Coinbase has made it easier for its customers to use cryptocurrencies like bitcoin to make retail purchases. The changes are a good step forward, but they don’t—and probably could never—address one of the biggest pitfalls to paying with your crypto: The tax implications.
Using the wrong form to report cryptocurrency transactionsIn addition, the tax implications of getting paid in crypto—in order to load funds onto a Coinbase debit card—are complicated. According to“If your salary is in crypto, the IRS considers the fair market value of crypto in US dollars at the date of your receipt for federal income tax and payroll tax calculation purposes.
Changes to the crypto tax laws—and loosening of transaction deterrents like dollar limits and merchant restrictions—might have a negative impact on banks’ fee revenue. I wouldn’t be surprised if the bank lobby is working to keep the crypto tax laws in place. You know the accountants are.
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