Thursday, February 18, 2021

Help me out on this hypothetical tax situation

Lets say you buy a new tesla with bitcoin. Upon the bitcoin /tesla exchange you trigger a taxable event? So now you owe capital gains taxes on the amount of bitcoin you exchanged for the tesla and also you ow sales tax on the tesla itself?

I know you would trigger a taxable event no mater how you converted your BTC for this sale but it just seems crazy to me.


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