A lot of people are converting their traditional IRAs to Roth with a100% btc allocation.
—I mean a LOT of people are doing this. If bitcoin 100x nobody will owe tax since a Roth is pretaxed. I suspect your wife is right.
Congress can pass laws to invalidate these rules when the exploit becomes this severe.
Interesting times.
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I've thought about this too - and if you set up your IRA right you still have self-custody. If it comes to this and I 'owe' 40% of my savings, I'll probably take a permanent vacation out of the US before complying. And I suspect many others will do the same.
This is tricky. The rules are sketchy and IRS “could” claim since you took custody that its no longer sheltered. I had this EXACT conversation with a senior manager at Bernstein.
Swan offers a custody solution for a fee
Unchained offers a self custody option that id be more comfortable with now that the political landscape has shifted towards btc friendly policy.
None of this has been tested yet.
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Interesting and thank you - I was unaware of that while in the process of setting up a 'Roth' Unchained.
I would think eventually the law will have to face the realities of self-custody and the implications thereof.
But that doesn't change my sentiment nor potential vacation plans. 🤣
I converted at 40k BTC. Now it’s doubled. Taxes will be offset with business startup losses.
