 Well, here's your last set of news. So today, what we did is we had a lot of questions that had come out about tax losses and how to not pay so many taxes and the different things that happened with Treasury nominee Janet Yellen. So what I did was I brought in Sheehan Chandrasekhar and he asked or answered a ton of questions that only a registered CPA who specialized in cryptocurrency possibly can. And it went in depth and it went to almost an hour. So what I'm going to do is I'm going to break this up into two pieces. The first part we're going to talk about how you can potentially avoid pretty much any taxes by moving to a territory in the United States called Puerto Rico and how that would look like, what it would entail and the things that you have to do. And then we're going to do like a quick Q&A. And the last thing I want to take a look at is Treasury nominee Janet Yellen, where there was two things that came up. One, she talked about cryptocurrency and listed activities, but that wasn't the big thing. The big thing was the second thing that she said, which is where she talked about unrealized tax or tax gains that would be actually taxed, which would be a very odd thing. And Sheehan, because he is a professional, he's a CPA, he knows exactly what she is talking about. He said, yeah, unrealized tax, unrealized capital gains tax, it does happen. Happens right now. It's been happening for decades. And I was like, what? So this is important to listen to and to understand. This is why I bring in professionals that can really help us decipher what exactly is going on and really get into the meat of potatoes. So this will be the first video of two. So enjoy. I had to bring in a special guest to alleviate some of the fears out there. There's been a lot of different discussions about what is going on with taxes and unrealized tax gains and the different fight articles that are going on on top of the fact of a different story that came about that talks about you can pay zero taxes if you move to Puerto Rico, which to me sounds fantastic. So I brought on in the smartest person I could find that would know all these things. This is Shihan Shandrasakara and he is a CPA who specializes in cryptocurrencies. So Shihan, thanks for coming on the show and bring a little bit of a levy to the situation. Yeah, thanks for having me again, Dan. Yeah, sure. Exactly. So let's do this. First, let me share my screen and let's start with this. So first of all, let's talk about Shihan, right? Let's talk about Shihan. Talk about how great you are. First of all, just ignore the memes that you see on the top right corner. Yeah. Well, that's all Twitter, baby. That's all Twitter. That's something like Twitter goes around. Yeah. Do you want me to give you an introduction or Dan, you're going to do an introduction up to you? No, let me do it like this. So I'll start and tell you. So Shihan here, he is the head of his tax strategy at CoinTracker. Also one of the writers at Forbes Crypto and a tax partner at JAG. And then he's got his own different setup that we will go over in a bit. Also, if you want to really delve into taxes and cryptocurrency, Shihan and I think his partner here, Shandan Loda, is how you say his name? Yeah. They gave a talk at Google, not too long, go to December 11, 2019. So he goes to say, this gentleman here is entrenched into not only taxes, but cryptocurrency assets in our market. So Shihan, did I cover where you've been, what you're doing and who you're all about adequately for your professional, or is anything you want to throw in there? No, I think that's good. Awesome. See, pretty simple. This guy's awesome. All right. So Shihan, let's do this. The first thing I want to talk about is this fantastic article that you wrote called the Puerto Rico Crypto Tax Loophole. And for everybody who has been on my channel, every time that I talk about a certain article, it really has to grab my attention in the first paragraph. And that is done beautifully here by Shihan when he says this, you can completely avoid US crypto capital gain taxes by moving to Puerto Rico and satisfying certain requirements. And that first sentence right there, I'm like, I'm going to read this whole thing. I know that for a fact. And then it starts about this crypto tax strategy is well suited for crypto whales net worth over a million, but comes with several complexities. So I'm like, all right, tell me more. So Shihan, I'm going to have you talk about this short term capital gains versus long term capital gains. And there's this thing called the net investment income tax. What the heck is that? Let us know so we can be a little bit more informed. Yeah, just to kind of give you a quick overview, short term capital gains occur when you sell your coins after holding it for less than 12 months. And long term capital gains happen when you sell your coins after you hold them for more than 12 months. TLDR here is that long term capital gains are up better because they're subject to more favorable tax rate than short term capital gains. Now on the top of those capital gains, there's an additional 3.8% net investment income tax if your adjusted gross income is about certain threshold. So then if you go to that link, you can kind of figure out if you're subject to that net investment income tax. The threshold depends on your income and also your filing status, whether you're a single file or a married filing taxpayer. So what that means is if you're like a very, very high net 30 individuals, if you sell something that you help for more than 12 months, you have a 20% long term capital gain tax rate plus another 3.8% net investment income tax on those gains. Right, so