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I'm buying a house by selling BTC
Warning: this post mentions selling BTC. I know some view this as heresy :P Also I mention having money and BTC - which might come across as flexing. Trust me, having money doesn't make you better than anyone else I've known a few who were, well, total cretins. Haven't moved home for over 20 years, but decided to buy a new house this year. It's not far off a million dollars, which is way more than the value of my home. I also don't want to sell my house to make it all happen. I'd rather buy, take my time moving and then consider selling or renting the old house. I do have the cash, but I don't really want to spend any of it. Bitcoin to the rescue!!! Was upfront about this to the conveyancing legal people, who have to do lots of AML checks and the like. So was a bit nervous they might refuse after hearing the word Bitcoin. But I pre-emptively and transparently gave them all the info upfront and they are happy to give the thumbs up! Selling 10 BTC to pay for it. To be honest, it feels like getting the house for free (though I will have to pay tax on the BTC sales next tax year). I bought a house for my Mum and Dad 3 years ago also by selling BTC so knew it should be OK - but relief to get the go ahead this time too :) I've seen negative reports from some who have tried to buy property using crypto proceeds - but provided you are paying taxes and can prove where it came from and all verifiably legal etc, in my experience in the UK at least it can be done. submitted by /u/incomingone [link] [comments]
Warning: this post mentions selling BTC. I know some view this as heresy :P Also I mention having money and BTC - which might come across as flexing. Trust me, having money doesn't make you better than anyone else I've known a few who were, well, total cretins.
Haven't moved home for over 20 years, but decided to buy a new house this year.
It's not far off a million dollars, which is way more than the value of my home. I also don't want to sell my house to make it all happen. I'd rather buy, take my time moving and then consider selling or renting the old house.
I do have the cash, but I don't really want to spend any of it. Bitcoin to the rescue!!!
Was upfront about this to the conveyancing legal people, who have to do lots of AML checks and the like. So was a bit nervous they might refuse after hearing the word Bitcoin. But I pre-emptively and transparently gave them all the info upfront and they are happy to give the thumbs up!
Selling 10 BTC to pay for it. To be honest, it feels like getting the house for free (though I will have to pay tax on the BTC sales next tax year).
I bought a house for my Mum and Dad 3 years ago also by selling BTC so knew it should be OK - but relief to get the go ahead this time too :)
I've seen negative reports from some who have tried to buy property using crypto proceeds - but provided you are paying taxes and can prove where it came from and all verifiably legal etc, in my experience in the UK at least it can be done.
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