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Atomic Wallet platform is the simplest way to connect buyers and sellers within a decentralized framework.
Of course, many might not be aware of what PundiX is. First of all, I will like to enlighten us on what PundiX is exactly. PundiX is a decentralized platform enabling users to buy goods with cryptocurrency in the real world. They have payment terminals at retail outlets, so people can buy something with cryptocurrency and both buyers and sellers are winning on the commission for the deal. All you need to do is to find a seller who has a Pundi XPOS terminal that supports NPXS, BTC, ETH (and ERC-20 tokens), XEM, QTUM (and QRC-20 tokens), ATC, XLM and more other cryptocurrencies. Great!
Discussed below are some good features PundiX:
XPOS is a smart device which is connected to the PundiX Blockchain. It enables the users who don't have a bank account use the NPXS tokens in their wallets in order to buy goods. The main features of PundiX payment terminal are following:
The Pundi X's philosophy is not only to build a technologically superior chain, but also one that has real-life application.
PundiX is a dividend token. That means you can keep your NPXS and get reward in a decentralized and universal Atomic Wallet that supports all the top Blockchains and other 300+ cryptocurrency assets.
You get 7.316% of your NPXS holdings each month from the Airdrop automatically deposited in the Atomic Wallet. If you have 100’000, you will get 7,316 of NPXS from Airdrop (there is this arrangement on ground; 7.316% for 2018; 2.11637% for 2019 and 0.88187 for 2020).
Some of the blockchains have dividend features, for instance; NPXS or NEXO, do have a Dividend Paying Cryptocurrencies. These companies share their profits by distributing dividends among their token owners. Tokens with dividend feature may also have voting rights similar as stocks. Proof of Stake (PoS) can be considered as a form of a dividend concept. Token holders keep their tokens in a supported wallet and receive the rewards for it during the time.
Furthermore, Atomic Wallet has integrated Simplex as a bank card operator. What this means is that, you can buy XRP, Bitcoin, Litecoin, Bitcoin Cash and Ethereum just in a few clicks within the wallet application of Atomic.
https://i.redd.it/bwauck9a95p21.png
The AWC token created for the Atomic Wallet project is a strictly limited token that can also be used as a tradable asset. Below is a couple of ways to get AWC:
i. To claim AWC tokens, the first option is to install the Atomic Wallet App. Then claim free 25 AWC by leaving an email in the Airdrop tab. You will get your own promo-code to share. Once your friends install the app through your own promo code, they will receive 25 AWC for signing up and you will receive an additional 25 AWC for each referral.
ii. The second option is that you can take part in the Bounty campaign of Atomic Wallet and get AWC as a reward for likes and retweets or making your own content about Atomic Wallet on social media. Create an article or video and get much more tokens for quality content!
iii. And thirdly, you can buy AWC on the exchange, IDEX, for example. Create your own wallet, top up your balance with Ethereum and buy AWC with this trading pair.
The team at Atomic Wallet aims to create a full ecosystem with a lot of specific features, functioning on a decentralized basis.
https://i.redd.it/mmazs5nc95p21.png
Become part of the Atomic community and enjoy the decentralized power!
For more information about the Atomic Wallet project, kindly get connected with these links:
WEBSITE: https://atomicwallet.io/
DOWNLOAD THE ATOMIC WALLET APP: https://AtomicWallet.io/downloads
TWITTER: https://twitter.com/atomicwallet
MEDIUM: https://medium.com/atomic-wallet
FACEBOOK: https://www.facebook.com/atomicwallet
REDDIT: https://www.reddit.com/user/atomicwallet/
GITHUB: https://github.com/Atomicwallet
https://i.redd.it/av9orocf95p21.png
WRITER'S DETAILS
BitcoinTalk Username: cryptoblezin
BitcoinTalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=2178561;sa=summary
ETH Address: 0xC89b8Dd7e3E137DB108575EeAe301E52b6C72d9F
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Today the Security Token Ecosystem needs more services aggregation, processes standardization and procedures digitization in order to achieve a global adoption, and this is why the EQWITY ecosystem is created.
But before we dive into the EQWITY review, let’s have a general look at the crypto market and the problems faced on exchanges.
The cryptocurrency market has seen vast expansion in the last two years with continued increase in market capitalization and in the number of cryptocurrency coins and tokens (which collectively total more than 1,850). This is a result of media hype and media coverage of the crypto market, as well as its unregulated nature that has allowed vast participation by even the most uninformed of retail investors.