right now what we're talking about right here is only in America. Every other country has their own different capital gains tax. And Canada, we have people from Canada, as far as subscribers, they're getting slaughtered over there in certain European countries. It's really bad. But in America, this is what we got. So we're looking at short term, so remember short term capital gains, anything less than a year. So if I buy Bitcoin today, what is January 22nd, 2021, and I sell it in April 2021 at a short term capital gains all the way up to a year. Now if I buy Bitcoin today, April or sorry, January 22nd, 2021, and I sell it on January 23rd, 2023, as long term capital gains and it all depends on my income. And it's all progressively based, correct? Yeah, yeah, that's right. Just remember that cut off line between the 12 months. Yeah. Yeah. So everybody out there, if you want to sell stuff, wait for a year. That is probably the best thing you can do. And then there's a question I get all the time about taxes. So Shian, walk us through this real quick. When do you get taxed on cryptocurrency? To me, it's always four things. Tell me if I'm wrong here. If I have crypto to crypto, so if I have Bitcoin and I change it for Ethereum, that is a potential tax, depending on which way I go. If I sell Bitcoin and I get into a stable coin that is crypto to crypto, I'm still get taxed. If I go crypto to fiat, meaning I take Bitcoin, I sell it for dollars, I get taxed. And then there's the two payments. Either I get paid in crypto, which would be pretty awesome. Let's be honest. Then they're going to tax that or goods and services. Because I was always under the impression because I really want to Tesla at some point, which I probably never get, but I thought to myself, man, if Elon Musk would just allow me to buy that Cybertruck in Bitcoin, I would have to pay taxes, but it doesn't matter because it's a goods and or a service. So those are the ones that I think about. Anything else I left out? I'm sure I do. No, I mean, just to kind of give you a quick summary, I mean, Dan was right, but I think let's just go through from the easiest to somewhat difficult to comprehend. Number one, you're just cashing out your crypto. You've got a Bitcoin at $10,000, you're selling it for $30,000 cash, you pay capital gain taxes on $20,000. Number two, you're converting one cryptocurrency to another. And here's like a lot of tax-based body kind of difficult to digest because they're like, okay, I never received any cash, why do I have to pay any taxes? The point here is that the IRS doesn't care whether you have received cash or not. IRS taxes, if you have access to some type of wealth. So when you do a crypto to crypto trade and if you make a profit, you got to pay taxes even though you didn't realize any cash. Number three is when you earn crypto. So you could be earning crypto through some type of DeFi platform, you could be a staking income, mining income, or you could be working for a Kickstarter, then you're getting paid through crypto. So those are taxable as order income. And number four, as Dan mentioned, when you spend crypto through like a debit card or credit card to buy goods and services, that's taxable too. Again, according to the IRS, whenever you spend your crypto, you're pretty much disposing your crypto. And when you dispose crypto, there's always a difference between how much you paid for that crypto versus the market value at the time you're disposing it. So that difference, if it's a positive difference, that's tax. And then finally, airdrops and forks. It sucks, I know. And in 2020, there were a couple of very significant airdrops, a uni airdrop and the Spark token. Yeah, especially among the XRP community, like they didn't take that well, like the rule is that at the time you receive the Spark tokens into your wallet. And when you have the ability to move those tokens, that means you have dominion of control, you got to pay taxes. Again, IRS does not care what happens to the price of the Spark tokens after you receive it into your wallet, whether you cash it out or not, you got to pay taxes at the time you receive it based on the value at the time you receive it. So that's the airdrop side. And the four 2017, the big one, the Bitcoin Cash got divided into Bitcoin, I mean Bitcoin divided into Bitcoin Cash. So again, that was taxable to as soon as those Bitcoin Cash hit your wallet. So Sheehan, that's scary. That's super scary. And as I said before on this channel, I'm not very sensationalism. I am pretty much like a wet blanket and conservative. That's just how I am. So people are like, oh, Rob, you're so boring. Well, Sheehan here is kind of the same vein as what we're talking about here. A little bit of a wet blanket, Sheehan, I'm sorry to say. But here's what's just scared me. So Uniswap comes to me, I got 400 tokens, it was worth, I think it was $4 or something like that. Yeah, so 400 for 400. So we're looking at 1600. So regardless of if I actually cash out or not, depending on the way that or however the government wants to do this, it sounds to me like I'm going to owe on $1,600. Does that sound about right? Yeah, that's correct. But specifically in the unique case, there was a gap between the price at the time you claimed it versus at the time you actually received that token, because there was a huge amount of network congestion and stuff like that. So in the case of Uniswap, you got to figure out the price at the time you received those tokens into your wallet and that's considered order or income. You should not recognize order or income at the time you claim it because claiming doesn't mean that you have control over