US lawmakers hope that the quota for foreign currency transactions is set at less than $ 600


nnnIn 2009, the IRS announced that it would consider taking Bitcoin (and other encrypted currency) as a taxable asset, and the decision included a large number of encrypted currency-related transactions and transactions, including daily life shopping. So the two members of the US House of Representatives submitted a bill, hoping to determine an amount of money in encrypted currency transactions.n
nnTranslation: Annie_Xun
nTwo members of the US House of Representatives submitted a bill to seek tax exemption for encrypted currency transactions.n
nIn 2014, the IRS (Internal Revenue Service) announced that it would consider taking Bitcoin (and other encrypted currency) as a taxable asset. Foreign currency transactions and profits from trading must be subject to capital gains tax. However, because IRS decision words include all transactions involving Bitcoin, including the often mentioned purchase of coffee, means that if you buy some bits of dollars in dollars, use it to buy 2 dollars of coffee, which the difference requires you to pay tax.n
nRepublicans Jared Polis and David Schweikert are among the heads of the Congressional Blockchain Caucus, who wish to alleviate these problems through the Cryptocurrency Tax Integrity Act.n
nIf the bill passed, December 31 this year, the amount of money to pay the payment will be less than $ 600. In simple terms, transactions involving encrypted currencies are less than the above amount without paying capital gains tax.n
nThe bill shows:n
nn”Gross income shall not include proceeds from the sale or sale of five other virtual currencies other than cash or cash equivalents [if the amount of sales or transaction proceeds not included in the total income under the terms of (a) shall not exceed US $ 600 “n
nnIn an interview with CoinDesk, Jerry Brito, executive director of the nonprofit Coin Center, also participated in the organization and support of the bill, which he likened to the previous parliamentary exemption project on foreign currency shopping.n
nn”The purpose of this bill is similar, that is, for small amount of shopping to provide tax-free policy.”n
nnAs for the controversy over the bill on the federal government’s ability to finance the federal government’s borrowing, Brito is cautiously optimistic that the ongoing reform of the US tax system is in line with the new bill’s objectives.n
nn”This should not cause the opposition of parliamentarians.”n

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