Title: If This Is You, You May Not Need to Report Crypto Tax Gains to the IRS
Headings: If This Is You, You May Not Need to Report Crypto Tax Gains to the IRS
If This Is You, You May Not Need to Report Crypto Tax Gains to the IRS
New Crypto “Fairness Act” Bill Reaches House of Representatives
Tax Time: Only Report Gains to IRS If Earnings Exceed $200
Tony Spilotro

Content: However, according to a new bill proposed at the House of Representatives, some crypto investors may not have to report any gains at all in the future. According to bill H.R. 5635, designed to amend the IRS code of 1986, to exclude gross income gain from the “disposition of virtual currencies.” The act is being dubbed the “Virtual Currency Tax Fairness Act of 2020 and was put forth by House Representatives Suzan DelBene (D-WA), David Schweikert (R-AZ), Darren Soto (D-FL), and Tom Emmer (R-MN). Tax Time: Only Report Gains to IRS If Earnings Exceed $200
But before the crypto community can breathe a collective sigh of relief that reporting crypto gains just got a lot easier, the new bill proposed only requires crypto investors with gains of over $200 to report them to the IRS. Anyone with gains under $200 in a tax year, won’t have to report anything cryptocurrency related on their tax returns. While the act is dubbed the “tax fairness act,” only offering exemption to investors with under $200 in gains is really stretching the idea of “fair.” Unless a crypto investor bought the top of the crypto hype bubble, chances are they’ve seen some sort of gain over $200 at some point in their crypto investing career. The rare subset of crypto investors, the HODLers that only buy and never sell, stacking sats on top of sats, are the few and far between that can take advantage of this bill, and can forget about having to report any crypto-related earnings in the future – if the bill passes, that is. Taxes are serious business and can result in penalties if not properly reported.