For example, Gemini is offering a credit card that pays 3% or 2% or 1% rewards for each purchase when each credit card transaction posts.
https://www.gemini.com/credit-card
I am assuming the rewards are taxed, but not sure how. I see a couple of possibilities:
INCOME. Could they be earnings income, which would be subject to income tax?
CAPITAL GAINS. When I eventually sell the Bitcoin would it be capital gains(loss) and if so would it then use a $0.00 basis amount?
The credit card offer seemed like a great idea, but on reflecting I cannot figure the tax implications. Anyone know more about this?
You can get bonuses upto $100 FREE BONUS when you:
π° Install these recommended apps:
π² SocialGood - 100% Crypto Back on Everyday Shopping
π² xPortal - The DeFi For The Next Billion
π² CryptoTab Browser - Lightweight, fast, and ready to mine!
π° Register on these recommended exchanges:
π‘ Binanceπ‘ Bitfinexπ‘ Bitmartπ‘ Bittrexπ‘ Bitget
π‘ CoinExπ‘ Crypto.comπ‘ Gate.ioπ‘ Huobiπ‘ Kucoin.
Comments