If you are in the USA don't buy small items with Bitcoin, unless you like headaches :(

in #crypto7 years ago (edited)

This must be a real headache:

The everyday items you can buy with the digital currency have multiplied over the years. Overstock.com accepts them, for instance, so you can get all your furniture using bitcoin. You can pay for plane tickets and hotels with them through CheapAir. Or Xbox games and Windows apps via Microsoft. Or computers via Dell and electronics via Newegg.

You can even buy lunch at a Subway sandwich shop in Allentown, Penn. using bitcoin, or gain access to the VIP room of a “gentlemen’s club” in Las Vegas.

Beware, though: “All those transactions go into your tax return,” says Bryan Skarlatos, a lawyer who specializes in tax issues at Kostelanetz & Fink.

For more info see


http://time.com/money/5007068/theres-a-huge-hidden-bitcoin-tax-that-you-need-to-know-about/

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taxes=migraine

wil l there be crypto refugees?