Bitcoin Forum

Do you go into retirement at 19 years old? How do you cash out? Do you take the capital gains hit, in exchange for USD so you can make tangible investments so you never have to work ever again? Would IRS still rape you even if you tool the capital gains hit?

I trade BTC as an investment only...and eventually wish to convert back to USD so I can diversify my portfolio. This is all hypothetical of course.

If it is serious amount of money, seek for professional advice how tax it.

And retirement at 19  ? Some young big lottery winners spent all millions in few years. I can imagine going back to regular life is very hard and frustrating for them :)

Depending on what your wallet is worth today, that wouldn't be a very smart move in the U.S.


Very carefully.


Only on as much of it as I need.


Of course.


You may regret that if bitcoin reaches widespread mainstream use.

Take the tax hit. Disclose and take it. Minimise but don't try to avoid it.
Unless you are certain that you can hide the trail forever, don't even try to evade.

Cash out a percentage
Buy a few homes in high property value areas
Rent homes out
Profit

Commence Operation: Chillmode

In my own opinion the best advise would to convert to USD and then seek professional assistance on how to invest it.

Don't know if retirements but I would make a stable income of that so I wouldn't have to worry about money but I would still do something probably wont retire.

It all depends on how many bitcoins I have when or if they increase tenfold. If I had say 100 I'd maybe cash out half and keep the rest. The worry is always what if they x10 again in the future.

If that's going happen then I will invest 99% of my money and assets in BTC..

10x is lot  imo :)

Just like giving loans/

If/when your BTC wallet increases 10x in value I'd call it "imballance"!

I've read somewhere that MOST of the big lottery winners go bankrupt eventually. For some people the huge money injection is the worst that could happen...

Take your Bitcoins convert to money and invest in property and at 19yrs old I bet you got a lot of throw away rubbish you wanna buy. Be wise invest in property and receive some money monthly to play with.

If i could retire at 19 from getting 10x my current BTC, then something involving a time machine and a faster invention of bitcoins has occured!

By the time you can retire off BTC you'll be about 30 years old , still young.

If the bitcoin will be worth 10x the actual value I would still be poor...

Only lazy people think about retirement at age 19.

People who started bitcoin wasn't here because they think they can get rich. They have genuine interest on the technology and try to come up with something anyone can use.

you mean 5000 USD per BTC ? i dont care.

exchanger and exchanged to make the original currency :)
and you can make a small business from start up to the largest piecemeal :)

This is true. People who win the lottery (or otherwise suddenly come into a lot of money) are generally not able to handle that kind of money and spend it at a rate that is not sustainable. They are used to spending a large percentage of their yearly earnings and when they win a lot all at one time they essentially "try" to spend it all as quickly as possible.

Most people do not even own more than 10 btc.

So, a 10X increase in price is only around 45k profit, lower than a minimum wage job working at mcd.

That's because they're 19 and didn't invest it wisely and probably spent far more than they should have. A few million can easily last a life time if you invest for long-term and live smartly (pretend like you weren't a millionaire).

Even if my BTC increases 10x in value, probably it won't be my retirment. I haven't invested much in BTC yet..even 20 BTC won't guarantee you will die a rich man..

They will, it's an inevitability. $5,000 per BTC is still undervalued BTC. $50,000 per BTC is still undervalued BTC. It all depends on how far up the S-curve you travel, how far into the future we're talking about.

https://www.youtube.com/watch?v=qHUPPYzzZrI
https://www.youtube.com/watch?v=dQdmsL147j0

Retirement? Real moneymaker NEVER retires. There is always joy in making more money, not only in spending it.

Sure, if you want to spend your entire life as a Human Doing. Some people prefer to live as a Human Being, as nature intended.

you just cash out and pay your taxes, that's it, i don't see any problem irs is happy and you are happy, but i will never cash out all my bitcoin, i like to use bitcoin instead of scam fiat

That tax hit really stings, I didnt have a parthner when I took all the risk

Cashout is not wise decision. If I were him, I will invest 50% of them to different BTC stocks, keep 20% in BTC and 20% in potential cryptocurrency like Nxt, PPC, NMC etc. I will Cash out 30% to fiat for investment and daily spending. 

Not too sure about retiring at that age to be honest but I would consider using my bitcoins to invest in something that I knew I could make a decent profit off like some kind of business or even renting out properties to bring me a steady income in. We all feel we could retire if we was to come into a huge amount of money however the truth is we would probably blow it all without even realising and need to go back to normal life, being wise and staying in work and investing would be a much better option.

This is a very liberal way of thinking. Liberals believe that people should be entitled to receive some kind of benefit just for working a certain amount of time. The age they want to be able to retire has creeped down while the age that people tend to die at has gone up a lot. If you are good at what you do and enjoy what you do for a living then there is no reason for you to have to retire.

Me too.   :-\

Lets say I had 300 Bitcoins, which would probably make me a millionaire after taxes. 

I would not cash out and take a big tax hit.   Whenever I need FIAT, I'd cash out just to pay off expenses. 

Would probably quit my traditional 9 to 5 job.

When bitcoins will be valued 10x I will wait that they will be valued 100x and so on untill I will lose them all.