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Enlightened Phoenix Group

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Maksim Romanov
Maksim Romanov

Bitcoin Investing 101: Download this Video Series and Become a Bitcoin Pro

If you buy, sell or exchange crypto in a non-retirement account, you'll face capital gains or losses. Like other investments taxed by the IRS, your gain or loss may be short-term or long-term, depending on how long you held the cryptocurrency before selling or exchanging it.

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If you traded crypto in an investment account or on a crypto exchange or used it to make payments for goods and services, you may receive Form 1099-B reporting these transactions. In other investment accounts like those held with a stock broker, this information is usually provided on this 1099 Form. However, not every platform provides these forms. In this case, they can typically still provide the information even if it isn't on a 1099-B.

TurboTax Online is now the authority in crypto taxes with the most comprehensive import coverage, including the top 15 exchanges. Whether you are investing in crypto through Coinbase, Robinhood, or other exchanges TurboTax Online can seamlessly help you import and understand crypto taxes just like other investments.

The above article is intended to provide generalized financial information designed to educate a broad segment of the public; it does not give personalized tax, investment, legal, or other business and professional advice. Before taking any action, you should always seek the assistance of a professional who knows your particular situation for advice on taxes, your investments, the law, or any other business and professional matters that affect you and/or your business.

This website is operated by UNest Advisers, LLC., an SEC Registered Investment Advisor. Brokerage services are provided to clients of UNest Advisers by UNest Securities, LLC, an SEC registered broker-dealer and member FINRA. Member of SIPC. Securities in your account protected up to $500,000. For details, please see UNest does not provide investment advice on investments that are guaranteed by a bank or otherwise, or that are FDIC-insured. Investing involves risk and investments may lose value. Please consider your investment risk tolerance, objectives and UNest pricing before investing. Past performance does not guarantee or indicate future results. Investment outcomes and projections are hypothetical in nature. UNest does not provide tax advice. Please consult a tax professional for such information. To understand Calculation Methodology, refer to the Disclosure about College Savings Calculator. You can review more information about our services at the UNest ADV brochure and Customer Relationship Summary.

The savings calculation is based on the following assumptions. You contribute $250 every month to the account for 18 years. The account earns an annual return of 8%. The traditional advisor charges a 1% annual advisory fee, and the investment fund has a 0.45% expense ratio. UNest charges a $4.99 monthly membership fee which includes advisory services, and the investment funds have an average expense ratio of 0.07% annually. Additional details on the calculation can be made available upon request. The actual costs of working with a specific financial advisor may be different than this assumption. There is no guarantee of returns, and you may lose money, including the principal amount you invest.

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In this guidance, we address the taxability of bitcoin related activities. Information in this guidance may be relevant for addressing other cryptocurrency business activities, depending on the facts in each case. However, please note that other forms of cryptocurrency may have different features that may lead to different tax results, and thus businesses should be aware that the Department will review other cryptocurrencies based on the facts applicable to those cryptocurrencies.

Taxpayers are responsible for retaining appropriate documentation pursuant to WAC 458-20-254 and RCW 82.32.070. Guidance on appropriate documentation for transactions involving bitcoin is discussed below.

The examples below solely address situations where bitcoin is tendered in an amount equal to the amount invoiced for goods or services and the related retail sales tax. This guidance does not address situations where sellers accept payment in bitcoin that is greater or less than the amount invoiced for goods or services and the related retail sales tax. In these latter situations, taxpayers are encouraged to contact the Department for additional guidance.