This is not surprising as the crypto market far outpaced other markets by staggering amounts. Some cryptocoins gained as much as 20,000% between 2016 and 2017.
The lure of quick and supposedly easy money has not only caught the attention of genuine companies and investors in this space, but has also attracted nefarious entities who want to grab a share of this market. With no regulation to check what is coming into this market as an investment product, a lot of scams have taken over. This poses a real problem in the crypto exchanges and the market at large.
We now have a situation where many scam crypto exchanges are mostly common, and the majority of crypto investors are afraid, unsophisticated investors without the knowledge of how to decipher the scam crypto investments from the real ones.
Lack of regulation in the market and exchanges has also created a situation where there is no trust entity to validate the thousands of new cryptocurrency-based products that are entering the marketplace on a daily basis.
Trusted and accurate information channels that can serve as valid sources of informative and educational content for the unsophisticated, retail investors are lacking.
What is the end result? Many cryptocurrency traders have lost and are still losing money in the crypto market.
High transaction fee after a successful trading is another challenge on the cryptocurrency exchanges, lack of security, liquidity, and so on.
Eqwity is building the easiest way to enter the security token offerings (STOs) market. Eqwity is a decentralized ecosystem that is aggregating, standardizing and digitizing all necessary services for performing a Security Token Offering.
https://i.redd.it/zhhzwt25u4p21.jpg
Eqwity aims to bring back the notion of access to services by introducing the STO Plus which is a new hybrid model entitling to a compliant security token as well as a utility token for enjoying the services.
Eqwity is the first decentralized ecosystem to easily get into the security token offerings market; and it includes new concepts linked to solutions that will be deployed at different project stages.
With the development of STO Plus (STO+), Eqwity has successfully introduced a new hybrid model entitling to a compliant security token as well as a utility token in a two-in-one package. This improvement aims to bring back the notion of “access to services”.
PoV will be used to determine which project is viable for launching a public offering.
https://i.redd.it/3jfbqu28u4p21.jpg
Every submitted project will be divided in different parts based on field (financial plan, product market fit, penetration strategy, token economics, and so on) which must be audited. Once this is achieved, each part will be randomly sent to a decentralized network of auditors organized in block fields (financial auditors, marketing auditors, blockchain auditors, legal auditors, and so on). For joining the network of Eqwity, each new auditor will need to be verified first (identity verification, background checking, skills test, project audit simulation).
Several auditors in each block field will compete to be one of the first five to define the project as viable or non-viable in their field. Once this is reached, the audit session is stopped. But, not every auditor gets a reward only the five winners from each block field.
For participating, each voluntary auditor will need to deposit first on the platform the amount in EQY tokens he would desire to earn for his audit service (a max value will be defined by the platform for avoiding abuses and ensuring self-financing).
After the audit session is terminated, three other auditors from each block field will be randomly selected for becoming safeguard auditors. The role of the safeguard auditor is to verify the quality of the audit (relevancy, fraud…) performed by the five winners.
If a majority of safeguards define their audit as relevant, qualitative and free of fraud; the auditors get back their deposit and received the same value as a reward in BTC or ETH. The safeguard will earn a fixed reward previously defined on the platform for this kind of mission.
If a majority of safeguards find a fraud or a real irrelevancy, the concerned auditors will get a black point, in other words a warning, and their deposit will be frozen and sent to safeguards as an additional reward. In this case, the project is resubmitted to the network for a second audit session.
It is important to know that after receiving several black points an auditor is banned from the network for ensuring the highest level of quality in each block field.
And lastly, all audited projects report will be available to the public and recorded in the blockchain.
The Eqwity platform is amazing! Isn’t it?
https://i.redd.it/p96cot1bu4p21.jpg
A voting event could be automatically generated by the smart contract (for example; day of decision about dividends sharing) or initiated by founders for deciding on a strategic or non-strategic decision.
The nodes are notified via Community Voice DApp. They get all information regarding the voting event (purpose, rules, dates, and so on).
Each node is notified again for submitting their vote when the voting event starts.
Before the vote is submitted, the smart contract check if the utility token wallet of the node have the sufficient balance for proceeding (1 EQY = 1 Vote).
At the time the vote is submitted, 1 EQY token is debited from the shareholder's wallet and the vote is recorded within the smart contract.
