>>48473408>>48473427Please tell me you guys aren't serious with this...? Like actually, you're joking right?
Crypto to any purchase is considered cash out into the USD equivalent of the value of the item you're "purchasing with crypto." Much like when you "trade" bitcoin for any other coin, the taxman treats this transaction as:
>Bitcoin > USD > EthSame thing when you purchase any other item with crypto. Despite the fact that you aren't literally converting your BTC to cash to make the purchase, the IRS treats it as if you did at the point of sale.
So yes, purchasing ANYTHING with crypto or trading anything for crypto is a taxable event. 100%. Look up your tax laws, you'll find this exactly there. /biz/ was having a huge fit earlier this year during tax season when they just figured out that "trading" cryptos is taxable.
