Bitcoin Tax Secrets: How the Rich Avoid Paying More - Legally!
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To find your path, start with shop at services that trip 点 com back flash paths。 Today, this is the rich dad radio show, the good news and bad news about money. Here's Robert kear sucking hi rod.

ready to show today the good news and bad news about taxes since. Welcome to the program home. thanks.

I would always get to be here with you.

Yes, so I want to plug this thing here. I mean, I can't believe IT it's actually readable. I'm sent me to this wonderful document here. You know generally whenever tom says me attacks notice from the um department of the treasury and turn revenue service. I don't need I don't need sleep until I just fall right to sleep, but this thing is pretty good.

I can read IT and I so about IT says the internal revenue service is aware that virtual currency, you bit coin guys, they got you got target on your back. Now they know you got some money and they wanted. So anyway, tom will make this available to you.

I suggest you you get that is all the highlights here, what you can and cannot do with virtual uh currency bitcoin. I have theory um also I like the stuff and those people who hate IT with this life so time um you know virtual currency a bit coin in in there and that's a big news. What do you see what really is wonderful documents, which you can go to your website, that what's your website again, 我 lability dot com， wealth ability dot com.

So are you guys out there who are criminals on sock road with good coin? Get this document. I'm only killing. So time what what is I R S saying about crucial currency?

Well, they say a couple of things uh that I thinks really important. First of all um that any time you use or trade your virtual currency, that's a taxable transaction. So mean, let's let's give an example, let's say the big coin became a in a Normal trade, you go buy groceries when you bought groceries with bitcoin.

That would be taxable because IT would be considered a trade for bitcoin for U. S. dollars. So every time you spend bitcoin, every time you sell bitcoin, that all of that is taxable. And here's the thing.

So on your tax return, now there is a box you have to check to say, did you trade bitcoin? Well, that means did you do anything other than just buy IT? Okay, if you bought IT, you don't have to mark that box.

But any other you saw that, you have to mark that box. If you don't mark that box, Robert is a font. This is, this is not a civil penalty.

Most things on attacks return are just civil penalties, right? They're just OK put the penalty, get my result on and and I go on my way, not with this one. This is a felony. They will come after you if you, uh, don't mark that and in that you should have marked .

that transmit there are coming after made us because i've done very well with big coin anthidium, but time knows my tax strategic. I buy, but I never sell. And if I paid somebody in bitcoin, what would happen sometime?

That would be taxable. So if you, if IT .

would be taxable .

both for you and for the person you pay, that's right.

So as long as long as i'm buying my big coin after I paid all the taxes, which I don't pay anyway and I store the bit coin into my as set column and IT sits, there is like my gold and silver, right? As long i'm not using IT, not taxable.

It's actually just like the golden silver. So the same thing would happen if you went and used silver or you know silver gold buy something that would be a taxable transaction too. So it's very similar, the goldin silver.

Uh, the one difference is, is that if you hold big coin for over a year, you do get capital gains rates. So you get to tax at fifteen percent or twenty percent instead of ordinary income. Golden silver have a different tax rate than that. So you just that's the one .

primary reason to again, I want to talk about this, a document. Got to watch your website .

in time wellknit dot.

Come and in here, all the things you wanna know. Are you new bitcoin billionaire? As soon to be billionaire, you want to know what today before you do something stupid like spend IT. So um so what else what you want to say about bitcoin or croton?

Well there's a you know a lot of the the issue that I think people have a tracking net. Um you know I mean the whole goal for bitch coin is not to be track, but the reality is, is that if you ever were to start to use IT or when you trade that you do have to track that. You do have to report that just like you are if you are trading stock, saw foreign currency something like that.

So you know the compliance part of that I think is the most one of the most difficult, uh, bitcoin is you start to comply to just because it's not A A real it's not a foreign currency, just because it's not the U. S. Dollar, just because it's not a stock doesn't mean you don't have to report that transaction on your tax return and pay tax.

And I think that's the most important thing. I think people miss that all the time that they need to know that they are in big trouble. If they don't report this correctly, the irs will come after them.

