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Do you really have to pay capital gains tax on everyday Bitcoin purchases in the US? (Steak ‘n Shake, ...)
With more places accepting Bitcoin for very small daily purchases like a burger or a Coke (for example Steak n Shake or via Lightning) I’m wondering: If I use BTC to buy a $10 burger, do I really have to report the capital gain on that small transaction? By law, yes. But in practice this is a nightmare. It feels absurd, yet technically not reporting it is against the law. So do people just ignore this for now? And more importantly, what about the future? What if you have hundreds of small micropayments in Bitcoin each month? Will there eventually be exceptions like a de minimis threshold? Curious what others think. submitted by /u/InfinityLife [link] [comments]
With more places accepting Bitcoin for very small daily purchases like a burger or a Coke (for example Steak n Shake or via Lightning) I’m wondering:
If I use BTC to buy a $10 burger, do I really have to report the capital gain on that small transaction?
By law, yes. But in practice this is a nightmare.
It feels absurd, yet technically not reporting it is against the law.
So do people just ignore this for now?
And more importantly, what about the future?
What if you have hundreds of small micropayments in Bitcoin each month?
Will there eventually be exceptions like a de minimis threshold?
Curious what others think.
[link] [comments]
