Subnostr

It all depends on your setup. For tax purposes though

1. When you receive BTC, the value at the time of reception is treated as normal income in USD

2. When you sell/dispose of/spend BTC, you pay capital gains on that

3. When you spend BTC (for example, on a business purchase), the equivalent USD value is the amount you would deduct as an expense.

The capital gains accounting is the only real difference vs USD. You can use tools like koinly, cryptotaxcalculator, etc for that.

TerrestrialOrigin 10mo ago

Hey, did you getthe zaps? I dont understand, Amethyst is acting like the zaps didn't succeed, but I just looked at coinos history and it's saying they all got subtracted from my wallet. I'M SO CONFUSED! Why is thissystem so broken? I dont even knoow if it's the Nostr client or wallet issue. 😖

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Discussion

makeasnek 10mo ago

I got a bunch of zaps from you, guessing you didn't mean to send all of them, so I sent some back :).

TerrestrialOrigin 10mo ago

Thanks. LoL I was trying to zap you a certain amount but Amethyst (the Nostr client I use) was acting like it was faiiling. So I kept re-trying, assuming it was failing. 😅

makeasnek 10mo ago

Final note, I promise, is that this is all so fucking complicated because BTC is discriminated against as a currency. NO OTHER FOREIGN CURRENCY has to deal with this capital gains bullshit. If you are using BTC for your business, kick some money to some BTC trade associations and sign up for/donate to https://www.satoshiaction.io/

They are the ones who got the BTC reserve bills to happen. Participate in elections, especially primaries. We can end this capital gains nonsense if we push.

TerrestrialOrigin 10mo ago

That's a good point, because other currencies also go up and down. Why are the rules not the same? It might be because the USD is more expensive than mostbof them (except british pound and euro), so it's not in govt interest to let ppl write off capital gains losses when they devalue.