Cryptocurrency | The Crypto Tax Bill Introduced in the US House of Representatives


The tax bill trying to allow the exclusion of profit and loss from crypto transactions has been introduced in the US House of Representatives.

This draft was dubbed the "Virtual Value Tax Improvement Act 2019", originally introduced by Representative Ted Budd (NC-R) and referred to the Means and Means Committee. This draft law seeks to introduce amendments to the 1986 Internal Revenue Code, which specifically determines:


"There are no gains or losses recognized in the exchange of real property owned for productive use in a trade or business or for investment if the real property is exchanged solely for similar real property to be held either for productive use in a trade or business or for investigation."

This design seeks so that "the exchange of virtual currencies for similar virtual currencies will be treated in the same manner as the exchange of real property for similar real property."

As a result, if the draft is passed, it will obstruct the cryptocurrency of double taxation under the Internal Revenue Code.


Don't have Bitcoin? Buy it now at Coinbase, or get 14 USD for free here and buy a trusted hardware wallet HERE
Cryptocurrency | The Crypto Tax Bill Introduced in the US House of Representatives Cryptocurrency | The Crypto Tax Bill Introduced in the US House of Representatives Reviewed by sheffter on August 08, 2019 Rating: 5

No comments:

loading...
Powered by Blogger.