related posts
282 sats \ 0 replies \ @fiatbad 8 Nov 2022
Then they need to stop taxing it like a capital gain/loss.
It's our currency, leave us alone.
reply
110 sats \ 1 reply \ @sancristrader 8 Nov 2022
Because when you make laws that are absurd and unenforceable, you get a lawless society in the end, that doesn't respect the law.
According to IRS, when i buy a cup of coffee for 5000 sats, it's a taxable event: i have to convert 5000 sats to USD, then find the USD acquisition price of those 5000 sats and file the difference as capital gains on my schedule D. This is because crypto is not treated as currency, it's treated as an asset for the tax purposes. Foreign currencies have $300 transaction size exemption from capital gains.
reply
10 sats \ 0 replies \ @DeezSats 8 Nov 2022
I can't buy a coffee with a bushel of wheat, but I can with bitcoin. Bitcoin is obviously not a commodity. So, they are categorizing bitcoin arbitrarily in order to gain power over users. But because their definitions are baseless and inadequate, the power they claim to hold is illegitimate.
reply
0 sats \ 0 replies \ @Bashy 9 Nov 2022
Govs fail to understand they can't tax Bitcoin like they tax fiat, they consider it as asset whereas we consider it as money.
Well even shitcoiners rather spend time to read marketing bullshits and fall for it more than learning how to fill their tax declaration.
reply