![]() It’s easy to imagine that some users will say “I know there are tax implications-I’ll deal with them.” It may not be that simple. You will be required to report gains or losses from your use of the card on your tax return.” This means that each time you use your card and sell cryptocurrency, you will be have sold property in a taxable transaction. ![]() “The IRS classifies cryptocurrency as ‘property’ for tax purposes. Taxesįirst-and foremost-are the tax implications. You’ll have to take a number of factors into consideration, including taxes, transaction fees, rewards, refunds, and accepted merchant categories. But doing it with the Coinbase debit card presents issues and concerns that many people will find hard to navigate. ![]() Ok, so consumers want to make retail purchases using their crypto holdings. You’ll Need a PhD in Statistics To Figure Out The Impact of Coinbase Debit Card Spending ![]()
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