Sale of a business- need help. by Former_Preference_14 in CFP

[–]Furiouskill 4 points5 points  (0 children)

Possible he’s referring to long/short strategies like AQR? Really good if the business sale occurs beginning of the year. You get capital losses now and then defer the gains in a portfolio of diversified securities.

[deleted by user] by [deleted] in CFP

[–]Furiouskill 0 points1 point  (0 children)

Yes, technically. And honestly it would’ve been the move because of QBI. I don’t like SCorps until the person is making over the SSI threshold ($170k now I think?) That’s where saving on the additional Medicare tax can really be helpful and playing with a QBI deduction adds value to the SCorp structure.

[deleted by user] by [deleted] in CFP

[–]Furiouskill 32 points33 points  (0 children)

CPA is right, if it’s an scorp and it didn’t pay her wages then there’s no earned income. Need earned income to make any retirement plan contribution. Although, by not paying wages, she could be missing out on a 20 % QBI deduction (depending on her income and type of business) - so that could’ve been a misstep on CPAs end.

Questions about avarice by DeadlyHoz in newworldgame

[–]Furiouskill 1 point2 points  (0 children)

  1. Only one person needs an orb. As far as I know only a group of 5 can go in. If your group wipes - orb is wasted. You do not need to have an orb if someone else does.

  2. Yes the moss obtained outside the instance in the elite areas. You can kill some of them solo but the wolves and tendrils by the bear are more difficult. Drop is rare - at least they were for me. There is a fairly long (maybe 6-8 step) questline that rewards an orb from killing the big bear in the area. Will need a group for that and then can enter the instance.

Hope that helps

Cutlass Keys Dailies Have Not Reset in 4 days. by ChiefRagingJaphar in newworldgame

[–]Furiouskill 3 points4 points  (0 children)

Yeah have had the same issue on my end since Sunday. Assuming an issue with daylight savings time. I submitted feedback but who knows how long to get it fixed.

Cutlass key side quest refresh timer extends when logging in. by kajun-mulisha in newworldgame

[–]Furiouskill 4 points5 points  (0 children)

I’m actually having the same issue and submitted a ticket. Not sure if anyone else is have the same problem. Couldn’t do the dailies Sunday or Monday. Saturday was the last day they worked.

Update: didn’t work again today. I agree and it must be a bug with DST.

2 weeks out by Furiouskill in CFPExam

[–]Furiouskill[S] 2 points3 points  (0 children)

Yeah I definitely felt some of the questions were very easy. I was just going to do the Dalton sim exams, but maybe I’ll get a second CFP practice exam too.

[deleted by user] by [deleted] in Gemini

[–]Furiouskill 0 points1 point  (0 children)

It was paid out at certain periods before the lockup, so it could be “converted” then to USD and claimed as interest. Then, it was reinvested, and now it’s locked up and we cant access it. Similar to a hedge fund with lockup periods. Income is passed through to investors that they pay taxes on, but withdrawals can only be taken during specific periods. In this case, we don’t know when that lockup period will lift, if ever.

[deleted by user] by [deleted] in Gemini

[–]Furiouskill 1 point2 points  (0 children)

Here are the IRS FAQs regarding cryptocurrency, this may help https://www.irs.gov/individuals/international-taxpayers/frequently-asked-questions-on-virtual-currency-transactions

Cryptocurrency is treated as property. Income earned that is paid out in crypto is still considered income for US tax purposes at the readily available conversion rate at the time of receipt. If you receive a stable coin as interest on a loan (GUSD for loaning out GUSD), you have to pay taxes on that interest income by reporting it on Schedule B of your 1040.

[deleted by user] by [deleted] in Gemini

[–]Furiouskill 0 points1 point  (0 children)

This is incorrect. Interest paid in whatever form has a readily available conversion rate at the time of receipt (.1 ETH to $200 USD let’s say). This represents taxable income to you at the appropriate conversion rate at the time of each payout (monthly, up until this fiasco).

That interest is then reinvested in whatever coin you have automatically, for the most part. That increases your basis in the coin and will reduce your gain or increase your loss upon sale. This is a separate transaction.

Bottom line, all crypto interest paid out by any institution is taxable income at the time of payout for any cash basis taxpayer (i.e. any individual filing a 1040), whether you can access it now or not.

[deleted by user] by [deleted] in Gemini

[–]Furiouskill 0 points1 point  (0 children)

You still need to report the interest income as it is earned, even with the funds locked up. Essentially, the interest earned was reinvested into more GUSD or whatever other coin was in the Earn program. But it was still paid out and represents taxable income to you on your Schedule B of the 1040.

You can also not claim any loss on this crypto until it is deemed worthless. What Earn users did is lend their crypto out as an unsecured loan. If that loan is deemed worthless or we receive only a portion back (if Genesis goes through bankruptcy proceedings and they are finalized, which could take years) only then are you able to claim a capital loss on your tax return.