I was thinking about using bitcoin to fund a couple of books for the upcoming season. But now I come to find that..
Just buying bitcoin triggers a "tax event." Whatever that means! Then, if I'm lucky enough to win and deposit more than I withdraw from my bank to either of the known bitcoin sites, I would be subject to a capital gains tax. Plus, even if I cash out with the same amount from my book, but the value of bitcoin went up in the duration, I owe capital gains tax!!!
What am I missing here? Is bitcoin even usable?
I apologize for my naivete regarding this stuff lol.
Just buying bitcoin triggers a "tax event." Whatever that means! Then, if I'm lucky enough to win and deposit more than I withdraw from my bank to either of the known bitcoin sites, I would be subject to a capital gains tax. Plus, even if I cash out with the same amount from my book, but the value of bitcoin went up in the duration, I owe capital gains tax!!!
What am I missing here? Is bitcoin even usable?
I apologize for my naivete regarding this stuff lol.