Do US residents need to file capital gains taxes on crypto spent with merchants for buying goods / services?
Tax question
Other urls found in this thread:
powh.io
twitter.com
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
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!
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.