Cryptos and taxes have been in the news cycle quite a bit in recent weeks. At least here in the US.
As a refresher, the [IRS] https://www.irs.gov/newsroom/irs-virtual-currency-guidance) treats cryptos, which it calls virtual currencies, as property. Which means the general rules for property transactions apply.
That was almost a good thing until the recent tax bill amended like-kind exchanges to “real” property. Meaning, going from BTC to ETH or any other crypto is a taxable event. Onerous.
But we are seeing some states take actions on their own. Let’s see what’s going on.
On February 8 Arizona passed Senate Bill 1091 which lets residents pay their taxes in bitcoin and other approved cryptocurrencies. The bill is now with the House of Representatives.
If passed we could see more states follow suit and other legislators warm up to cryptocurrencies.
There also another piece of legislation in motion in Arizona, House Bill 2602. This one would protect cryptocurrency node operators.
More recently Wyoming’s Senate passed Senate File Number 0111 which would exempt virtual currencies from property taxation. Like Arizona, it now has to go before the House.
Wyoming also has HB0019 which exempts virtual currency from the Wyoming Money Transmitter Act. And HB0070 which removes cryptocurrency utility tokens from under the umbrella of security tokens. Both unanimously passed the House and are being introduced in the Senate.
Colorado has Senate Bill 86 which proposes using the blockchain to governmental data security.
And now a bill has been proposed in Georgia to consider bitcoin for use in tax payments as well.
What we really need is for the Crptocurrency Fairness Act to get passed, which would exempt bitcoin transactions from IRS reporting if they are below $600.
Best I can tell it was introduced to the House back on September 7, but it didn’t make it into the tax bill in November. Hopefully it can be introduced again.
What do you think, will we ever get some sensible crypto tax legislation?
and trade cryptos on Binance
This is extremely bullish to me. I think people are underestimating how important this is for the adoption of bitcoin. I'll be following this closely to see how it unfolds. Exciting times ahead for crypto!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Agree, gives legitimacy to the whole space
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
very good post sir... keep posting.. God bless you
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
We all knew that there would be attacks on crypto as it threatens the status quo... for every story like this, it makes crypto more and more bulletproof from these attacks.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
That's the irony, the more they attach crypto the stronger it gets ;-p
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
This sounds like really useful legislation being passed in these states. Remove low value transactions from reporting and it will make taxes a lot easier and make people more likely to report properly.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
If it's onerous for us it'll be onerous for the IRS too... hopefully they'll change to sensible rules.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Governments talking about crypto... uh... make me sick!
This has started offroad and will grow offroad :)) just like the media got out of their hands, manipulation and control with social medias
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
They're walking into the lion's den ;-p
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
So true 👍
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I think that this is very important. One of the main sources of value for fiat currencies is that governments accept them for taxes. If cryptos start being accepted, then this is a major step to be real mainstream money!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
It's the same argument they use for fiat... they might actually have to call crypto money!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
this is good news, where we have not allowed the cripto currency
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Cheers!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
let's continue to develop virtual money
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Yes!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Thanks for the post.
The issue as I see it is that there are so many of these politicians that are crooked and very deceptive and they need to watched and call them out when they are up to their shenanigans.
Thanks
dubloon135
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Agree, we need smaller government!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
good postt
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
cheers!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
good post, thank you
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Thanks!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I Really Don't understand What is the problem with the Government?
Why tax?
They should not put Tax on Crypto.
If They can't give us happiness, They Don't have right to steal the happiness :(
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Yeah true... @abdulmanan
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Thanks brother :)
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Yea we don't want to give tax. Cause we thinking only about ourselves. But look at your country motherland.. Government giving you so much faculties and security. For the whole country running government need so much money. It's our duty to pay taxes. Bitcoin does not have any control of government so if every person put money in bitcoin. Whole country will face a great danger in iconomic system. Our main vision should be improvements of our iconomic system. Thus we will be rich also country will be good.. Just sharing thoughs
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
They should get 10% at most and not be able to print money... then we'll see the whole facade crumble
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
If it is good for the state, Then I'm ok with that.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
They are running the country from the tax we pay them.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
you are right
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
thanks
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Lol they can't help themselves... everyone likes OPM... other people's money!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Fuck Them!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
ditto
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
haha, What that's mean?
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
It means I agree w you !
