US lawmakers propose adding digital assets to 'wash sale' rule and raising ca...
If passed, the plan would raise the capital gains tax rate for "certain high income individuals" to 28.8%, while eliminating the "wash sale" loophole for crypto users. Democrats in the U.S. House of Representatives have proposed tax initiatives to fund a $3.5 trillion spending package which could potentially affect crypto users. According to a document released by the House Committee on Ways and Means on Monday, the proposal would increase the tax rate on long-term capital gains from the existing 20% to 25% for “certain high income individuals.” A surtax of 3.8% on net investment income....
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A committee of the U.S. House of Representatives has proposed to subject cryptocurrencies to the “wash sale” rule. Since cryptocurrencies are treated as property by the Internal Revenue Service (IRS), they are currently not subject to the wash sale rule. This proposal attempts to close down a big crypto tax loophole.
Crypto Included in New Proposal
The Committee on Ways and Means, the chief tax-writing committee of the U.S. House of Representatives, proposed to subject cryptocurrencies to the wash sale rule Monday. If adopted, the rules will apply to crypto trades....
IRS Commissioner says crypto gains are taxable in the cannabis industry as the IRS treats cryptocurrencies as property. The Internal Revenue Service (IRS) continues to propose new tax reforms to regulate the crypto investments in the United States, with the latest notice sharing tax obligations for the marijuana industry.The notice, signed by IRS Commissioner De Lon Harris, reflects the priorities of the United States federal agency to ensure cryptocurrency tax compliance among local businesses that grow, distribute and sell cannabis.Commissioner Harris said that the use of....
Lawmakers in the U.S. have introduced the Digital Commodity Exchange Act of 2020 to create a single, national regulatory framework for cryptocurrency trading platforms, including those that trade bitcoin, ether, their forks, and other cryptocurrencies. On the same day, the Securities Clarity Act was also introduced. Digital Commodity Exchange Act of 2020 The bill entitled “Digital Commodity Exchange Act of 2020 (DCEA)” was introduced by U.S. House Agriculture Committee Ranking Member Michael Conaway on Thursday. He explained that the proposed legislation “creates a....
The simultaneous purchase and sale of crypto assets is called wash trading. Read this guide to understand the purpose of a wash trade. Why is wash trading a problem for the NFT space?NFT wash trading is a problem for investors, the global community, collectors and traders because these participants use less liquid nonfungible tokens to manipulate the price of an asset.Due diligence has become more difficult as investors have been forced to rely on measurable statistics, making wrong investment decisions. To encourage NFT investments and prevent NFT scams, discrepancies in the data must be....
NeuCoin, the highly advertised "2nd Generation Peercoin Fork," has seen a lot of attention lately, particularly from investors. Within the first eight hours of its pre-sale launch, 50 million of the 100 million NeuCoins being offered to the public were sold, raising more than 2,000 BTC. In more interesting news, NeuCoin's backers decided to reduce the maximum buy from 200 to 40 BTC, and at present has seen an average of only a tenth of that. Calling this move an "anti-whale" measure, the purpose is to prevent consolidation of the currency into too few hands, thereby making it more....