I honestly don’t know the answer to this one.
Say I had bought a Bitcoin for $10,000 … it goes up to $80,000 and I buy a nice Tesla priced for one Bitcoin. Do I need to pay capital gains tax on the Bitcoin appreciation? After all it’s just money and if we suffer deflation, I don’t have to pay tax on the more valuable dollars I had hid under my mattress.
And could I still take the $7,500 tax credit on the Tesla?
Afterward: Is this wrinkle how George Soros has gotten so wealthy? If so, this tells me that all speculative currency trading gains should be treated the same as equities.
STAND UP FOR MONEY!
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