The voting event automatically close once the end date is reached. All nodes are notified at the same time.
They are automatically generated and smart contracted. 8. Once all votes are considered, the results are pushed to all shareholders via Community Voice DApp.
Discussed below are some of the amazing features that stand out this project, EQWITY among others:
https://i.redd.it/7cva2k9tu4p21.jpg
By definition, Roadmap is a plan or strategy intended to achieve a particular goal. That is to say the EQWITY Roadmap is step-by-step means by which the mission of the project is to be fully achieved.
Below is a pictorial representation of the EQWITY Roadmap:
https://i.redd.it/5bgt22pyu4p21.jpg
Eqwity offered hybrid (2) tokens: Security Token (ERC-1400) + Utility Token (ERC-20)
See the specifications of each of the token below:
https://i.redd.it/ia6jhem1v4p21.png
Behind every good project, there must be a solid team who are always brainstorming and working towards on how to achieve the aim of the project. Here in EQWITY, we have a diverse team of individuals with varying backgrounds ranging from experience in technology, business strategy, blockchain, trading, finance, management, marketing, and development.
11 experimented professionals are now involved in the creation of EQWITY ecosystem.
Below are the brains that make up the EQWITY Team;
https://i.redd.it/3sjy7m19v4p21.png
https://i.redd.it/rrankplav4p21.png
Rest assured that EQWITY will provide powered-up, cutting-edge features for both the amateurs and professionals crypto users who require the full range of earning more, decision making and fundamentals information at their fingertips.
Key in now into the EQWITY project to safe guard your funds in a unique and welcoming environment, discover promising new technologies and ask or give advice in a community focused on creating a bright future for everyone! Become part of the EQWITY community and be one of its token holders now that the price is still very cheap to afford for everyone.
For more information about the EQWITY project and participation, kindly get connected with these links:
WEBSITE: https://www.eqwity.co.uk/
TWITTER: https://twitter.com/eqwity_official
LINKEDIN: https://www.linkedin.com/company/eqwity/
YOUTUBE: https://www.youtube.com/channel/UCEeKpSGEztyo9jFFa--SfKw
https://i.redd.it/7yp9wbyev4p21.jpg
WRITER'S DETAILS
BitcoinTalk Username: cryptoblezin
BitcoinTalk Profile URL: https://bitcointalk.org/index.php?action=profile;u=2178561;sa=summary
ETH Address: 0xC89b8Dd7e3E137DB108575EeAe301E52b6C72d9F
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Founded in 2011, Asia Live Tech has established itself in the casino industry as a highly trusted and leading iGaming developer and software provider in Asia.
Asia Live Tech iGaming platform continues to soar in popularity, thanks to its major contribution in the Asian online casino industry. We’re talking about it being the first cryptocurrencies iGaming software provider in Asia.
What makes Crypto special?
The online casino software provider taps into the rapidly-growing crypto space because it presents new possibilities and opportunities for iGaming operators, affiliates, and aggregators to make a decent living. Since players are often than not wary of their anonymity, Asia Live Tech is geared towards developing technological solutions also adapted to player’s needs so they can get the most of their favorite games in regards to safety and entertainment.
The iGaming Platform by Asia Live Tech
This revolutionary platform reveals a service which involves the creation of online casinos that accept payments in digital currencies such as Bitcoins, Litecoins, Ethereum, Ripple, and other cryptocurrencies. The platform is so robust that it can also support altcoins. Investors looking to create their own iGaming websites right from scratch can take advantage of the Asia Live Tech White Label solution. This covers all the technical difficulties typically involved in the development process from web design, hosting to game implementation and online protection against hacks. Their White Label software solution has got you covered. The operators’ major task will simply be focusing on communication and marketing their online casino website.
Already have your own iGaming Website? No Problem
There’s the Product Integration solution for operators that already have an online presence. With this software solution, the operators can increase their library of games for better entertainment and diversity. The team of technicians at Asia Live Tech will guide you in integrating the Live Dealer Casino games to bridge the gap between land-based and online gaming. Some of the popular live dealer games include Roulette, Sicbo, Baccarat, Dragon Tiger, Fan-Fan, and Belangkai. That being said, slot enthusiasts aren’t left behind either. There’s a great list of vibrant video games with cool graphics and sounds that will leave players glued to their screens for endless hours of entertainment.
