Pomp 🌪 Profile picture
14 Apr, 13 tweets, 4 min read
In 2014, the IRS decided to treat cryptocurrency as property for tax purposes. This matters for 2 reasons:

1) it clarified sells/exchanges of bitcoin trigger a 'taxable event'

2) it means you can stack/trade bitcoin tax free. FEW.

This thread may save some of you ~$2,000 👇🏽👇🏽
2/ Let's start with the basics:

A taxable event is "an action or transaction that may result in taxes owed to the government."

Since the IRS treats crypto as property, you trigger a taxable event every time you sell, trade, or buy something.
3/ Typically Tax Day is tomorrow (April 15th) but due to COVID, it's pushed back until May 17th.

That means May 17th is the last day to file your taxes this year and you have 30 days to apply this knowledge to reduce your 2020 taxes.
4/ So how much do I owe in taxes on gains if I sold?

If you held for < 1 yr, you pay according to your tax bracket.

If you held for > 1 yr (as a single filer):

- 0% if your income < $40k

- 15% if income was between $40k and $441,450

- 20% if your income > $441,450
5/ What if I traded some BTC for ETH?

In 2017, the IRS decided that like-kind transfers only apply to real estate, so crypto-to-crypto trades are still a taxable event.

The difference in the price of the asset when you bought it and when you made the trade is taxable income.
6/ How come I have to pay taxes if I buy a Tesla with bitcoin?

Because bitcoin is considered property, not currency, it triggers a taxable event anytime you use it to buy something.
7/ There are 2 ways to avoid the headache above and not have to stress about crypto taxes:

1. Hodl, and never sell (or trade or buy something with it) 💎 🙌

2. Open an IRA with @choicebykt and buy, sell, trade, and stack within it without triggering a taxable event.
8/ Because the government wants to incentivize saving for retirement, they offer significant tax benefits for putting money away in your retirement account.

Don't believe me? Check out how Peter Thiel used his Roth IRA
9/ What differentiates trading within an IRA like @choicebykt from an exchange is that your gains are not considered realized until you withdraw them from your account.

You could buy bitcoin, hodl to $100k, sell, use the profits to buy $TSLA, and not owe a penny in taxes.
10/ If you open a Roth IRA like Thiel, the advantages are even sweeter -- because you pay taxes on the money before contributing, you don't have to pay ANY tax when you withdraw it, as long as you wait until you're 60.

However, contributions are not tax deductible.
11/ If you open a Traditional IRA with @choicebykt, contributions are deductible but you have to pay income taxes on your withdrawals, even after the age of 60.

Because the IRS pushed Tax Day back, you have until May 17th to make 2020 contributions.
12/ If you contribute the maximum amount of $6,000 to your traditional IRA, you could save up to $2,000 on taxes this year 🤯

As with everything DYOR, not everyone is eligible to contribute to a Roth or Traditional IRA.
13/ To help you capitalize on the extension, I partnered with @choicebykt to give a $62.50 bonus (IYKYK) to everyone that funds their account before May 17th.

What are you waiting for? Enjoy :)

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More from @APompliano

11 Apr
One of my goals this year is to help 10,000 people get hired in the bitcoin/crypto industry.

We have already made considerable progress, but here are more details on my plans.

1/ First, I had to find a team to help me. This is where @CJSakamoto15 comes into the story.

Colton kept sending me great memes (seriously!). We got to know each other, I pitched him on the idea, and he agreed to be CEO of the employment efforts.

Solid team ✅
2/ Once I had a team, we built and launched our first product — the crypto job board.

Companies like Coinbase, BlockFi, Gemini, Bitwise, Kingdom Trust, Amazon, and TIME have all listed open roles.

We are now #1 job candidate referrer to many of the largest companies in space.
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24 Mar
Today I'm announcing a new investment in @synthesischool.

They have built the best way for your child to learn critical thinking and problem solving skills. It is based on how Elon Musk teaches his children.

Sign up here: synthesis.is
Many people don't know that Elon Musk built an experimental school called Ad Astra for his children.

The idea was to better prepare his kids for the real world compared to what the traditional system was doing.

@synthesischool comes out of that school that Elon Musk built.
The lack of critical thinking and problem solving skills we teach our children should be a national emergency.

@synthesischool fixes this.

They put kids into situations without rules or direction, which forces them to develop real world skills quickly.
Read 5 tweets
18 Mar
There is a higher likelihood that gold goes to $0 than Bitcoin does at this point.

One is growing in value and the other is falling.

Don't get caught on the wrong side of a paradigm shift.
It seems people are misunderstanding what I'm saying here.

I'm not saying gold is going to $0, but if you have to pick between gold or bitcoin — gold has a higher probability of going to $0 at this point.

Probabilistic conversation much more interesting than the binary one.
Additionally, many people believe the non-monetary value of gold is important. They forget to mention that gold jewelry demand peaked in 2013 and has been falling since.

Non-monetary value dropping quickly among younger generations.
Read 6 tweets
16 Mar
Digital artist @rekodi_i is quickly becoming one of the most interesting artists in the world.

The next drop is tomorrow night.

Time for a thread 👇🏽👇🏽👇🏽
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Each piece was a 1 of 1 and the total collection went for more than $150,000.

That's just the start though. Image
2/ The next @rekodi_i drop will be the "Death to Fiat" collection.

Only 15 pieces with each being a 1 of 1.

There are 12 pieces that will be sold for 0.01 ETH and then 3 pieces that will be auctioned off.
Read 6 tweets
13 Mar
A pseudonymous artist is quickly becoming one of the highest grossing digital artists nearly overnight.

You almost won't believe this story.

Time for a thread 👇🏽👇🏽👇🏽
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It came via Twitter DM.

Not sure why this one caught my eye, but I was intrigued by their question.
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They explained they wanted to launch it under a pseudonym, but were worried that no one would discover their work.
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11 Mar
Today I'm announcing a new investment in @BlockFi.

They have raised $350 million at a $3 billion valuation. This is another step towards becoming a generation defining business for @BlockFiZac and @FounderFlori.

You can sign up here: blockfi.com/pomp
Read additional coverage here:

Forbes: forbes.com/sites/ninabamb…

TechCrunch: techcrunch.com/2021/03/11/blo…
Read 4 tweets

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