it. Oh my gosh, I'm going to owe a lot of taxes. So which is important why we're going to get into our next piece, which is talking about Puerto Rico and trying to get away, not get away, but legally trying to not pay as many taxes. So let's just jump by that real quick before I start crying. Here's the criteria. You have to be a bona fide resident of Puerto Rico. I read this, I'm like, what does that mean? It means really there's three things. You have to spend more than 183 days in Puerto Rico. So we're looking at, you have to be there six months or so. You need to actually be in Puerto Rico to be considered a resident of Puerto Rico. Now, people will say, well, you know, how will they know? We'll get to that in a bit. But the second part is you must not have a tax home outside of Puerto Rico. So she walked me through this real quick because I was questioning this, a tax home outside of Puerto Rico. Do you mean like a primary residence or do you mean like some type of investment property that you use for something else? Yeah, this is a good question. So in the tax role, we call this number one rule. It's a bright line rule, right? Because it's quantitative, you can measure it. So number two and three, those come down to the fact-sensitive circumstances of each situation. So in the case of, you know, tax home, like there's no like definition that tells you, okay, here's your tax home. But what, like, I'll give you some examples where you would still have U.S. as your tax home, although you want to be a Puerto Rico resident. So this is a situation where like you could have, you know, a couple of rental properties, you know, still in the U.S. You are a member of a local organization. You could still have your driver's license in Texas or some other state. You could still have some property in the U.S. So that would kind of establish U.S. as your tax home, although you're in Puerto Rico. So in that case, you're not meeting the bona fide resident test. In simple terms, like you cannot play around. I mean, if you're moving to a separate country, like you should not have any type of application with any U.S. or any state. So that's why they define tax home on like a more like a factual, like a facts and circumstances type of test without giving like a bright line rule. Because if somebody were to say, okay, do these items, then people would do that just to pass the test. So that's the reason why those are like somewhat gray areas, but there's enough things that you can do to not have U.S. as your tax home. So I kind of stand. So let's say like I have a house here in Houston, and then I move over to Puerto Rico. So that I wouldn't want to say, well, this is my primary residence, obviously in Houston, my primary residence is a home that I purchased or a apartment that I rent over in Puerto Rico, correct? But here's, so let's say like this, the primary residence that I used to have, what if I say, you know what, I don't want to sell that, I don't want to get rid of it, I want to use that as a, as a rental property, and I want to put it on Airbnb, VRBO, or I want to do some kind of long-term rental for somebody else. Would I still hit the criteria for that as long as I'm over in Puerto Rico doing whatever I do? Yeah, I don't say that big an issue, but at the same time, like if you're doing that, you just have to kind of document and convert your primary residence into a business property and make sure it has a different EIN and then make sure you have renters coming in because you could, because some people, they try to keep their primary residence just parked in the U.S. And they think that, okay, that's their rental or business property, but they never make a rental income. So in that case, that's what I'm saying, it all comes down to facts and circumstances. If your true intention is to use it as a rental property and investment or business property, and if you're making money, sure, I mean, in that case, yeah, that used to be your primary residence, but now it is clearly a business and investment property. Yes. So this is not investment advice. This is not for tax purposes. This is just for educational or entertainment purposes only. But I will say this in my personal opinion. So people on my channel, you guys know that I travel a lot of places really between my home in Houston and my home here in El Paso, Texas for business reasons. Now, when I'm traveling the home over and actually Cyprus, we put that on Airbnb. I never understood why if you're not in your home for an extended period of time, and this is everybody's preference. Some people like, I don't want people in my house, and I only like that. But if you have an asset that is not being used, why wouldn't you just use that asset and then rent it out? So like for this prime example, if we ever go to Puerto Rico, you can best be sure that we're still going to keep on with the Airbnb and just rent them out. Now, there's a lot of, I mean, I can give a pretty good session as far as Airbnb and I might do that, but I just don't see why people wouldn't do that moving down the road. And I always thought about this when the marketing crash happened in 2008-2009. I never understood why, well, Airbnb wasn't around, but now that it is, if you're having financial issues, if I was having financial issues, excuse me, I would definitely be doing some kind of rental service to make some kind of income and stop my house from being a liability and turn it into an asset. That's just the way I always think about things. All right. So on top of that, there is one more, which is this one really confused me. You must not have closer connections to any place other than Puerto Rico. So what are