Other unique products
Asia Live Tech also specializes in solutions such as Asia lotteries, Keno, and Sportsbook Betting. When your online casino offers players with more quality options of games, you increase the chances of them sticking around to enjoy your services.
Time to GO LIVE With Asia Live Tech
Clearly, you can’t go wrong with Asia Live Tech. The platform has evolved from a simple iGaming software provider to a robust iGaming platform powered by various additional aspect to give you the edge in the market which is constantly surpassing even its own achievements. With Asia Live Tech, you know you’re in the right hands.
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High quality service at a great price. 5 concurrent connections at the same time with only 1 subscription. Any combination of MAC and M3u type devices.
Our APK allows users to manage their own MAC addresses as well as categories that you see during play.
Works on almost all devices from IOS, Android, Windows, MACs.
For the sports fanatics out there our MatchCenter section is going to be your home. Nicely organized section in our apk and website where you can easily see all the sporting events in one central location. Within our website MatchCenter allows you to watch up to 4 games at once.
Activation can be done within 15mins of payment being received. No waiting 24 hours for your email to get processed.
Prices are quoted in Canadian dollars.
Payment Options......
For customers service I normally reply within the hour.
Trials are available but are NO LONGER FREE. Too many people where abusing them. Trials will now be $3 and are good for 1 day. If you go with a sub, the charge will be deducted from the total amount.
Referral program, for every 2 people you refer, your monthly subscription price will be $1 less. No limit to that so if you refer enough your subscription will be free.
Backup provider available as well.
Any questions please feel free to msg me.
Hey guys - I interviewed Drew Kernosky about crypto tax reduction strategies. He talks about mining deductions, crypto-backed loans, and qualified opportunity zones (which can let crypto traders defer their gains for years, and then even pay a reduced amount on them). I think a lot of crypto traders will be interested, and probably surprised, at how useful these strategies can be for them. If the summary piques your interest, check out the podcast. I've included timestamps for each topic, too. Disclosure: I work for BitcoinTaxes.
Guest: Drew Kernosky of Archer Tax Group
Topic: Tax Reduction Strategies; Crypto-Backed Loans & Qualified Opportunity Zones
Summary:
Cryptocurrency capital gains can be an extra source of income, however these gains are taxed, and the taxes can become costly for many crypto traders. In this episode, we speak with Drew Kernosky of Archer Tax Group, to discuss ways to minimize these tax burdens using crypto-backed loans & qualified opportunity zones, which can give traders a way to defer gains until 2026.
Our guest, Drew Kernosky, has been in the tax industry for six years, and has been working in the crypto space since early 2017. [00:29]
Drew: I've been in taxes for probably six years now, in a variety of different capacities. I worked for one of those “if you owe $10,000 or more to the IRS, give us a call”. I’ve worked in cryptocurrency since the beginning parts of 2017.
I’ve used that expertise, and that backing in understanding the law and how the IRS goes after things from a procedural standpoint, to guide our clients to the best cases for them, but not to where they're taking an unnecessary risk. Our firm applies that knowledge to crypto.
Cryptocurrency income is taxable. There are ways to offset some of that income by utilizing deductions. [03:05]
Drew: When you receive a token, you would receive it as ordinary income. You'd subtract all of your expenses - and ideally, you'd have enough expenses that eat up all that gross revenue so that you've got no net profit, or at least an ordinary loss. The benefit to that is you're not going to pay any income tax on it then and also you've got a higher basis on your crypto. So whenever you sell your crypto for less than you acquired it for - whether that's by buying it, mining it or receiving it for services, you actually end up creating a capital loss.
For crypto miners, deducting your mining equipment isn’t always viable. [04:20]
Drew: If you are selling the mining equipment at a loss and create a capital loss because you were holding it as an asset, then yes, you can actually take that against your crypto gains. But as far as the actual mining losses - so let's say, you spent $10,000 to mine $6,000 worth of Bitcoin, you've technically got a an ordinary loss of $4,000. It's not going to directly offset the capital gain like a capital loss would. But when we run it through your actual return, we're going to reduce your overall income by the $4,000 that you've lost through the business.
Generally speaking, deductions are listed on Schedule C - and there are quite a few items in the crypto world that may qualify. [05:31]
Drew: If you've got the equipment, electricity, and everything else, you're going to want to put that in your Schedule C if you're an individual.