Well, not that i'm suggesting this, but isn't one of the pitch points. One of the reasons for buying big coin is the government .

can track IT that that is the that's one of the pitch points. okay. So the can they track IT? No they can't right now. And it's a voluntary system, right all of Frankly all of our taxes or a voluntary system um but when they audit you and they ask you that question, if you say no, that's the phone so just know that you are you are um you are if they if they do catch you, you're pretty big trouble.

I think I was laughing about this. I see a lot of this really Young guys who now become good coin multimillionaires. And I watch, I wonder, youtube podcast and they're seeing these huge mansions now with they look like l patch ino and scarface or something of this huge dragons and all that random. So obviously they spent some money, right?

Well, obviously I did. And the reality is that you obviously the IOS is gonna a check on that. And the IOS is doing more and more audits and they're doing more and more audits on gypt currency. Here's the thing.

People think, well, i'm a bit coin and so i'm good, but you only can use that bitcoin for the most part if you convert IT to dollars, right? I mean, it's not like there's a huge market where marketplace where you can go out and buy houses using bitcoin. Most people aren't to accept bitcoin in exchange for their house.

And so you're exchange in IT for dollars when you do that exchanged, that's where the IOS is gona track you. So it's it's converting up from bitcoin to something else like dollars. That's whether I retracts you and know that that's pretty easy for them to track.

So in all of years, as when bitten first came out, this guy was soling a condos in new york city in the SOHO area, and they are accepting bitcoin. So that would be tracked able on IT because you now have a record of the real state also.

exactly. Could you have a record of that real state transaction? And you know who the buyers and sellers are. And so you know, that virus can be looking that or the new york state department of taxation can be looking at that because the new york state even more aggressive than the IOS and say, well, wait him in IT, where's the where's where's the game? You know where is the reporting on this?

Good good and how um as you know, we I like oil and you know and oils under fire right now because of carbon tax, right, which is good because i'm going to make even more money because i'm going to shift to become a grainy and i'm going to invest and grain new energy because I get huge deal for carbon tax now of course, of course, you know capitalism is wonderful stuff. You just keep moving around out there.

River balls is trying to eat granda and ether Spark us and i'm shift into a grainy buying carbon tax credits and making forge, not IT because i'm going to a buy oil with IT, but for years. You know, when you look at this thing here, this is the point of having tom in this book is tax reward, and you should have tax advisors. I love the same commodities down here because of my opinion.

This is your wealth stored. So as I I explain the last other interviews, yeah, I make a lot of money came, and I make a lot of money here. You feel this.

So let's say the rich, that company makes one million dollars here. And the next thing I do is I give the money to Kenny. So one million dollars comes down here.

And Kenny barrels four million of my one. So i've now moved my four million over here. five. So one last four equals five.

And that as other tax, this this is part four of a four part series of places into key and coming of myself and kim talking about how the entrepreneur like donal trump, unlike calorie delay characters, I make my money here as a business owner. The money then goes into Candy, who borrow four million dollars and we buy five million dollars of real state. How does that save me money too?

Well, there are a major incentives in the tax law or buying real state investment real state. So you get the big tax deduction from the real state that are set the income from the business. So effectively, you end up not paying tax on the business income because you did what I wanted to do and put IT into real state. And and you know very well, the same thing happens if you put IT into oil, right? Or if you put IT in the solar, you get the same type of tax benefits so that you're not paying tax on your business income or your other income.

So let me guess on take up to IT because this is what we teach through our cash flow clubs. This is advanced tax strategy and real state strategy was five million. Let's say that five million property appreciated after ten million.

I borrow out the five, so we went from five million, is now worth ten million, canny raised with the rest. I pull out five million dollars in cash. Is that tax free money?

That is tax free money and that is not taxable.

And without a buy bitcoin.

exactly. So that's how you make your bitcoin not taxable. Or you know you have other options to mean you can buy the coin in. For example, you could buy bitcoin in your rough I R M. There's all sorts of things you can do here once you understand the tax flow on how the incentives work.

