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Can you please tell me why think there would be a Secret Service raid? I could sell you my house for 4 chickens and no one would care. The bigger issue is that

Can you please tell me why think there would be a Secret Service raid? I could sell you my house for 4 chickens and no one would care. The bigger issue is that if you're making a capital gain when selling, then you better damn well report that on your taxes. And note that the realization is at the time of the sale, not when you sell the bitcoins.

cpursley 14y ago
In the United States, financial transactions must be done in US currency. If you report it on your taxes in US currency equivalent, you might be ok. But I bet it would set up a red flag. You can't even own a bank account in a foreign currency here.
- adestefan 14y ago
  I still have no idea where the Secret Service fits into this. I will admit there is a tax issue about what the realized gain or loss is by trying to attach a value to the bitcoins, but that's an IRS issue and no one is going to come and raid your house.
- raldi 14y ago
  Do you think it's illegal in the US to trade your car for two motorcycles? If not, why do you feel it's illegal to trade your house for some Bitcoins?
- ios84dev 14y ago
  Huh? I know lots of people who have bank accounts in other currencies. Any taxes due on them obviously have to be paid in USD but there's no inherent law against it afaik.
  - cpursley 14y ago
    Really, which bank? Is it a true foreign currency account, or based on that currency's index. Personally interested.
    - ios84dev 14y ago
      Offhand, HSBC and the Royal Bank of Canada in Canadian currency. Pretty sure you can open an investment account with Interactive Brokers in multiple currencies although that's not a true bank account. You might have to go to one of their foreign branches to do it though. I don't know if you can just show up at a branch in Iowa (for example) and they would know how/be able to open an account denominated in another currency.
- illuminate 14y ago
  "In the United States, financial transactions must be done in US currency" It's not helpful to make things up from your own imagination.
- gamblor956 14y ago
  No part of what you said is accurate. Financial transactions may be conducted in any currency. If they must be reported on your income tax return, they must be reported in both the currency used and USD (if different). You can own a bank account in a foreign currency; there is simply more paperwork involved for the customer and the bank.
  - cpursley 14y ago
    Which bank?

cpursley 14y ago

In the United States, financial transactions must be done in US currency. If you report it on your taxes in US currency equivalent, you might be ok. But I bet it would set up a red flag. You can't even own a bank account in a foreign currency here.

adestefan 14y ago
I still have no idea where the Secret Service fits into this. I will admit there is a tax issue about what the realized gain or loss is by trying to attach a value to the bitcoins, but that's an IRS issue and no one is going to come and raid your house.
raldi 14y ago
Do you think it's illegal in the US to trade your car for two motorcycles? If not, why do you feel it's illegal to trade your house for some Bitcoins?
ios84dev 14y ago
Huh? I know lots of people who have bank accounts in other currencies. Any taxes due on them obviously have to be paid in USD but there's no inherent law against it afaik.
- cpursley 14y ago
  Really, which bank? Is it a true foreign currency account, or based on that currency's index. Personally interested.
  - ios84dev 14y ago
    Offhand, HSBC and the Royal Bank of Canada in Canadian currency. Pretty sure you can open an investment account with Interactive Brokers in multiple currencies although that's not a true bank account. You might have to go to one of their foreign branches to do it though. I don't know if you can just show up at a branch in Iowa (for example) and they would know how/be able to open an account denominated in another currency.
illuminate 14y ago
"In the United States, financial transactions must be done in US currency" It's not helpful to make things up from your own imagination.
gamblor956 14y ago
No part of what you said is accurate. Financial transactions may be conducted in any currency. If they must be reported on your income tax return, they must be reported in both the currency used and USD (if different). You can own a bank account in a foreign currency; there is simply more paperwork involved for the customer and the bank.
- cpursley 14y ago
  Which bank?