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Mining Bitcoin and Crypto: How to Structure to Save Taxes
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THANK YOU FOR ANSWERING THIS QUESTION I'VE HAD! I just opened up an IRA/LLC with Directed IRA last week, and I've been mining Ethereum for 3 years!
Sup
Is this avoided by forming the LLC even tho you own or manage the business ?Internal revenue code under section 4975 prohibited transactions; " you cannot do anything with your IRA that in anyway directly or indirectly personally benefits you, a lineal descendant, parent, child, spouse or any entities controlled 50% or more by such persons"
Internal revenue code under section 4975 prohibited transactions; " you cannot do anything with your IRA that in anyway directly or indirectly personally benefits you, a lineal descendant, parent, child, spouse or any entities controlled 50% or more by such persons"
Why couldn't you use a 0% tax BVI Corporation as your UBIT blocker corporation. Yes, it would be a CFC, but if it is a CFC conducting an active business, and that company is not one to which the economic substance requirements of BVI apply and that corporation is owned by a tax exempt trust, then my understanding is that Subpart F should not apply in that scenario. So your earned income within the corporation you invested in would be zero tax and your corporation would not be creating Unrelated Business Income.
Doesn't going offshore make more sense in this scenario?
How do I get a hold of Peter? Amazing idea.
You’re doing great with the tech terms regarding the subject.
Mark what about crypto fund?
Can step 7 be hosted in my home?
Matt you appear to be sincere. Dont waste your time over explaining to the I gotcha type douche bags. Just say you peace. Thank you for your help
Excellent content as always
I will beat you up in the comments. I don't think people who don't know how to setup a miner, should be allowed to have one
When you eventually have enough money in your holding company to buy a building, do you have to open another LLC to hold the investment or can it stay in the holding company?
Which NAICS code on schedule c would be used? 518210- data processing?
Can someone provide some clarity about what Mat was saying in another video with regards to the owner of the Roth LLC being restricted from "servicing", overseeing, providing electricity, and otherwise housing the miner that my Roth LLC owns?
I set up an LLC with Real Estate Rentals in mind. Can I switch it over to Mining? I am so new to mining that I don't know what questions to ask.
I am a CPA and this is complete full of shxt.
Mark, you're a genius! Thank you so much for providing your knowledge! Subscribed!!!!
what if I already have an open Roth IRA for stocks? Can I open 2 Roth IRA for mining under LLC or is it the SEP IRA?
I've been mining for about a year and it's getting to the point where I need to do something like this I'm just West of Chicago Illinois well annoy what would be my next step hooking up with your company do you have one in Illinois I'm not sure where you're located
Sad the only way to keep your money and not give 40% to gubmit is by giving it all to ROTH where u cant get it back for 50 yrs
can you stake crypto in a roth IRA LLC?
Genius!
Mark, I have a Solo 401k that I self administer and it's been working great for me. Question: Can your firm simply setup the C corp for my Solo 401k trust?
I have a self-directed Solo 401k that I had setup by a Solo 401K provider. The entity is structured as a Trust with me as the Admin and sole trustee. Wondering if I could use a similar structure as described in the video such that the Solo 401K acts as the parent company which owns 100% a new Subsidiary mining LLC setup as a C corp. I can easily setup crypto accounts with various exchanges for the trust entity. I believe I would not need the parent LLC as described in the video because my trust basically serves that role. So the mining income would be taxed 21% as a c-corp in the subsidiary LLC and the Soio account would accumulate the mined BTC tax free after moving from the mining wallet to the Solo 401k wallet. Any thoughts?
Can you do this through a solo 401k and avoid UBIT?
Mark, really enjoy the video. Seriously looking to get into mining. You said you would leave your IT guy's information and I do not see it. You also mentioned a video about how to grow your ROTH IRA if you needed more $$ before getting into mining. Could you direct me to the location for both of these.
Thanks !
Thank you for this. I have a business partner. Can you do a video on how do this with a business with partners?
Thanks for the information, Mark. For people in Texas who (tax attorney) would you defer them to?
Awesome dude!
This was very helpful.
How much do you charge for consults?
Can I mine crypto in a roth ira then let blockfi use my crypto to earn interest?
Very good thought, however this seems like a self transaction, which will get thrown out immediately upon audit. Did your firm ever gain and irs opinion on this approach?
I already have a LLC that I use to do side work under, can I use that or should I create a new one?
Hi Mark. I understand mining will trigger ubit tax. Will “staking” (Slightly different than Mining) Does staking trigger ubit?
Mark, you got totally ripped off on the cost of the rig setup.. The 3080 (at today's jacked up prices) should only be about 1800.00 the all of the cards on your rig can be purchased at today's high prices for roughly 4500.00. the rig, fans, motherboard, CPU, power supply, and ram combined, should cost around 1075 or less. I know, i mine also and yes i did set my own rig up and ordered all the parts and got it up and running, got my cards running at efficiency levels. The information you gave is awesome but you need to know you are being ripped off, unless that cost includes his setting everything up, it may be worth the cost if that is the case..
When we say "the trust owns the ira"?
With the self directed ira are you just setting the trust as a beneficiary and that's it?
What happens when you max out your with ira from mining so much what do you do when your ira is caped?