The bill previously recommended by Washington Representative Suzan DelBene. The goal is to exempt crypto users from paying taxes on transactions under $200.
According to the Virtual Currency Tax Fairness Act of 2022, Washington Representative Suzan DelBene tryingAmended the Tax Code in 1986 to separate profits from personal cryptocurrency transactions.
“Outdated rules that don’t take into account the potential of our daily use. Instead of treating it like stocks or ETFs,” DelBene said, “cryptocurrency has evolved rapidly over the past few years. And with more opportunities to use them in our daily lives, the US has to stay on top of these changes. and making sure that our taxes will evolve with our use of cryptocurrencies.”
“While consumers use cryptocurrencies more in daily transactions We have to keep our taxes up to date,” Emmer said in a statement. “And finally, this bill will allow Americans to use their digital wallets as smoothly as cash.”
Many crypto users are responsible for reporting profits from their crypto holdings. However, residents generally do not pay capital gains taxes on HODLing, but only if they sell, trade or transfer their tokens. only them The proposed bill will apply to transactions made after December 31, 2021.
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