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telluride | 7 days ago (raw) | export | reply | flag +4 
 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.
🧡🍻👊🏻

nostr:note13733lql6pysf7ectehyvcmzyrsu6mf7mgj7vlyalxdhde5zndyhs8xeq8e
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Tracy | 7 days ago (raw) | root | parent | reply | flag 
 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.
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telluride | 7 days ago (raw) | root | parent | reply | flag 
 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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Tracy | 7 days ago (raw) | root | parent | reply | flag 
 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. 🤣
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Mo | 7 days ago (raw) | root | parent | reply | flag 
 I converted at 40k BTC.  Now it’s doubled.  Taxes will be offset with business startup losses.