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Started By
Message
Crypto and taxes.
Posted on 7/22/21 at 12:52 pm
Posted on 7/22/21 at 12:52 pm
The SEC does not consider most cryptos a security. I don't know if that matters or not.
Scenario:
Bought one Bitcoin at $30K of U.S. dollars.
Waited one year and that one Bitcoin is now worth $50K of U.S. dollars.
Purchased a truck worth one Bitcoin. Forwarded it to the deanship and the sales transaction was made with Bitcoin currency. The price of the truck is one Bitcoin.
Are federal taxes required to be paid on the $20K of USD appreciation?
Does it matter that the Bitcoin was never converted to USD before the transaction was made with the dealership?
Scenario:
Bought one Bitcoin at $30K of U.S. dollars.
Waited one year and that one Bitcoin is now worth $50K of U.S. dollars.
Purchased a truck worth one Bitcoin. Forwarded it to the deanship and the sales transaction was made with Bitcoin currency. The price of the truck is one Bitcoin.
Are federal taxes required to be paid on the $20K of USD appreciation?
Does it matter that the Bitcoin was never converted to USD before the transaction was made with the dealership?
6
Posted on 7/22/21 at 12:56 pm to GumboPot
quote:
Are federal taxes required to be paid on the $20K of USD appreciation?
Yes
quote:
Does it matter that the Bitcoin was never converted to USD before the transaction was made with the dealership?
No
Posted on 7/22/21 at 12:58 pm to GumboPot
Doesn’t matter. Crypto is fake money.
Posted on 7/22/21 at 1:06 pm to GumboPot
Nice hypothetical scenario “baw”
We know all you cringeto nerds drive priuses
We know all you cringeto nerds drive priuses
Posted on 7/22/21 at 1:12 pm to GumboPot
quote:Yes
Are federal taxes required to be paid on the $20K of USD appreciation?
quote:No
Does it matter that the Bitcoin was never converted to USD before the transaction was made with the dealership?
Posted on 7/22/21 at 4:58 pm to GumboPot
Posted on 7/22/21 at 11:41 pm to GumboPot
You wouldn’t have this problem with Iraqi dinar.
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