US Lawmakers Try Again on Tax Relief for Small Crypto Payments
U.S. lawmakers have introduced “The Virtual Currency Tax Fairness Act of 2020,” an amendment to IRS tax code that would exempt realized gains under $200.
From a practical standpoint the bill could simplify the tax burdens of day-to-day crypto users who must report even marginal capital gains under current federal law.
This legislation does not alter that bureaucratic determination, but it would provide relief for low-level use cases, like transactions, while enforcing it against more substantial users, like investors.
Representatives have tried to push through similar legislation before, but it died on the House floor.