In cases where a seller immediately converts bitcoin received from a buyer to US dollars, tax is computed on the converted amount. Sellers must retain documentation indicating the time of sale, the value of the converted amount (sale), and documentation of the transaction. Suitable documentation may include:

In cases where a seller does not immediately convert bitcoin received from a buyer to US dollars, the measure of the tax is value of bitcoin, expressed in US dollars, as of the date of sale. This value may be determined via a reliable cryptocurrency pricing index.3 Retail sales tax and retailing B&O tax is computed on this value. Sellers must retain documentation indicating the time of sale, the value of the bitcoin amount (sale), and documentation of the transaction. Suitable documentation may include:

The measure of the tax is determined by the value of the bitcoin at the time it is obtained by the miner; this is the case for transaction fees and block rewards. Miners are required to retain documentation of this value in accordance with WAC 458-20-254 and RCW 82.32.070. Bitcoin miners must retain documentation indicating the date bitcoin is received and the value of the related gross income. Suitable documentation may include:

A B&O tax deduction is provided for amounts derived from investments (RCW 82.04.4281). Generally, individuals (i.e. non-business) who buy and sell bitcoin as an instrument of investment are not subject to Washington taxes on their gains.

Options involve risk and are not suitable for all investors. For more information read the Characteristics and Risks of Standardized Options, also known as the options disclosure document (ODD). Alternatively, please contact IB Customer Service to receive a copy of the ODD. Before trading, clients must read the relevant risk disclosure statements on our Warnings and Disclosures page. Trading on margin is only for experienced investors with high risk tolerance. You may lose more than your initial investment. For additional information about rates on margin loans, please see Margin Loan Rates. Security futures involve a high degree of risk and are not suitable for all investors. The amount you may lose may be greater than your initial investment. Before trading security futures, read the Security Futures Risk Disclosure Statement. Structured products and fixed income products such as bonds are complex products that are more risky and are not suitable for all investors. Before trading, please read the Risk Warning and Disclosure Statement.

Australians lose more money to investment scams than any other. They can be hard to spot, so before investing always seek independent legal advice or financial advice from a financial advisor who is registered with ASIC.

Cryptocurrency investment scammers are convincing. They may advertise or post on social media offering great returns from cryptocurrency trading. If you click on the advertisement or post, the scammer will contact you or you will be directed to a fake website. The scammer will offer to make an investment on your behalf, or provide details of an app or website through which you can invest.

A scammer claiming to be a stock broker or portfolio manager calls, emails or contacts you on social media and offers financial or investments advice. They may even claim to be from an investment firm or company you have heard of, as scammers sometimes impersonate these businesses to seem legitimate.

The investments offered in these type of cold calls are usually share, mortgage, or real estate high-return schemes, options trading or foreign currency trading. The scammer is usually operating from overseas, and will not have an Australian Financial Services licence.

Once they have gained your trust the scammer will tell you about an investment opportunity. Often, they say they have invested a small amount of and made a lot of money very quickly. They will encourage you to initially transfer a small amount of your own money to show how easy the investment is. You may see a quick return. The scammer then encourages you to invest larger amounts.

The scammer will tell you to top up your accounts to increase your profits. If or when you run out of money to transfer or want to withdraw all your funds, the scammer will cease all communication. You will then be unable to obtain your investments from the platform or be told the investment has gone wrong.

Scammers contact people on social media and asking them to download or invest through apps. They promise you will see high returns very quickly and you will think you do, but the scammer uses money other people have invested to pay you some return.

Investment seminars may be promoted by promising motivational speakers, investment experts, or self-made millionaires who will give you expert advice on investing, with the purpose of convincing you into following high risk investment strategies. These strategies may include borrowing large sums of money to buy property, or investments that involve lending money on a no security basis or other risky terms.

Related news Consumers warned about fake investment opportunities as losses top $20m 3 Aug 2022 Australians are losing more money to investment scams 6 Jun 2022 Australians lose over $70 million to bogus investment opportunities 24 Aug 2021 Culturally and linguistically diverse community lose $22 million to scams in 2020, reports from Indigenous Australians up by 25 per cent 10 Jun 2021 Scammers capitalise on pandemic as Australians lose record $851 million to scams 7 Jun 2021 View more news & alerts

tags should be output automatically -->University of California Investments makes an aggregate $4.5 billion investment in Blackstone Real Estate Income Trust, building on 15 years of partnership with Blackstone.


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