#536 The Crypto Tax Loopholes The IRS Don't Know About

Main Street Business

In this episode of the Main Street Business Podcast, host Mark J. Kohler unpacks the intersection of traditional tax strategies and the world of cryptocurrency. Learn how the "Trifecta Concept" can streamline your estate planning and operational income, while also addressing the unique tax challenges of crypto mining, NFTs, and gaming revenue.

Here are some of the highlights:

• Mark begins by mapping out the Trifecta Structure for client asset organization.
• Mark breaks down the S corporation strategy: Split income into reasonable comp and K-1.
• Operational crypto income: Mining, certain staking, gaming revenue, NFT creation.
• Importance of organizing client's crypto activities within the trifecta framework.
• Tax strategies: Using IRAs or solo 401(k)s for gaming income.
• Gaming tokens are taxable income subject to self-employment tax.
• How to use software to track cryptocurrency basis for reporting purposes.

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Capíttulos

1. Building Wealth and Tax Strategies (00:00:00)

2. Cryptocurrency Tax Implications and Strategies" (00:14:14)

3. Youthful Income and Solo 401k Options (00:18:23)