tax issue

[lastresort]

I have never done crypto so pardon my ignorance.

Selling crypto is a taxable event, right? Isn't it a bit PITA to deal with tax for every crypto transactiopn?

 

[staffn1]

Not if you only use stable coins.

 

[lastresort]

Not if you only use stable coins.

I will look into it myself but I m pretty tech illiterate, could you give me a quick rundown>?

 

[FreshAndEasy]

Is it considered selling if you are paying with it?

 

[lastresort]

Is it considered selling if you are paying with it?

Everytime you buy something with cryptocurrency, it is a taxable event. At least in the US, cryptocurrency is not a currency but a property. Of course it only matters if you are making profits but the rules are more complicated.

 

[staffn1]

I will look into it myself but I m pretty tech illiterate, could you give me a quick rundown>?

Stable coins don't change value so when you buy/sell their value is still the same as they are pegged to the dollar.

 

[CNCCurrency]

Stable coins don't change value so when you buy/sell their value is still the same as they are pegged to the dollar.

Can you convert cash directly to stable coins?

 

[staffn1]

Can you convert cash directly to stable coins?

At least at Coinbase yes you can.

 

[Not_Your_Dad]

Can you convert cash directly to stable coins?

I know on Edge, for example, you can buy USDC in your preferred flavor with a debit card through Banxa.