Is there a "straw purchase" law for Bitcoin? If my friend gives me $250 and I buy $250usd worth of Sats on my exchange and tansfer to them IMMEDIATELY, theres zero profit for me, so there should be zero taxes. Does that create a problem I'll have to deal with?
Discussion
I don't think it's a problem, but I've also convinced myself that no gains = nontaxable events 🤷🏼‍♀️
(I earn and spend, not hodl)
Technically I think you have to claim it as a sale, and a profit towards your income I believe. You really should ask a cpa…
I don’t know the answer but recommend talking to a CPA who is well versed in Bitcoin
@satoshipacioli is the one I know of!
Just do this while it's going down that way you can harvest the losses.
This is not financial advice.
Technically, if you’re just acting as a messenger and don’t gain any profit, it shouldn’t create a taxable event for you. But be careful, some countries might still see it as facilitating someone else’s transaction, so it’s wise to check local crypto regulations or consult a tax professional.
The moment you convert into any currency is considered as “taxable event” in Ger.