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118 sats \ 5 replies \ @scottathan 4 May 2023 \ parent \ on: Using Bitcoin has legal consequences bitcoin
Yeah, I got it wrong, apparently that is technically a taxable event. https://www.investopedia.com/articles/investing/040515/are-there-taxes-bitcoins.asp
If you receive sats as payment it counts as income, which makes sense. But if you buy something they also count that as capital gains, which is stupid and probably a nightmare to figure out.
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50 sats \ 2 replies \ @JesseJames 4 May 2023
As capital gains you are OK up to $89K or so... that's a lot of coffee IMHO :-)
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10 sats \ 1 reply \ @scottathan 4 May 2023
Oh, didn't notice that lol.
Also, bold of you to assume I'm not buying 3 BTC worth of coffee :P
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0 sats \ 0 replies \ @JesseJames 4 May 2023
lol... I stand corrected :-)
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0 sats \ 1 reply \ @kenn_b OP 4 May 2023
Exactly, from a simple person's view, the laws are dumb in this regard. It makes no sense. I feel like the state is stealing from me if they want me to pay tax on spending bitcoin.
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10 sats \ 0 replies \ @clr 4 May 2023
Of course you feel like the state is stealing from you. They are, in fact, stealing from you several times. They tax you when you earn, when you save, when you invest, and when you spend. In their eyes, why should they give away such power? They see bitcoin as a tiny thing. If they change their minds at some point, it won't be out of benevolence, but because they won't have a better choice.
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