How do I report tax, if say I buy an item from Overstock.com

>>3103573
you don't need to report it when buying directly for crypto

>>3103573
If it's never been USD the US gvt has no say.

>>3103965
if you live in the US, the gov't has say over anything you own, because they owned it first.

Overstock will pay tax based on the crypto you gave them, you're "suppooooosed" to report the item and pay tax based on it's upraised value.

I hope I'm fucking wrong but the more and more I'm reading, the less faith I have in all of this.

>>3103573
You determine the value of your crypto at the moment of purchase.
So if you buy your dildo for $100 worth of BTC (=x BTC), you'll claim that as selling x BTC for $100.
It's as simple as that.

Please help me be a cuck - the thread

>>3104170
>>3104308

I was reading something similar, report based on some arbitrary metric based on the price of the item you buy correlated to your gains?

this seems especially confusing, I think I'm going to skip this part

>>3104344
It's the legal way.
You might get away with not reporting it. I have coins in cold storage that nobody knows about (didn't buy on an exchange), and I'm going to spend it without reporting anything.

>>3104392
I bought my BTC through a bitcoin ATM in an exchange in a third world country (I have dual citizenship there and the USA) so it's unlikely they would go back and dig that up I'm thinking. I never used coinbase or any of those things where you have to put your SSN.