MultiversX Tracker is Live!

What is the incentive to buy items with crypto if its counted as a taxable event? I live in the United States.

All Cryptocurrencies

by COINS NEWS 204 Views

Help me understand please, unless I am misunderstanding the finance aspect of it or missing something. I want to use crypto like fiat but are you not being taxed twice basically when you spend or send the crypto if you are up % from the price you bought it for? You’re basically going to pay taxes for what crypto you “spent/sent” to buy an item with if its more than what you bought it for(lets say you bought BTC for $X but that BTC amount is worth $5X the value you originally got it for), while still paying taxes on the bill of the item you’re buying like with fiat. Its an extra tax on top compared to fiat. Unless we change the tax law for it through IRS and Congress to not do that.

submitted by /u/Avismarauder170
[link] [comments]
Get BONUS $200 for FREE!

You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.



Comments