Can I open a Kraken account with US LLC?

[Luganese]

Hello, it's possible to open a Kraken account with Wyoming LLC? If I buy/sell some crypto how it would be taxed ?

 

[JohnSeed]

Yes you can do that, kraken provides trailing logs about every transaction for accounting purpose.

 

[Luganese]

If I buy 1 Btc, it needs to be reflected as a company asset on the annual filling?

 

[JohnLocke]

You want to speak with an accountant that can deal with your Wyoming LLC - sooner or later you will need one anyway, so start there and get it in the books as an asset. It can't be more complicated compared to an EU company where it is possible without any extreme exercise.

There is another thread on the forum which includes links to accounting firms, just search on Wyoming company.

 

[fshore]

If I buy 1 Btc, it needs to be reflected as a company asset on the annual filling?

If you are US non resident and the llc is disregarded, then you don't need to file tax return for the llc.
The btc shouldn't need to be included in form 5472 unless you paid for it with personal funds, still then you don't have to specify that it's btc. Just a loan from you to the llc.

Still you should include the btc in your internal accounting.

 

[Luganese]

The btc shouldn't need to be included in form 5472 unless you paid for it with personal funds, still then you don't have to specify that it's btc. Just a loan from you to the llc.

What If I made it with the company funds?

 

[JohnSeed]

If you are US non resident and the llc is disregarded, then you don't need to file tax return for the llc.
The btc shouldn't need to be included in form 5472 unless you paid for it with personal funds, still then you don't have to specify that it's btc. Just a loan from you to the llc.

Still you should include the btc in your internal accounting.

Did you read what he asked for?

If I buy 1 Btc, it needs to be reflected as a company asset on the annual filling?

It needs to be in the books of the company, so how would you do that?

 

[fshore]

Did you read what he asked for?

It needs to be in the books of the company, so how would you do that?

Yes if it should be in the annual filing. I answered that question.

 

[fshore]

What If I made it with the company funds?

It should not be in any annual filing. As the only filing you'd make is the 5471 which covered your transactions with the llc.

 

[Luganese]

It should not be in any annual filing. As the only filing you'd make is the 5471 which covered your transactions with the llc.

You mean my personal transactions with the EMI? Like withdrawing to my personal account?

 

[fshore]

Your transactions with the llc, not necessary EMI. It covers expenses paid by you on behalf of the llc (for example registered agent fee) , the profit from the llc, loans from you to the llc etc.
Withdrawal is only a bank transfer, the form covers the actual amounts.
For smaller amounts you can write $50,000 or less instead of the specific amount.

 

[JohnSeed]

What are you doing in all of this if the US start to report your earnings from the US LLC ? I just wonder what troubles it will course you?

 

[happyjohn]

How do you rate kraken to buy and sell bitcoins and other crypto?

 

[GiGoGo]

Quite good and low fees. But payments take couple of days. Coinbase is the quickest