How do you report gains from crypto when you use it to purchase real life goods?

Say you bought coin X at $100. Coin X appreciates to $200. You trade $50 of coin X for $50 USD gift card.

Do I need to report $25 gains for tax or can I wait as remaining part isnt realized yet?

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No. Good luck to IRS searching through pages and pages of trades

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It’s not based on dollar amount. If you buy 1 bitcoin @1000 and use .5 to buy a car at coin price 17000. Then you owe (sell price - buy price- fees) so 8500- 500- fees is your total gains for taxes.

What happened to simplifying the tax code...

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