WEBVTT - The Mark Moss Show Dec 06, 2021 0:00:00.080 --> 0:00:03.360 Hello, and welcome to another episode of The Mark ma Show, 0:00:03.480 --> 0:00:07.600 where I am talking about Yes, bitcoin, if you didn't 0:00:07.600 --> 0:00:10.440 know already, we're talking about bitcoin, We're talking about cryptocurrencies. 0:00:10.440 --> 0:00:15.240 We are talking about this decentralized revolution that is happening 0:00:15.440 --> 0:00:18.000 right now. We're literally witnessing it. You know, I get 0:00:18.040 --> 0:00:19.680 asked a lot of times like is there going to 0:00:19.720 --> 0:00:22.360 be a revolution? When is the revolution going to be? 0:00:22.640 --> 0:00:25.240 Like it's like some event, like some date in time. 0:00:25.680 --> 0:00:28.040 I think you can market on your calendar and know 0:00:28.040 --> 0:00:30.640 what's happening. But the reality is we're we're in it, 0:00:30.760 --> 0:00:33.199 we're living it, we're witnessing it. And I think if 0:00:33.240 --> 0:00:34.680 you can kind of step back and just kind of 0:00:34.720 --> 0:00:38.319 appreciate and look at some of the signs, um, we're 0:00:38.320 --> 0:00:40.560 living through a historic moment in time. I mean, I 0:00:40.640 --> 0:00:43.560 think if in the future, fifty years from now, history 0:00:43.560 --> 0:00:46.159 books will be written about things that are going on, 0:00:46.960 --> 0:00:49.919 and if you're not paying attention, it could end up 0:00:49.960 --> 0:00:51.400 not being so good for you. But if you are 0:00:51.400 --> 0:00:53.680 paying attention, it could be one of the best times 0:00:53.720 --> 0:00:55.720 of your life. We're gonna be witnessing one of the 0:00:55.800 --> 0:01:00.120 largest wealth transfers in history, and the only question for 0:01:00.120 --> 0:01:02.160 you is which side do you want to be on 0:01:02.400 --> 0:01:04.280 the side that gives up your wealth to the side 0:01:04.319 --> 0:01:06.200 that gets your wealth. Now I already know what side 0:01:06.200 --> 0:01:07.640 I want to be on. I'm gonna be on the 0:01:07.680 --> 0:01:10.600 receiving end, and hopefully you are. For what I've been 0:01:10.600 --> 0:01:15.080 saying is the largest asymmetric That the largest asymmetric opportunity 0:01:15.120 --> 0:01:17.640 of your lifetime. And you take advantage of that by 0:01:17.680 --> 0:01:21.320 having asymmetric information, which is information most people don't have, 0:01:21.680 --> 0:01:23.640 which is why I need to be tuning in with 0:01:23.680 --> 0:01:26.399 me each end every week on this channel. So I 0:01:26.440 --> 0:01:28.760 got some really good stuff today we're gonna be talking about. 0:01:29.560 --> 0:01:33.960 I'm gonna give you two strategies that could maximize your 0:01:34.240 --> 0:01:38.600 returns on your cryptocurrencies. I'm sure everybody likes that. Now. 0:01:38.720 --> 0:01:43.200 I do often say that, um, the price is a distraction, right, 0:01:43.200 --> 0:01:45.440 We should be looking at the growth of the network 0:01:45.440 --> 0:01:47.119 and the development on the network, which we'll talk about. 0:01:48.000 --> 0:01:49.880 But you know, the price is also good to we 0:01:49.920 --> 0:01:52.680 all like to see our purchasing power increasing. I like 0:01:52.760 --> 0:01:54.280 to say that it's a bait and switch. We get 0:01:54.320 --> 0:01:56.480 baited in by the price and then we get switched 0:01:56.520 --> 0:02:00.680 into the power of the technology. So since we're gonna 0:02:00.680 --> 0:02:02.560 talk about price, We're gonna talk about returns, We're gonna 0:02:02.560 --> 0:02:04.680 talk about increasing our purchasing power. I want to give 0:02:04.720 --> 0:02:08.000 you two strategies that you can use between now and 0:02:08.080 --> 0:02:11.640 the end of the year to make even more money. Now, 0:02:11.720 --> 0:02:13.320 raise your hand if you want to make mormining. I'm 0:02:13.320 --> 0:02:14.720 just kidding. I can't see you raise in your hand. 0:02:15.200 --> 0:02:18.480 But I'm gonna give you those two things, and then 0:02:18.480 --> 0:02:20.320 we'll talk