Don't Pay More Than You Have To: Crypto Tax Tips You Can't Afford to Miss
Maximize Your Earnings and Minimize Your Taxes with These Expert Tips
Cryptocurrencies and Artificial Intelligence are the most promising invention of the 21st century. I have no doubt about them. Both offer the world an incredible list of benefits, but it is very important to know how to use them, as if we don't, they can play against us. Why do I say this? The following examples will explain:
As you see, ChatGPT didn't want to give a clear answer. However, I'll tell you that both will replace jobs in the future.
Notaries: Notaries are responsible for giving testimony about aspects they are unfamiliar with. For example, for a donation, the notary simply says that this donation belongs to person X. But they will never know if that money, that artwork, or that land exists. With a smart contract, this is solved, and you can be sure that that money, property, or whatever it is, exists.
Property Registrars: closely related to the previous one. Today, houses can be tokenized. This allows you to buy a house in a fractional way and also earn rental income from it without having to incur intermediaries.
Real Estate Agencies: closely related to the previous one. These intermediaries will disappear. Of course, it is necessary to see the property that you are going to buy in person. However, there are already many real estate agencies that provide their clients with online tours.
But these are not the only jobs that will gradually disappear; even if they don't disappear 100%, their activity will be significantly reduced.
But we have an advantage, and that is to be ahead of these disruptive changes. Not only that, but if we know how to use it to our advantage, we will surely be able to take advantage of it.
In the case of cryptocurrencies, we also have many players that will be affected, but mainly commercial banks will be affected. Last week, I made a transfer from one bank to another. After 5 days of not receiving the funds, I contacted customer service.
On the 7th day, I received the funds in the destination account. How can it be so many days without knowing where my money is? With blockchain, I have it located from minute 0.
Today I want to talk to you about another benefit, and that is saving money on taxes and a series of considerations that you should have before buying crypto that will save you many taxes.