HR 5635
Virtual Currency Tax Fairness Act of 2020
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
This bill aims to simplify the tax treatment of virtual currency. It proposes to exclude up to $200 in gains from the sale of virtual currency from an individual’s taxable income, provided the gain doesn’t exceed that amount. The bill defines virtual currency as a digital representation of value used as a medium of exchange. It also requires the Treasury Department to create regulations for reporting virtual currency transactions.
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