[{"data":1,"prerenderedAt":7},["ShallowReactive",2],{"faq-standard-9732":3},{"rec_id":4,"title":5,"text":6},"9732","What if I used cryptocurrency to buy a product or service?","Menu Path: \u003Ci>Income > Common Income > Investments and Savings (1099-INT/DIV/B/DA)\u003C/i>\n\u003Cbr>\u003Cbr>\nSome companies are beginning to accept cryptocurrency for products or services. Whenever you buy a product or service with cryptocurrency the IRS considers that a sale of your cryptocurrency. You would need to report the sale using the dollar value of the cryptocurrency at the time of the purchase as the sale price.\n\u003Cbr>\u003Cbr>\nExample: You purchased a new car with cryptocurrency in 2025. The value of the bitcoin you used to purchase the car at the time was $30,000. You would report the sale as a capital gain on your tax return, using $30,000 as the sale price. You would check your cryptocurrency wallet for the cost basis of the cryptocurrency you used to purchase your new car. Some exchanges will issue a \u003Ci>Form 1099-DA\u003C/i> or consolidated 1099 that will list your transactions. You would still report the capital gain or loss for the cryptocurrency used in the transaction, even if you didn't receive a \u003Ci>Form 1099-DA\u003C/i> or consolidated 1099.",1777391634666]