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by dforrestwilson 1914 days ago
What is the use case here?

Why deal with the cap gains taxes associated with this?

6 comments

Like all things bitcoin it's easy. It's a lot easier to press a button on your phone and transfer 100k then it is to go through the pains of a bank transfer or any other payment method. I know hacker news is American centric but not all counties have the same cap gains taxes, plus you have to actually have a gain to pay taxes and these are all sorts of ways to mitigate this.
For now they’re only accepting bitcoin payments in America.
The other option is to borrow USD against BTC to buy a Tesla (I just did that yesterday), but if loan-to-value goes over 80%, the companies will liquidate my BTC automatically. I'm just doing this because I'm speculating that we're just at the start of the next bubble in the cycle.
I am curious what is the APR on that loan? BTC volatility should make it very high.
8% + 2% fee over $50k loan on blockfi
Mayhaps you have crypto funds that you've forgotten to report as income. Being able to get a brand-new car without having to involve IRS is a neat way to commit tax fraud.
This is not accurate. Tesla is obligated to file IRS Form 8300 for all Bitcoin purchases over $10,000.
wouldn't Tesla report the transaction?
I mean a lot of people will probably have to sell assets to buy a Tesla anyway.
Lots of publicity from this. They will always be the first to have done this.
Do you keep enough money to buy a tesla lying around in straight cash?