Maybe you've got a cell phone that you can depreciate the actual cell phone because you're paying the payment plan on it. Most people don't realize that they can take the full value of their cell phone if they're using it almost exclusively for business. Most crypto people I know were checking their phones every 30 seconds, checking market prices, maybe running some software through their phone to check their uptime on their miners, or security. That’s all deductible.
The more that we can find it to stack against the revenue, the better it will be for the actual minor because they'll generate a loss that isn't going to be capped like capital losses.
Crypto-backed loans are a great way to pull value out of your existing crypto, without triggering taxable events. [07:36]
Drew: The idea of being behind a crypto-backed loan is when you are using an asset to secure a loan and you're not liquidated in any way, kind of like a home loan, you're not going to get taxed on the value that you pull out of the equity. So if you're trying to really push for long term capital gains and you still want to trade the market, it's a really great way to pull the value out of your existing crypto without triggering any kind of taxable event - provided that you're not having an a liquidation event.
Qualified Opportunity Zones (QOZs) may be the answer to many crypto-traders qualms about high capital gain taxation. [11:50]
Drew: QOZs are probably the greatest gift out of the Tax Cuts & Jobs Act. They're all over the country. The general idea is if you've got a capital gain that you reinvest within 180 days of the date of sale, into a QOZ, you can defer that capital gain until the end of 2026 - as you hold the investment in that zone. That investment can be either a building that you improved substantially or a business that operates primarily in that zone. There’s a couple of other caveats too.
QOZs give crypto traders and investors an opportunity to defer, and actually decrease, their capital gains. [14:20]
Drew: The other kicker too, after five years, they give you a decrease on the recognition of that gain. At year seven, they get an additional 5%. If they hold the asset for 10 years, the fair market value of that asset becomes the cost basis. It gives them that chance to exit with zero capital gains at year 10 year, 20 year 30 and I think year 40 as well. There's a lot of potential there.
Hey guys - I interviewed Drew Kernosky about crypto tax reduction strategies. He talks about mining deductions, crypto-backed loans, and qualified opportunity zones (which can let crypto traders defer their gains for years, and then even pay a reduced amount on them). I think a lot of crypto traders will be interested, and probably surprised, at how useful these strategies can be for them. If the summary piques your interest, check out the podcast. I've included timestamps for each topic, too. Disclosure: I work for BitcoinTaxes.
Guest: Drew Kernosky of Archer Tax Group
Topic: Tax Reduction Strategies; Crypto-Backed Loans & Qualified Opportunity Zones
Summary:
Cryptocurrency capital gains can be an extra source of income, however these gains are taxed, and the taxes can become costly for many crypto traders. In this episode, we speak with Drew Kernosky of Archer Tax Group, to discuss ways to minimize these tax burdens using crypto-backed loans & qualified opportunity zones, which can give traders a way to defer gains until 2026.
Our guest, Drew Kernosky, has been in the tax industry for six years, and has been working in the crypto space since early 2017. [00:29]
Drew: I've been in taxes for probably six years now, in a variety of different capacities. I worked for one of those “if you owe $10,000 or more to the IRS, give us a call”. I’ve worked in cryptocurrency since the beginning parts of 2017.
I’ve used that expertise, and that backing in understanding the law and how the IRS goes after things from a procedural standpoint, to guide our clients to the best cases for them, but not to where they're taking an unnecessary risk. Our firm applies that knowledge to crypto.
Cryptocurrency income is taxable. There are ways to offset some of that income by utilizing deductions. [03:05]
Drew: When you receive a token, you would receive it as ordinary income. You'd subtract all of your expenses - and ideally, you'd have enough expenses that eat up all that gross revenue so that you've got no net profit, or at least an ordinary loss. The benefit to that is you're not going to pay any income tax on it then and also you've got a higher basis on your crypto. So whenever you sell your crypto for less than you acquired it for - whether that's by buying it, mining it or receiving it for services, you actually end up creating a capital loss.
For crypto miners, deducting your mining equipment isn’t always viable. [04:20]
Drew: If you are selling the mining equipment at a loss and create a capital loss because you were holding it as an asset, then yes, you can actually take that against your crypto gains. But as far as the actual mining losses - so let's say, you spent $10,000 to mine $6,000 worth of Bitcoin, you've technically got a an ordinary loss of $4,000. It's not going to directly offset the capital gain like a capital loss would. But when we run it through your actual return, we're going to reduce your overall income by the $4,000 that you've lost through the business.
