So on the Flexa website I see using Flexa may

Question

So on the Flexa website I see using Flexa may

mean the tax authorities may consider these transactions as taxable events and users may have to fill out tax forms . Who is going to want to do that when using an app for buying stuff?

#amp #cryptocurrency #english

0

07.10.2024

5 ответов

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K

Either way you would be taxed at some point. Either when you cash out your investment or if you were to buy something through a wallet.

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2 месяца назад

John Terry Автор вопроса

amp is the way
Flexa sends you yearly reports on your spending vi...

I think people know when they buy crypto and sell it in on an exchange they might be subject to capital gains tax if the gain is above a particular threshold. However using a payment app I don’t think many would consider the implications. Whilst oblivious they won’t be concerned but if the users haven’t read the fine print in Flexas contract or website they maybe surprised by having to be subjected to this. ESP if we are rolling stablecoins which are still considered taxable . Most users who aren’t au fait with crypto would be disappointed if they suddenly had queries coming from Internal Revenue

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2 месяца назад

K

John Terry
I think people know when they buy crypto and sell ...

I don't see how people investing in crypto wouldn't realize that when they sell or spend its a taxable event. There's no free lunch.

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2 месяца назад

amp is the way

John Terry
I think people know when they buy crypto and sell ...

I'm by no means a tax professional, but how would there be taxes on a stablecoin if the value when sold is the same as value when purchased?

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2 месяца назад