about some of the other other factors. So 0:02:20.320 --> 0:02:22.919 I got a big, big, big show for you today, 0:02:22.919 --> 0:02:25.400 some important stuff that you're gonna want to pay attention to. 0:02:27.120 --> 0:02:29.400 So before I do that, I just want to remind you. 0:02:29.480 --> 0:02:31.720 Go ahead and just pull out your phone real quick. No, 0:02:31.919 --> 0:02:34.560 not if you're driving, but if you're not driving, pull 0:02:34.560 --> 0:02:37.200 out your phone real quick. Um, open up your calendar 0:02:37.240 --> 0:02:39.680 at put a calendar reminder for this channel this time, 0:02:40.280 --> 0:02:41.959 and joining me each and every week. It's gonna be 0:02:42.000 --> 0:02:44.520 the most important part of the most profitable part of 0:02:44.560 --> 0:02:47.640 your week each and every week. To tune in and 0:02:47.639 --> 0:02:50.560 pay attention to what we're talking about. So you have 0:02:50.600 --> 0:02:56.919 the asymmetric information to participate in the asymmetric opportunity. You're 0:02:56.919 --> 0:02:58.960 listening to the Mark moas show where I talk about 0:02:58.960 --> 0:03:02.480 bitcoin and cryptogram and seas in the decentralized Revolution each 0:03:02.560 --> 0:03:06.040 and every week. So what are some of these strategies 0:03:06.040 --> 0:03:08.320 that we're talking about. Well, I want to give you 0:03:08.360 --> 0:03:12.359 two that can really help. Now, you've probably heard the 0:03:12.400 --> 0:03:15.960 saying that a penny saved is a penny earned. I'm 0:03:16.000 --> 0:03:19.560 sure you've heard that, right. So what that basically means 0:03:19.600 --> 0:03:22.160 is that there's two ways to have more money. One 0:03:22.240 --> 0:03:25.320 you could make more money, or two you could spend 0:03:25.480 --> 0:03:28.360 less money. Now, I'm not a big fan of living 0:03:28.360 --> 0:03:34.000 on a budget. Um, I think the strategy of trying 0:03:34.040 --> 0:03:36.160 to skip your morning coffee to save a couple of 0:03:36.200 --> 0:03:40.480 bucks is old and antiquated, and I don't like that. 0:03:41.160 --> 0:03:43.560 I think it's better just to go make more money, 0:03:43.920 --> 0:03:46.640 learn to provide more value to the world, or learn 0:03:46.720 --> 0:03:50.040 ways that you can put your money and do assets 0:03:50.040 --> 0:03:51.520 that go up and purchasing power. I think that's a 0:03:51.600 --> 0:03:54.160 much better option than trying to, um, you know, cut 0:03:54.160 --> 0:03:56.240 back on your morning coffee. So I'm not a big 0:03:56.240 --> 0:03:59.320 fan of budgeting. However, there are ways that we can 0:03:59.560 --> 0:04:02.560 shave enormous costs off that makes us more money. And 0:04:03.280 --> 0:04:06.840 the number one biggest cost and expense that you have 0:04:07.120 --> 0:04:12.080 is taxes. Now, Unfortunately, with cryptocurrencies, the I R S 0:04:12.160 --> 0:04:18.680 decided I think back in the cryptocurrencies were property, all right, So, um, 0:04:18.720 --> 0:04:23.040 there are an asset. They're not a currency. They're a commodity. 0:04:23.200 --> 0:04:25.680 And the reason why that's important to understand is because 0:04:26.520 --> 0:04:29.600 for taxes, you know the saying about taxes only two 0:04:29.600 --> 0:04:31.640 things in life that are certain or death and taxes, 0:04:31.680 --> 0:04:36.360 And so for taxes, cryptocurrencies are taxed like property. Their 0:04:36.400 --> 0:04:41.200 tax like a commodity. Basically, their tax exactly like buying stock, 0:04:41.839 --> 0:04:45.760 or buying gold or buying real estate. So if I 0:04:45.800 --> 0:04:48.000 buy a house for a hundred thousand dollars and I 0:04:48.000 --> 0:04:49.840 sell it for two hundred thousand dollars, I have a 0:04:49.920 --> 0:04:52.240 hundred thousand dollars of profit, and I have to pay 0:04:52.320 --> 0:04:55.960 tax on the hundred thousand dollars. Same with gold, Same 0:04:56.000 --> 0:04:59.360 with Amazon or Facebook or Google Stock. If I buy 0:04:59.360 --> 0:05:01.320 a Google Stock and I sell it and I have profit, 0:05:01.400 --> 0:05:04.240 I owe tax on that profit. Well, cryptocurrency is the 0:05:04.279 --> 0:05:07.839 same thing. If I buy a cryptocurrency, it goes up 0:05:07.880 --> 0:05:10.839 in value and I sell it, I owe tax on 0:05:10.920 --> 0:05:14.080 the profit. Now, there are a lot of people thought 0:05:14.120 --> 0:05:17.280 that I was able to you were able to go 0:05:17.400 --> 0:05:22.479 from one cryptocurrency to another without triggering a taxable event. 