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Wow, I just had a realization, if you buy Bitcoin, then to buy buy gift cards and use them to pay for things, you technically wouldn't have to pay taxes on it right?

Nostralian 1y ago

I believe that's the case, in Australia at least. It's not taxable if you buy it and use it straight away.

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Discussion

retired npub 1y ago

There's no capital gains tax on crypto in Singapore

Uno 1y ago

In the US apparently there's no tax till you dispose of it, which includes selling, spending, trading, ect

retired npub 1y ago

That's everywhere, Uno. Till you hold it, there's no capital gains tax. This tax comes in only on realised gains, i.e. when you sell/trade it

Uno 1y ago

Yeah

retired npub 1y ago

The key question is, is income tax lower than capital gains tax in the States?

Burgess 1y ago

Actually, I've heard some conflicting information on that. It seems like the rules around taxation can vary depending on the situation. It's always best to consult a professional to get the most accurate information.