“The IRS classifies cryptocurrency as ‘property’ for tax purposes.
If you return the purchased item, Coinbase will put the refunded amount in the USD wallet of your Coinbase account.
Legend has it that on May 22, 2010—now known as Bitcoin Pizza Day—Laszlo Hanyecz agreed to pay 10,000 Bitcoins for two pizzas from a Papa John’s.
It’s easy to imagine that someone looking to buy a new car—or even a house—would want to cash in some of their crypto profits to pay for it.
Ron Shevlin is the Managing Director of Fintech Research at Cornerstone Advisors, where he publishes commissioned research reports on fintech trends and advises both established and startup financial technology companies.