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American convenience store chain Sheetz will accept Bitcoin payments
- lowercased 5y agoSounds great, but if every gas station fill up will result in a 'taxable event', people will need more infrastructure around tracking and reporting those activities. This feels like the opposite of some rewards card/program - every time I fill up, I'm not getting some "free reward", I'm adding to my tax-reporting data collection tasks.
- lallysingh 5y agoEvery gas station fill-up already results in sales and gas tax.
- NovemberWhiskey 5y agoYeah, OK. Much onerous record-keeping obligation associated with those, is there?
- hparadiz 5y agoAll you need is what you bought the btc for in USD and what it cost in USD when you spend it. You pay tax on the difference. It's not complex at all.
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- lowercased 5y agoWhich btc are you spending? Most recent ones? Or oldest?
- hparadiz 5y agoFifo rules apply (first in, first out)
- lowercased 5y agonot sure why that would necessarily apply. with any stocks I own, I can choose which lots to sell. i don't have to handle them as FIFO.
- NovemberWhiskey 5y agoI'm genuinely interested to hear how this gets implemented in a way that's not grossly time-consuming. As I understand it, the requirement is basically that every time you use BTC for a purchase, you're required to identify the USD basis for the BTC and take a gain or a loss according to the USD value of the transaction, right? For me, it's painful enough to do that for a relative handful of stock trades throughout the course of the year, and that's with my brokerage tracking the basis and sale price of various lots for me. I can't even begin to imagine the nausea of having to track all that myself and report it.
- lallysingh 5y agopip install cryptotax (seriously)
- rejectedandsad 5y agoThose are handled for you and included in the price.
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- Spooky23 5y agoEvery spend of Bitcoin results in capital gains.
- lallysingh 5y agoThere are like a half dozen crypto tax services listed with direct import into TurboTax.
- hparadiz 5y agoCost basis accounting is hardly a show stopper.
- ink_13 5y agoI can't imagine anything more convenient than waiting around for over two hours to ensure my transaction is confirmed: https://ycharts.com/indicators/bitcoin_average_confirmation_time https://ycharts.com/indicators/bitcoin_average_confirmation_... Confirmation time has also recently spiked to over two days. BTC has many of the attributes of an asset like gold, but as a currency, transaction times make it something of a bust.
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- vmception 5y agoThis article is really about the payment processor Flexa and it would be more relevant to discuss the user experience with that Maybe they really accept other crypto assets Maybe they subsidize transaction fees for some time Maybe they broadcast later Maybe they accept 0 confirmation
- vmception 5y agolol Flexa I was in a chatroom with one of their advisors trying to shill me on Flexa for several years Takes that long to close a deal with crypto companies, huh. And only during the hottest market in history
- boomboomsubban 5y agoAnd by "accept bitcoin payments" they mean they'll use the payment processor Flexa which I assume accepts bitcoin, their homepage doesn't mention them.
- Yajirobe 5y agoNot gonna work. Bitcoin people are all for adoption but only on paper. In reality, nobody wants to pay for gas or purchase a pizza using bitcoin. All these people care about is speculation and 'beating the market'.
- alisonkisk 5y agoPresumably it's really Bitcoin to dollars to trade, which seems pointless because if you are doing that, why not just keep some dollars?
- anandaverma18 5y agoWhy it is flagged?