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Senate Virtual Currency Tax Fairness companion bill drops purchase exclusion to $50

Published 07/26/2022, 02:30 PM
Updated 07/26/2022, 04:00 PM
Senate Virtual Currency Tax Fairness companion bill drops purchase exclusion to $50

The Virtual Currency Tax Fairness Act of 2022 was introduced into the United States Senate on Tuesday by the bipartisan team of Senators Patrick Toomey and Kyrsten Sinema. The bill is a companion to the one already before the House of Representatives, although it differs in one key detail.

Both the House and Senate bills exclude small purchases made with cryptocurrency from the capital gains tax. Currently, any purchase made with crypto is a taxable event, requiring purchasers to calculate for tax purposes their gain from the change in the value of the cryptocurrency from its acquisition to the time of the transaction. The capital gains tax can range from 0%–20%, depending on a number of variables.

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