Has anyone accepted payments in crypto for higher end items (over $10k).
Looking to purchase a couple higher end items from a seller, and I’d like to pay in crypto - but he was wondering about tax implications etc.
I think that he should have to declare it (as he would have to with other payment types) but whether he does or not is not my concern.
If you have sold any items, and been paid in crypto, did you have any speedbumps or issues?
Thanks in advance! 
Personally, i avoid accepting crypto like the plague - its like asking the tax office to do an audit.
A friend of mine who did sell a few high end cards for bitcoin is getting badgered. The ATO initially questioned the transfer of crypto to his account/where it came from. Once he satisfied it was the sale of some cards, they’re now asking for the cost base of the cards and doing cgt calculations.
Just unnecessary extra compliance thats shifted from the buyer to the seller by accepting crypto.
“I pulled this card from a pack in 1999 so there is no need for CGT”
Why does the ATO know about your friends crypto holdings? Did he sell the crypto and convert it to fiat?
I’d be happy to accept crypto, but I’d only ever pay in crypto if I fully trusted the seller. If you send crypto and they ghost you, you’re screwed.
Not tax advice, just personal opinion: I would accept crypto, but then again I am a “hobbyist,” and I don’t go around reporting the finer details of my “hobby” transactions. I’d take a different approach if I were running a business and reporting transactions as such.
Speaking from experience, paying taxes on crypto is more trouble than its worth unless it was kept on an exchange that sends you a neat little spreadsheet in January.
In my case yes, the seller would convert to fiat (most likely).
@charizardespana , I sold a high-end card in February in crypto, and it was painless. I find it risky for the buyer as there is no backing to guarantee the item gets delivered. Obviously, the order was this year, so in a few months I will let you know if taxes were a pain 
Appreciate it - will likely have done the deed by then but would be interesting to know for sure.
I think I would only do it as an in-person payment, or distance only to someone who is exceedingly well respected in the community!
Like you mentioned only use this option in person or someone you 100% trust. Keep good records and report everything accordingly with the IRS and the chances of you getting audited are slim. 21 million+ Americans now buy/sell crypto, this number is speculated to double by the end of next year.
Out of curiosity, how does a transaction like this work? Is the deal taking place in person, or are you sending payment first, and having it shipped to you?
If anyone reads this who has gone through an aussie audit for accepting crypto for cards please message me I’m in need of advice.