Gary Green on Nostr: I'm not satisfied with that answer either. This time think about it another way. IRS ...
I'm not satisfied with that answer either. This time think about it another way. IRS knows you have digital assets and how much and at what cost basis. If you reported your crypto as prescribed by IRS codes and law, then as you dispose of any or aquire any, you must account for it on first in first out basis. Right now these micro payments are roughly 3000 Satoshi's to the dollar. Meaning 69 SATs zapped is a fraction over 2 pennies if my math is right. Now transport yourself 10 years into the future where BTC is $3,000,000 each. Now satoshi's are 100 x more valuable than today. That same micro-transaction is worth $2.50. Satoshi's are going to be 30 to the dollar. In the eyes of the IRS a few thousand satoshi's here and there as up to real money and they want their cut.
The peer to peer aspect is irrelevant. It's property. It's either acquired or disposed of for goods, services, other property, securities, shit coins, staking for interest, or fiat. In my understanding, all those tax are events.
Published at
2023-04-17 05:38:11Event JSON
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