In need of help asap!

[Bando]

Haven’t looked around in a while so I assume Cash App is still king. They simplify exactly what you want and need. Unfortunately it took 2-3 business days to link my bank account. Not sure if it’s faster now.

 

[Big_Jimmy434]

Like everyone said, Cash App is the easiest. Let me make it even easier. Think of BTC like buying and sending stocks. You need to send $500, You buy $500 worth of stock, they send you a wallet address, then you transfer your $500 worth of stock to them. Thats it.

Now, lets call that stock BTC.

Go to cashapp, link an account. Buy the stock. Place the order, get the "wallet" address, and Send the stock to that wallet.

Badda Boom. Badda Bing.

 

[Jerky35]

Like everyone said, Cash App is the easiest. Let me make it even easier. Think of BTC like buying and sending stocks. You need to send $500, You buy $500 worth of stock, they send you a wallet address, then you transfer your $500 worth of stock to them. Thats it.

Now, lets call that stock BTC.

Go to cashapp, link an account. Buy the stock. Place the order, get the "wallet" address, and Send the stock to that wallet.

Badda Boom. Badda Bing.

Yeah I got it now. It was surprisingly very easy. Thanks brother


Sent from my iPhone using Tapatalk

 

[Trenzepatide]

Also, please keep in mind that using BTC to buy something (anything) is a taxable event and if you make a profit on a BTC transaction, those gains are subject to the capital gains tax. If you lose money on the transaction, it's still technically supposed to be reported even if no tax is due.

What do I mean by this?

If you buy BTC when it's at $60,000 per coin and you then use it to purchase something, like a cup of coffee (for example), after the value of BTC has risen to $65,000 per coin, that "sale" or disposal of BTC in exchange for the cup of coffee generated for you a capital gain. In other words, you made a profit of 8.33% on your BTC "investment". You are now a foreign currency trader lol.

How many people actually report this? Who knows... but if I had to guess, it's probably close to zero.

 

[BulkHead]

Also, please keep in mind that using BTC to buy something (anything) is a taxable event and if you make a profit on a BTC transaction, those gains are subject to the capital gains tax. If you lose money on the transaction, it's still technically supposed to be reported even if no tax is due.

What do I mean by this?

If you buy BTC when it's at $60,000 per coin and you then use it to purchase something, like a cup of coffee (for example), after the value of BTC has risen to $65,000 per coin, that "sale" or disposal of BTC in exchange for the cup of coffee generated for you a capital gain. In other words, you made a profit of 8.33% on your BTC "investment". You are now a foreign currency trader lol.

How many people actually report this? Who knows... but if I had to guess, it's probably close to zero.

You just say they are gifts which are not taxable up to a certain amount.

 

[Trenzepatide]

You just say they are gifts which are not taxable up to a certain amount.

Thank you for this, I just learned something new!