[...], 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.
Topic: So... you're a millionaire... how will you cashout? (Read 1775 times)
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.
[...], why not wait for G5 money before the big cash?
What is G5 money?
Does the government tax gifts?
yes. but relatives have max lifetime exemptions. 
Does the government tax gifts?
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.
When you're ready to cash out, declare the income and pay the taxes. Big money gets noticed. Plan for it.
Edit: Don't cash out!
Whaddya mean, cash out?
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
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).
Let's say you bought a house with BTC.
Would you have to pay tax on the amount of BTC spent?
Would you have to pay tax on the amount of BTC spent?
cashout... to worthless fiat? why would i want to do that?
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.
Gold and silver!
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!
-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?
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!
-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!
Jump to: