DISCUSSION: US Crypto Taxes Are a Nightmare. Could These Proposals Help? 1

The best Sundays are for long reads and deep conversations. Earlier this week, the Let’s Talk Bitcoin! Show gathered to discuss the US tax treatment of “Virtual Currencies” and how scams find a home wherever opportunity exists, at least for a while.

During our first segment, we’ll discuss:

Virtual Currency Tax Fairness Act of 2020: The proposed legislation would exempt capital gains taxes if any individual transaction results in a capital gain of $200 or less.  Previous versions of the bill proposed a $600 cap. If passed, it would take effect in the 2020 tax year. Link –  H.R. 5635

The IRS has a question for you: Tax filers in the U.S. are being asked if At any time during 2019, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency? Link -IRS Form 1040

Yang proposes “Digital Asset Regulation”: U.S. Presidential Candidate Andrew Yang wants to Clarify the tax implications of owning, selling, and trading digital assets.    Yang says clear policy will allow businesses to invest and innovate in the area without fear of a regulatory shift. Link – Yang 2020

Later on, we’ll dig into the “why” of scams as we begin a longer conversation on the topic.

Three main points on scams:

Would you like to Sponsor a future episode of the Let’s Talk Bitcoin! show? Do you have any questions or comments? Email adam@ltbshow.com

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DISCUSSION: US Crypto Taxes Are a Nightmare. Could These Proposals Help? 2
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bitcoin
Bitcoin (BTC) $ 43,106.00
ethereum
Ethereum (ETH) $ 2,968.47
cardano
Cardano (ADA) $ 2.30
tether
Tether (USDT) $ 1.00
binance-coin
Binance Coin (BNB) $ 357.75
xrp
XRP (XRP) $ 0.9534
solana
Solana (SOL) $ 143.00
polkadot
Polkadot (DOT) $ 31.22
usd-coin
USD Coin (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.212826
USD
EUR
GBP
bitcoinBitcoin (BTC)
$ 43,106.00
ethereumEthereum (ETH)
$ 2,968.47
tetherTether (USDT)
$ 1.00
bitcoin-cashBitcoin Cash (BCH)
$ 517.35
litecoinLitecoin (LTC)
$ 152.38
bitcoinBitcoin (BTC)
36.793,99
ethereumEthereum (ETH)
2.533,80
tetherTether (USDT)
0,853570
bitcoin-cashBitcoin Cash (BCH)
441,59
litecoinLitecoin (LTC)
130,07
bitcoinBitcoin (BTC)
31,568.68
ethereumEthereum (ETH)
2,173.96
tetherTether (USDT)
0.73235
bitcoin-cashBitcoin Cash (BCH)
378.88
litecoinLitecoin (LTC)
111.60

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CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin43,120 0.00 % 3.68 % 9.94 %
Ethereum2,970.9 0.44 % 5.32 % 16.86 %
Cardano2.310 0.88 % 2.95 % 4.72 %
Tether0.9986 0.03 % 0.08 % 0.23 %
Binance Coin358.89 0.47 % 5.90 % 15.54 %
XRP0.9565 0.98 % 3.18 % 12.32 %
Solana142.14 0.50 % 4.62 % 6.46 %
Polkadot30.87 2.19 % 17.29 % 10.73 %
USD Coin1.000 0.35 % 0.19 % 0.05 %
Dogecoin0.2121 0.22 % 5.04 % 12.56 %

bitcoin
Bitcoin (BTC) $ 43,106.00
ethereum
Ethereum (ETH) $ 2,968.47
cardano
Cardano (ADA) $ 2.30
tether
Tether (USDT) $ 1.00
binance-coin
Binance Coin (BNB) $ 357.75
xrp
XRP (XRP) $ 0.9534
solana
Solana (SOL) $ 143.00
polkadot
Polkadot (DOT) $ 31.22
usd-coin
USD Coin (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.212826