Where do you reside op? there should be couple of guides + tax software's out there to help you ease the load/understand your situation better. You also have the option to ask in your local board about taxes.
I can't provide you any personal experiences about these debit cards but you could try searching for posts mentioning these. For instance "coinbase debit card", see: https://ninjastic.space/search?board=85&child_boards=true&content=coinbase%20debit%20card (note: this is only on service discussion and its child boards, you may adjust it as you see it. The search function is pretty easy to use.)
Topic: Anyone use Bitpay or Coinbase Debit Card? (Read 58 times)
You should check out the Services discussion board. You can also move this topic with the move button on the bottom left of the thread. I've seen a lot of people post new threads related to debit cards, such as this one[1]. Have you asked for their support btw? Maybe they can give you more examples related to tax management.
[1] https://bitcointalksearch.org/topic/anyone-been-using-pyypl-it-seems-a-potential-virtual-card-can-use-crypto-5468693
[1] https://bitcointalksearch.org/topic/anyone-been-using-pyypl-it-seems-a-potential-virtual-card-can-use-crypto-5468693
To me having a debit card linked to your bitcoin seems like a great use case for owning bitcoin, but as with most things the devil is in the details.
It would be very convenient to pay for stuff in the store with bitcoin as easily as using any credit or debit card.
I have a Coinbase Debit Card but have not used it yet, mainly because I want to be more familiar with the potential tax implications before using it to buy everyday goods such as groceries, stuff on Amazon, etc.
I wanted to apply for the Bitpay card but their website says they are not currently accepting applications.
Anyone have experience with these kind of debit cards?
COINBASE DEBIT CARD FAQS
Frequently Asked Questions
Am I eligible for Coinbase Card?
Right now, Coinbase Card is available for all Coinbase customers who live in the US (excluding Hawaii). We hope to expand eligibility in the future.
Are there any fees?
There are no fees for spending US dollars (USD) or crypto, including USD Coin (USDC) with Coinbase Card. For more information on fees, please visit our Pricing and Fees disclosures.
Where is Coinbase Card accepted?
Coinbase Card is accepted anywhere Visa® debit cards are accepted, at over 40M+ merchants worldwide.
If you choose to spend crypto, Coinbase will automatically convert all cryptocurrency to US Dollars for use in purchases and ATM withdrawals.
Are there tax implications?
There are generally no tax implications if you spend US dollars (USD) or USD Coin (USDC).
Spending any other kind of crypto involves selling your assets. Selling crypto using your card is a taxable transaction. Just like when you sell crypto on Coinbase, you'll be required to report gains and losses on your tax return. Please speak to a tax advisor to better understand how your card impacts your unique tax situation.
https://www.coinbase.com/card
It would be very convenient to pay for stuff in the store with bitcoin as easily as using any credit or debit card.
I have a Coinbase Debit Card but have not used it yet, mainly because I want to be more familiar with the potential tax implications before using it to buy everyday goods such as groceries, stuff on Amazon, etc.
I wanted to apply for the Bitpay card but their website says they are not currently accepting applications.
Anyone have experience with these kind of debit cards?
COINBASE DEBIT CARD FAQS
Frequently Asked Questions
Am I eligible for Coinbase Card?
Right now, Coinbase Card is available for all Coinbase customers who live in the US (excluding Hawaii). We hope to expand eligibility in the future.
Are there any fees?
There are no fees for spending US dollars (USD) or crypto, including USD Coin (USDC) with Coinbase Card. For more information on fees, please visit our Pricing and Fees disclosures.
Where is Coinbase Card accepted?
Coinbase Card is accepted anywhere Visa® debit cards are accepted, at over 40M+ merchants worldwide.
If you choose to spend crypto, Coinbase will automatically convert all cryptocurrency to US Dollars for use in purchases and ATM withdrawals.
Are there tax implications?
There are generally no tax implications if you spend US dollars (USD) or USD Coin (USDC).
Spending any other kind of crypto involves selling your assets. Selling crypto using your card is a taxable transaction. Just like when you sell crypto on Coinbase, you'll be required to report gains and losses on your tax return. Please speak to a tax advisor to better understand how your card impacts your unique tax situation.
https://www.coinbase.com/card
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