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I would like to know if cryptocurrencies would be a viable option for payment for domain sales?
Here's why I ask.
I recently purchased some cryptos. From my understanding you only really pay capital gains tax when you cash them out and even then only if your crypto's value went up.
See here's my idea or thought. Say I just do crypto for domain payments and the money i make from domaining I will reinvest over and over again to build a nest egg or retirement fund. If you did not use crypto you would be liable for taxes immediately as the funds are readily accessible in your account as liquid cash.
But if it were in crypto form it wouldn't be taxed until you cash it out to fiat money.
Therefore you could then use this paid crypto to buy other domains. Or even invest in other things that again won't be taxed until you cash it out like say gold or silver or even stocks or real estate.
What do you all think? Or am I missing something here?
So I guess my next question should be "are cryptocurrencies the perfect vehicle to prevent immediate taxation of completed domain sales? Allowing a domainer to turn incoming cash flow and reinvest?"
Also for that matter could we also use gold or silver as payment? Since both aren't taxable (I think) until to sell them for cold hard cash.
Here's why I ask.
I recently purchased some cryptos. From my understanding you only really pay capital gains tax when you cash them out and even then only if your crypto's value went up.
See here's my idea or thought. Say I just do crypto for domain payments and the money i make from domaining I will reinvest over and over again to build a nest egg or retirement fund. If you did not use crypto you would be liable for taxes immediately as the funds are readily accessible in your account as liquid cash.
But if it were in crypto form it wouldn't be taxed until you cash it out to fiat money.
Therefore you could then use this paid crypto to buy other domains. Or even invest in other things that again won't be taxed until you cash it out like say gold or silver or even stocks or real estate.
What do you all think? Or am I missing something here?
So I guess my next question should be "are cryptocurrencies the perfect vehicle to prevent immediate taxation of completed domain sales? Allowing a domainer to turn incoming cash flow and reinvest?"
Also for that matter could we also use gold or silver as payment? Since both aren't taxable (I think) until to sell them for cold hard cash.