2 ms·
IF bitcoin keeps going up, yes. If at any point you pay your taxes at less, it would be capital losses and you could deduct it from your other gains/losses. I
by basch 8y ago
IF bitcoin keeps going up, yes. If at any point you pay your taxes at less, it would be capital losses and you could deduct it from your other gains/losses.
IF I buy bitcoin at 5k, and pay my taxes at 5k, its not a taxable event.
What you described is the EXACT SAME THING as selling your bitcoin for USD before paying your taxes. They are just letting you skip a step and offering to do the exchange for you.