US Lawmakers Try Again on Tax Relief for Small Crypto Payments

Jan 16, 2020😃Bullish

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.

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