Re:Bitcoin is a disaster
by imtringued on Thursday December 31, 2020 @07:43PM
(#25599253)
That makes no sense unless you are converting the bitcoin to dollars but then it's not being used as a currency. If it was a currency the business would accept bitcoin directly and thus there would be no need to report it on your tax returns.
[ Parent
| on HN ]
That’s incorrect. When you buy something with bitcoin, even if it is priced in bitcoin, the IRS considers it a sale or exchange of a capital asset and you have to report the transaction on your return.