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In the U.S., it seems absurd to even consider Bitcoin (or any other cryptocurrency) for small day-to-day transactions like Steam purchases. Under the current IR
by kpozin 9y ago
In the U.S., it seems absurd to even consider Bitcoin (or any other cryptocurrency) for small day-to-day transactions like Steam purchases. Under the current IRS guidance, every sale or exchange of cryptocurrency is a taxable event.
That means that for every $10 game you bought with Bitcoin during the last summer sale, you now have to calculate the cost basis, capital gains, etc., of the BTC you used, and list it on a Form 8949 in April.
- granitosaurus 9y agoFortunately that's not the case in the rest of the world. I've recently emailed Estonian tax agency for clarification of this exactly because of people claiming this to be the case. They told me if you buy bitcoin and pay in bitcoin you are not required to declare this spending. However various taxing agencies are still trying to figure out what to do with crypto, so I reckon it's too early to claim absolutes.