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Senators Propose Bill to Exempt Taxes on Small Crypto Transactions
Senators are joining in a bi-partisan effort to exempt taxes on crypto transactions of less than $50.
Sen. Patrick Toomey (R-Pa.) joined with Kyrsten Sinema (D-Ariz.) to push the exemption from tax requirements for crypto users making small investments or purchases. Their Virtual Currency Tax Fairness Act matches a similar effort previously introduced in the House of Representatives.
The legislation aims to make crypto trading and purchasing available to all Americans and help jumpstart the economy.
The IRS has stood firm on crypto transactions so far, but the bill would make it legal for individuals to not declare small transactions.
“When you sell virtual currency, you must recognize any capital gain or loss on the sale,”...
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