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#1
05-01-2021, 11:44 AM
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Crypto Holders and any interest in using as payment for a guitar
Just checking to see who is holding crypto and would you take crypto as a form or payment or pay with crypto for a guitar.
I have been holding Vechain for about a year and half and its finally really beginning to get me some big gains. I have my eye on a couple of guitars that I would now be able to purchase with the profits that I have from VET. I dont have the actual cash in my bank account so I would need to cash the crypto out which will hit me big come tax time so I was wondering who would be comfortable in a hypothetical sale in taking crypto as a form of payment. For those unsure how the process would go, it is very similar to a paypal money transfer in that you have a wallet address that has its own unique code attached to it. The buyer would just send a pre-determined amount of crypto to your wallet and depending on which crypto was being sent would arrive to you in a pretty short amount of time. Crypto is such a wildcard that it got either be a really great deal for you, or if the crypto tanked before you could cash out, be really bad. Just wanting to get some others perspective on it. 
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#2
05-01-2021, 11:47 AM
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I’d accept it in exchange for an air guitar.
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Tom '21 Martin D-18 Standard | '02 Taylor 814c | '18 Taylor 214ceDLX | '18 Taylor 150e-12 | '78 Ibanez Dread (First acoustic) | '08 CA Cargo | '02 Fender Strat American '57 RI My original songs
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#3
05-01-2021, 11:55 AM
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Technically, I'm fairly sure, you'd need to report that as if it was transferred to your bank account.
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Guild CO-2 Guild JF30-12 Guild D55 Goodall Grand Concert Cutaway Walnut/Italian Spruce Santa Cruz Brazilian VJ Taylor 8 String Baritone Blueberry - Grand Concert Magnum Opus J450 Eastman AJ815 Parker PA-24 Babicz Jumbo Identity Walden G730 Silvercreek T170 Charvell 150 SC Takimine G406s
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#4
05-01-2021, 01:20 PM
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Chances are that you will not receive a 1099-B on crypto transactions. So not reporting gain on cash proceeds if you sell the coins first or use coins to purchase goods directly will yield equivalent results.
You can choose to report the gain on your federal return or not. It won't be any easier for the IRS to determine the truth regardless which method of not-reporting income you use. My Etherium is up 370% in 3 years. It will upgrade my next Audi purchase from an S to an RS. (I pay the tax.)
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#5
05-01-2021, 01:28 PM
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I bought the majority of my ETH exactly 4 years ago. 
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Guild CO-2 Guild JF30-12 Guild D55 Goodall Grand Concert Cutaway Walnut/Italian Spruce Santa Cruz Brazilian VJ Taylor 8 String Baritone Blueberry - Grand Concert Magnum Opus J450 Eastman AJ815 Parker PA-24 Babicz Jumbo Identity Walden G730 Silvercreek T170 Charvell 150 SC Takimine G406s
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#6
05-01-2021, 01:39 PM
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#7
05-01-2021, 01:50 PM
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My understanding is that if you've held it for more than a year you are taxed at the capital gains rate, which should be capped at 20%. That's no different if you sell now or hold it longer.
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2021 Fender Telecaster (Player Series) 2014 Yamaha FS700 2020 Rouge RD80 - sold 2014 Epiphone Les Paul Junior - sold
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#8
05-01-2021, 03:07 PM
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I made enough on Doge a little while ago to more than pay me back for my Furch Yellow. I had bought in at 7 cents. I wish I had bought a lot earlier
 I'm playing the dips now with an ear to the ground....
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Barry My SoundCloud page Avalon L-320C, Guild D-120, Martin D-16GT, McIlroy A20, Pellerin SJ CW Cordobas - C5, Fusion 12 Orchestra, C12, Stage Traditional Alvarez AP66SB, Seagull Folk Aria {Johann Logy}:
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#9
05-01-2021, 04:55 PM
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#10
05-01-2021, 05:52 PM
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Tulips, anyone?
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Martin 0-16NY Emerald Amicus Emerald X20 Cordoba Stage Some of my tunes: https://youtube.com/user/eatswodo
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#11
05-02-2021, 01:58 AM
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Quote:
https://www.barnesandnoble.com/w/tul...ash/1100619904
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stai scherzando?
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#12
05-03-2021, 02:11 PM
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And, wow, ETH is really moving the past week.
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Guild CO-2 Guild JF30-12 Guild D55 Goodall Grand Concert Cutaway Walnut/Italian Spruce Santa Cruz Brazilian VJ Taylor 8 String Baritone Blueberry - Grand Concert Magnum Opus J450 Eastman AJ815 Parker PA-24 Babicz Jumbo Identity Walden G730 Silvercreek T170 Charvell 150 SC Takimine G406s
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#13
05-03-2021, 02:37 PM
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To answer OP’s question: wouldn’t accept crypto as payment for anything. If I changed my mind and were to accept crypto, I’d charge a premium to protect me if there were any downward price fluctuations in between the time we agree to a sales price and the time I would receive and liquidate the crypto.
I have read about crypto, and I don’t understand crypt. Especially (but not only) “crypto mining”. So it would not constitute an investment for me (putting money into something I don’t understand and which has price fluctuations that I don’t understand is not an investment). YMMV.
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#14
05-03-2021, 02:50 PM
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Interesting take; it would be risky for the exact reason you cited, it might drop 10 - 20% in a 24 hour period and could also upswing during that same time, you just never know. If you already have a wallet and can access it easily, you can usually cash out pretty quickly after the coin is transferred to you and you received it. I would take it now that I do have an investment in it and have a decent understanding of how it works. If I didnt have a grasp or was pretty new, I wouldnt but depending on the coin they buyer was wanting to pay with I wouldn't have any problem accepting it as payment.
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#15
05-03-2021, 02:54 PM
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