Welcome to Keep-in-Mind content! We scoured the Internet for useful pieces of news and information that could potentially help you toward your next great investment. It all can start with one tip or point in the right direction, so every week we gather a few links that we think could be of interest to you.
Bitcoin Investors: Check Your Mail
According to John Crudele of the New York Post, the IRS has sent out 10,000 letters to people who could be tax offenders because of virtual currency transactions and not reporting gains on those trades. So what does this mean for crypto investors who have every intention of complying with the IRS?
Well, if someone can prove that they are an “investor” in virtual currencies and they held onto their positions for more than a year, they will be taxed at the capital gains rate of 20 percent for federal tax purposes. But if they are deemed to be “traders” — meaning they got in and out of positions — and didn’t hold onto them for a year, the taxpayer could be charged at the ordinary income rate, which could be as high as 37 percent.
In order to not have your crypto investments get you in trouble with the IRS, be sure to read up on where you fall within these regulations.
Essential Checklist for Real Estate Success
Find out about 6 of the most important factors to consider when deciding on the profitability of an investment property you are looking into. Some of them might be obvious, some of them not so much. No matter your experience level in the real estate investing arena, your knowledge of what to look for from these 6 elements will help determine your success in every investment you make.