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You still don't have to pay capital gains if you purchase something with Bitcoins (rather than converting it to USD first). You do however have to pay the tax o
by lettergram 13y ago
You still don't have to pay capital gains if you purchase something with Bitcoins (rather than converting it to USD first). You do however have to pay the tax on the item.
- paulrr 13y agoNot true. Q-6: Does a taxpayer have gain or loss upon an exchange of virtual currency for other property? A-6: Yes. If the fair market value of property received in exchange for virtual currency exceeds the taxpayer’s adjusted basis of the virtual currency, the taxpayer has taxable gain.