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Wait, the gain relative to USD is only reportable when you sell the pesos (to convert them back to USD, or to CHF or BTC or whatever). Is using a currency to p
by philsnow 7y ago
Wait, the gain relative to USD is only reportable when you sell the pesos (to convert them back to USD, or to CHF or BTC or whatever). Is using a currency to purchase a good a "sale"? Would you incur capital gains tax on the USD-converted value of the car you had bought using the pesos?
- hcurtiss 7y agoYes, I believe that's what they're saying. Calculating the gain when buying a car may be doable (dollar value relative to what the pesos cost originally). The part about all this that doesn't really work is if you convert to BTC and buy pizzas and beers throughout the year, it's not really possible to keep track of the gain relative to each of those transactions. I fear that this will break things.