we talking about? Is that like, I'm going to leave my wife in Texas and move to Puerto Rico and that's it? I can't do that, correct? Yeah, that's right. Again, that's because if you're married, wife is in another state, that kind of creates like a closer connection to the U.S. Another situation where you would have a closer connection to the U.S. is if you have your bank accounts, U.S. bank accounts still open in the U.S., and you want to be a Puerto Rico resident, it just doesn't make any sense. And then also your mails are still going to your U.S. address, or you still have gym memberships open in your local county. You know, things like that. Gotcha. That would make sense. I guess the only way that it would make sense is, again, back to the houses, if you have your utility bills coming in, of course you'd still have utility bills because you are renting out your property and that would suffice and everything else. Okay, so closer connections. I was like, hold on, I got a lot of family in Vegas and some in California. So what happens here? Okay, now I get it. So it's all about wives and husbands or whatever else. Unless you were watching the videos like, hey, I want to leave my husband at any house or whatever, that's up to you. Okay, so that, I understand that. So let's talk about these time-based factors. And this was the one that was the most concerning. And I think the one that would be the trickiest if you really want to go this route. So we went through establishing being in Puerto Rico and everything's good there. But if you moved to Puerto Rico with appreciated crypto assets, those pre-move gains are still subject to U.S. taxes. Only the gains related to crypto purchased as a Puerto Rico resident are eligible for the 0% tax rate until January 1, 2036. And here's a great example, and I thought you were talking to me, except for the amount of Bitcoin. It says, say you purchased 100 Bitcoin in 2013 for a grand when you were living in Texas. I'm like, hey, I live in Texas. But if you did that, if you purchase any cryptocurrency beforehand, and let's say tomorrow you go to Texas to establish residency, so you have to be there for six months anyhow, everything that you purchased beforehand would still be taxed. Is that how I'm interpreting this correctly? Yeah, that's right. Because that appreciation of those coins happened while you were a U.S. resident. So that appreciation is not immune from U.S. taxes, unfortunately. That's a bummer. But there was a little way to get around that, that you were talking about. Yeah, so the way to get around in that case is that legal, sorry. Yeah, the legal, yes. So the rule is that you're subject to 0% capital gain taxes for whatever the investments in property and stocks that you purchase as a Puerto Rican resident. So in the situation that we described what you could do is you could sell your crypto positions in the appreciated position and buy back right after that as a Puerto Rico resident and kind of start like a new Puerto Rico holding period. And then from that point onwards, your taxes are subject to 0% until 2036 because they have a special act. But the downside here is that when you kind of restart that holding period as a Puerto Rico resident, you created this position even for U.S. tax purposes. And that gain is you had a bit hefty amount of taxes on that from the U.S. side. Yeah, so there's not too many things that we can do about that. So just to make sure, so in 2013, I buy 100 Bitcoin. I'm now a multimillionaire and I say, well, I'm just going to go to Puerto Rico and then I'll just stay there for six months and then I'll cash out. You can't do that. Everything in 2013. So here's because you haven't moved there yet. So here's my here's my next question. The time that you get there to Puerto Rico, day zero, let's say that you go there and you say, I sell everything right now on day zero, which would be January 23rd. Okay. And then you wait six months or no, sorry, day zero, you sell everything, you buy everything back at six months. Is that when everything went when you can say, okay, I bought this here when I was a Puerto Rico as a resident, or is it only at the six-month point when you establish residency that you can buy and sell everything again? Yeah, good question. I mean, there again, there's the blog post that I wrote. It's like very, very simple because I didn't want to over complicate things. But in real lives, the way it works is you go to Puerto Rico and then you need to buy property there. You need to buy something that you can live on. And you have to file a certain application with the Puerto Rico tax authority asking for the protection under this new act. So you're eligible for the zero percent tax rate. And I don't know how long they take to accept that application, but you need to be accepted under that program. And then once you get accepted to that, again, I don't know the specifics because most of this stuff is written in Spanish. There's a possibility that you could apply that Puerto Rico residency retroactively or like after you get accepted with the application. Gotcha. Yeah. Again, there's a lot of, I mean, then there's exceptions to that rule. I mean, you cannot apply for that if you have been in Puerto Rico for the past three years. Again, the point that I was trying to make from the blog was that you just kind of go there and cash out and expect zero tax. There's so many hurdles that you have to jump. Yeah. You know what's funny is like I laugh. Oh my God. But in reality, even I beforehand when I was thinking about I'm like, that's all I got to do. I seriously was like, well, let's go to, let's go to Puerto Rico. I'll establish residency and