I don't think Amazon will take STEEM.. lol.. but in the event you buy something with BTC that purchase becomes taxable, as well as any gains on the BTC up. As you are looking at it wrong.. You did not buy a banana, you just sold your Crypto for a Banana that is valued at a number in Fiat. So if I bought a CAR with BTC.. I'm still taxable on the car and the gain on the BTC as I just sold my BTC to someone else in exchange for a car.
RE: IRS requests Bitcoin users pay them back
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IRS requests Bitcoin users pay them back
Who collects the Taxes then ? Do you report the exchange to IRS or does the Car company collect and remit on purchases via Bitcoin ?
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You pay a set amount of sales tax that is added into the price of the car and remitted by the car company to the government, and then you "should" report the purchase to pay tax on your gains.. it really depends on how much information the government has.
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