So... you're a millionaire... how will you cashout?

[jago25_98]

 Would you feel that you can buy a house directly with coins?

-or do you think that you would need to show the how you got the cash? -or that you might be taxed, then fined for not declaring until nothing is left?

 Do you have an exit strategy for any profits? What on earth will you do with all that money if we have $1000-5000/btc?

 Just wondering!

[Minor Miner]

Would you feel that you can buy a house directly with coins?

-or do you think that you would need to show the how you got the cash? -or that you might be taxed, then fined for not declaring until nothing is left?

 Do you have an exit strategy for any profits? What on earth will you do with all that money if we have $1000-5000/btc?

 Just wondering!

as long as you take a little so you have not lost money, why not wait for G5 money before the big cash?

[drrussellshane]

Gold and silver!

[Minor Miner]

Gold and silver!

I have more faith in the sustained value of BTC than gold and silver.   Although, gold scarcity value starting to get more interesting.    G5 or bust for me.

[Domrada]

cashout... to worthless fiat? why would i want to do that?

[Scott J]

Let's say you bought a house with BTC.

Would you have to pay tax on the amount of BTC spent?

[sunnankar]

cashout... to worthless fiat? why would i want to do that?

Exactly. People holding substantial amounts of wealth in bitcoin should not sell bitcoins for fiat currency but instead either invest bitcoins into other assets like cash-flow positive real estate or spend bitcoins on consumer goods like VPNs, Porsche Cayennes or Lear Jets (I hear one sold about a month ago on Silk Road).

[marcus_of_augustus]

cashout... to worthless fiat? why would i want to do that?

Exactly. People holding substantial amounts of wealth in bitcoin should not sell bitcoins for fiat currency but instead either invest bitcoins into other assets like cash-flow positive real estate or spend bitcoins on consumer goods like VPNs, Porsche Cayennes or Lear Jets (I hear one sold about a month ago on Silk Road).

sunnankar wants to be the first bitzillionaire 

[Mike Christ]

Whaddya mean, cash out?

[bitchris]

Edit: Don't cash out!

[wormbog]

Unfortunately, large transactions tend to attract the attention of your friendly neighborhood tax collector. Even if you buy that little bungalow you've always wanted for bitcoins, you'll have to register the sale with your county and mention the purchase on your tax return. And if even if the tax man doesn't notice right away, odds are good that someone will start asking questions a few years down the road. Then you'll end up paying lots of taxes and even more in late fees and compounding interest.

When you're ready to cash out, declare the income and pay the taxes. Big money gets noticed. Plan for it.

[TiagoTiago]

Does the government tax gifts?

[Minor Miner]

Does the government tax gifts?

yes.   but relatives have max lifetime exemptions.

[gogxmagog]

http://arstechnica.com/tech-policy/2013/03/man-offers-to-sell-house-for-bitcoins/
it's in alberta :-(

[qxzn]

[...], why not wait for G5 money before the big cash?

What is G5 money?

[Minor Miner]

[...], why not wait for G5 money before the big cash?

What is G5 money?

A gulfstream V is about the best private jet that $68 M can buy right now.   It is the best of the best in private jets.