Can crypto debit cards be taxed?

Asked 4 months ago

Hello! As far as I know, crypto is classified as property by the IRS. So I'm assuming that this means that crypto debit cards can be taxed. Am I right?

Filip Dimkovski

Thursday, December 01, 2022

If you're residing in the United States, then the IRS will consider cryptocurrency as a form of property, meaning that you'll be subject to both income tax and capital tax. However, this isn't the case with the majority of countries out there, so if you've got large cryptocurrency holdings and you'd like to minimize the amount of tax you'll pay, it might be a smart solution to temporarily relocate to another country.

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