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  1. Hey Guys, As of December 29, 2017, the IRS has no record of the Stellar Development Foundation having tax-exempt status (see letter below). Therefore, as of the date of the IRS letter addressed to me below, the Stellar Development Foundation is not a nonprofit that typically comes to mind when we think of nonprofits (e.g., American Red Cross, United Way, The Salvation Army, American Cancer Society, UNICEF, etc.). Their website says the opposite and this is somewhat confusing. Now, here is the story. There have been too many posts here about Stellar and their digital asset XLM. You could argue XLM is a direct/indirect competitor to Ripple and XRP. That’s a discussion for a different day. But the way my research was conducted on Stellar was the same way my research was conducted on Ripple Labs, Inc. And my research into the Stellar Development Foundation brought to my attention a specific court case that you may or may not know about - Arthur Britto vs. Jed McCaleb et al (2015, San Francisco, California, Case CGC15544133) In the complaint filed by Arthur Britto, it was alleged that the Stellar Development Foundation was fundamentally not a nonprofit enterprise (please remember the word "alleged;" it was never proven in court. The case was dismissed and settled out of court). Anyways, this was not the first time this was brought to my attention, so I decided to look into this some more. According to the IRS, tax-exempt organizations must make annual returns and exemption applications filed with the IRS available for public inspection and copying upon request. In addition, the IRS makes these documents available. https://www.irs.gov/charities-non-profits/exempt-organization-public-disclosure-and-availability-requirements For example, The Bitcoin Foundation, a nonprofit organization headquartered in Washington (state, not D.C.), makes their financials and IRS forms available online (no IRS request needed; they also have their address listed on their website). https://bitcoinfoundation.org/about/irs-990-forms/ https://bitcoinfoundation.org/wp-content/uploads/2017/03/BTC_Foundation_FY2016-FY2017_Financials.pdf According to the website’s Terms of Service, the Stellar Development Foundation is a Delaware nonprofit corporation. Although no address is listed on their website (couldn’t find one as of January 18, 2018), Stellar appears to be headquartered in San Francisco, California, for they are registered with the California Secretary of State as a foreign nonprofit entity (Delaware) doing business in California. "Well, if they are a nonprofit, their financials statements and what not should be on their website." That was my thought, for U.S law allows individuals and companies to request information on nonprofits, including the status of the nonprofit (i.e., one can actually lose their tax exempt status). I could not find their financials or their non-exempt, IRS tax documents anywhere, so I decided to keep digging. Found a memorandum posted on their website, and the memo was addressed to the Board of Directors of the Stellar Development Foundation, for they had asked about clarifying the Foundation's nonprofit status. The memo states that "the IRS allows an organization 27 months from the date of incorporation to file its tax exemption application and have the exemption, once granted, be effective retroactively to the date of incorporation." Here is the timeline: Stellar incorporated in Delaware - 3/31/2014 (0 months) Memorandum from law firm - 3/6/2015 (11+ months) IRS filing deadline - 6/30/2016 (27 months) My letter from the IRS - 12/29/2017 (44+ months; 17+ months past deadline) At this point, I check the IRS' website and do not find the Stellar Development Foundation on their tax-exempt list. So, I filled out the proper request paperwork and sent it in to the IRS, and found out everything out that way. To be completely honest with you guys, the reason for this posting is informational. Some of us here own both XRP and XLM. Stellar's application with the IRS could be pending still or something like that. Maybe they are operating under a different entity name (e.g., Ripple Labs, Inc. and XPR II, LLC). Maybe they are just operating as a for-profit and haven't changed their website (doubt it). If this status is correct, just be aware of it. Hopefully their partners are aware of it. Lastly, there is a difference between being a "nonprofit" (this is state level) vs. being "tax-exempt" (determined by the IRS). Very confusing. Stellar is a "nonprofit" at the state level (filed as nonprofit in Delaware). However, they are not tax-exempt (as of the date of my IRS letter). Ha, still going to buy XLM (and more XRP), for this space won't care about this and seems completely irrational at times. Later.
  2. Seems like there was much confusion about reporting FBAR Forms. This Article is dated of Jan 9, 2018 (Forbes) https://www.forbes.com/sites/kellyphillipserb/2018/01/09/what-you-need-to-know-about-taxes-cryptocurrency/#7c9dae80605f Towards end of the article it says: So what if I invest in cryptocurrency outside of the United States. I know that I have to report brokerage accounts and other assets on an FBAR. Does that apply here? Nope, you don't have to report your cryptocurrency on your FBAR. In 2014, the IRS issued a statement, saying, "The Financial Crimes Enforcement Network, which issues regulatory guidance pertaining to Reports of Foreign Bank and Financial Accounts (FBARs), is not requiring that digital (or virtual) currency accounts be reported on an FBAR at this time but may consider requiring such accounts to be reported in the future." The IRS has confirmed that position for this year. Here is another Reporting Tip page from an attorneys website I found interesting: Golding & Golding - Attorneys at Law (Read under November 2017 & Personal Wallet Section) Many of you had questions about this. https://www.goldinglawyers.com/fbar-bitcoin-2017-2018-important-cryptocurrency-reporting-tips/ Both articles will clear up some of the questions & concerns you may have regarding FBAR. Important Note: This is not professional legal advice, just sharing articles for forum members.
