Crypto Tax Simplification: Exempting Small Virtual Currency Gains Up to $200.
This bill introduces a tax exemption for minor gains or losses resulting from the sale or exchange of virtual currency. If you use cryptocurrency for small transactions and the resulting gain or loss is $200 or less, you will not need to report it on your tax return. This change aims to simplify the use of digital currencies for everyday purchases by removing complex reporting requirements for minimal operations.
Key points
Gains or losses from virtual currency transactions are excluded from gross income if the transaction value or the gain/loss itself is $200 or less.
This significantly simplifies tax reporting for citizens using crypto for daily purchases or small swaps.
The $200 limit will be adjusted annually for inflation starting in the 2026 tax year.
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