The BTC transaction is tracked by square as income in US dollars and will be reported to IRS on end of year tax statement for income tax payment. But there is no conversion to fiat in the transaction so no tax there since the payment goes directly into my wallet as Bitcoin. If it grows Iโd need to pay tax on the increase as normal income if I sell it in the year I got it, or cap gains if held longer than a year which is what I plan to do ๐ค
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That sounds good, I'm going to try to orange pill merchants using square in my area then.
Did you have to manually apply to accept Bitcoin or was it just automatic?