  3. Lately, regulation of crypto has taken center stage. In this blog entry, I talk about government attempts to reign in the more chaotic parts of crypto without killing the golden goose. I cover the latest information out of India, South Korea, and from the US Senate hearing on Tuesday. Hope you enjoy & please leave any feedback below. Please feel free to share my blog with a friend or on other media - & thanks for doing so! Twitter Reddit r/Ripple Reddit r/CryptoCurrency Reddit r/CryptoMarkets Reddit r/xrp Reddit r/RippleTalk Bitcointalk - alt coin sub forum Bitcointalk - XRP speculation thread
  4. As a California resident, this is why I'm holding onto my XRP indefinitely: What are your tax strategies? Obviously only suggest legal tax avoidance maneuvers. I suppose it's ok to talk about "shady" tax dodgers as long as we don't advocate people doing it. My tax strategy involves moving to a jurisdiction with more favorable tax outcomes, but from what I hear the State of California has it's tentacles in you up to 18 months after you move. It also appears that the "like kind" exchange is about to go away. Any other suggestions? UPDATE: Alright I'd like to post an update with some additional thoughts. I know this is morbid, but what about gifting XRP to my grandmother and inheriting it back from her estate? As long as it's not worth more than ~$5million I shouldn't owe any estate taxes. Am I missing something or would this be a legitimate tax strategy? UPDATE #2 Confirmed that this is a legitimate/legal tax strategy if executed correctly.
  5. Hello everyone, I apologize in advance if the below will upset anybody, but with the risk of being "nailed" for it I have to ask a few questions .... maybe someone will help shed some light on the near term future of Ripple Here we go: - how will Ripple be treated by IRS in regards to taxes due considering the price of XRP? How can they "explain" to the IRS they do not own at least 60 blns XRP worth almost 120 bln USD ... which would be a huge capital gain / profit thus a huge tax liability (anything between 10 to 20 bln USD) ? - same to the state of California and / or Delaware, for their state taxes. - how will Ripple explain to the banking world / investors December`s price evolution and how can they reassure them XRP is a "stable" asset, not for speculation, "immune" to price fluctuations? - let`s suppose the fiscal year ended in October, thus the tax liabilities would be calculated at $0.20 so not big of a problem ... yet ... but how about the future price? If XRP stays at 1-2 USD, Ripple will still have to explain how they don`t own the 50 bln XRP in escrow at the end of 2018 so they will have to come up either with a great explanation that would "fly" with the IRS or with a solution to get at least 10-20 bln USD cash to pay their taxes. Any ideas how that might happen? I think it would rewrite the books on economics about profitability Thank you in advance for any decent comment / answer
  6. This is what I call a "fingers-crossed" type of expectation. Although the Trump Tax Bill currently working its way thru the US Congress has tough uphill battle; the revised crypto reporting change being proposed has no opposition from either side of the aisle. https://www.coindesk.com/trumping-irs-timing-right-bitcoin-tax-reform/
  7. As a follow up to another chat topic started this morning (US time), I suggest that the community keep this topic as active as possible so those who are interested in info, analysis and personal experience about US taxes as they relate to crypto assets can become smart about how to trade, hodl or leverage their holdings with a decent understanding of what the tax implications may be. Let the games begin. PS: I am not a tax specialist, tax accountant or other legal advisor re: these matters. I have had 35+ years of business dealings (successes and failures) that have had huge tax consequences. I have studied, I continue to read, I am forever curious, I have owned multiple businesses, consulted with others and worked in environments from sole proprietor to international Fortune 500 companies. I've likely picked myself up more times than most people have fallen so my foolishness over the years has stuck enough to offer a few ideas here and there. I wish everyone who's looking to make a decent return from their hopes and investments in XRP much success. Cheers.
  8. Although I'm sure they disagree with the IRS's move here, I'm betting Ripple is happy they no longer have individual customer-facing products and don't sell XRP to individuals either: https://cointelegraph.com/news/coinbase-will-take-irs-to-court-over-consumer-privacy-attack http://fortune.com/2016/11/20/irs-bitcoin-tax-evasion-case/
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