I don't plan to sell ANY bitcoin for USD in the future. Instead, I will take bank loans against my bitcoin, using the btc as collateral and purchase more rental properties. Then, mortgage/refinance the property, and use that cash to pay back the bank for my bitcoin loan. Rinse and repeat, etc. Get more renters and properties, and with the cash flow, pay off the mortgages and buy more bitcoin. Remember kids, you pay capital gains tax when you sell your bitcoin. Take a low interest loan instead and use the loan to buy cash flow generating assets. Use your money to make more money, pay as few taxes as possible, and buy more bitcoin. I don't feel confident holding fiat cash, especially considering the USD money supply increased by 22% in year 2020 alone. I don't feel confident investing in the stock market with the state of the current economy, the aftermath and ongoing problems related to covid, and the incompetence of government handling stimulus. Now that macro investors like Paul Tudor Jones and companies like MicroStrategy and Square are making heavy moves into bitcoin, it makes sense to me now more than ever. I was feeling these kinds of investors and institutions were gonna come in eventually, and now it's finally happening. Obviously, its still early, more companies need to join in too. I have a feeling they will. I’ve been in for a long time. Im not a newbie in the space. I don't see a better monetary instrument to bet on in this moment. Im completely open and willing to be wrong, but I really don't think I am. Edit: thanks for everyone’s comments. I’m Learning a ton. This was the sounding board I was hoping for. Don’t worry, I’m not gonna do anything super risky. I don’t plan to ever be liquidated. I’ll continue to do more due diligence. These were just some ideas that I was stewing on, and since I don’t know any bitcoiners in real life, getting this feedback is super valuable to me. Cheers
(Bovada) Do you need to provide identification to make transactions using Bitcoin?
If I were to deposit or withdraw funds into my account using Bitcoin, would I still need to provide ID like I would if I were using a debit or credit card? And if I were to purchase my bitcoin from a Bitcoin ATM instead of an online site like Coinbase, how would I get the Bitcoin from the Bitcoin ATM and into my Bovada wallet? And what process would I have to go through to withdraw and convert the bitcoin to USD?
Oh no, not another tax question but can't seem to find this online
I can't seem to find this answer anywhere, here is a mock scenario to help me figure out this tax question 2015: buy 1 bitcoin 250$ 2016: buy 1 bitcoin 450$ 2017: buy 1 bitcoin 1300$ (totaling now 2k) 2018: use bitcoin to make a few purchases like pizza or whatever now I'm at 2.5 btc price is at 2000$ (now currently at 5k) 2020: sell 2.5 bitcoin for usd at 10k (25k) Now my question is, is The capital gains tax the average spent between the 2.5btc? Or 3btc or in sections? Since I used the .5 btc as actual money is that taxed? And what if maybe you didn't sell the whole lot off and only say 1.2btc instead of 2.5btc Obviously fake numbers for years or whatever I'm not sure if the are accurate it's more for arguments sake of the scenario, any help would be appreciated in figuring out the nuts and bolts so irs is happy and what to expect when ya just can't HODL no more (ps I wish I bought at 250$) what a life that would have been. Edit: sorry Did this on mobile and the structure got all messed up hofully it isn't confusing
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