serious profit, you would report your income on Schedule D.
But here's the deal.
If you experience a gain while investing in Bitcoin or any of the cryptocurrencies, you can use the same tax codes that the wealthy have used for decades to lower and in some cases, eliminate the capital gains taxes.
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There is no gimmick or slick stuff going on here. I am a registered tax professional with the IRS. My credentials are available upon request. The U.S. tax code provides tax benefits for all U.S. taxpayers, yet hundreds of millions of taxpayers get it wrong and end up paying up to 37% of their total profits in taxes.
Why is this?
The answer is simple.
Tax Attorneys, Enrolled Agents, and CPAs who understand the tax codes and the tax benefits charge anywhere from $300 to $1000 an hour to explain tax strategies to taxpayers. Most people are not ready to spend that type of money for professional tax help.
Most people don't understand the reasons for paying a tax professional that much per hour because no one has ever explained the tax benefits the wealthy have used for decades.
As a retired tax professional, I am spilling the beans. The good news is the channel's Course on How to Avoid and Lower Capital Gains Taxes shares the truth for forty-nine dollars. However, you will still need to hire a professional to prepare your tax return. The good news is that you will pay a lot less in taxes.
It's all about understanding your options.
Once you understand your options, you can make choices to help your tax professional to help you.
Tax professionals love knowledgeable clients who know what they want and understand what they need to do to get it.
Take the course, you will be glad you did. It is a one-time-fee membership course. You cancel the membership after the first month because YouTube will charge you again if you don't.
