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Author Topic: Housing Rentals Denominated in Bitcoins  (Read 1078 times)
mpkomara
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January 30, 2011, 10:36:44 PM
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I'm tired of hearing "Yes, but until I can pay my rent and buy my groceries in bitcoins, they will never succeed..." 

Is it legal in your country to design a contract between landlord and renter where the payment exchanged is denominated in bitcoins?  Is this any different than asking if the payment could be denominated in some non-native currency?  How about in gold bars?  Where are the landlords on this forum?  Where are the lawyers?
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grondilu
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January 30, 2011, 10:52:11 PM
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Why on earth would anyone forbid that ?
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January 30, 2011, 11:16:19 PM
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Why on earth would anyone forbid that ?


taxation, maybe? If government(s) decide to tax bitcoin transactions, they'll first have to recognize it's a currency, and allow it to compete with others on the exchanges.
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January 30, 2011, 11:23:04 PM
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Is it legal in your country to design a contract between landlord and renter where the payment exchanged is denominated in bitcoins?

Excluding rent control issues, can a landlord and a tenant agree to a rent price that is fixed at a specific exchange rate?  I don't see why not.  

A landlord in most, if not all, U.S. states could, I believe, set the rent for a property to be one ounce of gold per month, for instance.  

The IRS will, of course, expect the landlord to report that income.  They even list accepting bartered goods in exchange for rent in Example 2 of their Record Keeping for Business Barter Transactions document:
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Example 2:
You own a small apartment building. An artist trades you a painting in return for six months’ rent-free use of an apartment. You must report the fair market value of the artwork as rental income on Schedule E Supplemental Income and Loss on Form 1040. Generally, this would be the fair rental value of the apartment for six months. You can claim your normal rental expenses associated with the barter of the apartment.
http://www.irs.gov/businesses/small/article/0,,id=215975,00.html

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