How to collect bitcoin as rent in a rental property?

Hey @peter ,

I know a friend that has several properties and wants to collect rent in that precious bitcoin. What would be the best way to do it? What would be tax implications? Do you know of any person that have done it before? What if the tenats wants to pay in that shitty dollar… how can i convert it automatically so that can go straight to a wallet? do you have any articles or reference material you can share to learn.

By the way, i havent forgot about the solar mining rig. Wanted to see how positive of a reaction and interest you might have. Seems that something you might invest in the future. Will see how it goes.

3 Likes

Your friend should already know the tax implications of receiving rental income for their properties and that will not change.

When they move to accepting bitcoin as income from the residents (tenants) the tax treatment will be based on the residence (for tax purposes) of your friend. Different countries have different rules so without knowing where your friend is tax resident we would just be guessing.

Your question then changes from helping out your friend to asking how YOU can convert the rent to bitcoin automatically. Is your FRIEND happy that you are taking their rent?

The law in most countries will not permit you (or your friend) to change from fiat to crypto during the term of a tenancy agreement. AFAIK there aren’t any wallets available that would automatically convert from fiat to bitcoin but there are certainly wallets that exist for doing the reverse.

If nobody can advise of an automatic fiat to crypto wallet then you (or your friend) would need to set up SMS alerts with the bank and then send fiat to a crypto wallet.

HTH

2 Likes

just document it, all is the same, you can take anything you agree on with the tenant as payment. (afaik)

1 Like

💰 YEN · YouTube ·️ YEN.CAMP 🧠