If you pay in satoshis, why would there be capital gains tax? 🤔 How does a transaction paid in satoshis trigger a tax event for a product or service whose price is displayed in a fiat currency and/or satoshis?
Discussion
Since people are dumb enough to go along with calling trading Bitcoin "buying and selling" like it's not a currency, the IRS can easily tell people are too dumb to fight back against just saying "you sold your Bitcoin so you owe us money" when you spend it
Because the IRS considers it property rather than currency. Been that way for the better part of the past decade. It's a stupid rule, and AFAIK Sen. Lummis and others are trying to change it, but the "dumb law of the land" stands.