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CRYPTO TAX LAWYER Explains: How to LEGALLY Avoid Crypto TaxesAs such, capital gains taxes will apply to the purchase of Tesla cars bought with Bitcoin. However, the amount a person will be taxed might. A product purchase or conversion to another currency (digital or fiat) using bitcoin is taxed as if you had first sold it for US dollars. 'You can now buy a Tesla with bitcoin,' CEO Elon Musk said. But it could mean a big tax bill. The IRS treats bitcoin and other cryptocurrency.