I'll cash out. And that's it. Without your article and us talking about it today, I would never have known all the different stipulations. So this is good that you're here. So we, I appreciate it. I'm sure a lot of people are going to appreciate it. Now here's, here's a very, it's not a nuanced question, but it's going into one more level deeper. I'm sorry to ask these questions, but let's just say for the sake of argument that I want to start a business over in Puerto Rico and I want to incorporate over there, let's say an LLC and S corp or a C corp. And let's say that that business, whatever that business is, is I want to use that business to start either to transition cryptocurrency into that LLC, S corp or C corp, or to start buying cryptocurrency in that certain way. If I could do that and I could be over there with the same rules applied to me as far as like 0%. Because now we're talking about a business, an LLC, S corp, C corp, or even a holding company. Could I do something like that? And would there be a little bit of a different leeway on it? Yeah, I mean, so the business area is covered by a different act that I'm not super familiar about. But I do know that if you have a Puerto Rico business, like I think their tax rate is like 4% or something like that. And some of those certain types of gains are completely excluded from taxes. Now we're talking. But again, I had to look into that act because and then that act was actually updated actually in late 2019. So it's a completely different set of requirements that you need to versus your individual tax staff. Yeah, so I was talking to a friend of mine, Miguel, and he's from Puerto Rico, and we're talking about, hey, we might go visit over there, and we're just talking about these different things like we're talking about. And he says, you know what happened over there? And he was telling me the history of what happened. There was embezzlement by people in the government. How crazy is that? Embezzlement in the government. That's crazy. And they embezzled so much money, they were getting money from the US to help with different aspects. And people in higher positions of government were embezzling and they took all this money, a ton of it. And then once it was all shaken out, they lost a ton of money. And he says, then what happened was they went to the people and said, we're going to have to tax a lot more to recover these types of losses. And I go, what just happened like 50 years ago? He's like, no, it's like just happened, like then like last five, seven years or something like that. And he's like, so what they did was, they said, we need people to come to Puerto Rico. And how they did that was they started to lower taxes for businesses. This is the story that I got. I didn't really, I honestly didn't research it that much. Miguel lived there, so I'm like, okay. So I think myself, it's the same thing that like the Nomad capitalist talks about, go to where you're treated best. And if there is a province or a territory that's like, hey, we want businesses to come here because we could really use, first of all, job creation, second of all, lower taxes, we can do it. Why not? Everybody's a win. It's a win-win situation, I think. But that was just what I gathered from that conversation. Yeah. I mean, those are the other things that you need to consider before completely moving out of the US, right? Because there's economic uncertainty in Puerto Rico. You got to figure out, I mean, if that culture is that way, you want to raise your family and children. And there's a language barrier. So those are the other practices that you need to consider before moving. I think my advice for anybody in the US is that I think one easy thing that you can do is just first moving to a state with no income taxes. That's pretty easy to do. Texas in Florida, yeah, Texas. I mean, I mean, we may be biased because we are both from Texas. Yeah. Texas is great. Florida is another up-and-coming hot market. Just go there. Then as soon as you go there and cash it out, opt to establish a residency in a state, which is pretty easy to do. You just apply for a license, sign up for rental agreement or you buy a property, you establish the residency, you cash out. Instantly, you don't have to pay 10 to 15% state income taxes that you would have been subject to if you were in a state like California or New York. So I would start from there before just jumping totally out of the country and go to like a totally foreign country. I mean, not a country, a territory because it's not technically a country. Yeah. It is attached to America. You can't vote over there, but it is a territory, so it is attached to us. That's great. So fantastic. Okay. So, Xi'an, that takes care of that. Let's move into the Q&A section. And then we'll get to Janet Yellen and unrealized tax gains, which is insane, but she had a good response to it. So let me share my screen yet again, and let's get to some of these questions. It might be a little bit small. I apologize, but I'll maybe blow those up. Okay. So here's one from Nurbik Modi. He says, how do you track FIFO, first in, first out, or last in, first out, LIFO while selling Bitcoin or any other crypto? Are they taxed differently assuming you are selling under a year? I think what he's talking about here is, once you buy Bitcoin, let's say you buy 10 Bitcoin and you bought one in January, February, March, April, May, June, but let's say that you sell one Bitcoin. Which one do you take? To me, I would just say, well, it's this one, especially if I want to pay long-term capital gains. Is that? Yeah. So the answer for this question depends on what accounting method that you're