I’d agree that’s a reasonable approach for dealing with Hex. He didn’t mention a specific token by name, so I interpreted that as a general approach. Thanks for the clarification.
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I’m also thinking a bear market is a good time to set this up and get value into it at these low prices.
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I’m thinking using this could be very beneficial for long term investments such as a HEX 5555 day stake
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faster turnaround is the primary difference, but their site lists the two plans in detail
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What are the main benefits with Gold? Expedited, help with tax forms?
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not saying which is correct, you have to decide what you are comfortable with and what you are willing to back if there are questions returned from the IRS. Sadly, we have very little guidance on crypto in general other than in the USA it is treated as property and not securities, for now.
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I think he is saying to treat new HEX resulting from end stake as a stock dividend, which just lowers your cost bases by increasing your units. No taxes, in this case, would be paid until you swap into another token or asset. So it is treated as cap gain and not income.
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Taking that approach is your prerogative with your personal finances, but be careful suggesting an approach to others that clearly violates current IRS regulations. New coins landing in your wallet are not “nothing numbers on a screen.”
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Kiss, it's cap gains when you unstake and sell. Until then it's nothing numbers on a screen
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If this were an option wouldn't all crypto staking, LPS , etc income be treated as a non taxable??
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agreed. Its also a great time to do a roth conversion from a traditional IRA or 401K, to lower the tax impact.
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anything that could potentially appreciate significantly in value is great for a ROTH, since you are not taxed when you withdraw in retirement.
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I don't think there are other hidden fees, but it ihas been a while since I read through their docs
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Any other fees, such as withdrawal fees? Account closure fees? Sorry so many questions.
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I use the Gold plan and personally believe it was worth it
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Just remember to keep your wallets for the IRA separate from any personal wallets and purchase any hardware wallets using IRA funds, not personal funds. you cannot gift anything to your IRA. Lastly, it is best to NOT store those keys at home, just like you can't store physical precious metals in a safe at home.
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Hi Everyone, do any of you have experience with Broad Financial’s Self Directed IRA w/Checkbook Control for investing in crypto? The fees are $1695 first year including setup fees, than $400 per year after that and No transaction or withdrawal fees.
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Well no one should take what they read in telegram as professional advice to be followed though I respect your point. Interesting
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The Jarrett case involves staking in terms of mining income specifically, so it’s a mistake to apply that to all staking activities.
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