Not sure how many started using Bill Pay from nostr:npub1ex7mdykw786qxvmtuls208uyxmn0hse95rfwsarvfde5yg6wy7jq6qvyt9
I’m going to test it out for 2025.
Not sure though how the taxes will workout. Let’s say bitcoin goes up from when I buy it. Then sell it to pay a bill. The profits are taxed as income tax which is very high, this might bring me down to a net loss?
Does that mean this is only beneficial if the bitcoin price shoots up enough to cover both tax and bill? -> taxes are confusing.
Example:
I buy $100 worth of bitties, price goes up, it’s now worth $110.
I pay my electricity bill which is $110. I pay 37% tax on the $10. That’s about $3.7. I still benefited from the $4.3?
Is this math correct?
Yeah, you pay tax on the $10 since it's profit.
Or, you can wait for Jack to launch his btc loan service, where you put btc as collateral in exchange for fiat and you don't have to pay taxes on loans. Then just roll over the loan with a second loan, which liberates the btc in your first loan. Rinse and repeat. This is not financial advice, and keep an eye on the LTV ratio.
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