0:05:23.320 --> 0:05:26.800 That's like a like kind trade. Now I'm not a 0:05:26.839 --> 0:05:29.040 tax professional. I do want to tell you right off 0:05:29.040 --> 0:05:31.680 the bat that anything that I'm telling you is not 0:05:31.760 --> 0:05:33.760 financial advice, and I am not a tax professional, and 0:05:33.760 --> 0:05:35.920 you should take this information and go discuss it with 0:05:36.080 --> 0:05:39.120 your own tax professional. So let me just tell you that. 0:05:39.960 --> 0:05:41.920 But I've been working with my tax professionals for a 0:05:41.920 --> 0:05:44.040 long time, and so these are strategies that that are 0:05:44.040 --> 0:05:48.080 commonly known and that we use. But again, go talk 0:05:48.080 --> 0:05:50.520 to them, because taxes are very personal. Where we live 0:05:50.520 --> 0:05:53.800 in different countries or different states or different cities with 0:05:53.800 --> 0:05:57.520 different taxes. Different income levels, have different tax brackets, we 0:05:57.560 --> 0:05:59.919 have different types of right off, so it's all very personal. 0:06:00.040 --> 0:06:02.680 So get your own advice. But two things, right, So, 0:06:02.760 --> 0:06:05.320 taxes is our single biggest expense, and if we can 0:06:05.360 --> 0:06:08.280 reduce our taxes, then we can make more money. Right 0:06:08.360 --> 0:06:11.880 makes it? Makes it simple. So you sold that proverbial asset, 0:06:11.960 --> 0:06:13.280 you know, you bought it for a a hundred thousand and 0:06:13.279 --> 0:06:15.480 sold a two and have a hundred thousand dollars of profit. 0:06:15.880 --> 0:06:18.360 If you um did that in less than a year. 0:06:18.480 --> 0:06:21.640 You would probably owe ordinary income tax on that, and 0:06:21.760 --> 0:06:24.360 if you lived in a state like California, then about 0:06:24.440 --> 0:06:27.480 fifty of that goes to tax. Also, of the hundred 0:06:27.480 --> 0:06:30.520 thousand profit, fifty thou dollars goes to tax. If you 0:06:30.520 --> 0:06:32.760 live in a state with no state taxes like Texas 0:06:32.839 --> 0:06:35.280 or Nevada for example, or Florida, you would just sow 0:06:35.320 --> 0:06:38.279 the federal which is probably about dependent at tax bracker 0:06:38.320 --> 0:06:41.720 could be. But what if I didn't have to give 0:06:41.800 --> 0:06:44.520 up that thirty, forty or fifty, Well, then you would 0:06:44.520 --> 0:06:46.960 have the hundred thousand or closer to it. And so 0:06:47.000 --> 0:06:49.560 there is a way to do that. There's there's two 0:06:49.600 --> 0:06:51.280 main ways that you can do that, and this is 0:06:51.279 --> 0:06:54.960 what we're gonna talk about today because I want to 0:06:54.960 --> 0:06:57.680 put more money back into your pocket. So um. The 0:06:57.720 --> 0:07:01.800 first thing is that because it's acts treated like this, uh, 0:07:02.120 --> 0:07:04.960 this property, you can't just buy and sell it one 0:07:05.000 --> 0:07:07.279 for the other. Now again, talk to your text professional 0:07:07.279 --> 0:07:09.680 about that. But there is something that you can do 0:07:09.840 --> 0:07:14.920 today that you can't do with other assets. And the 0:07:15.080 --> 0:07:18.000 rules might be changed after the after the first of 0:07:18.120 --> 0:07:20.400 next year, so you kind of have the rest of 0:07:20.400 --> 0:07:23.480 this month to figure this out before you go into 0:07:23.480 --> 0:07:26.200 the new tax yere and you potentially lose that. And 0:07:26.280 --> 0:07:30.920 so what we're specifically talking about is something called wash 0:07:31.360 --> 0:07:35.120 sales or wash trading, and so what