Bitcoin Burger Tax Risks Alert

Steak ‘n Shake Now Accepts Bitcoin, Tax Implications Arise

• Steak ‘n Shake has started accepting Bitcoin for payments in the U.S.
• Purchases made with Bitcoin are considered taxable events by the IRS.
• Taxpayers must report all crypto-denominated purchases, regardless of size.
• The IRS treats cryptocurrencies as property, similar to stocks and bonds.
• Centralized exchanges will report more transaction data to the IRS starting next year.

Steak ‘n Shake’s acceptance of Bitcoin introduces tax obligations for customers, as all crypto transactions are taxable events under IRS guidelines. This includes small purchases like a $14 meal, which must be reported as capital gains or losses.