So the problem with most people, when they make some money, they want to spend, and that's the problem. Oh, i'm a billionaire and bitcoin, but I can't spend a thing because my couple against tax will be through the rough, you know but there's things you can do if you have a great tax tragedies like tom. So we come back about talking more time.

We all right on how commodities are your most important acid, in my opinion. I mean, this is where my wealth is. I don't save dollars, just trash. As Michael seller says, you know about bitcoin is the dollars like holding onto the ice cube that's melting in the end and they got, you know, this is twenty, twenty, twenty one. They've got another one point six trillion or nine trillion means you savers like getting screwed, which means bitcoin goes up, probably golden server goes up through inflation. But just because the product, the commodity goes up doesn't mean your rich, you still have taxes, would go right back.

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Welcome back, rob, because I have the same radio show, the good news and about new today about taxes. And if you're paying taxes this year means you have got some bad taxi vice. And so this is for next year because if you're really smart, you can make a lot more money and pay lot less than taxes legally.

And now that i'm a hard court bitcoin ic, I listen to all the banter back and forth. And you do when they saying out of the U. S. Tax is my bit line. I'm moving to tim bug too .

and doesn't .

matter yeah but that that's what that's what I hear on youtube or they run to the country that respects um craft to and all this stuff. And I I listen to do the old guys like myself and jam records 就 Rogers and he says， never forget who has the guns. Never forget who has the guns.

And were those guys at ten of man square, they stuck the finger up with the gun, they put a tank and they rent them over. And I remember this, alcohol wasn't taken down for alcohol. L alcohol was taken down for taxes. And so um you can say what you like and all this i'd read, just hire time and make a million dollars and pay out of taxes. So tom, tels one more time where they can get your your paper from the internal revenue .

service go to wealth ability dot com and uh have been bitcoin, you'll be able to fined. Uh this uh, it's interrex bulleting.

yeah. And I just is actually pretty easier to really I read IT IT was not bad. But the point here is this.

I just read that the rich dad philosophy, yes, I don't tom knows I don't have any stocks sponsible to fund etf because you're taxable. And I like saving. I don't save money.

I say goals over a bitcoin oil as commodity because it's real. It's based down here. And I just explain to you how I can make a million dollars by a million dollars of bitcoin and pain of tax, but oil is another one time.

So let's say I I have extra cash here coming from Cheney. However, I get that, which is part of the cash full club series, let's have a million dollars and I give my money to my friend that, you know, oil company and dallas, let's say I give him a million dollar for oil exploration. How much about that money is taxable?

zero. And because, uh, h if you if you have a main doors, let's say you made main dollars from your business and you put that million dollars in the oil, you get a deduction of a million dollars to offset the million dollars, uh, from the business and basically paying no tax and also the tax for investment.

So this is what we teach her related. I ever do this, you know, I haven't met a number of businesses, but when people know was reached that I make a million dollars here, IT comes down here to Kenny. He ramps up up to four, five million. He has four millions of dead. And is that tax free?

IT is, yeah.

And that comes over here, comes on as five. Canada then raises the rent. Unless the property goes from five million to ten million. I borrow out the five million, and I buy five million dollars with oil. What happens to me done?

So now you now you got a five minute reduction. You actually need more income. You need more taxable income at that. It's backers. And now you need to to increase your business income so you can actually use that loss.

So that part of that is because I want the money coming in tax free because of tom, i'm stack and not my commonality calm here. So my bit coin is piling up. I don't need the cash because i'm catching and off of tax free debt coming off.

Oh oh, for sure that now you know you tell about being a Greeny and and going that that direction. So remember the same thing that we do with oil and the same thing we do is real estate. Remember all the incentives, they're going to go towards Green energy.

So they are going to go to solar and wind and and the what what whatever kind of Green energy they have. There's going to be not right now, we don't just have deductions. We have credits, which is over four dollar offset. I mean, this is like nervina a from a tax stamp point where you can actually make money from the government by investing.

So I just I just know my friend mary cartier, you know, I just I just turned bright grain. I'm now so grain, I turned a look at frog. And because i'm getting carbon tax credits time, what does that mean?

