USA to exclude crypto transactions below 200USD from taxes ?

in bitcoin •  2 years ago 

For time first time since ages USA seems to want something to ease the life of people and proposed to exclude all those small trades and transactions below 200USD from having to be taxed.I feel they saw numbers one can generate yearly with a bot or a bit of free time.

The bill most important part is:
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It was intorduced by Reps. DelBene, Schweikert, Soto, and Emmer.

It would be great for my friends from America and whole market.

Though there could be easy workarounds like.. instead of doing 201USD you could do 190 and 11USD etc.

Top20 Cryptocurrency Markets

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Sad to see few of them in top20 instead of STEEM but what can you do. I remember STEEM highly placed along Bitshares. Was good ol days! Maybe they will come again, who knows!

But look whats interesting, how many charts of those look exactly the same.

image.png
This is why bot trading is a must on crypto and why i keep running Haasbot all time. Nobody can sit online 24/7.


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Would be huge

Wo cool information

enjoy man :)

Yeah 👍

And when $200 buys a loaf of bread?

The Infernal Revolting Syndicate has a rule that if you make less than $500 you do not have file nor pay taxes. But, that was many years ago when $500 could actually get you somewhere.

i dont know man, i dont know ;)))

There was a similar bill introduced in the US a little while back which set the limit at $600 but that did not pass. Hopefully this bill will have a chance.

600 was prolly too big, lets see how 200 fits

Yeah I don't see that being passed, but maybe they realize that trying to audit thousands of small trades will cost more than what they will receive from tax off the transaction.

@kingscrown thanks for your post and for referring to the legislators.

I believe the bill you're referencing is the Virtual Current Tax Fairness Act of 2020 (Coinbase). I haven't dabbled in cryptocurrency trading yet, but I can imagine the difficulty in reporting the use of crypto in day to day operations. It's a darn frustrating scenario to have to determine appreciation or depreciation to buy their example of a cup of coffee.

The $200 limit appears low, but I guess it's better than nothing. Anyway, thanks for sharing and I look forward to your future insights.

  ·  2 years ago Reveal Comment