JUST IN: SenToomey and SenGillibrand would like to lift your tax burden with a new bill exempting crypto transactions below $50 from capital gains tax reporting rules. jesseahamilton reports
“While digital currencies have the potential to become an ordinary part of Americans’ everyday lives, our current tax code stands in the way,” said Toomey. He has sought to help the crypto industry on multiple tracks before he retires from the Senate at the end of this session.
The Internal Revenue Service has held a firm crypto policy: “When you sell virtual currency, you must recognize any capital gain or loss on the sale,” the IRS declares on its website.
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