Generally speaking, deductions are listed on Schedule C - and there are quite a few items in the crypto world that may qualify. [05:31]
Drew: If you've got the equipment, electricity, and everything else, you're going to want to put that in your Schedule C if you're an individual.
Maybe you've got a cell phone that you can depreciate the actual cell phone because you're paying the payment plan on it. Most people don't realize that they can take the full value of their cell phone if they're using it almost exclusively for business. Most crypto people I know were checking their phones every 30 seconds, checking market prices, maybe running some software through their phone to check their uptime on their miners, or security. That’s all deductible.
The more that we can find it to stack against the revenue, the better it will be for the actual minor because they'll generate a loss that isn't going to be capped like capital losses.
Crypto-backed loans are a great way to pull value out of your existing crypto, without triggering taxable events. [07:36]
Drew: The idea of being behind a crypto-backed loan is when you are using an asset to secure a loan and you're not liquidated in any way, kind of like a home loan, you're not going to get taxed on the value that you pull out of the equity. So if you're trying to really push for long term capital gains and you still want to trade the market, it's a really great way to pull the value out of your existing crypto without triggering any kind of taxable event - provided that you're not having an a liquidation event.
Qualified Opportunity Zones (QOZs) may be the answer to many crypto-traders qualms about high capital gain taxation. [11:50]
Drew: QOZs are probably the greatest gift out of the Tax Cuts & Jobs Act. They're all over the country. The general idea is if you've got a capital gain that you reinvest within 180 days of the date of sale, into a QOZ, you can defer that capital gain until the end of 2026 - as you hold the investment in that zone. That investment can be either a building that you improved substantially or a business that operates primarily in that zone. There’s a couple of other caveats too.
QOZs give crypto traders and investors an opportunity to defer, and actually decrease, their capital gains. [14:20]
Drew: The other kicker too, after five years, they give you a decrease on the recognition of that gain. At year seven, they get an additional 5%. If they hold the asset for 10 years, the fair market value of that asset becomes the cost basis. It gives them that chance to exit with zero capital gains at year 10 year, 20 year 30 and I think year 40 as well. There's a lot of potential there.
Guest: Drew Kernosky of Archer Tax Group
Topic: Tax Reduction Strategies; Crypto-Backed Loans & Qualified Opportunity Zones
Summary:
Cryptocurrency capital gains can be an extra source of income, however these gains are taxed, and the taxes can become costly for many crypto traders. In this episode, we speak with Drew Kernosky of Archer Tax Group, to discuss ways to minimize these tax burdens using crypto-backed loans & qualified opportunity zones, which can give traders a way to defer gains until 2026.
Our guest, Drew Kernosky, has been in the tax industry for six years, and has been working in the crypto space since early 2017. [00:29]
Drew: I've been in taxes for probably six years now, in a variety of different capacities. I worked for one of those “if you owe $10,000 or more to the IRS, give us a call”. I’ve worked in cryptocurrency since the beginning parts of 2017.
I’ve used that expertise, and that backing in understanding the law and how the IRS goes after things from a procedural standpoint, to guide our clients to the best cases for them, but not to where they're taking an unnecessary risk. Our firm applies that knowledge to crypto.
Cryptocurrency income is taxable. There are ways to offset some of that income by utilizing deductions. [03:05]
Drew: When you receive a token, you would receive it as ordinary income. You'd subtract all of your expenses - and ideally, you'd have enough expenses that eat up all that gross revenue so that you've got no net profit, or at least an ordinary loss. The benefit to that is you're not going to pay any income tax on it then and also you've got a higher basis on your crypto. So whenever you sell your crypto for less than you acquired it for - whether that's by buying it, mining it or receiving it for services, you actually end up creating a capital loss.
For crypto miners, deducting your mining equipment isn’t always viable. [04:20]
Drew: If you are selling the mining equipment at a loss and create a capital loss because you were holding it as an asset, then yes, you can actually take that against your crypto gains. But as far as the actual mining losses - so let's say, you spent $10,000 to mine $6,000 worth of Bitcoin, you've technically got a an ordinary loss of $4,000. It's not going to directly offset the capital gain like a capital loss would. But when we run it through your actual return, we're going to reduce your overall income by the $4,000 that you've lost through the business.