that means is, 0:07:35.160 --> 0:07:39.480 let's say that right now Bitcoin is down, UM, most 0:07:39.520 --> 0:07:42.520 of the cryptocurrency market is down right now today off 0:07:42.560 --> 0:07:44.240 of its previous high. And it's not down a lot, 0:07:44.360 --> 0:07:49.320 it's down whatever it is um, but it's down. And 0:07:49.360 --> 0:07:52.440 so potentially you could have bought bitcoin or some other 0:07:52.480 --> 0:07:56.280 crypto asset um at its previous peak of say sixty 0:07:56.360 --> 0:08:00.360 nine thousand, and right now it's at about fifty six thousand, 0:08:01.840 --> 0:08:04.520 and so you could have potentially lost money. So let's 0:08:04.560 --> 0:08:07.080 say that you bought the bitcoin at at sixty nine thousand, 0:08:07.440 --> 0:08:09.760 right now it's at fifty six thousand. What you could 0:08:09.800 --> 0:08:12.080 do and again talk to your professional, but what you 0:08:12.080 --> 0:08:14.680 could do is you could sell the bitcoin right now 0:08:15.280 --> 0:08:19.080 for fifty six thousand dollars and book a loss. So 0:08:19.120 --> 0:08:23.600 you're basically going to take about a measure this out 0:08:23.640 --> 0:08:28.640 for you. You could potentially have about a loss, and 0:08:28.680 --> 0:08:30.560 then what you do is you turn around and just 0:08:30.600 --> 0:08:34.079 buy the bitcoin again. So you bought it at sixty UM, 0:08:34.120 --> 0:08:36.480 you sell it right now for fifty six thousand, you 0:08:36.559 --> 0:08:38.920 book the loss and then you just buy it back again. 0:08:39.800 --> 0:08:42.120 And what you do is you take that loss and 0:08:42.200 --> 0:08:46.280 you can apply it to other gains. So now when 0:08:46.320 --> 0:08:48.880 you file your taxes, any other profits that you have, 0:08:49.080 --> 0:08:53.000 you could use that loss as a write off against that. Now, 0:08:53.000 --> 0:08:56.680 there's more to this than that. Like a lot of things, 0:08:56.679 --> 0:08:58.440 if you miss a few pieces of information, it could 0:08:58.440 --> 0:09:00.960 be dangerous. So I'm gonna fill you more on that, 0:09:01.000 --> 0:09:03.640 and then i want to tell you another strategy that 0:09:04.040 --> 0:09:06.880 um is different, but it can also put a lot 0:09:06.880 --> 0:09:09.040 more money in your pocket. Now you're listening to the 0:09:09.040 --> 0:09:10.920 Mark mo Show. If you're just tuning in, thanks for listening. 0:09:10.960 --> 0:09:13.640 We're talking about bitcoin, we're talking about cryptocurrencies. We're talking 0:09:13.640 --> 0:09:17.679 about the decentralized Revolution. Trying to give you the asymmetric 0:09:17.679 --> 0:09:21.280 information that you need to participate in the largest asymmetric 0:09:21.320 --> 0:09:24.120 bet we will ever see. I'll be right back with 0:09:24.200 --> 0:09:26.640 more info on how to save on the taxes, So 0:09:26.679 --> 0:09:28.920 don't go away, all right, Welcome back. You are listening 0:09:28.920 --> 0:09:31.079 to the Mark ma Show where we're talking about bitcoin 0:09:31.160 --> 0:09:34.040 and we're talking about cryptocurrencies, and we are talking about 0:09:34.320 --> 0:09:38.920 the d centralized Revolution. I know you hear these buzzwords 0:09:38.920 --> 0:09:41.760 and I don't know what they mean, and web three 0:09:41.880 --> 0:09:45.200 and decentralized and this and that. But don't worry. It's 0:09:45.240 --> 0:09:46.840 not as complicated as it sounds. And we'll go through 0:09:46.840 --> 0:09:49.160 each piece week by week by week. So make sure 0:09:49.160 --> 0:09:51.320 you keep tuning in with me. But what we're talking 0:09:51.320 --> 0:09:54.240 about before the break is we're talking about one of 0:09:54.280 --> 0:09:56.679 the easiest ways, um and maybe one of the most 0:09:56.679 --> 0:10:00.640 powerful ways to increase your income is to reduce your expenses. 