U. S. Congress proposes to free small cryptocurrency transactions from taxes

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A bill has been introduced in the U.S. Congress proposing to exclude cryptocurrency transactions worth less than $200 from the tax base.

The bill, entitled The Virtual Currency Tax Fairness Act of 2020, was created by Congressmen of Washington and Arizona, Suzan Delbene and David Schweikert.

Back in 2014, the U.S. Internal Revenue Service (IRS) defined bitcoin and other cryptocurrencies as a form of private ownership. Accordingly, any transactions must be subject to income tax.

Congressmen emphasize that this state of affairs prevents the use of digital currencies for payments. They propose that cryptocurrency transactions worth less than $200 should be excluded from the taxable base.

The draft law notes: Cryptocurrency transactions due to changes in exchange rates should not be included in an individual’s income. The previous sentence does not apply if the profit exceeds $200.

Recall that at the end of December last year, 8 members of the U.S. House of Representatives asked the IRS to expand its recommendations on the payment of taxes on the distribution of tokens and forks of cryptocurrency.

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