using. So if you're using any type of crypto, tax software, or you can have all your records on like Excel spreadsheet or something like that, and if you can specifically identify each coin, each lot of coins, meaning you need to have the date purchase, the unique identifier, the name of the crypto, and then how much you pay for clearance and stuff like that. When it comes to taxes, you can literally pick and choose which coins that you're selling. That's because you have all the information to prove that you're specifically identified the units. Again, if you're using a crypto tax software, that's pretty easy, which is a click of a button that whatever the software should give you the accurate gain and loss report based on the specific ID. Now, if you don't have all that information, IRS wants you to default to FIFO, first in, first out. So what that means is you cannot pick and choose whatever the coins that you're selling. Whenever you make a sale, you're always selling the coins which you purchased the earliest. And that could be sometimes advantages or sometimes it could be disadvantages, but in many cases it is bad because in the case of Bitcoin, the coins that you purchased the earliest have the lowest cost basis. So whenever you sell them, they will have the highest amount of gains. That leads to the highest amount of tax bill. Right. Exactly. So perfect. So having said that, I will just tell you this, which is if you're looking for a crypto software, I have my own that I like to talk about CryptoTrader.tax. She-Han also has one that he likes to talk about himself, but CryptoTrader.tax is one I use for two years and you can do those types of things in CryptoTrader. Now, She-Han, you're over there at CoinTracker, right? Yeah, that's correct. There's a bunch of tax software, there's CryptoTrader, check out CoinTracker, just pick whatever you like. Just pick whatever you like. That's exactly it. So let's move on. So Supernova says someone needed some tax advice. No, that's not a question. Oh, if I cash out crypto that's held under the year and then use the proceeds to buy more crypto, do I have to pay short-term capital gains? Yes, because you cashed out or in other words, disforced coins, which you have for less than two months. So that's subject to short-term capital gains tax. Yeah, so that was my question. Like if I could take the capital gains that I have and roll it into another business, like buying property or buying land or something like that, I can't do that either, it sounds like. You cannot do that either because a taxable event occurs at the time you dispose it. And there's no way to kind of, I mean, what you could do is you could contribute crypto like property to like an LLC or like a partnership and get ownership interest based on the market value. So that way, you don't have to pay taxes. But at the same time, inside the base that you need to cash out to pay your employees and do whatever you need to do. Gotcha. So this would lead me to my next point. These types of things that we're talking about a little bit more advanced, if you are looking to have somebody look at everything that you have coming in, coming out and some alternatives, definitely take a look at this URL. This is a tiny URL, which will lead you to Sheehan's website. And he just has a questionnaire for you. You can fill it out and he can help you out with your taxes. Of course, there is a fee for all these things. But in my opinion, it's a little bit more important to spend a little bit and save a ton than not doing anything and then have Mr. IRS man come knock at your door, like they did to me in 2015 when I went through an audit, just saying. So I will link that in the description below. I keep getting questions about, hey, Rob, do you have a CPA? Do you have a CPA? Yeah, his name is Sheehan. And I've done this probably 20 times this week, and it's only Friday. So I will link this in the description below for anybody who needs that. And let's see here. Any other questions? Oh, the last one here, it talks about the same type of thing. How does it work? If in 2019, I bought $200 Ether and then $200 and then bought back $400 Ether at $318 in September. If I cash out my initial $400, you know, I pay long-term capital gains. And again, anything after a year, right, Sheehan? Yeah, anything after a year would be long-term capital gains. But in your case, in order for you to apply that, because remember, you have like one layer for long-term capital gains and another layer for short-term capital gains. So when you sell something, and if you want to tell the IRS that you're selling the long-term lot, you have to meet those specific identification requirements. That means, you know, you need to either use a crypto tax software or you need to have like all the records in case IRS asks you in the future. Yeah, and I will highly recommend everybody use that software. Like I said, from the time that I opened it up, figured out what I was doing and sent it to my CPA, it was 30 minutes, because they just do a direct integration into all the different exchanges. All these different wacky exchanges that I used back in 2017, they were able to connect to. So if time is money, that saved me a boatload of money. All right, so there's that part for the Q&As. Let's move on to our last piece, which is, all right, so look out for that second video where we're going to take a look at Janet Yellen and what she talked about as far as unrealized capital gains taxes. And that's actually been going on for decades now. And I will put that out as soon as possible. So thanks for watching all the way to the end. I really appreciate it. And we'll see you on the next one.