You say that like it's a bad thing. I HATE paying taxes, but the rules are the rules. If you don't like them fight to change them don't complain about them.
Well, who is going to want to EVER use bitcoin for small purchases if they have to keep track of capital gains on the amount of the transaction? no one is. that's not how an economy works. imagine if you had to report to the IRS every time you ever put gas in your car and account for any changes in the value of the us dollar for every one of those purchases...Quote
If I pay you $65 to wash and wax and detail my car you are supposed to declare that as income.
running a business is different than being a consumer.Quote
If I give you 1 gram of gold (worth about $65) you are still supposed to declare it if you convert it to fiat.
i'm not sure about gifts. i heard gifts are not taxable up to a certain amount.Quote
If gold goes to $100 a gram and you sell it then you are supposed to declare it at $100. BTC / crypto is no different.
but what if you trade your gold for a gun with someone? you don't have to declare anything.Quote
Yoda: Do Or Do Not There Is No Try
Dave: Stop Complaining And Do.
well, why would someone want to go to the hassle of using a cryptocurrency to make small transactions if every one of them incurs a reporting requirement to the irs? that just seems like a major headache. probably why alot of businesses don't take bitcoin still. imagine the irs sending you a bill for $40,000 because they treated your entire purchases you made using bitcoin as profit since you didn't know the cost basis every time. Dave: Stop Complaining And Do.
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-Dave
hi dave.