Nostr Web Client

For the US #bitcoin plebs: if you send $USD over lightning' using Strike (f.e. to another Strike user) you will not incur a taxable event. Correct? #asknostr

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Discussion

Satashi 1y ago

I have been thinking about this myself today… I hope it’s not but I think it might be. Definitely important to be on-top of this kind of stuff

senf 1y ago

It's not, spending dollars is not a taxable event.

Satashi 1y ago

Oh USD. I didn’t read that part 🙈

Crizzo 1y ago

If you're paying from your USD balance it would count as a buy and immediate sell for no gain or loss, so no tax. If you use your Bitcoin balance that has gone up in value since you bought it then it might be taxable.

senf 1y ago

It's not even an immediate buy and sell, that's something Strike does on their own and that taxable event is theirs, not the user's.

₿logging₿itcoin 1y ago

I don't think so. I also don't think there is a taxable event if you swap stable coins to sats to dollars on Strike either, but the laws are designed by nocoiners who don't think about these things.

senf 1y ago

Swaps between sats and dollars would be a taxable event (in the US).