How to Defer Capital Gains Tax on Bitcoin With Pierce & Brett
Pierce:
There’s a couple of different ways that you can do it, depending upon how you’ve structured yourself. But one of the best ways that we believe is the Deferred Sales Trust. With that, I don’t know if you want to go into the How to a little bit or If you want to go into the mechanics. But that is definitely the best vehicle we believe at least.
Step One would be accumulating an asset and then having it highly appreciated, and getting ready to sell.
Step Two would be having a goal for that assets, and what you’re going to do with the proceeds afterwards, and kind of like the next investment step on that.
Step Three would be to contact us and get in early when you’re ready to or you’re thinking about kind of liquidating some of those assets and talking about working through what the best strategy would be. In this particular case, if we are going to do a Deferred Sales Trust, it would absolutely be to win number one, qualify and make sure that you have at least a million in and gain and a million in net proceeds that would be in the trust, or at least going into the trust over a series of transactions. We want to make sure that the returns are right for you.
Qualifying would absolutely be something that we do in the beginning processes and stages of this new partnership. Assuming all of that checks out, we would start to formulate the trust. We would get you on the call with Brett and Jake and the Tax Attorney, the Law Firm. We will formulate the trust and then we would open up a Kraken Account and the trust name. Simply when you’re ready to sell once all that is done, we would do a quick test to make sure the roads are clear. Then when you’re ready and you’ve hit your goals that we’ve all identified, you would go ahead and you would transfer the coins into the trust wallet. From that point, you would not liquidate into a tether or to a USDC on your own, you would transfer the coins, and then from there, the trust will liquidate the coins into a USDC and then transfer into dollars and then the trust would invest in the kind of like whatever plan we had set up and get ready to go.
Brett:
Perfect Pierce, you did a great job on that. That is really, really the steps. Clarifying your vision for your wealth. Clarifying how and where you want the funds invested. Clarifying why you’re selling in the first place. What that enables you to go ahead and be able to do with the wealth that you made in your Bitcoin, your Ethereum, XRP, Omni or whatever it might be If you’re selling and you want to defer has listed million dollar net proceeds and million-dollar gain. As long as you have those two things or you’re on your way to being there pretty quickly. We can set up the trust, and the key is transferred to the trust and exchange for a promissory note, and this is how the tax deferral works and that as long as you don’t receive the cash upon closing of or the sale of an asset, and you’re not paying any tax yet. Right now you still owe the tax, it’s just a deferral state, and so in this scenario, you transfer the BTC to this Deferred Sales Trust account. From there the Deferred Sales Trust sells it to USD and the trust itself enables or does not pay any tax because it’s basically bought and sold for the same price who’s received it and sold it for the same price. It’s in a deferral state and then it’s slowly going to pay you back just like you’re paying back perhaps the bank that you’ve rented out a house right now you own a house you’re paying back the bank if you took a mortgage on that. Then you’ll slowly pay tax at the trustee pays you back in this scenario, you became the lender you became the bank, and this is how it works.
It’s been we’ve been doing this for 25 years collectively with my business partners, and Pierce I want to help you out and help you figure this thing out and help you develop a plan to invest the funds with a financial advisor into commercial real estate to start your next business venture. You can even purchase cryptocurrency with a portion of the funds at a lower discount as well. You can go to CapitalGainsTaxSolutions.com to figure all this out. You can also Join Our Mastermind as I said in the beginning and this Mastermind is all things Cryptocurrency in the Deferred Sales Trust, Real Estate and investing. We want to make it really simple for you. We just closed our third cryptocurrency deal here in the last 90 days. Ethereum and Bitcoin have been the two kinds of coins of choice for this third one from a very long term technologist out of Silicon Valley and he’s able to retire and live off the interest of the trust and to sell up at a really an all-time high for Ethereum and for Bitcoin. Again, you can go to CapitalGainsTaxSolutions.com to Register for our Mastermind as well if you have a live deal you’re looking to sell in the next 30 to 60 days, 90 days. A just schedule your no-cost apply for your no-cost consultation on our website as well. That being said, we appreciate you watching this video.
Closed Deal Story
Can I Save Capital Gains Tax When Selling Cryptocurrency? The answer is, “YES.”
Silicon Valley Technology Expert Finds A ‘Deferred Sales Trust’ To Break Open A Clear Path To Sell Cryptocurrency To Defer Capital Gains Tax
Can I save capital gains tax when selling cryptocurrency? The answer is, “yes.” About 7 years ago, Peter and his wife purchased their first Ethereum. Who would have anticipated that the value would have increased by thousands of percent in just a few years? Peter, who has worked in the technology field for more than 20 years, saw a great opportunity to sell in late 2017, however, without a clear legal plan to defer the large capital gains tax, found himself feeling trapped by the consequences of selling.
Peter held on to his belief in the fundamental value of ethereum and the potential business opportunities it brought to end-users during the 2018 crash when the value of ETH fell from $1,432 to below $90. “That was a tough pill to swallow,” Peter continued. Fortunately, everything returned in 2021, and much more. In early 2021, Peter met Jessica Lanning of Lanning Financial who told him about the Deferred Sales Trust and introduced him to Brett Swarts of Capital Gains Tax Solutions. Then in May of 2021, ETH reached an all-time high of $4362. “I knew it was time to sell at least a big portion of my stock since I didn’t want to miss this opportunity again. Let’s just say it’s been a long three years since the high in 2018.”
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Want to learn more? Check Out The Blogs Below!
- Can a Deferred Sales Trust Be Used for Mergers and Acquisitions?
- How to Defer Capital Gains Tax When Selling Your Cryptocurrencies
- Need An Exit Strategy? The Deferred Sales Trust Might Be the Answer