0:10:01.120 --> 0:10:03.880 And taxes are your single biggest expense, and so if 0:10:03.920 --> 0:10:07.320 you can reduce your taxes, then you can increase your income. Right, 0:10:07.440 --> 0:10:09.720 makes sense. Then back to the as I said earlier, 0:10:09.760 --> 0:10:11.920 that the penny saved or the dollar saved as the 0:10:11.920 --> 0:10:15.400 dollar earned kind of thing. And so we're talking about 0:10:15.400 --> 0:10:18.720 something called wash wash sale or like wash trading. And 0:10:18.800 --> 0:10:20.520 so what I was saying before the break is that 0:10:20.600 --> 0:10:24.000 if you potentially had bought some cryptocurrencies, um, and they're 0:10:24.000 --> 0:10:26.760 down right now. You know, they're down across the board, 0:10:27.679 --> 0:10:29.599 which isn't that big for cryptocurrencies if that was the 0:10:29.640 --> 0:10:32.400 traditional stock market to be a blood bath. But let's 0:10:32.400 --> 0:10:34.679 say that you bought bitcoin at sixty nine thousand at 0:10:34.679 --> 0:10:36.440 its previous all time high a few weeks ago, and 0:10:36.559 --> 0:10:38.800 right now it's at fifty six thousand. So you could 0:10:38.880 --> 0:10:41.680 sell it today at fifty six thousand, book a loss, 0:10:41.760 --> 0:10:44.360 you know, eighteen percent loss or so, and then just 0:10:44.360 --> 0:10:46.360 buy it back again. So you still own it, but 0:10:46.440 --> 0:10:48.439 you just sold it and bought it. And the reason 0:10:48.480 --> 0:10:49.920 why you would do that is because you you took 0:10:49.920 --> 0:10:51.360 a loss. You brought a sixty nine and you sold 0:10:51.360 --> 0:10:55.319 it fifty six, and now you can apply that loss, 0:10:55.760 --> 0:10:59.120 however much it was to any other potential games that 0:10:59.200 --> 0:11:02.880 you had this year, so you're reducing your taxbill expense. Now. 0:11:03.160 --> 0:11:08.040 Typically this is not okay wash sales. Wash trading is 0:11:08.080 --> 0:11:11.199 not okay to do with stocks. I believe you have 0:11:11.320 --> 0:11:16.080 to wait thirty days in between typically, but by the 0:11:16.080 --> 0:11:17.920 time you sell and rebuy again, I think it's thirty 0:11:18.000 --> 0:11:22.040 days again ask your tax professional. But with cryptocurrencies that's 0:11:22.080 --> 0:11:24.800 not the case, at least for now. Now there's a 0:11:24.800 --> 0:11:27.400 lot of rumors that there's some big, big, big tax 0:11:27.480 --> 0:11:30.079 changes coming after the first of the year, and this 0:11:30.280 --> 0:11:33.920 is apparently going to be one of them, so potentially 0:11:34.559 --> 0:11:36.560 you may not be able to do this again next year. 0:11:36.800 --> 0:11:39.200 And of course, the tax your closes in uh, you know, 0:11:39.440 --> 0:11:41.400 less than less than thirty days. At this point, we're 0:11:41.440 --> 0:11:44.200 in December. Man, I can't believe that the fast time flies. 0:11:44.559 --> 0:11:47.000 So this is something that you might be able to, um, 0:11:47.160 --> 0:11:50.360 you know, participate in and take advantage of this year. Um. 0:11:50.440 --> 0:11:52.720 And at this point right now, all the prices of 0:11:52.720 --> 0:11:55.880 cryptocurrencies are pretty much down. At this point, Um, they'll 0:11:55.880 --> 0:11:58.120 probably pump if I'm here to the end of the year, 0:11:58.160 --> 0:12:01.000 and so um, this might be one of your only 0:12:01.080 --> 0:12:02.520 chances to do that. So that's something that you might 0:12:02.559 --> 0:12:06.280 want to take into consideration. Now, another way that you 0:12:06.320 --> 0:12:10.160 can also increase your income by reducing your expenses is 0:12:11.400 --> 0:12:16.280 again reducing your taxes, and that would be to not 0:12:16.400 --> 0:12:24.360 sell obviously, right, sounds pretty simple, just don't sell ever. Now, Um, 0:12:24.440 --> 0:12:26.839 while that sounds super simple, there's actually more to it. Now, 0:12:26.840 --> 0:12:28.520 by the way, you're listening to the Mark Moa Show, 0:12:28.559 --> 0:12:30.800 which of course we're always talking about each and every week, 0:12:30.800 --> 0:12:33.960 we're talking about bitcoin and we're talking about cryptocurrencies, and 0:12:34.000 --> 0:12:38.839 we're talking about this decentralized revolution. And you know, so