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Showing content with the highest reputation on 04/25/2023 in all areas

  1. Warren Buffett says that if you offered him all the Bitcoin in the world for a total price of $25 he would pass. Cathie Wood says Bitcoin is going to be priced at $1m per in 7 years. Crypto is not an investment as it offers no ability to perform a discounted cash flow analysis. It is a speculative instrument like gold or Beanie Babies.
    3 points
  2. OID is income, not a subtraction. I always enter as a separate interest income, in the appropriate box. Every CPA firm I ever worked with did it exactly the same.
    2 points
  3. Look at all the Crypto companies currently in bankruptcy. Safest way to invest in crypto is as a "Miner". Buy or build a couple dedicated miner PC's or Asic Miner and let it go to work. Helps if you own your own Nuclear Power Plant to runs these energy hogging miners too !!!
    2 points
  4. Exactly, a high school custodian saved $17,000 on electricity by using the school power on a handful of machines.
    1 point
  5. May not be worth the trouble to calculate, but there is a de minimis amount on reporting OID (page 13 of Pub 550 gives an example).
    1 point
  6. Just prepared a return for a single gal who bought a fraction of a Bitcoin a couple years ago when it was over $43,000. If it'd been a whole Bitcoin and she sold it after two years, she'd have had a loss of $15,500 per your prices and only $27,500 in US$ to put a down payment on a rental property. She wouldn't be able to buy a rental or two, not even one here in Fairfield County. Would you have enough in DC?! If she'd bought a rental property a couple years ago with $43,000 down, would she be in a better or worse situation now two years later? Be very careful with digital assets! If your ultimate goal is to own a couple rental properties, do your planning now. You can probably think of several pathways to ownership.
    1 point
  7. Corporations also are not good entities to own real estate.
    1 point
  8. C-corps do not get to take LT capital gains on stock market transactions, nor can they take losses, capital and otherwise. They can on be taken forward or back and applied against gains.
    1 point
  9. Um, Pacun, you do realize that in two years you could have zero. If you buy the rentals now, in two years they may be valued more, maybe less, but you'll still have something. And you also must realize that although your initial post said to corp would be "investing in the stock market," crypto is not stock.
    1 point
  10. Is this an actual client or a hypothetical scenario?
    1 point
  11. What Catherine said. I am waiting for someone to post what the heck that is....just have not had the time or the inclination to look it up myself. Tom Longview, TX
    1 point
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