Will You Sell when BTC Hits $1,000? - page 6.

mgio

hero member

Activity: 546

Merit: 500

Quote from: hacknoid on November 14, 2013, 10:02:14 AM

Quote from: BittBurger on November 13, 2013, 04:44:10 PM

Don't forget .........

CAPITAL GAINS !!!!!!!!!!!!!!

If a dude is holding 350 bitcoins and makes $350,000 ......

Some such dudes are going to have to give $100,000 of it to the government "just because" ....

Maybe the correct question is, how many people are applying for citizenship in Germany right now?

I'm surprised nobody has qualified the "cash out" option with a date - does it really makes sense to cash out for a bunch of fiat right before the end of the year, when you would have to claim it as income only a few months later? Why not wait until January at least so that you have over a year before you have to claim anything for taxes?

If you want to put it as fiat at least maybe you could invest the portion needed to pay taxes for the year interim and lessen the impact. But maybe that's just me... Cheesy

In the US I believe you might need to pay quarterly estimated tax on capital gains. If you don't you could be hit with a penalty when you go to file your taxes for that year.

Ibian

legendary

Activity: 2268

Merit: 1278

Tenfold yearly increase. 1k is nada.

The dollar will, however, collapse regardless of that. Around 2020 most likely.

superresistant

legendary

Activity: 2156

Merit: 1131

Quote from: LOADING.READY.RUN on November 14, 2013, 11:44:49 AM

Quote from: superresistant on November 14, 2013, 11:39:49 AM

You don't get it.
The day Bitcoin is $1000 and more, USD will be worthless.

I disagree. $1000 may be reached within a couple of weeks -- exponential growth! I don't think by then the USD will suddenly collapse.

Well I really hope you are right then.

LOADING.READY.RUN

full member

Activity: 133

Merit: 100

Quote from: superresistant on November 14, 2013, 11:39:49 AM

You don't get it.

The day Bitcoin is $1000 and more, USD will be worthless.

I disagree. $1000 may be reached within a couple of weeks -- exponential growth! I don't think by then the USD will suddenly collapse.

superresistant

legendary

Activity: 2156

Merit: 1131

You don't get it.

The day Bitcoin is $1000 and more, USD will be worthless.

What's the point of having one million dollars if you can't buy a hamburger with it ? Wipe your ass with it ?

theecoinomist

full member

Activity: 200

Merit: 100

Quote from: s2ck on November 13, 2013, 04:26:44 PM

guess 1,000$ / BTC will have a huge psychological impact.
i predict a lot people to cash out.
the far more important question is, will they get in again as they see price hitting support levels (and rising even higher than 1k)?

Maybe they've learned from those who cashed out at $50, $100, $200, $250, $300, $400.

BitchicksHusband

sr. member

Activity: 378

Merit: 255

Quote from: smoothrunnings on November 13, 2013, 07:26:35 PM

Quote from: BittBurger on November 13, 2013, 04:44:10 PM

Don't forget .........

CAPITAL GAINS !!!!!!!!!!!!!!

If a dude is holding 350 bitcoins and makes $350,000 ......

Some such dudes are going to have to give $100,000 of it to the government "just because" ....

Maybe the correct question is, how many people are applying for citizenship in Germany right now?

Since Bitcoin is not regulated no Government can prove that you made any amount from selling your Bitcoins. So it is a capital gain? No.

Secondly if you live in the United States it's the income tax law is illegal as only about half the states maybe even less signed the bill. So before you get on about any of this just make sure you have verified that there is a law in your city or town that says "you must pay income tax" and not some rule that the IRS has made up.

Just to fellow Americans, you may want to consider this "EXTREMELY BAD" tax advice, and may want to visit a local tax professional for better information.

notme

legendary

Activity: 1904

Merit: 1002

Quote from: hacknoid on November 14, 2013, 10:02:14 AM

Quote from: BittBurger on November 13, 2013, 04:44:10 PM

Don't forget .........

CAPITAL GAINS !!!!!!!!!!!!!!

If a dude is holding 350 bitcoins and makes $350,000 ......

Some such dudes are going to have to give $100,000 of it to the government "just because" ....

