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A comment on Lake Tahoe Property Sells for $1.6M in Bitcoins.

Re:Lake Tahoe Property Sells for $1.6M in Bitcoins by thebruce87m on Tuesday February 09, 2021 @07:25PM (#26084386)
In the UK we have to pay Capital Gains Tax whenever converting from crypto -> fiat or even crypto-> crypto, assuming the value of the crypto has increased from when you bought it.

I wonder if this problem goes away if you buy something direct with Bitcoin?

[ Parent | on HN ]
Re:Lake Tahoe Property Sells for $1.6M in Bitcoins by plerpin on Tuesday February 09, 2021 @08:34PM (#26084848)
It does not. Bitcoin is a commodity, not a currency, so you have to pay capital gains on any appreciation that you realize.

Active traders of Bitcoin have to track the bases of their lots so that they can pay taxes on each sale.

[ Parent | on HN ]