Spending Crypto while its Crypto at under $600.00 US is a Capital Gains Tax loop hole by law!
So as you can see below when making or accepting payments in Crypto that are under less than $600.00 US, there is no tax liability. What does this have to do with TenX Pay? If you receive the TenX Pay Visa and link it to your crypto for spending and use is exclusively for purchases under $600.00 US, you can by word of law, avoid paying capital gains taxes on your Crypto earnings this way. TenX Pay boasts the only card that truly lets your spend your Crypto as Crypto and the convention to FIAT is not done on your end, thus according to the excerpt below you would be in compliance with the US tax law. I have included the whole document for your convenience.
IRS Form n-14-21, retrieve- here https://www.irs.gov/pub/irs-drop/n-14-21.pdf
Excerpt "
Q-12: Is a payment made using virtual
currency subject to information reporting?
A-12: A payment made using virtual currency is subject to information reporting to the same extent as any other payment made in property. For example, a person who in the course of a trade or business makes a payment of fixed and determinable income using virtual currency with a value of $600 or more to a U.S. non-exempt recipient in a taxable year is required to report the payment to the IRS and to the payee. Examples of payments of fixed and determinable income include rent, salaries, wages, premiums, annuities, and compensation. Q-13: Is a person who in the course of a trade or business makes a payment using virtual currency worth $600 or more to an independent contractor for performing services required to file an information return with the IRS?
A-13: Generally, a person who in the course of a trade or business makes a payment of $600 or more in a taxable year to an independent contractor for the performance of services is required to report that payment to the IRS and to the payee on Form 1099-MISC, Miscellaneous Income. Payments of virtual currency required to be reported on
Form 1099-MISC should be reported using the fair market value of the virtual currency in U.S. dollars as of the date of payment. The payment recipient may have income even if the recipient does not receive a Form 1099-MISC. See the Instructions to Form 1099-MISC and the General Instructions for Certain Information Returns for more information. For payments to non-U.S. persons, see Publication 515, Withholding of Tax on Nonresident Aliens and Foreign Entities.