Bitcoin (BTC-USD) is now an acceptable way for Miami-Dade residents to pay their property taxes. Scott Melker outlines the details in the video above.
You can now use Bitcoin to pay your property taxes in Miami Dade. Don't know why you would.
Be honest.
But the interesting part, the crypto is converted into US dollars before payment reaches the county. So the tax collector does not hold or invest in crypto. So they'll take your crypto, but they're going to immediately convert it, obviously into dollars, so they will not be adding Bitcoin to the balance sheet.
Now back in the day, uh, when we were really in peak, you know, crypto euphoria, 20 21, 2022 when Miami was going to become the crypto capital of the world. They did actually talk about letting you pay taxes and then that they would add it to the balance sheet.
Not the case here, but still interesting that it can be used as a payment. Now,
very notably, very notably, the IRS treats crypto as property still. So if you use Bitcoin to pay your property taxes, it will be a sale of Bitcoin and therefore a taxable transaction.
So if that Bitcoin you're using is in profit, you're going to have to pay taxes on the cost basis to what you sell it for, even though selling it is just transferring it to the local government.
I would bet personally that no literally nobody does this.
Was like in the last cycle, it was like, Tesla has allowed you to buy a Tesla with Bitcoin.
Your Bitcoin can self-drive your Ethereums in the robo taxis.
Uh, nobody did it. They sold like seven Teslas or something because nobody wants to pay taxes on selling their Bitcoin and everyone who want has Bitcoin wants to hold it and doesn't want an appreciating asset or to pay their taxes with it.
Once again though, I guess good uh that you can.
