*****CRYPTO CURRENCY TAX EXEMPT PURCHASES*****
The Cryptocurrency Fairness Act
TAX EXEMPT BITCOIN/CRYPTO PURCHASES
The Cryptocurrency Fairness Act
TAX EXEMPT BITCOIN/CRYPTO PURCHASES
TRANSACTIONS UNDER $600 TAX EXEMPT:
The CRYPTO-CURRENCIES have presented enormous COMPLEXITIES in figuring out taxable transactions in the current CRYPTOSPHERE. There are currently no straight answers and regulatory guidelines to handle the current complexities in the CRYPTOSPHERE. Moving money on and between exchanges online along with online wallets and other hardware and paper wallets is virtually impossible to figure out what is taxable and what is not. Losses in BITCOIN and gains in BITCOIN and other CRYPTO CURRENCY transactions are very difficult to discern even to the end user. There are many interpretations on how BITCOIN and CRYPTO CURRENCIES are and should be taxed and right now some common sense legislation is needed to handle the situation:
Back in August a BITCOIN LEGAL PANEL of lawyers was discussing this issue and there are obviously many questions and interpretations surrounding this matter:
http://thenewsunit.blogspot.com/2017/08/bitcoin-legal-panel-sec-and-you.html
Bipartisan bill would make it easier to transact with BITCOIN for general goods and services: Just when Bix Weir was spreading all this FUD about TAXES and Jsnip4 then I read this:
http://www.zerohedge.com/news/2017-12-11/bipartisan-cryptocurrency-fairness-act-moves-through-congress
...developing...