Generally speaking, deductions are listed on Schedule C - and there are quite a few items in the crypto world that may qualify. [05:31]
Drew: If you've got the equipment, electricity, and everything else, you're going to want to put that in your Schedule C if you're an individual.
Maybe you've got a cell phone that you can depreciate the actual cell phone because you're paying the payment plan on it. Most people don't realize that they can take the full value of their cell phone if they're using it almost exclusively for business. Most crypto people I know were checking their phones every 30 seconds, checking market prices, maybe running some software through their phone to check their uptime on their miners, or security. That’s all deductible.
The more that we can find it to stack against the revenue, the better it will be for the actual minor because they'll generate a loss that isn't going to be capped like capital losses.
Crypto-backed loans are a great way to pull value out of your existing crypto, without triggering taxable events. [07:36]
Drew: The idea of being behind a crypto-backed loan is when you are using an asset to secure a loan and you're not liquidated in any way, kind of like a home loan, you're not going to get taxed on the value that you pull out of the equity. So if you're trying to really push for long term capital gains and you still want to trade the market, it's a really great way to pull the value out of your existing crypto without triggering any kind of taxable event - provided that you're not having an a liquidation event.
Qualified Opportunity Zones (QOZs) may be the answer to many crypto-traders qualms about high capital gain taxation. [11:50]
Drew: QOZs are probably the greatest gift out of the Tax Cuts & Jobs Act. They're all over the country. The general idea is if you've got a capital gain that you reinvest within 180 days of the date of sale, into a QOZ, you can defer that capital gain until the end of 2026 - as you hold the investment in that zone. That investment can be either a building that you improved substantially or a business that operates primarily in that zone. There’s a couple of other caveats too.
QOZs give crypto traders and investors an opportunity to defer, and actually decrease, their capital gains. [14:20]
Drew: The other kicker too, after five years, they give you a decrease on the recognition of that gain. At year seven, they get an additional 5%. If they hold the asset for 10 years, the fair market value of that asset becomes the cost basis. It gives them that chance to exit with zero capital gains at year 10 year, 20 year 30 and I think year 40 as well. There's a lot of potential there.
These kind of tax-reduction strategies aren’t widely utilized now - but once word gets out, more and more investors will be taking advantage of them. Drew’s firm can help guide you through the process. [21:00]
Drew: We’ve got a “Contact Us” section on our website. We try not to charge for the first consult, and typically do a free 15 minute consultation. So if anyone wants to argue with me about like kind exchange, hit me up - I’ve got really good at that. We want everyone to walk away with something- there's so much that we can do for so many different types of traders.
---
If you enjoyed our podcast, be sure to check back frequently for more great discussions about a range of topics in the crypto space. If you have any questions for Drew Kernosky, he can be reached via his website, Archer Tax Group, or via Twitter @Archertaxgroup.
If you would like to request a topic for an interview, or have any questions related to this podcast, be sure to reach out to us at podcast@bitcoin.tax.
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Guest: Drew Kernosky of Archer Tax Group
Topic: Tax Reduction Strategies; Crypto-Backed Loans & Qualified Opportunity Zones
Summary:
Cryptocurrency capital gains can be an extra source of income, however these gains are taxed, and the taxes can become costly for many crypto traders. In this episode, we speak with Drew Kernosky of Archer Tax Group, to discuss ways to minimize these tax burdens using crypto-backed loans & qualified opportunity zones, which can give traders a way to defer gains until 2026.
Our guest, Drew Kernosky, has been in the tax industry for six years, and has been working in the crypto space since early 2017. [00:29]
Drew: I've been in taxes for probably six years now, in a variety of different capacities. I worked for one of those “if you owe $10,000 or more to the IRS, give us a call”. I’ve worked in cryptocurrency since the beginning parts of 2017.
I’ve used that expertise, and that backing in understanding the law and how the IRS goes after things from a procedural standpoint, to guide our clients to the best cases for them, but not to where they're taking an unnecessary risk. Our firm applies that knowledge to crypto.
Cryptocurrency income is taxable. There are ways to offset some of that income by utilizing deductions. [03:05]
Drew: When you receive a token, you would receive it as ordinary income. You'd subtract all of your expenses - and ideally, you'd have enough expenses that eat up all that gross revenue so that you've got no net profit, or at least an ordinary loss. The benefit to that is you're not going to pay any income tax on it then and also you've got a higher basis on your crypto. So whenever you sell your crypto for less than you acquired it for - whether that's by buying it, mining it or receiving it for services, you actually end up creating a capital loss.
