BREAKING: TRUMP ADVISOR BAILEY CONFIRMS US WILL VOTE TONIGHT ON BILL TO REMOVE #BITCOIN CAPITAL GAINS
THIS IS MASSIVE π
Discussion
Like all of it or just the $600 they were talking about?
This account is always hyperbolic.
Why I'm asking
Cause also the bbb passed the senate already? Maybe hyperbole and bad timing.
It's in the big beautiful bill. $600 cap gains free.
I can't stand de minimis exemptions. it doesn't get you out of tracking everything and it just adds more logic to every tax accounting software
Sure it does. Anything under theinimum wouldn't be tracked whatsoever. Why would you keep track of a payment/sale that was under the minimum?
Much like the old rules on small contractors vendors under $600.
Long before the current PayPal/Venmo rules, you weren't required to report anything under $600. No 1099, nada.
because you need to keep track of which lots you still have and which lots you don't have anymore. tax software needs to keep track of the consumption of partial lots according to the FIFO method. even if you make a payment under $600 you still need to tell the tax software that this payment consumed all or some of specific lots, so that in case you make a larger payment later it doesn't try to consume those same lots a second time.
if you just completely neglect to track which lots are consumed by payments under $600 it becomes totally impossible to accurately assign lots to any future payments. it sounds more like you are searching for excuses to be lazy and just not track your capital gains and losses at all. it will be easier to take you seriously if you just come out and say that you know what the rules are and you refuse to follow them. it sounds more like you don't actually know what the rules are and you don't understand how to follow them either.
Hmm
Trash. There is an HOR and senate. News would imply you actually give details.
Too bad the Government of Canada won't do the same thing.
They want you to sell. Don't fall for it. Circular economy those sats, anon.
NO SOURCES OR LINKS
I might like David Bailey if this passes
Can anyone verify this or provide links? I donβt have X and Bitcoin Magazine isnβt reporting on this. Last I heard it was up to $600 and it was part of the BBB (which meant something very different in my day).
I suspect for any such law to pass it would only apply to future gains, and not existing gains. There is no way the IRS would give up on the taxes from all the unrealized gains.
Not verified