Would like to get some input here, as this is such a nebulous topic that I don't really know where to start. If this isn't exactly the right thread for it or there's a better one, let me know and I'll Xpost there.
Got into trading Cryptocurrency last year and made pretty decent profit on it. Enough that after I pulled out my initial investment there was still quite a larger sum than I had put in in different currencies, increasing in value. I recently made the decision to go into mining it with a friendly pool as there was an opportunity and I had plenty in starting capital. In addition to the trading which I still do, will be mining it as well, as an extra source of more steady income. Unsure how I may fair in the long run but I am pretty sure I will make back my initial capital I put out for equipment at least which wasn't cheap.
In addition to the above, I am also into coin and bullion collecting, and have amassed a respectable stash by buying and selling carefully among private collectors, coin shows and local coin shops. The sums arent really that much unless I wanted to liquidate my entire collection which I don't at this point, but if the market turns up it as has historically happened it is a possibility and that would be a tidy sum, enough that there would be questions.
Lastly, with the way housing prices have been going in our area my wife and I are thinking about purchasing some property and either renovating and flipping or buying another/more and renting our old townhouse. The income for that wouldn't be trivial either, and neither would the paperwork and taxes from any of it.
I was wondering what the best option for all this would be, primarily for tax reasons. Should I make an LLC or an S/C Corp to deal with all the income from these various revenue streams? CAN I even do this? One thing to consider is this will all not be my primary income stream, I have a regular job with benefits I am currently employed at which I don't plan on relinquishing any time soon. Does anyone have any ideas, suggestions, leads? Any constructive criticism is welcome as I am still in the planning stages and this is the first time in my life I am dealing with this many financial processes and money.
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