For crypto miners, deducting your mining equipment isn’t always viable. [04:20]
Drew: If you are selling the mining equipment at a loss and create a capital loss because you were holding it as an asset, then yes, you can actually take that against your crypto gains. But as far as the actual mining losses - so let's say, you spent $10,000 to mine $6,000 worth of Bitcoin, you've technically got a an ordinary loss of $4,000. It's not going to directly offset the capital gain like a capital loss would. But when we run it through your actual return, we're going to reduce your overall income by the $4,000 that you've lost through the business.
Generally speaking, deductions are listed on Schedule C - and there are quite a few items in the crypto world that may qualify. [05:31]
Drew: If you've got the equipment, electricity, and everything else, you're going to want to put that in your Schedule C if you're an individual.
Maybe you've got a cell phone that you can depreciate the actual cell phone because you're paying the payment plan on it. Most people don't realize that they can take the full value of their cell phone if they're using it almost exclusively for business. Most crypto people I know were checking their phones every 30 seconds, checking market prices, maybe running some software through their phone to check their uptime on their miners, or security. That’s all deductible.
The more that we can find it to stack against the revenue, the better it will be for the actual minor because they'll generate a loss that isn't going to be capped like capital losses.
Crypto-backed loans are a great way to pull value out of your existing crypto, without triggering taxable events. [07:36]
Drew: The idea of being behind a crypto-backed loan is when you are using an asset to secure a loan and you're not liquidated in any way, kind of like a home loan, you're not going to get taxed on the value that you pull out of the equity. So if you're trying to really push for long term capital gains and you still want to trade the market, it's a really great way to pull the value out of your existing crypto without triggering any kind of taxable event - provided that you're not having an a liquidation event.
Qualified Opportunity Zones (QOZs) may be the answer to many crypto-traders qualms about high capital gain taxation. [11:50]
Drew: QOZs are probably the greatest gift out of the Tax Cuts & Jobs Act. They're all over the country. The general idea is if you've got a capital gain that you reinvest within 180 days of the date of sale, into a QOZ, you can defer that capital gain until the end of 2026 - as you hold the investment in that zone. That investment can be either a building that you improved substantially or a business that operates primarily in that zone. There’s a couple of other caveats too.
QOZs give crypto traders and investors an opportunity to defer, and actually decrease, their capital gains. [14:20]
Drew: The other kicker too, after five years, they give you a decrease on the recognition of that gain. At year seven, they get an additional 5%. If they hold the asset for 10 years, the fair market value of that asset becomes the cost basis. It gives them that chance to exit with zero capital gains at year 10 year, 20 year 30 and I think year 40 as well. There's a lot of potential there.
These kind of tax-reduction strategies aren’t widely utilized now - but once word gets out, more and more investors will be taking advantage of them. Drew’s firm can help guide you through the process. [21:00]
Drew: We’ve got a “Contact Us” section on our website. We try not to charge for the first consult, and typically do a free 15 minute consultation. So if anyone wants to argue with me about like kind exchange, hit me up - I’ve got really good at that. We want everyone to walk away with something- there's so much that we can do for so many different types of traders.
---
If you enjoyed our podcast, be sure to check back frequently for more great discussions about a range of topics in the crypto space. If you have any questions for Drew Kernosky, he can be reached via his website, Archer Tax Group, or via Twitter @Archertaxgroup.
If you would like to request a topic for an interview, or have any questions related to this podcast, be sure to reach out to us at podcast@bitcoin.tax.
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I will be bringing you upcoming events/announcements every day. If you want improvements to this post, please mention /u/houseme in the comments. We will make improvements based on your feedback.
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If you like an event to be added, click Submit Event, and we will do the rest.
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| Listing on SWFT | March 29, 2019 | |
| BITREE Listing | March 29, 2019 |
Software/Platforms
| Ethereum(ETH) | AzartPay Wallet Release | March 29, 2019 |
| Azart(AZART) | AzartPay IOS Wallet | March 29, 2019 |
| New Zenzo Wallets | March 30, 2019 |
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I have been a professional programmer about 20 years and have worked in several large global gaming companies for more than 12 years. And I created several open source projects.
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