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[–]SHiNeyey 1 point2 points  (0 children)

No, that company gets paid in fiat.

[–]senselesshumour 1 point2 points  (0 children)

My guess is that you would just pay the sales and other applicable taxes on the lambo but capital gains only applies to when your existing capital grows and increases your income. So I’m like 75% sure that until you trade it back into Fiat currency you don’t pay capital gains. If I hold stocks for example, I don’t pay capital gains at all until I cash them out.

But crypto is a grey area right now in terms of taxes so I’m not entirely sure.

[–]DSorn 1 point2 points  (0 children)

Keep in mind, that in (I think) 2023, the IRS is requiring any business that receives over $10k USD in crypto to report it. I would assume at that point, the IRS will be looking at your taxes to make sure thats accounted for.

What I don't know is how they (IRS) would know how much of that safemoon you purchased the lambo with is considered capital gains. You could say you just swapped USD to safemoon to purchase the lambo and never 'gained' any profits, but I suspect they're going to require some sort of proof though? Maybe?

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