How To Get DeFi Coins In The Name of The Trust with Brett Swarts & Jake Mellor
Brett Swarts:
This would be my question for Clint and for Jake, too. Let’s imagine you’re in this defi account, wherever that’s, however that’s been traded, like imagine you were to just sell out of everything? I mean, is there a way that they show? Do they show? Do they have any statements? So they have proof of where it’s at? How would you report that to your CPA in other words? Let’s say you had 10 million bucks, you’re gonna sell it. How would you report that? If there’s a way to like, track that and see that, in this defi account that you have, then I don’t see why we couldn’t also open up in the name of the Deferred Sales Trust, a defi account. Then just do the transfer there. Now from there. Now I hear it, Clint said, “Then perhaps we might have to consolidate to a coin that Kraken actually accepts.” In that scenario, we say it’s $10 million worth of certain coins. Where we basically say, look, we bought it for 10 million, from the person. We have it here in our consoling all of that into let’s say Bitcoin. Transfer, converting into Bitcoin, then from there, transferring that to Kraken, and then from there to USD. That might be a route. Any thoughts on that Jake, or Clint?
Clint Cox:
Well, my understanding of defi is to not have it be tracked. That’s why you’re seeing all this pushback from governments and different things on it. That’s a tough one. I don’t know. I’m not one of these because I’m an older person and know how the worlds work. I’m not one of these that say Down with the banks, because I don’t think it’ll ever happen. But a lot of those people in defi are. That’s why is because they can do that kind of anonymously. That’s a tough one.
Jake Mellor:
Well, and I think that there are several people that have maybe participated in that arena that whether I don’t want to say getting cold feet, or maybe they just, they’d like to be able to be transparent. Even though it was a novelty or something of that nature. Maybe it was for a period of time, their philosophy, and it might be changing now. With the Deferred Sales Trust where we’re able to actually be completely transparent about all of those transactions as long as things are done in the right order. It is possible I believe that we could do a defi account in the name of the Deferred Sales Trust and consolidate those coins inside of that account and use it just like we do the Kraken account.
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
