Steak'n Shake accepts Bitcoin payments, experts warn consumers of tax risks
Internet reports, Decrypt reported that American restaurant chain Steak'n Shake recently began accepting Bitcoin as a payment method, but tax experts remind consumers to pay attention to relevant tax risks. Under the Internal Revenue Service (IRS) regulations, cryptocurrencies are considered property rather than money, and any purchase of goods using Bitcoin is considered a taxable transaction. Lawrence Zlatkin, vice president of taxation at Coinbase, explained that when consumers use Bitcoin to purchase goods, they need to calculate the difference between the purchase price of Bitcoin and the market value at the time of use as a capital gain or loss, and pay the corresponding tax to the IRS. Experts advise consumers to keep records of all transactions and choose a consistent calculation method for filing taxes. Although the IRS typically does not audit taxpayers for omissions in small transactions, risks remain as centralized exchanges report more user transaction data to the IRS. Buying goods using stablecoins pegged 1:1 to the US dollar does not create tax risks.
Disclaimer: The views in this article are from the original Creator and do not represent the views or position of Hawk Insight. The content of the article is for reference, communication and learning only, and does not constitute investment advice. If it involves copyright issues, please contact us for deletion.