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What happens if you buy Bitcoin, it goes up, and you buy something directly with Bitcoin? Do you get taxed on those "gains?". Or only if the proceeds end up bac
by Raidion 5y ago
What happens if you buy Bitcoin, it goes up, and you buy something directly with Bitcoin? Do you get taxed on those "gains?". Or only if the proceeds end up back in USD?
- deleted 5y ago[deleted]
- smeej 5y agoYes, the IRS expects you to pay taxes on the delta between the value of the coin when you bought it and the value of the good you exchanged it for.