Main Street Business

#488 10 Crypto Loopholes The Rich Use To Get Richer

8 snips
Mar 26, 2024
Discover 10 crypto loopholes used by the rich to save taxes and build wealth. Learn about asset protection strategies, managing crypto investments, maximizing tax deductions, and utilizing Roth IRAs for long-term wealth growth.
Ask episode
AI Snips
Chapters
Transcript
Episode notes
ADVICE

Asset Protection with a COPE LLC

  • Protect crypto assets from lawsuits with a charging order protection (COPE) LLC.
  • Consult a lawyer specializing in crypto asset protection for proper setup and maintenance.
ADVICE

Wash Sale Strategy

  • Utilize the wash sale strategy to your advantage in crypto.
  • Sell crypto at a loss, immediately repurchase, and avoid taxes on future gains.
ADVICE

Hardware Wallet Security

  • Secure your crypto keys using a hardware wallet like Nano Ledger or Trezor.
  • Be mindful of the risks of forgetting keys or losing the physical device.
Get the Snipd Podcast app to discover more snips from this episode
Get the app