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
It's a grey area right now whether or not cryptos are a currency or a share and if they should be taxed as such. There are a lot of companies using ICO's to fund their startups so investing in them is kind of like having a share in that company. Other cryptos like Bitcoin are purely a currency and I don't think currencies get taxed as capital gains but whats stopping someone from taking their investment from said ICO and putting it into a cryptocurrency and into FIAT to avoid paying the tax? I think all cryptos should be taxed as a capital gains tax. Where I am from that means only half gets taxed as income and I am okay with that.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
There are a lot of countries that should have the awareness on the power of this currency, there is no limit to cryptocurrency
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Venezuela!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Thats some good news.Few days back every body was worried about crypto market,but now situation has changed a lot.Hope more good news is going to come.Thank's for the post.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I think it's a positive too, thanks!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I'm surprised California or Nevada aren't leading this trend..
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I think they could be next... maybe tie it into the pot trend as well.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Corporations and countries have realized the importance of crypto currency they will soon do something about it hopefully
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Yea they'll have to buy some first ;-p
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
it is slow process but somehow it will prosper, I loved crypto currencies because it has given everyone the chance to earn.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
essential and useful information about crypto-currency. thanks for sharing.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Cheers!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I'm a crypto maximalist. I'm never paying taxes again and neither should any of you. Stop giving your money over like docile indolent slaves and transfer all your wealth into crypto and say nothing about it to anyone. Government is about to die. And I'm going off-grid.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Good idea... I am headed in that direction.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
i like bitcoins.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Me too!
sweet shirt
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
It's a very unusual journey if Cryptocurrencies can be made for taxes!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Lol that's true... crazy!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Wow. I hope Goverment of Indonesia can reading this post. Thanks for giving information to us.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
You never know ;-p
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Cheers!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Governments are welcome to add transparency and accountability to those who offer ICO’s and exchanges for the protection of the investing public.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Agreed, but can govts accept accountability of their own budgets?
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Somehow I still believe that a few government in some few countries can be as transparent and accountable to the people to protect them, tru enactment of laws and honest implementation of it.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
A very good development if Cryptocurrencies can be made for Taxes @g-dubs
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
true
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Say tax and sensible in the same sentence is a bit contradictory, no?
It would really be good news if they accept cryptos for taxes, although I am sure that if they do it is simply to try, somehow, they charge taxes to the cryptos, and that if it would be definitely bad, but it would not be surprising, it is basically what we can expect from the government.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
It's an oxymoron for sure!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
@g-dubs.. I'd love same for my country
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Cheers!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I think friend after these downs of the value of btc good times come for the cryptos falata that countries accept this reality and take advantage to use them in their economy that strictly and legally here in my country the government launched the market the crypto the petro wait to see how it develops in the market greetings from Venezuela
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
tell Maduro not to sell his BTC
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
No friend nor did he have the chance not to talk to that murderous dictator
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Thanks for telling about bittoine. It can cost at least the price.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
cheers!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Resteemed by @resteembot! Good Luck!
Curious? Read @resteembot's introduction post
Check out the great posts I already resteemed.
ResteemBot's Maker is Looking for Work.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
nice bot
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Amazing news. This opens the doors towards greater public acceptance of crypto.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Yes!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
thanks also @g-dubs
I always upvote you.
maybe my upvote is not useful for legendary steemit ..
hehe :)
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Cheers!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
your drawing companion is nice interesting and interested. please vote yes
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Sneaky Ninja Attack! You have been defended with a 1.38% vote... I was summoned by @g-dubs! I have done their bidding and now I will vanish...Whoosh
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
2.97% @pushup from @g-dubs
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
You got a 1.41% upvote from @postpromoter courtesy of @g-dubs!
Want to promote your posts too? Check out the Steem Bot Tracker website for more info. If you would like to support the development of @postpromoter and the bot tracker please vote for @yabapmatt for witness!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
This post has received a 1.85 % upvote from @booster thanks to: @g-dubs.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
This post has received a 2.52 % upvote from @boomerang thanks to: @g-dubs
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
This post has received gratitude of 2.37 % from @appreciator thanks to: @g-dubs.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
thanks also @g,-dubs
I always upvote you.
maybe my upvote is not useful for legendary steemit ..
hehe :)
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
@g-dubs thank you for a comprehensive review of what has already happened in so many states in the USA along with the exciting news about Georgia working on accepting cryptocurrency because this is a huge market in favor of currency quality!
This is so helpful to me that I will be resteeming today!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
@jerrybanfield... Hello how can i witness too...?
😀😀😀
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
You got a 2.17% upvote from @buildawhale courtesy of @g-dubs!
If you believe this post is spam or abuse, please report it to our Discord #abuse channel.
If you want to support our Curation Digest or our Spam & Abuse prevention efforts, please vote @themarkymark as witness.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
This sounds like really useful legislation being passed in these states. Remove low value transactions from reporting and it will make taxes a lot easier and make people more likely to report properly.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit