The $1 million 500 thousand Manhattan apartment can use bitcoin to pay
Consumers can pay, in some retail stores and restaurants use bitcoin now, buyers can also use bitcoin. From the land of California to Manhattan apartment, bitcoin has become a means of payment in the real estate market.
Magnum real estate group president BenShaoul said: “our buyers start at a young age, in a variety of payment they want, including encryption currency.”
The Shaoul is currently in the reconstruction of a building on the lower east side of Manhattan, the reconstruction of apartments for the price of 700 thousand $-150 million. He said that the current market there are a lot of inventory, so compared with competitors, to pay a variety of payment methods is particularly important. He wants to accept bitcoin can bring him advantage. He said, in addition to young people, the international buyers also use the main force of bitcoin payment.
Shaoul said that he intends to hold bitcoin, rather than converting them into dollars. He believes that bitcoin will continue to rise.
However, not everyone is so bitcoin. Last month, a Texas independent housing transactions involving bitcoin, Texas for the first. Work in the technology industry buyers use bitcoin to buy the home in Austen. The seller is in the hope of bitcoin transactions at the same time, will be converted into U.S. dollars.
Sotheby’s international real estate company JKuper said: “Austen really is a technologically advanced city. So I was surprised that we’ve never heard of anybody who wants to do so.”
However, bitcoin transactions, many problems worth attention — for example, if the regulatory bitcoin, bitcoin tax benefit etc.. The IRS issued guidelines on bitcoin and other encryption currency in 2014.
Cooley tax attorney JeremyNaylor said: “the IRS in the guidance, if you have other digital currency bitcoin as an asset, when you purchase goods or services for bitcoin — for example, I buy an apartment for $1 million bitcoin, the self holding bitcoins to the period I used bitcoin buy apartments bitcoin appreciation part will be taxed.”
He added that if people voluntarily pay the taxes may be another problem. But from the technical and legal point of view, it will be similar to the sale of shares to obtain cash to buy apartments. In the direct transaction, the buyer will skip bitcoin into dollars part.
The complexity of real estate may be why bitcoin entered the market in the slow process. In 2014, Too vast lake in California, a piece of land was sold for $1 million 600 thousand, the use of bitcoin transactions.
While in the international market, bitcoin figure can be seen everywhere. Last month, the British entrepreneur MichelleMone DougBarrowman in Dubai and launched a bitcoin pricing of real estate development projects.