Well, so what happens is, is 3a carbon tax credits are credits that that the utility companies in the producers who who use the carbon like coal， for example, they they can trade those. So for example, in the west, I was at a public utility for a number of years there in house tax advisor and that's when the carbon taxes started coming up. And so um in the west they have, for example, really clean coal.

In the east is really dirty, cold. Well so that so so my company in the west would sell its credit to the companies in the east and make money just on the credit because they naturally had cleaner calls to begin with. So there's a there's a market here for there's always spent, and this is something we don't talk about a lot, but there's a market for tax credit, uh, low income tax credit, uh, housing tax credit, um solar tax credits. There's all sorts of a of markets for tax credits.

God bless. Capable them, you know. I mean, so I just so wonderful and the rich get richer, I mean that I mean ah you know is IT fair no is not fair, but is the law is the way capitalism works. Is is this true all throughout the world time IT .

IT is it's really fascinating to uh just watch how um when we go to different countries and of course, I always look at the tax law when we go to different countries and they're remarkably similar, the incentive because they all want the same thing, they want cheap energy, they want employment, they want real estate, they want housing. And so they the way they get their um they we're done is they use capitalists, Frankly, to get their work done and they give them small tax and sentence so the capitalist put in and risk their money into these projects that the government want.

Yeah so anyway, it's there's a lot to learn. And so anybody who says you got a school, get a job, work hard, save money, get out that and invest in the stock market, they're weapon you off, you know because guys like me just want to not do that. And look, god bless AlexAndra, cause you a great text when I first heard that I want, oh, she's got, make me a rich man.

So I am home made a couple million dollars on just tax credit this year. And so it's capitalism is wonderful, except the socialist will never tell you that because they don't know what themselves and IT comments on that time. I mean, what's happening in america, did I have a mean, the gap between region, port or fine?

Well, IT IT, IT is horrifying. And here's the thing is that it's it's really a gap in education. And you know as you say, it's a gap and financial education more than anything because the risk get richer because the government gives them incentives and the poor don't know about those incentives.

and so they end up paying all the taxes. And the biggest point here is this is when somebody love that free people, and that .

very deeply .

in that because dad is tax. Remind you, you're right back. Are you a financial advisor considering the independent R I A model and wondering where to start? Start with job adviser services. They've held thousands, evaluate the full range of options and can help you determine your best path forward to start your journey today. And adviser service schwab doc m back lash paths.

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Come back, rob, because I had the radio show, the good news and about new today about taxes. So before go out, can you explain why we're not cheating the government? Talk about on all this, why might not cheating to government?

But here's what most people el dont. There's very little of the taxi. The aci raises revenue.

Most of the tax law is just the government implementing its policies. okay? So if the government wants to create jobs, then IT gives tax benefits.

I mean, we saw this in the ppp loans, right? That was a good example of that where the government saying will look, if you can if you keep paying, your employees will pay for that. okay? That is the same thing.

And most of them aren't direct subsidies like A P, P, P. long. That was a direct subsidy. Most of them go through the tax law.

So if you want to know what your government, no matter where you are, if you want to know what your government wants to have done, wants to have accomplish, look at your tax. Go to your tax. Bear says, what is the, you know, for example, what is the tax? I saying my country about a developing housing.

What do they say about a commercial buildings? What do they say about solar? You know, solar, solar panels? And what you'll find is, is that most governments are insensitive, uh, certain things that they want to have done because they want the capital to put the money to to risk the money, and they are willing to take some of that risk off of the capital by giving them a tax deduction.

And so that's why when I drawl for oil, amErica is now they so called energy independent. If you weren't energy independent, dude, Franking and i'm the Greenest, go nuts, god blossom. But i'm gonna get rich because of that.

But if we didn't have that, we'd be at war in the middle east, which we are anyway, because of oil. And so by us, by by incentivising people like me to move my millions of dollars into oil, the government gives me a tax break. The area becomes energy independent anyway, way. Tom, thank you very, very much. Once again, how can they get this, the beautiful document before they become criminals?

Are you bit coin guys? Yes, go to wealth, ability, not calm, and we'll have IT available for you.

Thank you, tom.

Thank you.

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