Would using Strike to pay for a good/service be considered a "taxable event"?
197 sats \ 4 comments \ @0371279ce5 7 Oct bitcoin
Let's say someone has a Strike account. They move USD from their bank account to their Strike account. They DON'T buy any Bitcoin through Strike, maybe because they don't care about owning Bitcoin, but they pay the company/person (who prefers payment in Bitcoin) for a good/service directly. And maybe they're getting a large discount for paying in Bitcoin.
Would this be considered a taxable event? I would think not because Strike is the one doing the conversion on the fly - the person is just paying someone else with "cash" for a good/service.
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31 sats \ 0 replies \ @senf 7 Oct
No, you're spending dollars, so no taxable event. Strike would have a taxable event on their side, though.
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21 sats \ 0 replies \ @Solomonsatoshi 7 Oct
Bitcoin as a currency has been slyly and hugely OBSTRUCTED by the bankers and governments simply by arbitrarily designating it as a speculative commodity.
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0 sats \ 0 replies \ @DarthCoin 7 Oct
Wait... people in 2024 still pay taxes? LOL you NGMI.
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0 sats \ 0 replies \ @Manikese 7 Oct
There is the normal taxable event when you spend fiat. That would be your normal city/county/state tax. There wouldn’t be a capital gains tax on the Bitcoin used behind the scenes.
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