[Delio] US Senators Advocate Crypto Transactions Under $50 Tax-Free
Prominent U.S. senators are introducing a new bill that would free Americans from reporting tax on transactions worth less than $50, media channel CoinDesk reported on July 26.
The newest measure will make it simpler for consumers to utilize cryptocurrency as a regular form of payment by exempting minor personal transactions from using required-to-pay taxes. The House of Representatives’ Virtual Currency Tax Fairness Act is a continuation of a previous proposal. A modest exemption from reporting taxes on Bitcoin transactions is provided by the statute.
Prior legislation required that any profit made from the sale of virtual currency in a personal transaction be deducted from gross income for income tax purposes up to $200. Senators Lummis and Gillibrand introduced the comprehensive cryptocurrency bill in June.
Notably, the prospect of omitting low-level transactions from tax considerations has also been seen in other countries as the method to implement crypto into daily life.
Follow our Medium and other social media channels to learn more about Delio.
Delio Official Website: https://delio.global