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: 5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now! Things are especially complicated for crypto investors and traders, who are stuck adhering to archaic tax laws designed for the sale or trade of property, and not currencies as cryptocurrencies like Bitcoin and XRP are designed to be used for. Making matters worse, some crypto investors may be deemed traders by the United States Internal Revenue Service, resulting in gains falling into the income category, and not capital gains tax like other property-based assets like real estate. Buy Uniswap (Uni) with up to 50% discount! 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.