This really depends. Are you dipping into your stack to pay these transactions?
My best advice came from Saylor a year or so ago:
Say I want to tip a waiter/waitress in #Bitcoin, I have my lightning or liquid wallet preloaded with sats, I go on an exchange and buy $20 worth, and then however many sats that gets me, I send it to him/her. This doesn't create a taxable event because I bought and gave it away same day for exact same value.
I do the same thing with purchases. I pre-ordered saifedean (npub1gdu…6nak) gold standard book. Bought the $30 of Bitcoin and then sent the lightning payment to him. No taxable event.
The only time you need to keep track is with your cold storage purchases that you sell. For that I usually keep a spreadsheet. Or have to look at the exchanges where I buy and calculate that way.
jkpgamer / Kevin
npub1fe…48hsv
2025-01-06 05:06:45
in reply to nevent1q…nq2n
Author Public Key
npub1fe425sjn8lxr86uz0ydv9nkwzvfs3gz2z7e4kc7msujkv8nangls748hsvPublished at
2025-01-06 05:06:45Event JSON
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"content": "This really depends. Are you dipping into your stack to pay these transactions?\n\nMy best advice came from Saylor a year or so ago:\n\nSay I want to tip a waiter/waitress in #Bitcoin, I have my lightning or liquid wallet preloaded with sats, I go on an exchange and buy $20 worth, and then however many sats that gets me, I send it to him/her. This doesn't create a taxable event because I bought and gave it away same day for exact same value.\n\nI do the same thing with purchases. I pre-ordered nostr:npub1gdu7w6l6w65qhrdeaf6eyywepwe7v7ezqtugsrxy7hl7ypjsvxksd76nak gold standard book. Bought the $30 of Bitcoin and then sent the lightning payment to him. No taxable event.\n\nThe only time you need to keep track is with your cold storage purchases that you sell. For that I usually keep a spreadsheet. Or have to look at the exchanges where I buy and calculate that way.",
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