Congress is debating a bitcoin de minimis tax exemption. BPI is leading the push to ensure relief covers bitcoin, not just stablecoins.
Every time an American uses bitcoin to buy a cup of coffee, they owe the IRS a report. Under current law, bitcoin is classified as property, which means every transaction — no matter how small — triggers a capital gains calculation and a reporting obligation. A $4 latte purchased with bitcoin that appreciated by six cents requires the same tax treatment as a six-figure asset sale. This is an absurd result, and it has stifled bitcoin's use as a medium of exchange in the United States for years.
Congress recognized exactly this problem decades ago when it created a de minimis exemption for foreign currency transactions. Personal-use foreign currency gains under $200 are excluded from tax, a commonsense acknowledgment that the IRS should not be tracking pennies on a vacation purchase. Bitcoin users deserve the same treatment. Earlier Congresses introduced de minimis bills in 2020 and 2022, but none advanced. The 119th Congress represents the best opportunity in a decade to finally get this done.
...read more at btcpolicy.org
pull down to refresh
related posts
I think it will be funny if after they pass this, there will be an explosion in wallets that help you batch your payments into smaller chunks, each <$200 in size.
Exactly, that’s what I thought, but there’s gotta be a way to catch that too.
Good luck with getting this passed.
I doubt even this supposedly pro bitcoin US govt will allow it.
Such is the power of the bankers.
So how can we change things?
By using BTC for micropayments and ignoring these stupid deliberately obstructive laws.
Attach both send and receive wallets to your SNs account and join the revolution- use LN many times every day and build the network in defiance of governments everywhere who have deliberately constructed this sly and devious obstruction to our BTC P2P payments protocol.
OP is clearly waiting for the powers that be to change the laws rather than acting now and attaching and showing attached LN wallets.
OP @0xbitcoiner does not have LN wallets attached or has deliberately concealed them.
Are you scared the government might prosecute you?
Libertarian 'freedom fighters' waiting for government to accommodate them - hilarious!
https://imgprxy.stacker.news/TBARpBVqVXr4F3RKFlcQbWZkCmqhshgXNmSJ_ZHsfCM/rs:fit:2560:1440/aHR0cHM6Ly9tLnN0YWNrZXIubmV3cy8xMTI5NzA
Right now I'm only hiding the cowboy gear because you're being such a pain in the ass! ahaha
So you declare 'solidarity' with those here who deliberately conceal wallet status because I have highlighted their hypocrisy.
Remember BEFORE ever downzapping any content I asked them repeatedly why they refuse to use LN to the maximum extent possible and they failed repeatedly to give any reason consistent with their self proclaimed status as bitcoiners and LN advocates.
Please tell me how someone (like @DarthCoin) who constantly virtue signals what a BTC Maxi they are 'living on the bitcoin standard' but who admits he chooses not to attach LN wallets and prefers CCs because 'CCs always work' is not a blatant hypocrite?
Please explain- oh you cannot?
You may believe you are a 'Libertarian' 'free thinker' but in reality you follow the herd and their group think trolling of me because I point out their blatant hypocrisy.
I’m not gonna judge the guy’s character. And honestly, you’re wasting your time on something so petty. It’s starting to sound like a personal vendetta.
You cannot explain how it is not hypocrisy.
You follow the herd because you need to feel you belong to the majority.
So much for the freedom fighter Libertarian free thinker - it's a joke.
I am serious about Bitcoin adoption - unlike you waiting for the government to approve it before you use it and show you are using it.
Libertarian hypocrits.
Group think herd follower- cannot explain your actions with a credible reasoned dialogue.
Desperate to be in the in group despite their blatant hypocrisy.
It’s a never-ending cycle, man. No matter what I say, it’s never enough for you. If I just admit we’re all hypocrites, will you get off my back?