Berkins
The bill “On Fair Taxation of Cryptocurrencies” was resubmitted to the House of Representatives of the US Congress. The initiative provides for exemption from capital gains tax when the profit from the use of digital assets does not exceed $200.
The bill was sponsored by Arizona Republican David Schweikert and Washington Democrat Susan DelBen. The co-chairs of the Blockchain Panel Darren Soto and Tom Emmer also participated in the work.
“Approval of the document will allow Americans to use their digital wallet as easily as cash,” said Emmer.
Cryptocurrency users in the US can now report capital gains based on the value of cryptocurrencies to the IRS not only for investment purposes, but also for payments. The IRS often does not prosecute those who do not file the appropriate reports, but the lack of regulatory certainty in this matter remains an unresolved problem.
Recall that the IRS will attract an additional $28 billion in taxes from operations with cryptocurrencies. The infrastructure plan adopted by Joe Biden could require blockchain miners and nodes, wallet developers, DeFi liquidity providers, and other non-custodial players to report to the IRS on the activities of their users.
In March 2021, the IRS explained that residents do not need to report their cryptocurrency purchases on the first page of their Form 1040 return if they are on a HODL strategy. Later, the service clarified that it was only interested in taxable transactions.
Earlier, the US Department of the Treasury called the development of a guide to the taxation of cryptocurrencies a priority.
The bill was sponsored by Arizona Republican David Schweikert and Washington Democrat Susan DelBen. The co-chairs of the Blockchain Panel Darren Soto and Tom Emmer also participated in the work.
“Approval of the document will allow Americans to use their digital wallet as easily as cash,” said Emmer.
Cryptocurrency users in the US can now report capital gains based on the value of cryptocurrencies to the IRS not only for investment purposes, but also for payments. The IRS often does not prosecute those who do not file the appropriate reports, but the lack of regulatory certainty in this matter remains an unresolved problem.
Recall that the IRS will attract an additional $28 billion in taxes from operations with cryptocurrencies. The infrastructure plan adopted by Joe Biden could require blockchain miners and nodes, wallet developers, DeFi liquidity providers, and other non-custodial players to report to the IRS on the activities of their users.
In March 2021, the IRS explained that residents do not need to report their cryptocurrency purchases on the first page of their Form 1040 return if they are on a HODL strategy. Later, the service clarified that it was only interested in taxable transactions.
Earlier, the US Department of the Treasury called the development of a guide to the taxation of cryptocurrencies a priority.