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

Must Read

DeepTradeBot: The innovation of large companies at your service

DeepTradeBot is a collection of automated trading tools developed by Deep Neuro Networks LTD, a London, England-based company...

Flyp.me Instant Crypto Exchange Now Supports REN Token Trading

Decentralized finance is leading the way of the cryptocurrency industry, with the REN Protocol at...

BLOCKCHAIN OVERCOMES POSSIBILITY OF FRAUD, LACK OF TRANSPARENCY AND TRUST IN THE GAMBLING INDUSTRY

DATE: 07/08/2020 In a recent study carried out by the UK Gambling Commission reveals...
- Advertisement -BTCClicks.com Banner
Earn Free Bitcoin

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.

- Advertisement -
- Advertisement -

Latest News

Wyoming Amends Insurance Code to Allow Insurance Companies to Invest in Bitcoin & other Cryptos

In the first provision of its kind, Wyoming is allowing the domestic insurers to invest...
- Advertisement -Earn Free Bitcoin

Flyp.me Instant Crypto Exchange Now Supports REN Token Trading

Decentralized finance is leading the way of the cryptocurrency industry, with the REN Protocol at the front. REN Protocol is...

BLOCKCHAIN OVERCOMES POSSIBILITY OF FRAUD, LACK OF TRANSPARENCY AND TRUST IN THE GAMBLING INDUSTRY

DATE: 07/08/2020 In a recent study carried out by the UK Gambling Commission reveals that the gambling industry has...

The Kuailian Ecosystem, Bringing Blockchain Technology To The World

10 years have passed since the birth of Bitcoin and the first use of Blockchain, a technology that has not stopped evolving,...

Its’ Finally Here A 100% Local Non-Custodial P2P Cryptocurrency Marketplace.

Finfreeotc is soon launching a one of a kind peer to peer cryptocurrency market place. Their marketplace is 100% non-custodial,...