TC 1 BTC. Yahoo Finance: Elon Musk: ‘You Can Now Buy Tesla with Bitcoin’. https://finance.yahoo.com/news/elon-musk-now-buy-tesla-210055035.html
Only buy with Dogecoin 🚀🚀🐕🐕😤😤🐕🐕🚀🚀
If your NW is over 2m after buying the car then yeah sure buy it otherwise you’re a goof for spending that kind of money on a car
Would their be capital gains tax if the car is purchased using BTC?
Am guessing, It depends on how the transaction is processed. If it’s gonna convert to $ and then transfer to recipient then yes.
I would think there are cap gains no matter what. There would have to be a specific loophole like there is when you sell a house and buy another within x days.
On the long run car may be better than Bitcoin. At least you can drive it.
HODL your bitcoin. Finance with fiat.
This is probably the smartest move. Bitcoin is an accumulation game, so the more you can accrue bitcoin to yourself as opposed to other entities you win.
I wonder if it saves your tax money when you buy a Tesla in BTC, instead of trading BTC to USD (+capital gain). I've purchased tangible products and paid with BTC years ago (when BTC was around $1k. It was a mistake) and didn't get any tax paper for the transactions.
It is not better from tax. You paid the tax mark to market at the time you buy the car.
Just because you didn’t report the taxes and committed fraud doesn’t mean you didn’t owe it
Buy BTC with fiat, then immediately buy the car to avoid capital gains. Since TSLA HODL’s the bitcoin, you’ve just succeeded in taking more bitcoin off the market and into strong hands
You’re wrong. You don’t avoid capital gains.
I’m saying 1. buy BTC 2. Immediately buy the car The time between steps one and two will have minimal or no precise change. Hence minimal to no capital gains. As opposed to using BTC you bought 3 years ago
What's the point of a currency if no one uses it for commerce
BTC is an asset. A car is a liability. If you have lots of assets, go for it else wait till you have more assets. I thing 80% assets 20% liabilities is a good ratio.
What if you need to return the car? Will they give you dollars or BTC back? Probably whichever is lower. Why not sell BTC to dollars then buy car with dollars.
First thing that comes to mind is selling BTC is a taxable event. Is buying a car with it a taxable event? Doesn’t seem like it. It’s just a transfer to Tesla’s wallet.
Yes, 100% it is. There is no like for like with Bitcoin in the US. IRS has made that clear