Virtual Currency Tax Fairness Act 2020 Would Exempt Gains Under $200

• If the Virtual Currency Tax Fairness Act of 2020 passes, it would simplify crypto tax burdens in the United States, as gains under USD 200 would be exempt

United States Congressional representatives Suzan DelBene and David Schweikart have introduced the Virtual Currency Tax Fairness Act of 2020, which would exempt crypto gains under USD 200. If this bill passes it would help to simplify and alleviate crypto tax burdens in the United States.

Essentially, at this point any profits earned from cryptocurrency must be reported to the Internal Revenue Service (IRS) no matter how small, creating a situation where a typical crypto user would have to file an extensive amount of information to do their taxes. For many crypto users, it is too much of a burden to go back and check every time they earned a dollar when using crypto.

The Virtual Currency Tax Fairness Act of 2020 fixes this by making it so crypto users only have to report significant gains. This would make it much simpler for United States’ crypto users to file taxes, and is good for the government too since it makes it more likely that the IRS will receive crypto taxes, rather than crypto users getting overwhelmed and not filing taxes at all.

 

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