Listen to my latest conference call on this subject: December 20th 2018 Receiving a 1099-K and How to Avoid the Taxes https://fccdl.in/w4Uh0GXJTr Did you know that transactions between crypto-currencies are not re-portable by the exchanges in which they are held. The 1099-K is deliberately erroneous so that people will mistakenly include the information on their […]
March 3rd 2020 Download PDF Version Here It’s an accounting practice that ultimately determines what type of tax liability someone has. You have to realize that the people who wrote the tax laws created a way for themselves to pay little or no taxes. They also create policy, certifications and licensing for the tax professional […]
Many of you have been asking me what I think of this, so let’s review the latest IRS Letter Ruling, 2019-24: https://www.irs.gov/individuals/international-taxpayers/frequently-asked-questions-on-virtual-currency-transactions Although I haven’t been able to locate this in the Federal Register, maybe someone else is better at searching it than me. The following has always been my premise on the matter and […]
The IRS is now sending letters to try and scare and trick people into responding or reporting cryptos when they are not reportable. It’s a form letter, Form 6174 titled “Reporting Virtual Currency Transactions”. This is nothing but a sales letter. It begins with, “We have information that you have or had one or more […]
In the late nineties I began “re-organizing” assets and income for people and small businesses having both large debt and large windfall situations. Referring to myself as “I”, is just for convenience, and many of you know my organization as Singleton Press, PMA (a private membership association). These strategies were part of various solutions that […]
Many of us are anticipating substantial windfalls on this next crypto-rally near August and September, and we have a need to take short term profits, but not with $20,000. Many of us need a way to manage $10,000,000 or more. It’s easy enough to go into a stable coin, but the adage of never put […]
Imagine for a moment that we had a taxing framework and did impose taxes upon the use and ownership of crypto-graphic currency. As all income tax systems operate, anywhere in the world, the taxpayer is the owner of the thing being taxed. We all understand very well that if we don’t own it, we don’t […]
BLOCKCHAIN TAX IMMUNITY TRUST Why do you believe that because the IRS changed its “1031 exchange” definition from “property” to “real property”, that it somehow imposes a new tax on crypto-graphic currency? There is no tax on crypto-graphic currency, assets, coins or tokens. However, the centralized exchanges have now been forced to help create the […]
Comm. by John Jay Singleton Chasseur was a Baltimore Clipper commanded by Captain Thomas Boyle, an American privateer. She sailed from Fells Point in Baltimore, where she had been launched from Thomas Kemp‘s shipyard in 1812.[1] On his first voyage as master of Chasseur in 1814, Boyle unexpectedly sailed east, directly to the British Isles, where he harassed the British merchant fleet. Boyle sent a […]
Most people live out their lives and never buy any assets. I think this may be attributed to people getting their basic costs of living needs met with a job and saving some money, such as in pension fund. A house in which you live is not an asset, but a house that you own […]
Over the last 25 years I’ve been providing clients, friends, partners and subscribers with little pieces of the whole picture on how to live well without using any social security number. Now I realize that some of you are committed by having disclosed or associated a social security number with, at least, a driver license […]
This article is supplementary to my chapter in The 7 Year Mortgage and Debt Free College Degree published earlier this year. What does the student loan debt look like on a national scale? There is $1.3 Trillion, with 44 million borrowers, who have an average debt of $40K each and the default rate is over […]
Have you ever called customer service and heard the welcome greeting that says something like “…this call may be recorded for quality assurance”, or “…this call may be recorded for security purposes…”? This is not truthful, your call is being recorded for purposes other than “quality assurance” or “your security”. The recording serves only to […]
Your car engine is defective if it’s getting less than 100 miles per gallon. There is vacuum and other technology, that is fairly old, which has been excluded from today’s engine manufacturing so that people will need to buy more fuel and pay for more maintenance on their car engines than necessary. The fuel injection […]
Suppose that the USD price of a Bitcoin (XBT) was $2,000, just suppose. As it turns out, today it is nearing $2,100 and is the reason I’m writing this article. In this case, 1/1000th of a Bitcoin would be, using international nomenclature, a “milli-Bitcoin”. The abbreviation of “milli” is “m”, so one-thousandth of a Bitcoin […]