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

Disclosure Read More

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews

Crypto Scams

Beanstalk Farms Loses $80M In A Massive DeFi Governance Flash-Loan Hack
Beanstalk Farms Loses $80M In A Massive DeFi Governance Flash-Loan Hack
April 23, 2022
Prove
Joon Pak Head of Crypto at Prove talks to Us about Crypto Fraud And More
April 11, 2022
Mintable
Mintable CEO Zach Burks Talks to Us about the Opensea Stolen NFTs and Their Recovery
March 21, 2022
Crypto Crime
Crypto Crime Surges To Record Highs As Thieves Follow Market Buzz – Chainalysis 2022 Report
February 24, 2022
Bots Circumvent 2FA Login At Coinbase And Other Crypto Exchanges In 2022
Bots Have Circumvented 2FA Logins At Coinbase And Other Crypto Exchanges In 2022
February 17, 2022

Automated trading with HaasBot Crypto Trading Bots

Blockchain/Cryptocurrency Questions and Answers

Russia
Roundtable Interview-What is the Effect of The Russia-Ukraine War on Cryptocurrency Prices?
March 4, 2022
GamStop
How Does Bitcoin Casino Work + 2021 Beginner’s Guide
November 8, 2021
Cryptocurrency
How to Buy and Sell Cryptocurrency
November 8, 2021
What Are Bitcoin Futures And How Will They Work In 2022?
November 4, 2021
Ethereum
The Unconventional Guide to Ethereum
October 28, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin29,331 0.15 % 3.37 % 1.98 %
Ethereum1,971.2 0.52 % 4.11 % 2.70 %
Tether1.003 0.32 % 0.23 % 0.18 %
BNB321.36 1.92 % 1.77 % 7.78 %
USD Coin0.9989 0.16 % 0.08 % 0.04 %
XRP0.4081 0.07 % 3.31 % 3.66 %
Binance USD1.004 0.33 % 0.24 % 0.24 %
Cardano0.9566 0.22 % 0.68 % 6.96 %
Solana49.30 0.95 % 7.28 % 8.11 %
Dogecoin0.08382 0.67 % 4.26 % 4.75 %

bitcoin
Bitcoin (BTC) $ 29,309.00
ethereum
Ethereum (ETH) $ 1,976.76
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 326.15
usd-coin
USD Coin (USDC) $ 1.00
xrp
XRP (XRP) $ 0.407392
binance-usd
Binance USD (BUSD) $ 0.999912
cardano
Cardano (ADA) $ 0.517722
solana
Solana (SOL) $ 49.48
dogecoin
Dogecoin (DOGE) $ 0.083654