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RE: How Ignorance & Laziness May Be Costing You 40% More On ALL Your Expenses (And How To Cash Out Steem Profits Tax-Free)...

in #money7 years ago

"Of course, one other option that has been suggested by others on the topic is to merely load up your crypto onto a debit card and then make purchases with that - not reporting it at all
However, such a strategy may be risky."

YES ITS SUPER RISKY , DON'T DO THAT !!!

When you use a debit card you are entering the banking system and the U.S. tax system. Same goes when you cash out of Coinbase to a bank account.

The only way around it is to spend crypto directly .

If you blog for a living you can of course create a business entity and get some tax deductions but also beware that it increases your chances of getting audited.