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Title: when will we see the first bitcoin real estate purchase? :-) Post by: paulie_w on May 15, 2011, 05:51:28 PM i'd love to speculate as to how this might be dealt with, especially in the united states.
Title: Re: when will we see the first bitcoin real estate purchase? :-) Post by: kiba on May 15, 2011, 05:53:22 PM I suggest we homestead abandoned properties into bitcoin mining farms!
Title: Re: when will we see the first bitcoin real estate purchase? :-) Post by: kidgorgeous on May 15, 2011, 07:00:06 PM It would be dealt with just like any sale for something besides cash. It happens all the time, however tax authorities would have a hard time evaluating it. Its possible that they may treat the transaction as a gift rather than sale because arguably bitcoins aren't anything. In legal parlance, bitcoins may not be "consideration" http://en.wikipedia.org/wiki/Consideration (http://en.wikipedia.org/wiki/Consideration). In which case the seller would have large tax debt as gifts are taxed at a high rate in the US.
Another possibility is that it maybe treated as an exchange for securities such as stocks or bonds, however bitcoins don't quite qualify as securities in the traditional sense so it will just have to be hashed out (excuse the pun) once somebody tries it. There was a legal review done by a yale law student about bitcoin not too long ago, he would be the best to ask. Title: Re: when will we see the first bitcoin real estate purchase? :-) Post by: FreeMoney on May 15, 2011, 07:15:28 PM It would be dealt with just like any sale for something besides cash. It happens all the time, however tax authorities would have a hard time evaluating it. Its possible that they may treat the transaction as a gift rather than sale because arguably bitcoins aren't anything. In legal parlance, bitcoins may not be "consideration" http://en.wikipedia.org/wiki/Consideration (http://en.wikipedia.org/wiki/Consideration). In which case the seller would have large tax debt as gifts are taxed at a high rate in the US. Another possibility is that it maybe treated as an exchange for securities such as stocks or bonds, however bitcoins don't quite qualify as securities in the traditional sense so it will just have to be hashed out (excuse the pun) once somebody tries it. There was a legal review done by a yale law student about bitcoin not too long ago, he would be the best to ask. Do you mean buyer? I know they are all kinds of f'd up, but would they really try to get taxes out of someone in a year that they gave everything away? I would assume they'd just try to take their bite out of the receiver. Title: Re: when will we see the first bitcoin real estate purchase? :-) Post by: Ryland R. Taylor-Almanza on May 15, 2011, 07:29:02 PM I'll go into the deep jungles within my city's baranca, build a tiny 1-room house out of 2x4's, and put it up for sale today.
Title: Re: when will we see the first bitcoin real estate purchase? :-) Post by: BioMike on May 15, 2011, 07:34:20 PM I guess it's still on the market: http://bitcointalk.org/index.php?topic=1617.0
Title: Re: when will we see the first bitcoin real estate purchase? :-) Post by: smartazz on May 15, 2011, 07:43:56 PM Several conditions will have to be in place:
1. The value of a BTC is considerably low. 2. One person has a LOT of Bitcoins. 3. The house doesn't cost a lot. Title: Re: when will we see the first bitcoin real estate purchase? :-) Post by: xf2_org on May 15, 2011, 10:05:32 PM Someone should buy a Detroit home for bitcoins, just because.
You can find plenty of houses for under $1000 there. Title: Re: when will we see the first bitcoin real estate purchase? :-) Post by: nelisky on May 15, 2011, 10:24:47 PM I guess it's still on the market: http://bitcointalk.org/index.php?topic=1617.0 Yep, it still is on the market ;) |