Thread - Nostr Hypermedia

Who pays taxes for using btc as a means of exchange? Taxes only apply when currency (fiat) change hands; buying/selling btc, not paying for services with btc. Bitcoin has been labeled a commodity by the sec and CFTC. Would you pay taxes after giving your plumber some gold for his work? Same applies to bitcoin. Plus, the blockchain doesn't send an IRS form of evey sat you've "sent" from your accounts. Think getting "paid under the table". However, coinbase and other exchanges do send IRS forms of all the SATs you've stacked and the cost basis and if you've sold SATs for currency (fiat).

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Replies (2)

Hofer99 1 month ago

100 percent youl pay capital gains taxes for paying your plumber in gold.

Globe99 globe99@nostrcheck.me 1 month ago

Nope. In the "land of the free" you're required to report literally everything. It comes down to a question, right up front on the 1040, something like "Did you have an interest in cryptocurrency this year?" No weaseling out of that, no saying "oh I forgot to attach some form" -- if you click "No" and and you so much as paid for a cup of coffee with BTC, congrats, you're lying on your taxes.