US lawmakers propose tax exemption for crypto transactions up to $200

In the U.S. House of Representatives, the bill внесли “Fair Taxation of Cryptocurrencies” was reintroduced. The initiative would provide an exemption from capital gains tax when profits from using digital assets do not exceed $200.

The bill’s authors were David Schweikert, a Republican representing Arizona, and Democrat from Washington, Susan DelBene. Also involved were co-chairs of the Blockchain Caucus, Darren Soto and Tom Emmer.

“Passage of the measure would allow Americans to use their digital wallets as easily as cash,” Emmer said.

Currently, cryptocurrency users in the United States can report to the IRS capital gains based on the value of cryptocurrencies not only for investments but also for payments. The Internal Revenue Service often does not pursue those who fail to report, but the lack of regulatory clarity on this issue remains an unresolved problem.

As noted, the IRS will collect an additional $28 billion in taxes from cryptocurrency transactions. President Joe Biden’s Infrastructure Plan could require miners and node operators in blockchain networks, wallet developers, liquidity providers in DeFi protocols, and other non-custodial players to report to the IRS about the activity of their users.

In March 2021, the U.S. Internal Revenue Service объяснила that residents do not need to report the acquisition of cryptocurrency on the first page of Form 1040 if they adhere to a buy-and-hold strategy. Later in the service уточнили that its interest is only in taxable transactions.

Earlier, the U.S. Treasury назвал priority to develop guidance on cryptocurrency taxation.

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