obviously, 0:12:38.880 --> 0:12:42.120 if you don't sell the cryptocurrency and you don't have 0:12:42.200 --> 0:12:45.240 any profit, then you don't have any taxes to pay. Right, 0:12:46.280 --> 0:12:48.320 But what's the point of buying something and having an 0:12:48.360 --> 0:12:50.520 open value if you don't ever sell, right, what's the 0:12:50.520 --> 0:12:54.440 point of that? Well, you do it very strategically, and 0:12:54.480 --> 0:12:56.280 so let me let me give you an example. So 0:12:58.800 --> 0:13:02.160 depending on how old you are, if you're if you're 0:13:02.200 --> 0:13:03.880 if you're older, I would say if you're you know, 0:13:04.080 --> 0:13:06.400 in your late thirties or forties, at least are older. 0:13:07.040 --> 0:13:10.600 I'm sure if you look back on your life and 0:13:10.679 --> 0:13:12.680 thought back of all the assets that you've ever bought 0:13:12.720 --> 0:13:15.440 or owned, whether it was stock from ten or twenty 0:13:15.480 --> 0:13:19.079 years ago, you know, Facebook, Apple, Netflix, Google, Amazon, stock, 0:13:19.520 --> 0:13:21.960 or it was a house that you had bought. Um, 0:13:21.960 --> 0:13:23.360 I bet you if you could look back on some 0:13:23.360 --> 0:13:25.720 of those assets and go, dang, if I still own 0:13:25.760 --> 0:13:29.880 those assets, they'd be worth a lot of money today. Um. 0:13:30.000 --> 0:13:31.400 And so if you could go back and kind of 0:13:31.400 --> 0:13:33.199 have a do over, you might want to go back 0:13:33.240 --> 0:13:35.200 and just keep those assets and never sell them. But 0:13:35.240 --> 0:13:36.960 of course you can't. You can't. You can't get to 0:13:36.960 --> 0:13:39.760 do over like that. But um, what I'm trying to 0:13:39.760 --> 0:13:41.040 get you to do is kind of go back and 0:13:41.080 --> 0:13:43.640 realize that because the way that the rich. The way 0:13:43.679 --> 0:13:47.760 that the wealthy, the really wealthy, the generational wealthy people 0:13:47.840 --> 0:13:52.559 get rich is to buy trophy assets. Trophy assets are 0:13:52.600 --> 0:13:55.720 are something that's scarce, their rare assets. They buy these 0:13:55.720 --> 0:14:02.280 trophy assets and they never sell them ever. Ever. I 0:14:02.280 --> 0:14:04.360 say that with dramatic effect and ever and so like 0:14:04.360 --> 0:14:06.600 look at warm Buffett, right, Warm Buffett Bbot Coca Cola 0:14:06.679 --> 0:14:09.040 stock in the sixties. I mean he's owned it for 0:14:09.320 --> 0:14:11.960 you know, sixty seventy years. At this point, you own 0:14:12.040 --> 0:14:16.160 trophy assets and you never sell them. Now, if I 0:14:16.280 --> 0:14:21.240 were to buy cryptocurrency and um, I'm trading it, or 0:14:21.280 --> 0:14:22.800 I just bought it and sold it, and you and 0:14:22.840 --> 0:14:26.000 you and you do a transaction within a year, then 0:14:26.080 --> 0:14:29.160 you're going to pay what's called short term capital gains 0:14:29.200 --> 0:14:31.840 on that, which is basically taxed the same as ordinary 0:14:31.840 --> 0:14:34.400 income if you hold the asset. And again this applies 0:14:34.440 --> 0:14:36.720 to stocks or real estate or gold as well, but 0:14:36.760 --> 0:14:38.560 if you own them for more than a year, more 0:14:38.600 --> 0:14:40.880 than twelve months, then you get was known as long 0:14:41.000 --> 0:14:45.000 term capital gains, which is much better. It's typically fifteen 0:14:46.280 --> 0:14:51.640 versus ordinary mun could be. So the first thing you 0:14:51.720 --> 0:14:52.920 want to do is at least hold it for twelve 0:14:52.920 --> 0:14:54.640 months to get the long term capital gains. But what 0:14:54.720 --> 0:14:56.480 if you buy something and sell it within a year, 0:14:57.600 --> 0:15:00.960 then you're getting hit with that full um, that full 0:15:00.960 --> 0:15:04.600 tax built. Now some of you may know, some of 0:15:04.640 --> 0:15:06.960 you may not that I have been living over in 0:15:06.960 --> 0:15:09.520 Puerto Rico, been living over on the island, and one 0:15:09.520 --> 0:15:11.240 of the reasons why I moved