Author

Topic: when will we see the first bitcoin real estate purchase? :-) (Read 1638 times)

legendary
Activity: 1540
Merit: 1002
member
Activity: 98
Merit: 13
Someone should buy a Detroit home for bitcoins, just because.

You can find plenty of houses for under $1000 there.

newbie
Activity: 21
Merit: 0
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.
legendary
Activity: 1658
Merit: 1001
legendary
Activity: 882
Merit: 1001
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.
legendary
Activity: 1246
Merit: 1016
Strength in numbers
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. 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.
member
Activity: 75
Merit: 10
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. 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.
legendary
Activity: 980
Merit: 1020
I suggest we homestead abandoned properties into bitcoin mining farms!
sr. member
Activity: 420
Merit: 250
i'd love to speculate as to how this might be dealt with, especially in the united states.
Jump to: