The United States tax bill by bitcoin transaction tax privileges will be canceled

The United States tax bill by bitcoin transaction tax privileges will be canceled

According to the most recent Republican tax reform program, and other virtual currency bitcoin investors will lose an attractive tax concessions.

Experts said that the bill in the new restrictions will ban virtual currency holders in a virtual currency transactions to another, defer the payment of capital gains tax, thus closing the current law in the gray area.

Such capital gains considerable. In 2010, bitcoin in the initial trading price of less than 1 cents, which began in 2017 after the price is about $1000, this week the short exceeded $19 thousand. Many traders in bitcoin and other virtual currencies, such as the coin flipping back and forth between the etheric.

The law firm GoodwinProcter tax lawyer CORSI Lamast (KelseyLemaster) said that the virtual currency investors, this is a bad news. “Every time you will be a digital currency transaction to another, it will become a kind of taxable activities.”

However, Freidman law firm responsible for the digital currency service partner Brian Christiansen (BrianKristiansen) believes that this adjustment will not deter traders. These traders have not studied digital currency without choice of admission, not to mention the tax issues on digital currency.

According to the current law, such a transaction is protected by a clause, allowing investors to defer the payment of capital gains tax in the so-called “similar transactions”. “Similar transactions” traditionally refers to real estate, art, horse racing and aircraft trading. If the owner of the assets held by the replacement of assets for the same type of other assets, you can defer taxes, usually for a period of 180 days.

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