Crypto Taxes!! – The IRS Says It Will Not Tax Unsold and Staked Cryptocurrency
There are lawmakers actually going to prevent us from having to report any crypto transaction around $200 breaking information.
There are people that work in the government that are pro cryptocurrencies, and there are also people that work in the government that are against cryptocurrencies.
But luckily, there are some very powerful people in these circles in the government that actually are fighting for us, fighting for people who hold invest in trade cryptocurrencies.
A bipartisan group of U.S. House representatives has reintroduced a bill that would exempt consumers from paying taxes on crypto payments of less than $200.
The “Virtual Currency Tax Fairness Act” – an amendment to the IRS (Internal Revenue Service’s) tax code announced on Thursday would simplify tax burdens on daily crypto users who must now report even the smallest capital gains.
The U.S. must stay on top of these changes and ensure that our tax code evolves with our use of virtual currency.
IRS says it will not tax unsold and staked cryptocurrency
So what we are seeing is that they are trying to fight this so that we won’t have to do this, and it is looking very good that this actually may be a potential outcome that we won’t have to report these really small transactions.
And there’s even more good news coming out along the same lines and huge precedent. The IRS says it will not tax unsold and staked cryptocurrency. So they’re saying if you are staking a cryptocurrency, if you have not sold a cryptocurrency, then you do not have to report it so you can receive it if you hold it without selling it. You will not be taxed. And that is a very good thing.