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Wednesday, April 12, 2017

"Heads Up on Taxes at Exchange Time" by (Anonymous) - 4.12.17

Entry Submitted Anonymously at 2:41 PM EDT on April 12, 2017

Dear Exchange Community,

IMO, the truth about the taxability of our exchanges is NOT KNOWN AT THIS TIME. And anyone telling us differently should not be doing so. Until there is a formal, written opinion/position statement by the IRS and by extension the state taxing authorities, I for one will assume that there is a tax liability. Hopefully, there is none, but I don’t operate on hope when it comes to dealing with the IRS. So, my strategy at the time of the exchange is as follows:

1. After pleasantries are exchanged, my first question will be “Is this a taxable event for all currencies I have in my possession?”

2. If the bank can produce reliable documentation (not a verbal statement) that indicates that it is not, then I will simply ask for the rate that I want.

3. If the bank cannot produce said documentation, then I must assume that it is a taxable event.

4. At this point, I will add the top federal rates to the top state rates. In my state this comes to 55%.

5. In order to calculate my net rate of exchange, I will then divide my desired rate by .45 and that will give me a rate to ask for.

6. This allows tax authorities to take 55% of my gross exchange, and leave me very close to my desired take-home.

7. However, there is another necessary calculation if I intend to utilize a structured payout or any other program that contractually encumbers my funds for a period of time. I must set aside 55% of the gross exchange, which will limit what I can put into such a program. Otherwise, I will be unable to pay the full 55% in taxes that I may owe because they are locked up in a bank investment program. A bank Wealth Manager should be able to help here. Notice that I said MAY owe, because the strategy above is preemptive, based on uncertainty as to whether there will be tax owed.

8. If I later find out that no tax is owed, I’m positioned to negotiate a way to put more of the gross funds into a structured program if that’s what I want to do.

9. If tax is owed, I pay the 55%. Then I am in the clear and will only owe taxes on whatever interest the structured program produces.

There are legal tax limiting structures and strategies available. None of them is accounted for here. The above strategy is based on a personal exchange of the simplest kind. Depending on what you ask for, you may wind up with an NDA.

Hope this helps.

Anonymous

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