Most personal transactions where a capital gain occurs are subject to taxation. A newly proposed bill in the US House of Representatives could change things up a bit in this regard.
Do not expect the taxable gain to be eradicated completely, however.
This peculiar proposal aims to take a slightly different approach to capital gains taxes.
Any personal transactions with a profit of under $200 would no longer be taxable.
That would be rather significant if approved.
Nearly 90% of personal transactions have a profit of under $200, except for speculative dealings.
Although this new proposal is certainly exciting, it still needs to go through the proper motions first and foremost.
That said, it can certainly have applications to cryptocurrency trading as well.
As cryptocurrencies are currently deemed property, the capital gains taxation needs to be reported properly.
If those gains were below $200, the proposal would nullify those taxes completely.
As far as trading is concerned, it will not alleviate anything regarding taxable events.
This will apply only to personal transactions, including nullifying price changes of a cryptocurrency asset used to buy goods or services.
For vendors and merchants, this proposal can make a world of difference.
Especially those dealing with small margin profits might become more eager to adopt cryptocurrency transactions.
Because many cryptocurrencies are currently in a correction phase, their prices have stagnated. With Shiba…
Polkadot (DOT)'s use case as an interoperable, scalable, and effective chain has made it a…
Over the years, the crypto space has seen powerful competition with innovative developments. Recently, a…
Revolutionary new comer, TMS Network (TMSN) is leading the crypto race in 2023, outpacing competitors…
Crypto investing may be profitable, but only the most promising tokens are set to bring…
News of the TMS Network (TMSN) presale 1 event sent shockwaves in the crypto world…