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You can buy a Tesla with bitcoin, but it could mean a big tax bill

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Elon Musk at a 2015 event to launch the new Tesla Model X Crossover SUV in Fremont, California.

Justin Sullivan | Getty Images News | Getty Images

You may be aware that you can now purchase a Tesla using bitcoin.

Tesla CEO Elon Musk announced late Tuesday that it is now possible to buy Tesla vehicles in the U.S. with bitcoin.

“You can now buy a Tesla with bitcoin,” Musk tweeted.

If the idea appeals to you, here’s a twist: The taxman will be hovering with palms out.

When you use bitcoin to purchase goods or services, you are in effect selling that cryptocurrency. And for tax purposes, the IRS treats bitcoin and its brethren as property whose sale comes with either a gain or loss depending on…



Source cnbc.com

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