The in the most suitable way Sundays are for long reads and deep conversations. Earlier this week, the Let’s Talk Bitcoin! Show gathered to converse about the US tax treatment of “Virtual Currencies” and how scams find a home wherever opportunity exists, at least for a while.
During our from the word go segment, we’ll discuss:
Virtual Currency Tax Fairness Act of 2020: The proposed legislation would exempt capital gains taxes if any living soul transaction results in a capital gain of $200 or less. Previous versions of the bill proposed a $600 cap. If passed, it leave take effect in the 2020 tax year. Link – H.R. 5635
The IRS has a question for you: Tax filers in the U.S. are being asked if At any time during 2019, did you pull down, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency? Link -IRS Form 1040
Yang propounds “Digital Asset Regulation”: U.S. Presidential Candidate Andrew Yang wants to Clarify the tax implications of owning, selling, and trading digital assets. Yang thinks clear policy will allow businesses to invest and innovate in the area without fear of a regulatory shift. Relation – Yang 2020
Later on, we’ll dig into the “why” of scams as we begin a longer conversation on the topic.
Three main points on scams:
Wish you like to Sponsor a future episode of the Let’s Talk Bitcoin! show? Do you have any questions or comments? Email adam@ltbshow.com
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