jkpgamer on Nostr: This really depends. Are you dipping into your stack to pay these transactions? My ...
This really depends. Are you dipping into your stack to pay these transactions?
My best advice came from Saylor a year or so ago:
Say I want to tip a waiter/waitress in #Bitcoin, I have my lightning or liquid wallet preloaded with sats, I go on an exchange and buy $20 worth, and then however many sats that gets me, I send it to him/her. This doesn't create a taxable event because I bought and gave it away same day for exact same value.
I do the same thing with purchases. I pre-ordered saifedean (npub1gdu…6nak) gold standard book. Bought the $30 of Bitcoin and then sent the lightning payment to him. No taxable event.
The only time you need to keep track is with your cold storage purchases that you sell. For that I usually keep a spreadsheet. Or have to look at the exchanges where I buy and calculate that way.
My best advice came from Saylor a year or so ago:
Say I want to tip a waiter/waitress in #Bitcoin, I have my lightning or liquid wallet preloaded with sats, I go on an exchange and buy $20 worth, and then however many sats that gets me, I send it to him/her. This doesn't create a taxable event because I bought and gave it away same day for exact same value.
I do the same thing with purchases. I pre-ordered saifedean (npub1gdu…6nak) gold standard book. Bought the $30 of Bitcoin and then sent the lightning payment to him. No taxable event.
The only time you need to keep track is with your cold storage purchases that you sell. For that I usually keep a spreadsheet. Or have to look at the exchanges where I buy and calculate that way.