Replying to Avatar Frank Corva

Senator Lummis’ new bill enables U.S. citizens to spend #bitcoin without incurring capital gains taxes - which is very cool.

The only problem is that the spending thresholds are too low.

https://bitcoinmagazine.com/takes/senator-lummis-new-bitcoin-tax-exemption-bill-is-insufficient-but-its-a-start

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A Non-Moose 6mo ago 💬 3

You could sell in small increments, but then you're doing "structured transactions" and the IRS is going to find a way to bill you anyway.

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Frank Corva 6mo ago

I’m not sure I follow.

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A Non-Moose 6mo ago 💬 1

I guess it's a moot point with a yearly limit. It's common to make repeated payments below a reporting threshold, like the $10k BSA threshold.

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Frank Corva 6mo ago

The yearly limits hurts the spirit of what the bill is trying to facilitate, yes, but it’s a start.