I'm reading that the one big beautiful bill passed by the senate today includes the following language:
"Gains from any digital asset disposition where the total value does not exceed $600 are excluded — unless exchanged for cash, cash equivalents, business property, or income‑producing assets"
I hope it's true and I hope it ends up in the final version passed by both houses.
Are you sure you read correctly? It is excluded under 600 only if not realized. That means you'll have to pay over unrealized gains over 600. Open a trust in a tax zero jurisdiction and then have it donate you the gains.
I think that’s what the bill says. It was an amendment proposed by Cynthia Lummis and is intended to provide a de minimus exemption for spending bitcoin to buy goods under $600, e.g., burgers at SteakNShake. But it doesn’t cover conversion of btc to cash, cash equivalents, business property, or income-producing assets.
