Post
Topic
Board Legal
Re: Is buying from a merchant who accepts bitcoin a taxable event?
by
chaoscoinz
on 17/02/2021, 19:23:39 UTC
Suppose I buy from a merchant who accepts bitcoin (e.g. Newegg which uses Bitpay).
Is this a taxable event? i.e. should I report my purchase to IRS?


Disclaimer: I am not a legal or financial advisor. I am here to post my opinion on the matter. My opinion is not to be considered investment or legal advice nor does it constitute it. For legal or financial advice, please consult with your local professional!
Every transaction besides a regular transfer just about triggers a taxable event here within the U.S. It doesn't matter where or when, the moment your use cryptocurrency to make a purchase in the U.S, the event triggers. However, there are ways to help negate some of triggers with write offs and other means to legally reduce the amount of tax owed, like charity, etc.