Sunday, October 10, 2021

Bitcoin atm and tax consequences

bitcoin through ATM .... You can buy up to $900 with cash per day without giving any other info than phone number and name -

Well lets say you bought 500$ per day for 30 days which is 15000$ per month - but its not connected to you social security number so how would authorities know its you who bought it and what was your cost basis?

I guess when you sell either atm or any exchange would want you to go through kyc/aml and that time it would be taxable event but without cost basis (when you bought it) how can you calculate correct capital gains?


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