over to Puerto Rico 0:15:11.720 --> 0:15:16.560 is because they have a very very very attractive tax plan. 0:15:17.200 --> 0:15:19.280 And so basically what what what happened in Puerto Rico 0:15:19.400 --> 0:15:23.400 is that they went bankrupt. Um. They defaulted on their bonds, 0:15:23.440 --> 0:15:26.240 They defaulted on their debt, which is something that it's 0:15:26.320 --> 0:15:28.920 really bad. You don't see nations do this, and I 0:15:28.920 --> 0:15:30.560 think they're one of the first nations to do this. 0:15:31.120 --> 0:15:32.920 But what I liked about what Puerto Rico did is 0:15:32.960 --> 0:15:35.480 instead of just squeezing all the people more, trying to 0:15:35.560 --> 0:15:37.440 tax them more, trying to get more blood out of them, 0:15:37.480 --> 0:15:40.600 more money out of them, instead, they did something opposite 0:15:40.600 --> 0:15:43.240 that you wouldn't normally see governments do, and that was 0:15:43.600 --> 0:15:47.560 incentivize people to come and start businesses to bring revenue. 0:15:47.840 --> 0:15:50.720 And so if you moved to Puerto Rico and you 0:15:51.120 --> 0:15:55.640 um start a business that qualifies business that exports services UM, 0:15:55.680 --> 0:15:59.440 and you can qualify for this Act sixty plan, then 0:15:59.600 --> 0:16:02.480 you could qualified to have your business all your business 0:16:02.920 --> 0:16:06.680 income tax at only four percent and you could pay 0:16:06.800 --> 0:16:11.560 zero percent on cap gains taxes. Compare that to California, 0:16:11.840 --> 0:16:14.640 where you're going to be paying at the top tax bracket. 0:16:14.640 --> 0:16:17.360 You're gonna be paying well over fifty percent of your 0:16:17.400 --> 0:16:20.320 income to taxes and you're gonna be paying thirty five 0:16:20.800 --> 0:16:25.000 on cap gains. So by moving to UM from somewhere 0:16:25.040 --> 0:16:27.000 a high tax state like California, moving to Puerto Rico, 0:16:27.040 --> 0:16:29.200 it's like getting a hundred and fifty percent pay raise 0:16:29.680 --> 0:16:31.400 and you're living on a beautif island in the Caribbean. 0:16:31.520 --> 0:16:32.920 So that's why I've been hanging out over there like 0:16:32.960 --> 0:16:35.280 a pirate in the Caribbean. It's been a good life. 0:16:35.280 --> 0:16:40.560 But my one of my longest mentors for twenty five years, 0:16:40.600 --> 0:16:43.119 I've been reading his books. I'm talking about Robert Kiyosaki, 0:16:43.160 --> 0:16:45.080 who's now one of my good friends. By the way, 0:16:45.080 --> 0:16:48.600 shout out to Robert if he's listening. UM. And Robert 0:16:48.600 --> 0:16:50.720 has been giving me a hard time lately. As a 0:16:50.720 --> 0:16:52.360 matter of fact, we were speaking at a conference together, 0:16:52.400 --> 0:16:55.000 and he was calling me out by name from stage, saying, 0:16:55.280 --> 0:16:58.360 you know, these people like Mark moss And and Peter Shift, 0:16:58.360 --> 0:17:01.840 they're moving to places like Puerto Rico. Oh, um, to 0:17:01.840 --> 0:17:04.520 get out of taxes. Don't they know that they don't 0:17:04.560 --> 0:17:06.400 have to move to Puerto Rico to get out of taxes. 0:17:06.640 --> 0:17:10.800 Don't they know that I don't pay taxes? They obviously 0:17:10.800 --> 0:17:12.399 don't know, right, And he likes to make fun of 0:17:12.440 --> 0:17:16.879 me like that, um, And he's right. There are strategies 0:17:16.880 --> 0:17:20.760 that you can use to greatly reduce your taxes, um, 0:17:20.800 --> 0:17:23.280 just like the rich do. It's like Robert Kiyosaki does. 0:17:23.920 --> 0:17:26.760 And it's also some things that I'm starting to do 0:17:26.800 --> 0:17:28.560 as well, and I'd love to share them with you. 0:17:28.560 --> 0:17:29.919 So I want to tell you what that is. And 0:17:29.960 --> 0:17:34.480 again I'm not a tax professional. You should definitely take 0:17:34.560 --> 0:17:36.760 whatever I'm saying and take it to your tax professional 0:17:36.760 --> 0:17:38.240 and discuss it with them and see if it applies 0:17:38.280 --> 0:17:41.720 to your situation. But you don't know what you don't know, 0:17:41.920 --> 0:17:43.480 and you don't know how to tell your tax professional 0:17:43.520 --> 0:17:44.920 what you don't know, and so I at least want 0:17:44.920 --> 0:17:47.000 to give you that. By the way, you're listening to 0:17:47.040 --> 0:17:49.919 the Mark Moss Show where we're talking about bitcoin and 0:17:49.920 --> 0:17:54.760 we're talking about cryptocurrencies, and we're talking about the decentralized revolution. 