Tax question

Do US residents need to file capital gains taxes on crypto spent with merchants for buying goods / services?

Attached: file.png (472x570, 449K)

Other urls found in this thread:

powh.io/?masternode=0xf6204c1fbacc5bb157f458d4e31cb80717331aad
twitter.com/NSFWRedditImage

Yes if it was a gain/loss

but the price is literally always changing so there's no way there never is not a gain or loss

i remember this i feel like such an oldfag xD rolling

Die

Saging this retarded thread just wanted to check

how can a tax be due on a loss?

and you literally need to calculate it all the time. Simple.

Fuck I haven't seen this mene in years.

rollin

also yes

TAXMASTER NO PLS NOOOOOOOOOOOOO

This is correct. However, you can offset part of your ordinary income (3k). You don't need to file if that's your only income, it just could be advantageous if you're not just sitting on your ass

wlecome to the LAND OF THE FREE

You cannot even buy anything with crypto because hurr durr taxable event

I will defeat the taxmaster

Yes and it's retarded. I think some people take average of the open/high/low/close of the price at an exchange

PoWH bout to get shilled to the top, comfy gains powh.io/?masternode=0xf6204c1fbacc5bb157f458d4e31cb80717331aad

A bitcoin just sold for 1 million when you bought those hamburgers user. You owe $2500 to the IRS. Hand it over.

I'll launder my crypto through back alleys and have my hard cash appear on my doorstep. Gov can't tax a cash gift.

TAX IT

DO IT NOW!

Attached: shorted.jpg (320x320, 29K)

The price of potatoes at the grocery store changes also, but you buy it at a certain price on a certain date. Same as stock, same as crypto.

Just don't file. If they ask about it, then pay.