Maybe the correct question is, how many people are applying for citizenship in Germany right now?

I'm surprised nobody has qualified the "cash out" option with a date - does it really makes sense to cash out for a bunch of fiat right before the end of the year, when you would have to claim it as income only a few months later? Why not wait until January at least so that you have over a year before you have to claim anything for taxes?

If you want to put it as fiat at least maybe you could invest the portion needed to pay taxes for the year interim and lessen the impact. But maybe that's just me... Cheesy

Because at the end of the year you know how much you can cash out without affecting your tax bracket.

hacknoid

sr. member

Activity: 418

Merit: 252

Proud Canuck

Quote from: BittBurger on November 13, 2013, 04:44:10 PM

Don't forget .........

CAPITAL GAINS !!!!!!!!!!!!!!

If a dude is holding 350 bitcoins and makes $350,000 ......

Some such dudes are going to have to give $100,000 of it to the government "just because" ....

Maybe the correct question is, how many people are applying for citizenship in Germany right now?

I'm surprised nobody has qualified the "cash out" option with a date - does it really makes sense to cash out for a bunch of fiat right before the end of the year, when you would have to claim it as income only a few months later? Why not wait until January at least so that you have over a year before you have to claim anything for taxes?

If you want to put it as fiat at least maybe you could invest the portion needed to pay taxes for the year interim and lessen the impact. But maybe that's just me... Cheesy

ErisDiscordia

legendary

Activity: 1133

Merit: 1163

Imposition of ORder = Escalation of Chaos

Quote from: zeroday on November 14, 2013, 09:14:51 AM

P.P.S. When I retire, I expect buying Manhattan for 24 BTC and return it to indigenous people ripped off many years ago.

Haha wow what a great idea! Grin

zeroday

donator

Activity: 784

Merit: 1000

Since my BTCs is my retirement fund, I only plan dumping fiat into bitcoin during the next few years.

P.S. There is nothing magical in $1k/BTC - it's just 2.5-fold of current price.
P.P.S. When I retire, I expect buying Manhattan for 24 BTC and return it to indigenous people ripped off many years ago.

David Rabahy

hero member

Activity: 709

Merit: 503

When the rise of the $US/BTC exchange rate causes my portfolio to be too out of balance then I will diversify.

I took ~1% of my net worth, $10K US, in at an average basis of $100/BTC. If/when the exchange rate passes through $1,000/BTC (assuming everything else holds still) then it will be over 9% of my net worth.

The question is always, "What are my needs and wants?" If a need or want exists then will I use some of my Bitcoin or other assets to fulfill it?

Omikifuse

legendary

Activity: 1834

Merit: 1009

I will but only 50% of what I had..

lucaspm98

sr. member

Activity: 280

Merit: 250

No, I'm never going to cash out completely. Why would I cash out anyways when the price is rising exponentially with no signs of slowing?

pertranex

newbie

Activity: 15

Merit: 0

Not for dollars. I'll probably purchase something nice.

Ibian

legendary

Activity: 2268

Merit: 1278

I'll buy a boat once I can do so with 10% of my coins. But I will not cash out since my wonderful socialist utopia state would take half. Instead I will take a loan with as low monthly payment as possible so as to keep taxation low, assuming the price is still skyrocketing at that point.

viboracecata

legendary

Activity: 1316

Merit: 1000

Varanida : Fair & Transparent Digital Ecosystem

My answer is no, but will it happen?

Wilhelm

legendary

Activity: 1652

Merit: 1265

Quote from: AlgoSwan on November 14, 2013, 04:10:22 AM

I'll never sell my BTCs to any fiat paper. Never!

Land, precious metals? Maybe.

+1

AlgoSwan

sr. member

Activity: 308

Merit: 250

ancap

I'll never sell my BTCs to any fiat paper. Never!

Land, precious metals? Maybe.

Ibian

legendary

Activity: 2268

Merit: 1278

Thinking too small.

The price itself is not relevant as such. There is noting magical about 133, 266, 1000 or 2383. What matters is how many people want to own bitcoin. That's all.

Topic: Will You Sell when BTC Hits $1,000? - page 6. (Read 9749 times)