0:17:56.320 --> 0:18:00.280 We're facing the greatest wealth transfer that we will ever see. 0:18:01.040 --> 0:18:03.439 And you can decide you have a choice. Do you 0:18:03.440 --> 0:18:04.800 want to be on the receiving end or do you 0:18:04.800 --> 0:18:06.600 want to be se be on the giving end of 0:18:06.640 --> 0:18:08.200 that wealth transfer? Of course I know what's side. I 0:18:08.240 --> 0:18:10.240 want to be on. Uh and hopefully you want to 0:18:10.240 --> 0:18:11.480 be on the receiving end as well. So we'll be 0:18:11.560 --> 0:18:13.520 right back telling you how to save money on taxes. 0:18:13.600 --> 0:18:15.879 Don't go away, all right, welcome back. You are listening 0:18:15.920 --> 0:18:18.320 to the Mark Moss Show where we're talking about bitcoin 0:18:18.520 --> 0:18:20.560 each and every week. We're talking about, of course, the 0:18:20.640 --> 0:18:26.600 cryptocurrency move. We're talking about the decentralized revolution, and I'm 0:18:26.640 --> 0:18:28.960 trying to give you the information that you need to 0:18:29.000 --> 0:18:32.919 really participate to really take advantage of this. Damn. It's 0:18:32.960 --> 0:18:35.440 a big subject. It's a deep subject. There's so much 0:18:35.520 --> 0:18:38.439 to learn, and really, you know, you really have to 0:18:38.480 --> 0:18:42.160 know about at least six, if not probably eight different 0:18:42.200 --> 0:18:45.679 disciplines to really grasp what's going on. You need to 0:18:45.720 --> 0:18:49.760 know about um money, right, and most people think they 0:18:49.760 --> 0:18:51.600 know what money is, but most people don't don't know 0:18:51.640 --> 0:18:55.600 what money is. You have to know about monetary history, 0:18:55.680 --> 0:18:58.280 you have to understand economics. You have to understand philosophy, 0:18:58.720 --> 0:19:01.480 you have to understand game theory, you have to understand technology. 0:19:02.000 --> 0:19:04.119 I mean, there's so many different things you have to understand. 0:19:04.920 --> 0:19:08.760 I know, you know, I've been teaching. I've been researching 0:19:08.880 --> 0:19:14.879 and writing and teaching and using cryptocurrencies now for about 0:19:14.920 --> 0:19:18.479 seven years. And a lot of my friends you know, obviously, 0:19:18.480 --> 0:19:20.760 I know that I do this, and sometimes I'll get 0:19:20.800 --> 0:19:22.880 asked by by people on social media or even people 0:19:22.880 --> 0:19:25.000 that I know. A couple of months ago, I was 0:19:25.000 --> 0:19:27.000 down in Mexico and we're out to dinner and one 0:19:27.040 --> 0:19:30.200 of my buddies at the table said, hey, Mark, explain 0:19:30.280 --> 0:19:32.560 bitcoin to me like I'm five years old, And in 0:19:32.600 --> 0:19:37.000 two minutes. I just looked at him and I laughed, 0:19:37.040 --> 0:19:40.240 and I'm like, dude, like sorry, man, Like I can't, 0:19:40.240 --> 0:19:43.399 Like I can't explain to you like you're five, Like 0:19:43.400 --> 0:19:45.280 you're five years old, and in two minutes. It doesn't 0:19:45.320 --> 0:19:47.040 work like that, Like if you're not willing to put 0:19:47.040 --> 0:19:49.200 the time in the effort into understand it, like you're 0:19:49.200 --> 0:19:51.760 just you're never gonna make it. That's a symptom of 0:19:51.800 --> 0:19:55.040 the world that we're in today. A lot of people, UM, 0:19:55.080 --> 0:19:57.520 you know, I'm taking a lot of a lot of 0:19:57.560 --> 0:19:59.399 information distilling it for you on this radio show, in 0:19:59.400 --> 0:20:01.439 these podcast asked or you know, I do it on 0:20:01.440 --> 0:20:03.400