RE: What is The Cryptocurrency Tax Fairness Act of 2017 and how could it affect my Bitcoin transactions?

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What is The Cryptocurrency Tax Fairness Act of 2017 and how could it affect my Bitcoin transactions?

in bitcoin •  7 years ago 

If you order something from Newegg (who accepts Bitcoin now) and pay with Bitcoin, you absolutely do trigger a taxable capital gain or loss under the current tax treatment. You are deemed by the IRS to have sold the Bitcoin for USD dollars which is a taxable event (a capital gain or loss depending upon your basis) and then to have used the USD to buy the product. No fake news here, friend.

bitcoin
7 years ago by

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