Is it legal to use a crypto debit card in stores? Would it not be fraudulent since you're basically avoiding capital gains tax? Has anyone here got some experience of using crypto debit cards?
No because you have to realise the gains before using the card as the cc machines only operate in usd. Making the gains taxable only ifFor example, in 2024, individual filers won't pay any capital gains tax if their total taxable income is $47,025 or below. However, they'll pay 15 percent on capital gains if their income is $47,026 to $518,900. Above that income level, the rate jumps to 20 percent
For example, in 2024, individual filers won't pay any capital gains tax if their total taxable income is $47,025 or belowThat’s 37,255.32 Pound sterling Damn
>Would it not be fraudulent since you're basically avoiding capital gains tax? Pretty much any crypto debit card you can get abides by AML regulations and has to do KYC. They may not report to your countries tax authority, but if that tax authority comes knocking (and at some point they will, en masse) they will serve you up.>t. someone who is constantly looking into ways to spend crypto without KYC
>>59235659>>59235671So is this rule unique to the US? Or is it applied wherever the card is used (I'm in Europe)
>>59235760That's amerimutt law, the reality is in most of the EU you will be raped when it comes to anything crypto related. Except maybe Germany and Portugal.
>>59235634How did I not hear about this? Damn I hope we can get this in the states.
>>59235672Here is a hypothetical, tell me if it's stupid or not.Lets say I were to live on a student budget for some years, would it be a good or bad idea to purchase my food using crypto gains converted to stable coin?That would result in many small purchases over a long period of time, which I suspect is of little interest both to MetaMask/Mastercard and the tax authority
>>59235814I'd first look at if you could purchase whatever you can through some gift card that doesn't require KYC to buy (Bitrefill for example), so whatever you can get through Amazon, gas for your car, etc. Unfortunately specifically grocery options through gift cards and non-KYC methods (at least in my country) are limited.Personally I wouldn't risk using anything that requires KYC at this point. I'd rather stay under the radar until I've stacked enough to where its worth paying a tax jew for help or moving to another country with minimal crypto regulations/taxes.
>>59235672what ways do you know?
>>59235917Gift cards and p2p cash pretty much.
>>59235853I see. Cheers
